Good evening. It gives me immense pleasure to welcome all of you to the Q2 FY26 Earnings Conference call of Jio Financial Services Ltd. My name is Rishabh Rathod, and I'm a part of the investor relations team. On the call with us today, we have Mr. Hitesh Sethia, MD and CEO of Jio Financial Services Ltd, Mr. Sid Swaminathan, MD and CEO of Jio BlackRock Asset Management Private Ltd, our Group Chief Financial Officer, Mr. Abhishek Pathak. The earnings presentation is uploaded on our website, www.jfs.in, and on the stock exchanges. A quick reminder that all participants will be in a listen-only mode in this call. Before I hand over the call, I would like to read out the Safe Harbor Statement. This presentation contains forward-looking statements which may be identified by the use of words like plans, expects, estimates, or other words of similar meaning.
All statements that address expectations or predictions about the future, including, but not limited to, statements about strategy for growth, product development, market position, are forward statements based on rationale and data. Actual results may vary materially given the market circumstances. I will now hand over the call to Hitesh to discuss the business in detail.
Thank you, Rishabh. Good evening, everyone. Season's greetings, and I extend a warm welcome to all those joining today's earnings call. India's macroeconomic environment remained encouraging, with the twin enablers of consumption and digitization driving robust growth. As you know, growth in financial services is a multiple of GDP growth, and the projected GDP growth rate of around 7% augurs very well for the financial services sector in the country. Against this backdrop, I'm happy to state that we have continued our robust growth momentum in Q2 FY26 and seen multifold growth across all our operating metrics. As a core investment company, Jio Financial Services Ltd's primary objective is to set up new financial service businesses, nurture them, and scale them in a prudent, risk-calibrated manner.
Our focus is on democratizing access to finance for the people of India and delivering to them innovative products which are best in class not just locally, but globally. We are well on our way to achieving this by scaling up our operations with product launches and distribution expansion. In doing so, we are building on a strong foundation meticulously laid down over the last two years to ensure we create an institution of national significance which grows sustainably and creates value for all stakeholders for decades to come. Our progress and growing scale reflects in our financial performance. The company's consolidated total income for Q2 FY26 stood at INR 1,002 crores, representing a robust increase of 44% year-on-year. Last quarter, I had mentioned that an important metric that we closely monitor is the ratio of net income from operating business to consolidated net total income.
I'm very happy to state that during Q2 FY26, the net income from business grew 5X year-on-year to INR 317 crores, representing 52% of our consolidated net total income, excluding dividend and finance costs on external borrowings. The share of net income from business in our total income for the last quarter was up significantly from a share of around 14% in the same period a year ago. I'm happy to report that we have reached an inflection point in our journey where our income from core business operations is now higher than income from treasury. This is a validation of the strength of our brand, the superiority of our customer journeys, and the distinctiveness of our experience in a crowded and competitive market. We have demonstrated that growth and prudence can coexist, scaling rapidly while remaining anchored in risk discipline and governance excellence.
Our well-capitalized balance sheet gives us enough and more firepower to pursue our long-term strategic goals, and even as we continue to utilize the return on our treasury investments for growing our diverse businesses, which are in different stages of evolution, we continue to do so profitably. Our pre-provision operating profit, or PPOP, stands at INR 579 crores during the quarter, up 5% YOY. Pursuant to Jio Payments Bank Ltd becoming a wholly-owned subsidiary of the company following the acquisition of State Bank of India's remaining shareholding in June 2025, its financials are now fully consolidated with that of JFSL. Q2 FY26 was the first full quarter of this consolidation. In Q2 FY25, JPBL was accounted for as a JV, and its P&L reflected as a part of the share of associates and JVs in JFSL's consolidated P&L statement.
As I mentioned, our encouraging business performance during the quarter is attributable to the accelerating execution momentum seen across all our business verticals. In line with our commitment to disciplined, risk-calibrated growth, our NBFC Jio Credit Ltd continued growing its loan book on the back of encouraging demand for its range of secured lending products. The NBFC's asset under management stood at INR 14,712 crores as of September 30th, 2025, up 12X of the AUM in Q2 FY25. The robust traction in this business is amply evident from the trend in quarterly disbursements, which reached INR 6,624 crores in Q2 FY26. On the other hand, the AUM of our asset management JV with BlackRock stood at INR 15,980 crores as of September 30th, 2025, in just around four months since the launch. In this period, the AMC brought as many as nine funds to the market.
Jio BlackRock Asset Management launched its maiden actively managed equity fund, Jio BlackRock Flexi Cap Fund, towards the end of this quarter. The fund, which is based on BlackRock's proprietary AI-driven investment approach called Systematic Active Equity, or SAE, resonated strongly with investors, raising around INR 1,500 crores through the NFO. Turning to our payment business, we continue to delight our customers with convenient payment solutions across the retail and merchant segments. Jio Payment Solutions' transaction processing volume was up 167% YOY to INR 13,566 crores, while Jio Payments Bank's transaction throughput grew as much as 15X sequentially. In an industry-first initiative, the Payments B ank launched Savings Pro, a savings account that auto-invests idle money into overnight mutual funds, helping customers generate higher returns on their surplus liquidity. Also, Jio Payments Bank ramped up its infrastructure-linked digital financial services during the quarter, and the bank ramped up its digital toll operations business.
In the Protect vertical, we believe that our partnership with Allianz for Insurance in India is going to be truly transformational by bringing convenient, affordable, and accessible insurance solutions to an under-penetrated market. A significant development this quarter was the incorporation of Allianz Jio Reinsurance Limited, a 50/50 joint venture with the Allianz Group for reinsurance. Meanwhile, Jio Insurance Broking made steady progress. It facilitated a premium collection of INR 347 crores during the quarter and issued 2.9 lakh policies in this period. During the quarter, we received shareholder approval for our promoters to invest INR 15,825 crores in the warrants of our company on a preferential basis. This fund infusion is a reaffirmation of our promoters' faith in the long-term prospects of our company and will provide us a formidable capital base to scale operations and pursue strategic opportunities aligned with our long-term vision.
We have already received the first tranche of INR 3,956 crores. At Jio Financial Services, our vision is to empower every Indian by digitally delivering simple, secure, seamless, and smart financial solutions serving their core financial needs. Our endeavor is to create a virtuous flywheel powered by our comprehensive suite of offerings structured around individuals' four core financial needs: the need to borrow, need to transact, need to protect, and need to invest. This ensures that we can go beyond the immediate financial need for which a customer enters our ecosystem and cater to their entire life cycle through our other products. Our growing user base bears testament to the enthusiasm with which our seamless and digital-first financial services have been received by customers. I'm happy to report that in just about 16 months since our app went live, we have seen an exponential traction in digital footfalls across our franchise.
At present, we have a unique user base of approximately 18 million across all our digital platforms, giving us a wide top-of-the-funnel base for cross-selling our diverse range of financial solutions. With some of our businesses in the growth phase and others being incubated simultaneously, we are well equipped to cater to the evolving aspirations of customers through innovative products, omnichannel distribution, fit-for-purpose technology, and a high-performance talent team. We will cover each of these elements in detail over the subsequent slides. This slide offers a comprehensive snapshot of the elaborate and growing product suite of smart, secure, and seamless financial solutions available to customers today, spanning home loans to mutual funds and UPI to savings accounts.
Some of the new products that were added during the quarter include mutual funds from Jio BlackRock Asset Management, the Savings Pro account from Jio Payments Bank, and loan against ETFs by Jio Credit. Notably, the Jio Finance app is now capable of fast and secure contactless card payment, a feature that was launched in partnership with Mastercard at the Global Fintech Fest 2025 held in Mumbai earlier this month. In addition to a diverse bouquet of in-house products, we have also tied up with trusted external partners to bring relevant services to our customers, which they can access conveniently through their Jio Finance app. These include digital gold, tax filing and planning services, and a whole range of life and non-life insurance solutions.
Over the next few quarters, you will see significant expansion of the range of third-party products and services available on our app, as we seek to bring the best for our customers. This approach ensures we remain customer-first, offering relevance and choice, which in turn drives adoption and loyalty across all our digital platforms. Innovation is ingrained in our DNA, and we constantly strive to design products and customer journeys which are at par with the best in the world. This is evident in the spate of industry-first solutions and industry-first initiatives that we have brought to customers. For the first time in India, mutual funds powered by BlackRock's SAE approach are available to retail customers, offering a dynamic and differentiated product to the Indian investor.
Savings Pro, launched by Payments Bank, is a truly innovative feature that helps customers maximize the yield on their savings without any manual intervention, even as their liquidity remains available for instant payments. Jio SoundPay on Jio Bharat phone is another industry-first feature that provides an instant audio alert for UPI payments on feature phones, specifically tailored to enable small merchants to confidently accept digital payments. Additionally, Jio Payment Solutions has also launched a developer portal, which provides a low-code, no-code interface for small and medium businesses to quickly integrate and scale payment solutions using JPSL's APIs and tools.
Jio Payments Bank is among the first financial institution in the country to have been awarded a contract for managing toll processing operations at barrierless toll plazas under the government's ambitious Multi-Lane Free Flow system for highway projects, which uses FASTags, RFID, and ANPR, or automatic number plate recognition technologies, to deduct toll without the vehicle needing to stop at a toll booth to pay. Finally, in an era where customers demand instant gratification, our focus remains on superior customer experience through digitally enabled customer journeys that can be completed within minutes. We have streamlined our digital customer journeys to under five minutes for key products, including bank account opening, loan against mutual funds, loan against shares, and the purchase of Jio Gold and insurance products. We are fully cognizant that superior products also need deep distribution in order for our customers to easily access them.
While our core is and will remain digital-first, we are augmenting our go-to-market strategy with strategic physical presence to enhance scale and serve our customers optimally. On the digital front, the JioFinance app remains our primary unified digital storefront, and we have spoken about the traction this platform has witnessed in the preceding slide. In addition to this, we have launched transactional websites for Jio BlackRock AMC and JioFinance, ensuring accessibility beyond the app ecosystem for those who need it. To expand its outreach to merchants who could be potential customers of our payment stack, Jio Payment Solutions has tied up with online merchant aggregators and software resellers. We continue to expand the magnitude of persona-based contextual marketing campaigns that leverage the group's expansive customer base for targeted offering. Complementing this digital network is a strategically planned physical distribution buildout.
Jio Payments Bank has exponentially scaled its network of business correspondents to approximately 200,000 touch points as of September 30th, 2025, up just from 2,307 BCs in Q2 FY25. Jio Credit has also expanded its physical presence by establishing 15 offices across 14 cities compared to only four offices in Q2 FY25. Jio Insurance Broking has expanded its digital point of salesperson, or PoSP, channel to over 100 cities across six states, enabling personalized advisory and service in diverse regional markets. And lastly, our payment solution business is now actively serving offline merchants across seven states. The powerful outcome of this expansive omnichannel presence is that we are now serving customers from 19,000 plus pin codes across the length and breadth of our country, ensuring true democratization of financial services by reaching every customer segment in the Indian market.
As a digitally native organization, our technology architecture is one of our most significant competitive advantages. We remain agile, free from technology debt, and are able to design our tech stack in a way which is not capital-intensive and fit for purpose when it comes to running cost-effective operations. The strategic goal of our tech architecture is very clear: to relentlessly pursue a path to zero-ops and AI-driven operations, which will help us service our customers better and maximize return to shareholders simultaneously. In a financial services business, the commitment to security is paramount. I'm very happy to report that we have secured ISO 27001:2022 certification for our information security management system, which showcases the resilience of our digital infrastructure. On the data front, our data lake is now live across all entities, providing us rich insights and enabling real-time analytics.
This allows us to deploy machine learning models for product propensity and enables sharper targeting of customers. We at JFS strongly believe that the future of financial services is going to be intelligent personalization, wherein we become a trusted platform for our customers, always looking out for their best interest and making contextual recommendations for each unique customer based on their preferences, goals, and needs. In this context, we are actively developing an intelligent and contextual targeting architecture to offer the right product to the right customer via the right channel at the right time. Our human capital is the core of our long-term success, driving innovation and excellence. We have built a young and dynamic team of 1,700 individuals with an average age of 34 years.
Our talent pool is a powerful mix of local and global talent across critical skill sets such as technology, UI/UX, product, and risk management. To enable us to come to market with customer-centric innovation faster, we are creating hierarchy-agnostic cohorts. We currently have 100-plus capability-based cross-functional pods with multi-faceted talent pooled in from across businesses who come together to deliver cutting-edge solutions. We recognize that the future of work is going to be characterized by a symbiotic man-machine collaboration and for this, we are actively building AI-powered and human-guided teams to deliver optimal outcomes for our business. Across our distribution and strategy, people strategy, our focus is squarely on cost optimization and incurring only those costs which are absolutely necessary to create a high-impact and future-proof business. Now, let me turn to the key highlights for the quarter in each of our businesses.
Our NBFC, Jio Credit Ltd, is scaling up sustainably with a disciplined and risk-calibrated approach. Its focus on prime and near-prime customers and high credit-rated corporates allowed it to grow the business by building a high-quality loan book. A favorable interest rate environment and a top-notch credit rating have enabled the NBFC to bring down its average cost of borrowing further to 7.06% in Q2 FY2026 versus 7.85% in Q1 FY2026. The lower cost of funding supports competitive product pricing while maintaining healthy margins. The ability to consistently secure debt capital at best-in-class rates reflects the strength of our brand and balance sheet. Jio Credit's net interest income stood at INR 140 crores, showing a robust growth of 142% year-on-year. Profit after tax was about INR 50 crores, a 62% increase year-on-year.
The NBFC's net worth as of September 30th, 2025, stood at INR 5,020 crores, with a debt-to-equity ratio of 2.4 and a capital adequacy ratio of 31.4%. This gives us adequate runway to scale our operations with prudence. Moving to Jio Payments Bank, which continues to demonstrate significant progress in expanding its reach, growing its customer base, and diversifying its revenue streams. The payment bank's customer base grew to about three million in Q2 FY26, nearly double of the 1.5 million customers in Q2 FY25, and a consistent 14% growth sequentially. This growth in customer base was supported by the rapid expansion of the payment bank's business correspondent, or BC network, to two lakh touch points, up from 2,300 in Q2 FY25 and around 50,000 in Q1 FY26. At the same time, deposits rose to INR 421 crores, about double of the deposit base of INR 209 crores in Q2 FY25.
In addition to the launch of Savings Pro, another notable update for the quarter was Jio Payments Bank's foray into digital toll processing at national highway toll plazas. The payment bank now has mandates from Indian Highways Management Company for digital toll processing as a FASTag acquirer bank for 12 toll plazas, of which 11 are already operational. As mentioned earlier, the Jio Payments Bank has also secured contracts from IHMCL to implement FASTag automatic number plate recognition, ANPR-based MLFF toll collection system across two toll plazas between Gurugram and Jaipur. Jio Payments Bank's entry into tolling ecosystem is a natural extension of its mission to digitize everyday payments and build smart financial infrastructure at scale.
Now turning to Jio Payment Solutions, which focuses on bringing seamless omnichannel payment solutions to small, medium, and large merchants, Q2 FY26 was marked by strong momentum in transaction processing volume, or TPV, which reached INR 13,566 crores, a significant pickup of 76% quarter-on-quarter. For the first half of FY26, our TPV stood at INR 21,286 crores, almost equal to the entire TPV recorded for the full financial year 2025. Even as volumes grow, we are firmly focused on maintaining unit-level profitability as we ensure our growth is both robust and enduring. Jio Payment Solutions also rolled out a self-service portal for merchant onboarding, which will help the business scale up its merchant network significantly. To share updates regarding our joint venture with BlackRock for Asset Management, let me now call upon my colleague Sid Swaminathan, MD and CEO of Jio BlackRock Asset Management Private Ltd, to address you all.
Over to you, Sid.
Thanks, Hitesh. Good evening, everyone. Today, I'm thrilled to share with you the progress we've made at Jio BlackRock Asset Management since our launch in June this year. Our vision at Jio BlackRock is to provide accessible, affordable, and institutional-quality investment solutions to the people of India through simple digital tools. We are bringing this through the powerful synergy of BlackRock's global expertise and decades of investment management experience with Jio's immense reach and local market knowledge. Following the success of our three cash funds in June, we have launched two sets of new fund offerings for a total of six additional funds across equity index, debt index, and our very first active equity fund. These funds are accessible through multiple platforms, including the Invest section in Jio Finance, My Jio, our AMC website, and other fintech platforms.
This multi-platform approach ensures that our investment solutions are within reach for a diverse range of investors as we aim to meet the people of India where they are. Our fund management processes are powered by BlackRock's Aladdin platform, which enables us to innovate at scale. Aladdin empowers our teams with real-time transparency, robust risk modeling, and streamlined operations, allowing us to manage portfolios with precision and agility. Aladdin is referred to as the language of portfolios, and we are excited to bring it to India. This is crucial for us to continue launching differentiated products that are both affordable and attractive to our customers. Our index funds have shown impressive growth, collecting INR 329 crores in the August NFOs and increasing to INR 520 crores in the two months thereafter. This demonstrates the strength of our brand, the value proposition that we offer, and the growth of index investing in India.
Our first active equity NFO, a flexi-cap fund that leverages BlackRock's systematic active equity investment process, has been a success, raising nearly 1,500 crores from over 480,000 investors. We've seen strong participation through the Jio Finance app, our newly launched website, and our digital partners. This innovative investment strategy, which leverages the synergy between data, AI, and human expertise, is a first for the Indian market. By measuring data quickly and accurately, the SAE process uses real-time information to turn everyday market signals and alternative data into actionable investment insights to identify new market opportunities and balance risk with potential returns. SAE has seen success globally at BlackRock, and we're bringing it to India with a local flavor. I'm proud to announce that we now have a growing base of over 150 institutional and 635,000 retail investors.
Remarkably, over 10% of these are first-time investors in mutual funds, an early affirmation of our mission to grow the market by helping more savers become investors. Our investors come from nearly 90% of the PIN codes in India, with 40% of our retail AUM originating from the B30 cities. This widespread participation underscores our commitment to making investment opportunities accessible to everyone, regardless of their location. Looking ahead, we have a robust pipeline of fund launches subject to regulatory approvals. This includes specialized investment funds, exchange-traded funds, and an expanded mutual fund offering. These are tailored to suit all types of investors across various levels of experience and investment goals. We are excited to continue building on this in the coming months and transforming the asset management industry. Next, I'll hand it over to Hitesh to cover the rest of the presentation.
Thank you, Sid.
I will now briefly cover updates pertaining to the other parts of our JV with BlackRock, which is wealth management and broking. We have now received all necessary regulatory approvals for Jio BlackRock Investment Advisors, which is our wealth management company, and Jio BlackRock Broking, the broking entity. The leadership team across these two businesses are now in place, and the product roadmap and the go-to-market strategy are under active implementation. We are focused on deploying cutting-edge technology and hiring top talent required to deliver digital-first and seamless wealth management and broking services to the Indian market. We will share further updates on these two businesses in the coming quarters. Moving on to the protect vertical, following the incorporation of Allianz Jio Reinsurance Limited, we have commenced leadership hiring and have begun the process of securing necessary regulatory approvals.
In addition to the JV for reinsurance, we have also signed a non-binding agreement to set up a joint venture for life insurance and general insurance business. Our insurance broking entity continues to show good traction in its core business. The insurance broking arm's D2C channel continues to focus on motor, health, and life. We have completed a proof of concept for a self-onboarding platform for our digital POS Ps, and once it is rolled out, it will allow for rapid scale-up of our insurance distribution network. To sum up, we have now created a strong base for Jio Financial Services to use as a springboard for driving accelerated growth in the years to come.
We believe that the future of financial services will be all about intelligent personalization, a future where financial services will become a trusted, invisible layer working when it needs to and how it needs to for each unique individual. Responsibly designed AI, including agentic AI, will be instrumental in powering the next decade of financial services. We at JFS will be at the forefront of this change by building a trusted platform working in customers' best interest, bringing bespoke digital-first financial services that are right for them, that are easy to understand, and even easier to consume. Thank you all for your time and continued support, and I wish you and your loved ones a very happy Dhanteras and Diwali. I now invite Mr. Abhishek Pathak, our Group CFO, to provide a detailed overview on the financial results. Over to you, Abhishek.
Thank you, Hitesh, and good evening, everyone.
Season's greetings from all of us at JFSL. As we strive to deliver globally best-in-class financial products and services to the people of India, our financial performance for Q2 FY26 reflects our growing scale and disciplined operational execution. With a well-capitalized balance sheet, we are investing for growth across our diverse businesses, which are in different stages of evolution. And even as we do so, we maintain an unwavering commitment to profitable unit economics and prudent capital allocation. I'm pleased to present the financial highlights for the second quarter ended September 30th, 2025. Our financial results for this period are prepared in compliance with Indian accounting standards as prescribed by the Ministry of Corporate Affairs. As you can see from this slide, our group structure comprises of wholly owned subsidiaries, joint ventures, and associates.
Our diverse businesses across the four verticals of lending and leasing, payments, investments, and protection are housed under separate entities, each with its own independent board and governance framework. JFSL, as the parent holding entity, is a core investment company which supports the scale-up of these entities, which are in different stages of the growth journey, with some being in incubation stage and others scaling up quickly. A notable highlight in this quarter was the incorporation of Allianz Jio Reinsurance Limited, a 50/50 joint venture with Allianz, which marks the first step towards JFSL having a larger presence in insurance and strategically expanding its footprint in the protection vertical. At the outset, I would like to highlight a key accounting change at the consolidated level for us beginning Q2 FY26.
Following the acquisition of SBI's remaining stake in Jio Payments Bank, or JPB, in June 2025, its financials are now fully consolidated with JFSL on a line-by-line basis for this entire quarter. In the previous quarters, JPB was accounted for as a joint venture, and its bottom line formed a part of share of associates and JVs in JFSL's consolidated P&L. For Q2 FY26, our consolidated total income stood at INR 1,002 crores, representing a robust increase of 44% year-on-year. Let me walk you through the key components of our top line. Interest income stood at INR 392 crore in Q2 FY26, reflecting the strong growth in our NBFC's loan book, complemented by interest earned from our substantial treasury operations. This segment also includes interest income earned by the payments bank. The interest income in Q2 FY25 was INR 205 crore.
Dividend income of INR 269 crore versus INR 241 crores in Q2 FY25 received on the shares of Reliance Industries Limited, held by Reliance Industrial Investments and Holdings Limited, or RIIHL, which is an investment holding company and a wholly owned subsidiary of JFSL. Fees and commission income for the quarter saw a strong uptick, growing around 3.4x year-on-year to INR 140 crore, driven by the significant scale-up of the transaction processing volume in our payment solution business, which Hitesh earlier highlighted. This segment also included fee income earned by Jio Insurance Broking Ltd, Jio Credit Ltd, and Jio Payments Bank Ltd, and finally, the net gain on fair value changes on our money market investments to the tune of INR 180 crore versus INR 207 crores in Q2 FY25. Total expenses, including provisions for Q2 FY26, stood at INR 436 crore. This compares to INR 146 crores in Q2 FY25 and INR 260 crores in Q1 FY26.
This increase is largely attributable to the consolidation of Jio Payments Bank during the quarter. Additionally, other operating expenses stood at INR 193 crore during the quarter compared to INR 74 crores in Q2 FY25 and INR 90 crore in Q1 FY26. This was primarily on account of JFSL as a CIC incurring certain expenses to support the scale-up of its portfolio of businesses and also a consequence of the consolidation of Jio Payments Bank. We continue to exercise prudence in our cost planning and remain focused on our cost optimization. As a result, our pre-provisioning operating profit stood at INR 579 crores during the quarter versus INR 552 crore in Q2 FY25 and INR 366 crore in Q1 FY26. Provisions on account of ECL stood at INR 13 crore and is in line with the growth of our lending book and as per the prudent provisioning norms we adhere to at the NBFC.
Our share of associates and joint ventures stood at INR 217 crore versus INR 225 crore in Q2 FY25 and INR 31 crore in Q1 FY26. This primarily comprises of dividend received by Reliance Services and Holdings Limited, which is accounted for an associate of JFSL on its investment in RI shares. It also factors in the financial performance of our joint ventures with BlackRock, where certain expenses are required to be incurred for scaling up the AMC further and operationalizing the wealth management company. Consequently, the consolidated profit after tax for Q2 FY26 is INR 695 crore versus INR 689 crore in Q2 FY25 and INR 325 crore in Q1 FY26. Moving on to the balance sheet items, one of our greatest strengths is our well-capitalized and resilient balance sheet, which provides us a solid foundation for sustained growth.
It positions us to confidently scale our operations, invest in innovation, and pursue strategic opportunities that align with our long-term vision. Our consolidated net worth stood at INR 1.35 lakh crore as of September 30th, 2025. The net worth was further strengthened this quarter through receipt of the first tranche of INR 3,956 crore from promoters on account of preferential warrants issued to them. This strategic fund infusion, along with our existing capital base, enables us to invest towards growing our businesses, especially capital-intensive ventures such as insurance and lending. Total assets as of September 30th, 2025, were around INR 1.52 lakh crore, with total consolidated investments of around INR 1.36 lakh crore. Moving on to the standalone financial performance, standalone total income for the quarter ended September 30th, 2025, was INR 540 crore compared to INR 383 crore in the same period last year and INR 133 crore in the preceding quarter.
As indicated earlier, the total income is represented by interest income on interest-bearing investments, net gain on fair value changes on money market and liquid mutual fund investments, fee and commission income, and dividend income. The total income for the quarter also includes a dividend income of INR 405 crore received from RIIHL. Total expenses, including provision for the quarter on a standalone basis, was INR 65 crore as compared to INR 55 crore in Q2 FY25 versus INR 38 crore in Q1 FY26. This was because as we incubate a diverse portfolio of companies in different stages of growth, the CIC needs to nurture some of the expenses for entities which are at nascent stage. On a standalone basis, the profit after tax of the company during the quarter was INR 456 crore as compared to INR 305 crore in the corresponding quarter last year and INR 71 crore in the preceding quarter.
The company's standalone total assets as of September 30th stood at INR 2,926 crore, with a total investment of INR 27,545 crore. Standalone net worth stood at INR 29,152 crore as of September 30th, 2025, versus INR 24,985 crore as of March 31, 2025, primarily due to the receipt of the first tranche of the preferential warrants issued to the promoters. In summary, reflecting on our performance this quarter and in the first half of the current fiscal, we are extremely pleased with the significant strides made towards realizing our aspiration of becoming India's leading financial services company that delivers the best to the people of India and creates a sustainable value for all our stakeholders in the process. Strategic planning, cost structure optimization, prudent capital allocation, and use of technology will enable us to maximize shareholder value by ensuring return on capital and return of capital.
As we continue to pursue profitable growth, we will do so by following a prudent risk management framework and adhering to all the regulatory requirements. Each milestone that we have reached is a shared achievement, and we are grateful for your constant support. I would like to take this opportunity to wish you and your loved ones a very happy and prosperous Diwali. Thank you. Over to you, Rishabh.
Thank you, Hitesh, Sid, and Abhishek, and thank you, everyone, for joining this call. As we conclude our earnings call, we invite you to explore the detailed earnings presentation available on our website and the stock exchanges. Thank you, and wishing everyone a very happy Diwali.