•Motilal Oswal initiated coverage on Jio Financial Services with a 'buy' rating and a price target of ₹320, projecting a 35.2% upside.
•Jio Financial Services is envisioned as India's next-gen financial services platform, covering lending, payments, asset management, wealth management, insurance, and digital financial services.
•Its core investment thesis relies on an ecosystem-led operating advantage, leveraging Jio's 500M+ subscribers and Reliance Group's extensive retail footprint.
•Unlike traditional NBFCs, Jio Fin benefits from lower customer acquisition costs by tapping into nearly half of India's population digitally.
•Despite subdued near-term profitability due to incubation, the company is positioned for scalable growth, with Motilal Oswal projecting 48% PAT CAGR for FY26-28.
