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Financial services holding company Historical case study · data as of 02 Jul 2026 · published 05 Oct 2026 (95 days later)

Jio Financial Services — 100-point case study

How Jio Financial Services looked on 50 technical and 50 fundamental measures on 02 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: JIOFIN · BSE: 543940
Close on 02 Jul 2026	₹239.73
Market cap then	₹1,58,671 crore
Valuation	P/E 101.6× · P/B 1.19×
Momentum	RSI (14) 52 · 1-year return -26.6%
Next 3 months	-11.4% vs Nifty 50 -7.3% (to 01 Oct 2026)

Scorecard

Technical — 50 points

10 bullish · 26 neutral · 0 caution · 13 bearish — the picture was mixed.

Fundamental — 50 points

3 bullish · 30 neutral · 8 caution · 8 bearish — the picture leaned negative.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: 25 crore new shares were issued to the promoter group on warrant conversion in Apr 2026 (no price adjustment needed). Yahoo's daily open/high/low after mid-Aug 2026 could not be cross-checked; closing prices are used for the 'what happened next' return.

Technical analysis — 50 points

Calculated by code from daily prices up to 02 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.16%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.16% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +3.1%	Bearish	The 100-session trend line was down (-0.09%/day) and the stock was +3.1% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -26.6%	Bearish	Compared with a year earlier the price was -26.6%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 240.23 / 30W 254.23	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 245.15→246.85; lows 227.21→227.00	Neutral	The two most recent swing points showed a higher high but a lower low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	13.3	Neutral	ADX at 13.3 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 22.9 / –DI 24.6	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	237.76 (+0.8%)	Bullish	Close of 239.73 was 0.8% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	239.88 (-0.1%)	Bearish	Close of 239.73 was 0.1% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	271.18 (-11.6%)	Bearish	Close of 239.73 was 11.6% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 239.06 / 21E 238.71	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 17 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 11.5% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+0.1% in 20 sessions	Neutral	The 50-day average rose 0.1% over the past month — flattening. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	238 / 240 / 244 / 271	Bearish	The 20/50/100/200-day averages were perfectly stacked bearish (20 < 50 < 100 < 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	239.38 (+0.1%)	Bullish	Anchored to the start of July, the volume-weighted average price was 239.38; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	51.6	Neutral	RSI at 51.6 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 0.25 / signal 0.16	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	0.49 → 0.09	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	0.25	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 56.9 / %D 54.7	Bullish	Slow stochastic at 56.9 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-42.3	Neutral	%R of -42.3 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	33	Neutral	CCI at 33 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-1.3%	Neutral	Price changed -1.3% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.60 (bands 228.21–247.30)	Neutral	%B of 0.60 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 8.0% (21st pct of 6M)	Neutral	Band width was at the 21st percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹4.69 (2.0% of price)	Neutral	A typical day's range was about ₹4.69, or 2.0% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	22.6% vs 1Y 26.7%	Neutral	Annualised 30-day volatility was 22.6%, close to the one-year level of 26.7%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	230.01–247.42	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.51	Neutral	A beta of 1.51 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.52× / 5-day 0.75×	Neutral	The final session traded 0.52× its 20-day average volume and the last five sessions averaged 0.75× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.25	Bullish	Average volume on up days was 1.25× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.11	Bearish	CMF at -0.11 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	69.9	Bullish	MFI, a volume-weighted RSI, was 69.9. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹265 cr/day	Neutral	About ₹265 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	234.26 / 225.84 / 223.30	Neutral	Nearest support (prior swing lows) sat at 234.26, 2.3% below the close, then 225.84, 223.30. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	249.08 / 265.55 / 274.35	Neutral	Nearest resistance (prior swing highs) sat at 249.08, 3.9% above the close, then 265.55, 274.35. How to read: Information only.
40	Monthly pivot points (for next month)	P 239.01 \| R1 241.51 \| S1 237.22	Neutral	Classic pivots from July's high/low/close gave a pivot of 239.01; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 243 \| 38.2% 255 \| 50.0% 265 \| 61.8% 274	Neutral	Measuring the 6-month fall from 306.00 to 223.30, the close was nearest the 23.6% retracement at 242.82. How to read: Information only.
42	52-week high / low	H 338.60 / L 223.30	Neutral	The close was 29.2% below the 52-week high and 7.4% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 12 Jun at 229.88	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 12 Jun 2026, left an open level at 229.88 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	counter-trend bounce inside a larger downtrend	Neutral	Rule-based pattern scan: counter-trend bounce inside a larger downtrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 227.00–246.85	Neutral	The close was inside the prior 20-day range of 227.00–246.85. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 02 Jul the candle opened 240.01, ranged 238.83–240.79 and closed 239.73: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 238.77–240.15; Tenkan 241.06 / Kijun 236.93	Neutral	Price was inside the cloud and the Tenkan line was above the Kijun line — an undecided Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -2.1% / 3M -2.9%	Bearish	The stock underperformed the Nifty 50 by 2.9 points over three months and underperformed by 2.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -12.1%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 12.1 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	10 bullish · 13 bearish · 26 neutral · 0 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 234.26, resistance 249.08. This is a description of the chart on 02 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 02 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 02 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	101.6×	Neutral	At ₹239.73 the market valued the company at about ₹1,58,671 crore, or 101.6× the ₹1,561 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.19×	Neutral	Market cap was 1.19× the Mar 2026 book value (equity + reserves) of ₹1,33,853 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	45.17×	Neutral	The company was valued at 45.17× its trailing-12-month sales of ₹3,513 crore. How to read: Information only.
4	EV / EBITDA (approx.)	78.3×	Neutral	Enterprise value (market cap + ₹21,768 cr borrowings; cash not netted) was 78.3× trailing operating profit of ₹2,305 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.0%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.0 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	0.38	Caution	P/E of 101.6 divided by 3-year profit growth of 269.3% a year gives a PEG of 0.38. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Sep 2024 quarter carried unusual other income of ₹226 crore; the Sep 2025 quarter carried unusual other income of ₹238 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2024, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.21%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹0.5 a share, a 0.21% yield on the ₹239.73 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,58,671 cr	Neutral	At about ₹1.59 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹103.59 vs ₹239.73	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹103.59; the price was 131% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+72.3%	Bullish	Revenue for FY26 was ₹3,521 crore, +72.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+106.7%	Bullish	The Jan–Mar 2026 quarter brought ₹1,019 crore of revenue, +106.7% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-3.2%	Caution	FY26 net profit was ₹1,561 crore, -3.2% on FY25's ₹1,613 crore. Note: the Sep 2024 quarter carried unusual other income of ₹226 crore; the Sep 2025 quarter carried unusual other income of ₹238 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-13.9%	Caution	Quarterly profit was ₹272 crore versus ₹316 crore a year earlier (-13.9%). Note: the Sep 2024 quarter carried unusual other income of ₹226 crore; the Sep 2025 quarter carried unusual other income of ₹238 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	327.7%	Caution	Revenue compounded at 327.7% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2024, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	269.3%	Caution	Net profit compounded at 269.3% a year from FY23 to FY26. Note: the Sep 2024 quarter carried unusual other income of ₹226 crore; the Sep 2025 quarter carried unusual other income of ₹238 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2024, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	n/a	Neutral	Not available. Note: revenue jumped more than 40% in Mar 2024, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-3.1%	Caution	Reported EPS went from ₹2.54 to ₹2.46 (-3.1%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Sep 2024 quarter carried unusual other income of ₹226 crore; the Sep 2025 quarter carried unusual other income of ₹238 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	66%	Neutral	Operating profit (EBITDA) was 66% of sales in FY26 versus 76% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	75% → 70% → 62% → 59%	Bearish	Quarterly margins moved from 75% to 59% over the last four quarters — contracting. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	44.3%	Neutral	₹44.3 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	1.2%	Bearish	FY26 profit was 1.2% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	2%	Bearish	Return on capital employed (debt + equity) was 2% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	0.95%	Neutral	Net profit was 0.95% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	18%	Neutral	The company paid about 18% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	20%	Neutral	Non-operating 'other income' of ₹374 crore made up 20% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.16	Bullish	Borrowings of ₹21,768 crore were 0.16× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	9.42×	Bearish	Debt equalled 9.42 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.6×	Neutral	Earnings before interest and tax covered interest cost 3.6 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+8.4%	Neutral	Shareholders' equity grew +8.4% from ₹1,23,496 crore to ₹1,33,853 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹105 cr (32% of fixed assets)	Neutral	Projects under construction (CWIP) were 32% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-112 days	Neutral	Working capital tied up equalled -112 days of sales (FY25: -37). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	6 days	Neutral	It took 6 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	6 (FY25 3)	Caution	Customers took 6 days on average to pay, versus 3 a year earlier — a notable stretch in collections. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹-15,439 cr	Bearish	The business generated ₹-15,439 crore of operating cash in FY26 versus ₹-10,089 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-15,439 cr	Bearish	After capital spending, free cash flow was ₹-15,439 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	-9.89×	Caution	Operating cash flow was -9.89× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-9.7%	Neutral	FY26 free cash flow was -9.7% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹-26,206 cr	Bearish	Free cash flow over FY24–FY26 added up to ₹-26,206 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹0 cr	Neutral	Implied capital expenditure was about ₹0 crore, 0.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	24%	Neutral	The company paid out about 24% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 20% / 24%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹6,353 cr → ₹6,353 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	47.12% (+0.00 pts YoY)	Neutral	Promoters owned 47.12% at Mar 2026 versus 47.12% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	12.31% (+0.65 pts YoY)	Neutral	FIIs held 12.31% at Mar 2026, up from 11.66% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	14.26% (+0.05 pts YoY)	Neutral	Mutual funds, insurers and other DIIs held 14.26%, up from 14.21%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	49.4 lakh (-6.0% YoY)	Neutral	The shareholder count moved from 52.6 lakh to 49.4 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	3/8	Bearish	Passed: positive profit, asset turnover improved, no meaningful dilution (<3%). Failed: positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	3 strength(s) · 1 weakness(es)	Neutral	Strengths: Stock is trading at 1.01 times its book value; Company is expected to give good quarter; Promoter holding has increased by 2.01% over last quarter. Weaknesses: Company has a low return on equity of 1.23% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	3 bullish · 8 bearish · 30 neutral · 8 caution	Bearish	On the numbers published by 02 Jul 2026 the fundamental picture leaned negative. Valuation: P/E 101.6×, P/B 1.19×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 02 Apr 2026 – 02 Jul 2026 that an investor could have known on the snapshot date.

17 Apr 2026 Jio Financial Services Q4 FY26 profit falls 14% to Rs 272 crore; Rs 0.60 dividend recommended — Consolidated net profit declined 13.9% YoY to Rs 272.22 crore while revenue from operations rose 106% to Rs 1,018.51 crore; total expenses rose sharply. The board recommended a dividend of Rs 0.60 per share for FY26. source
17 Apr 2026 Jio Financial announces Group CFO change — Group CFO Abhishek Haridas Pathak to step down effective April 20, 2026; Annapoorna Venkataramanan appointed Group CFO effective May 11, 2026 (announced with Q4 results). source
21 Apr 2026 Promoter holding rises to 49.13% after 25 crore share allotment on warrant conversion — Jio Financial allotted 25 crore equity shares at Rs 316.50 each to promoter group entities Sikka Ports & Terminals and Jamnagar Utilities & Power on conversion of warrants, raising promoter holding from 47.12% to 49.13% and paid-up capital to Rs 6,603.14 crore. source
21 Apr 2026 Jio Financial FY26 total income up 78% as lending and payments grow — FY26 consolidated total income rose 78% to Rs 3,274 crore and PAT was Rs 1,561 crore; Jio Credit AUM exceeded Rs 25,700 crore and JioBlackRock AMC AUM crossed Rs 15,200 crore within nine months of launch. source

What happened next (02 Jul 2026 → 01 Oct 2026)

Price went from ₹239.73 to ₹212.50 by 01 Oct 2026 (-11.4%) while the Nifty 50 moved -7.3% — underperforming by 4.1 points.
Highest ₹268.20 on 05 Aug 2026; lowest ₹208.50 on 01 Oct 2026.
S1 234.26: broken on a closing basis on 08 Jul 2026.
S2 225.84: broken on a closing basis on 15 Sep 2026.
R1 249.08: cleared on a closing basis on 29 Jul 2026.
R2 265.55: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and crossed above on 04 Aug 2026.
Apr–Jun 2026 results (reported 16 Jul 2026): revenue ₹2,004 crore (+227.5% YoY), net profit ₹830 crore (+155.4% YoY), operating margin 70% vs 75% a year earlier (Screener consolidated figures).

Later news

08 Jul 2026 Jio Financial shares fall over 5% amid broad market sell-off — Shares fell about 5% as Sensex and Nifty dropped over 2% on geopolitical concerns; an analyst attributed the move to overall weak market sentiment and profit booking rather than company-specific news. source
16 Jul 2026 Jio Financial Q1 FY27 profit rises to Rs 830 crore; revenue more than triples — Consolidated net profit rose to Rs 830.25 crore from Rs 324.66 crore a year earlier, and revenue from operations rose to Rs 2,004.47 crore from Rs 612.46 crore. Shares rose about 6% the next trading day. source
10 Aug 2026 Jio Financial sets August 10 record date for Rs 0.60 dividend — Record date for the FY26 dividend of Rs 0.60 per share was August 10, 2026, with payment within seven days of the AGM scheduled for August 26, 2026, subject to shareholder approval. source
12 Aug 2026 Bank of America to acquire up to 49.9% of Jio Credit for Rs 18,268 crore — Bank of America agreed to invest about Rs 18,268 crore (USD 1.9 billion) via preferential equity and warrants for up to 49.9% of NBFC arm Jio Credit, which had AUM of Rs 30,667 crore at June 30, 2026; subject to regulatory approvals. source

Educational summary. On 02 Jul 2026 the technical picture was mixed and the fundamental picture leaned negative. Over the next three months the stock moved -11.4% against -7.3% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Jio Financial Services today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 05 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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