Concall — clean across the call.

Jio Credit, our lending NBFC, recorded Assets Under Management reaching around Rs. <strong>19,000 crore</strong>, representing 4.5x growth over FY25 assets, backed by strong operational execution; gross disbursements during the quarter were Rs. 8,600 crore, more than double on a year-on-year basis and up 30% sequentially. JioBlackRock Asset Management, our joint venture with BlackRock, has demonstrated remarkable agility in bringing well-constructed mutual funds to market, and has found favour with both institutional and retail investors alike. Within just six months of launch, we have brought funds to market across cash, debt, and equity categories. Assets Under Management stood at around Rs. 15,000 crore. Furthermore, we introduced curated model portfolios comprising JioBlackRock Mutual Funds, designed to help investors achieve their goals with greater precision. Our payments businesses continue to drive high-frequency engagement with customers. Jio Payment Solutions recorded a Transaction Processing Volume of Rs. 16,300 crore, a 156% increase year-on-year, with net processing margin expanding by basis points from 9 basis points in Q2 FY26. Jio Payments Bank saw its deposit base cross Rs. 500 crore, a 94% year-on-year growth. This was driven by an increase in our CASA customer base, supported by steady expansion of the Business Correspondent network, which now reaches approximately 287,000 touchpoints. As highlighted in our previous calls, an important metric we closely monitor is the ratio of Net Income from Business Operations to Consolidated Net Total Income. For this quarter, our Net Income from Business Operations stood at Rs. 386 crore, up 320% year-on-year and 22% sequentially. Net Income from Business Operations as a percentage of Consolidated Total Net Income reached 55% in this quarter. The progressively rising share of Net Income from Business Operations, which was only 20% in FY25, indicates that we have reached an inflection point where business operations have become the primary driver of our performance, even as we continue to use treasury income to invest for growth. Our Consolidated Total Income for the quarter doubled year-on-year to around Rs. 900 crore. Pre-Provisioning Operating Profit, excluding dividend income, was Rs. 354 crore. Venkata Peri, our Group Chief Operating Officer, will take you through the detailed financial performance later in the presentation. We remain well-capitalized with a Total Consolidated Shareholders' Equity base of nearly Rs. 1.5 lakh crore, providing the necessary firepower for investing in our high-growth businesses while simultaneously nurturing and incubating those entities which are currently in a nascent stage. The growth momentum we spoke of in the previous slide, is underpinned by our well-diversified presence and tailored products catering to the four core needs of an individual: the need to Borrow, Invest, Protect, and Transact. This ecosystem approach ensures that we can go beyond immediate financial requirements once a customer first enters our ecosystem, and cater to their entire financial lifecycle. As we scale, this creates a virtuous flywheel effect of deeper engagement leading to more bespoke offerings per customer. Our digital-first strategy is yielding significant results in terms of customer acquisition and engagement. I am very pleased to report that we have crossed a unique user base of 20 million users across all our properties. This provides us with a wide top-of-the-funnel for cross-selling our range of solutions. Furthermore, our average Monthly Active Users for this quarter has seen a consistent growth, reaching 9.2 million users, reflecting high stickiness and the relevance of our platforms in the daily lives of our customers. At Jio Financial Services, we are building for the long term. While our businesses such as payments are in a sustainable growth phase with significant scale on key metrics, newer ventures such as our wealth management entities and insurance joint ventures are being carefully nurtured in the incubation stage to ensure they are positioned for long-term success. Our strategic presence across the entire financial lifecycle of a customer manifests in our diversified suite of products. These are available through a unified digital storefront, the JioFinance app as well as MyJio. Our focus remains on delivering smart, secure, and seamless journeys to cater to the evolving needs of every generation of Indians. Our hybrid approach, which effectively integrates our in-house products with a curated suite of offerings from trusted external partners, empowers us to deliver unparalleled value by bringing a comprehensive range of services onto a single, trusted, and intuitive digital platform. Over the next few quarters, we will continue to expand this repository by integrating more digital-first, third-party products. This steady evolution ensures our platform remains a comprehensive destination that anticipates and meets the evolving needs of our customers. Our distribution strategy is centered on achieving true democratization of financial services, ensuring we are present wherever our customers are, covering the length and breadth of the country. We have built an omni-channel footprint, leveraging our digital-native strengths and augmenting it with strategic physical touchpoints for last-mile fulfillment. In terms of digital distribution, JioFinance and MyJio remain our primary engine for customer acquisition; our platform is witnessing encouraging trends in user adoption and engagement, reflecting the resonance of our integrated ecosystem with customers.

Jio Payment Solutions launched a dedicated transactional website and the BizzApp for iOS, providing merchants with tools to manage their businesses effectively. To further expand customer acquisition channels, Jio Payments Bank has launched a new web portal for a streamlined, secure, and intuitive account opening experience. JioBlackRock AMC has broadened its reach by expanding partnerships with 84 fintech platforms and Registered Investment Advisors, adding 71 such entities during the quarter. Jio Insurance Broking continued to focus on driving organic search traffic and facilitating institutional sales via a dedicated lead-generation funnel on its website - jioinsure.in. Simultaneously, we continued to scale our physical distribution network with Jio Payments Bank expanding its Business Correspondent, or BC network to approximately 287,000 touchpoints, representing 44% growth over the previous quarter. Jio Credit Limited extended its on-ground presence by expanding to 16 cities with 18 offices, from 8 cities and 8 offices a year ago. This strategically planned buildout serves as a key enabler of last-mile fulfillment and accurate credit assessment. Jio Insurance Broking's digital Point of Sales Person, or PoSP, channel is now present in 21 states, enabling personalized advisory service, while Jio Payment Solutions further strengthened its offline merchant presence to 7 states. Being a digital native organisation, Jio Financial Services is free from any technology debt, and is able to leverage best-in-class technology, cutting-edge AI and analytics to empower our customer communities with fit-for-purpose solutions. We are institutionalizing AI to solve real-world problems and deliver a superior experience to our customers. Our goal is to move towards a very lean operations environment with AI-driven intelligence powering every interaction and decision to improve efficiency and maximize returns. In line with this goal, we have successfully implemented several AI-led initiatives across our verticals to boost revenue and ensure operational excellence. While we are firmly digital-first, the north star for us will be for our platform to become "intelligent-always". A unified intelligence layer offering a 360-degree view of the customer forms the basis of our ongoing initiatives around agentic and neural intelligence, that will empower the platform to become an intelligent financial advisor to our users, offering the right product at the right price at the right time, through the right channel. Our human capital remains the cornerstone of our long-term success. We have meticulously built a young, dynamic, and skilled team of around 1,900 professionals with deep niche skills, across UI/UX, product development, data science and risk management. To remain agile and deliver customer-centric innovation at scale, we have institutionalized a structure of AI-driven, cross-functional teams. These hierarchy-agnostic cohorts bring together multifaceted talent for optimum man-machine collaboration on cutting-edge problems focused on targeted business outcomes. A culture of innovation is deeply ingrained in our DNA, and this manifests through JioFinX - our annual in-house innovation expo. Now in its second year, JioFinX saw teams across businesses and functions come together to demonstrate implemented use cases across AI and automation, all aimed at delivering operational and service excellence. Moving on to individual businesses starting with Jio Credit - our lending subsidiary. The growth in the NBFC's Assets Under Management reached Rs. 19,049 crore, representing a quarter-on-quarter growth of 29%. This expansion was supported by strong operational execution, with gross disbursements during the quarter reaching Rs. 8,615 crore, a 30% increase over the previous quarter. The primary driver of AUM growth is through fresh organic disbursements, with new direct assignments only intended to replenish the existing inorganic book, as and when attractively priced portfolios become available in the market. As the organic loan portfolio continues to scale, the share of direct assignment as a percentage of the total loan book will decline going forward. On the liabilities side, we have a resilient and diversified borrowing mix, including Commercial Papers, Non-Convertible Debentures, Bank Loans, as well as Inter-Corporate Deposits and tri-party repo arrangements. Overall, our borrowings have grown by around 35% sequentially, commensurate with the growing scale of the lending business. We have maintained a competitive average cost of borrowing of funds at 6.99% this quarter versus 7.06% in the previous quarter. Moving on to the financial performance of Jio Credit Limited. Net Interest Income for the quarter was Rs. 165 crore, up 166% year-on-year and 18% quarter-on-quarter, reflecting healthy growth in interest-earning assets and the benefit of a declining cost of funds. Pre-provisioning operating profit increased to Rs. 99 crore, up 130% year-on-year and 24% sequentially. Total Shareholders' Equity stood at Rs. 5,093 crore, with a debt-to-equity ratio of 3.2 times. Capital Adequacy Ratio remains healthy at 24.39%. To talk about our payments bank business, we have with us today Mr. Vinod Easwaran, MD & CEO of Jio Payments Bank. Over to you, Vinod.

Good evening, everyone. Wishing everyone a happy new year. Jio Payments Bank was originally established as a 50:50 joint venture with the State Bank of India. Jio Financial Services, the parent entity, increased its stake over the last couple of years, and in June 2025, JPBL became a wholly-owned subsidiary of Jio Financial Services. The payments bank is a vital engagement layer for the Jio Financial Services group, with high customer stickiness and retention, given the relatively high frequency of transactions. Our value proposition is precisely tailored for two distinct customer segments. For the urban customers, this serves as a safe secondary account through which they can manage routine expenses, declutter their primary salary account, while also providing access to broader financial services. For rural customers, we serve as a primary bank account, fulfilling their core banking requirements through an assisted channel, via our Business Correspondents, or BCs. Our product suite comprises CASA variants; UPI and wallets; and virtual and physical debit cards. We have recently launched a new savings bank account variant called Savings Pro, a truly innovative product that auto-invests idle money into overnight mutual funds. This feature helps customers generate higher returns on surplus liquidity while keeping it instantly available for payments. The introduction of this savings variant has been instrumental in driving the average deposits in the bank. During this quarter, we have further expanded our offerings with the launch of Cash Management Services and Direct Benefit Transfer. These products allow us to serve a broader range of customer needs, and deepen our integration into the financial lives of our users. In addition to core banking, we are also growing our infrastructure-linked digital services. Earlier this fiscal, we were empaneled by the National Highways Authority of India and Indian Highway Management Company Limited as an acquirer for toll processing, and are currently managing 11 toll plazas across the country. In Q2 FY26, we had received mandates for processing toll at barrier-less toll plazas using Multi-Lane Free Flow, or MLFF technology, which deducts toll without requiring vehicles to stop. In Q3 FY26, we secured two additional MLFF mandates.

Notably, we have secured 4 out of the 8 MLFF mandates that have been awarded so far, positioning us at the forefront of this emerging mobility infrastructure. Our customer acquisition and distribution strategy is predicated on our digital and physical reach. Our digital channels include the JioFinance app, the MyJio app and our own website. Our primary physical channel is our BC network, comprising our own BC agents, partners and corporate BCs. This allows us to establish touchpoints in underpenetrated regions and offer assisted banking services. During Q3 FY26, we also received an in-principle approval from RBI to set up 75,381 new business correspondents, expanding our own network. We also leverage the distribution network of our group ecosystem for a wider customer reach. Against this backdrop, I am pleased to share the key performance highlights of the payments bank for the third quarter. Our business momentum is clearly reflected in our financial and operational metrics as well as in our scale of presence. Total income, comprising net interest income and gross fees & commission income, reached Rs. <strong>61 crore</strong>s for the quarter. I would like to highlight that this represents a significant 10x growth on a year-on-year basis. On a sequential basis, total income doubled, driven by an increase in transaction throughput of 3x quarter-on-quarter and expanded service offerings. Our customer base grew 69% year-on-year and around 9% quarter-on-quarter to 3.2 million customers during the quarter. Total deposits, including current accounts, savings accounts, and wallets, stood at Rs. 507 crores as on December 31, 2025, up 94% year-on-year and 20% during the quarter. Our BC network of approximately 287,000 touchpoints, including owned and corporate BC outlets, grew 44% sequentially, and witnessed a massive leap from just over 7,200 touchpoints a year ago. To conclude, Jio Payments Bank is now clearly in a sustained growth phase, and pursuing an accelerated path to profitability. With that, I would like to hand it back to Hitesh.

Moving to our second vertical in the Payments space, Jio Payment Solutions continues to scale as a comprehensive, omnichannel payment solution for merchants. Even as we grow processing volumes in this business, our focus remains on maintaining healthy unit-level profitability. During the quarter, our Transaction Processing Volume reached Rs. <strong>16,315 crore</strong>s, a 20% sequential increase. Corresponding to this, our Gross Fees and Commission Income rose to Rs. 96 crores, an increase of 26% over the previous quarter. We remain firmly focused on profitability with net processing margin increasing by basis points this quarter. We continue to expand our client base and have successfully onboarded new clients across several high-growth sectors, including e-commerce, quick commerce, travel, utilities, BFSI, and the government sector. To further empower our merchants, we have introduced several technology-first features such as Instant Settlements in under 15 minutes and an Enterprise Dashboard for merchants to enable payouts to multiple bank accounts efficiently. Other new features and services launched during the quarter include POS terminals for in-store card and UPI payments, Real-time Bank Account Verification to streamline and improve the merchant onboarding experience, and Dynamic Currency Conversion for collection of international card payments in local currency. These strategic initiatives, backed by our state-of-the-art SaaS-based platform, ensure that we provide best-in-class, secure, and scalable solutions to drive merchant loyalty and sustainable growth. Turning now to our Invest vertical. Our joint venture with BlackRock for Asset Management continues to bring accessible and bespoke investment solutions to retail and institutional investors alike. JioBlackRock Asset Management has an AUM, assets under management, close to Rs. 15,000 crore as on 31st December 2025 across a suite of mutual funds in cash, debt and equity funds. The Active Equity Flexi Cap fund continues to witness strong retail engagement, with its AUM growing 70% since its NFO. The asset management company reached an important milestone during the quarter with over 1 million retail investors reposing their faith in the AMC. This was also accompanied by a healthy institutional investor base of over 400 entities. I would like to extend my heartfelt gratitude to all the investors who chose JioBlackRock Asset Management for their investment needs. Our mission to democratise new-age investment solutions for the people of India gained further momentum with the ratio of first-time mutual fund investors increasing to 18% of our total investor base in Q3 FY26, up from 10% a quarter back.