By BullScreen Editorial Team 
Brokerage firm Motilal Oswal Financial Services has initiated coverage on Jio Financial Services with a ‘Buy’ rating and a target price of ₹320 per share, citing strong growth potential driven by the company’s technology-led financial ecosystem.
In a research report dated March 9, 2026, the brokerage said Jio Financial Services is being built as a diversified digital financial platform offering services across lending, payments, asset management, wealth management, insurance manufacturing, broking, and other digital financial products.
The brokerage believes the company’s biggest advantage comes from its integration with the vast digital ecosystem of the Reliance Group. With access to more than 500 million telecom subscribers through Jio and an extensive retail network, the company can reach a massive user base without incurring the high customer acquisition costs typically faced by traditional NBFCs.
Motilal Oswal noted that Jio Financial can also leverage data from telecom usage and retail behavior to build AI-driven credit underwriting models, enabling more accurate risk assessment and personalized financial offerings while staying within regulatory limits.
The brokerage estimates a 48% compound annual growth in consolidated profit after tax between FY26 and FY28. Its valuation, based on a sum-of-the-parts approach for March 2028 estimates, does not yet include potential value from businesses that are still in early incubation stages.