Jio Financial Services (JFSL) reported its consolidated financial results for the third quarter of fiscal year 2026 (Q3 FY26), ending December 31, 2025. The company posted a net profit of ₹269 crore, marking an approximate 9% decline year-on-year from ₹295 crore in the corresponding period last fiscal. This drop in profitability comes even as the company's total income witnessed a significant surge, more than doubling by 101% to ₹901 crore compared to the previous year's ₹449 crore. The robust increase in total income was primarily driven by strong performance in its core businesses. Interest income notably jumped 140% year-on-year to ₹504 crore, reflecting the scaling up of its lending book. Additionally, fee, commission, and other services income surged by 394% to ₹182 crore. The share of net income from business operations to consolidated total net income also increased significantly to 55% in Q3 FY26, up from 20% in Q3 FY25, indicating a stronger focus on core business activities. However, the decline in net profit despite the revenue growth is attributed to a sharp rise in total expenses, which soared to ₹566 crore from ₹131 crore in the year-ago period, representing a 333% increase. Finance costs, in particular, played a role, rising to ₹212 crore from nil in the previous year's quarter. The company is in an aggressive investment phase, scaling its presence across multiple verticals, leading to higher operating costs and staff expenses. Operationally, JFSL demonstrated strong momentum, with its NBFC arm's Assets Under Management (AUM) jumping 4.5 times year-on-year to ₹19,049 crore. The asset management business, a joint venture with BlackRock, also saw AUM reach ₹14,972 crore across 10 mutual fund schemes. These results suggest a transition from an incubation phase to a growth phase, with investments aimed at long-term success in India's financial services sector.