JioBlackRock Asset Management Launches Its First ETF With The JioBlackRock Nifty 50 ETF

Jio BlackRock Asset Management Private Limited (JioBlackRock Asset Management), a 50:50 JV between Jio Financial Services Limited (JFSL) and BlackRock*, today announced the launch of the JioBlackRock Nifty 50 ETF, its first Exchange Traded Fund (ETF). The launch marks another significant milestone in the firm's journey to make investing simpler, more accessible and more affordable for investors. The launch also marks JioBlackRock's entry into India's rapidly expanding ETF market, reinforcing its commitment to building a comprehensive suite of investment solutions that cater to the evolving needs of investors.

The New Fund Offer (NFO) for the JioBlackRock Nifty 50 ETF will open on August 04, 2026 and close on August 11, 2026.

The ETF seeks to track the Nifty 50 Index, providing investors with exposure to India's 50 largest and established listed companies through a single investment. Representing approximately 53.73% of India's market capitalisation as of March 30, 2026, the Nifty 50 Index has long served as a benchmark for India's equity markets and offers investors broad participation in the country's long-term economic and corporate growth.

Sid Swaminathan, Managing Director & Chief Executive Officer, JioBlackRock Asset Management, said: “The JioBlackRock Nifty 50 ETF is built around a simple objective—to make it easier for investors to participate in the long-term growth story of India’s leading companies. For many investors, a broad-market index can serve as the foundation of a portfolio by offering diversification, transparency and simplicity through a single investment.

Name of the Investment Strategy	What it Offers
JioBlackRock Nifty 50 ETF	Passive investment in equity and equity related securities replicating the composition of Nifty 50 Index, subject to tracking errors. There is no assurance that the investment objective of the Scheme will be achieved.
Benchmark (TRI)	NIFTY 50 Index (TRI)

This launch combines BlackRock’s global leadership in ETFs and index investing with Jio’s digital capabilities and deep understanding of Indian consumers. Together, we aim to make world-class investing more accessible and help more investors build long-term wealth with confidence.”

BlackRock is the the world's largest provider of ETFs, managing more than US$6 trillion in ETF and index assets globally through its iShares platform. JioBlackRock seeks to leverage BlackRock's investment technology and portfolio management capabilities and seeks to deliver a high-quality ETF investing experience for investors.

The JioBlackRock Nifty50 ETF is now live and investment ready on www.jioblackrockamc.com , the JioFinance and MyJio apps.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

About JioBlackRock Asset Management Private Limited

JioBlackRock Asset Management Private Limited is a joint venture between Jio Financial Services Limited (JFSL) and BlackRock, one of the world’s leading asset managers. The company aims to combine JFSL’s digital reach and ecosystem with BlackRock’s global investment expertise and risk management capabilities to offer accessible, technology-led investment solutions for Indian investors.

About Jio Financial Services Limited:

Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC) registered with the Reserve Bank of India. As a new-age institution, JFSL operates a full-stack financial services ecosystem through customer-facing subsidiaries, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited.

Through a 50:50 joint venture with BlackRock, JFSL offers Mutual Funds and SIFs in India through Jio BlackRock Asset Management Private Limited; and wealth management through Jio BlackRock Investment Advisers Private Limited. The JV with BlackRock also proposes to offer broking services through Jio BlackRock Broking Private Limited.

JFSL has entered into 50:50 joint ventures with the Allianz Group, establishing Allianz Jio Reinsurance Limited for reinsurance services and Jio Allianz General Insurance Limited for general and health insurance in India. Additionally, they have signed a non-binding agreement to explore future opportunities in life insurance.

With a digital-first model, JFSL is committed to enhancing the financial well-being of Indian citizens by enabling them to borrow, transact, save, and invest seamlessly. Through the JioFinance app, customers can access a wide range of solutions including loans, savings accounts, investment products and solutions, UPI, bill payments, recharges, digital insurance, financial tracking and management tools, and more.

For more updates, please visit www.jfs.in

About BlackRock:

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

For additional information on BlackRock, please visit www.blackrock.com/corporate | 

Corporate India’s evolution: Scale, earnings and diversification

The Nifty 500’s evolution over the past 26 years captures the structural transformation of corporate India—from a commodity- and manufacturing-heavy universe at the turn of the millennium to one increasingly shaped by financial intermediation, services and domestic demand.

Financials’ share of constituents rose from 8.0% in March 2000 to 19.8% in March 2026, while their market-cap share increased from 7.2% to 25.9%.

Index market capitalisation rose from Rs.7.3 lakh crore to Rs 372.2 lakh crore.
Based on FY26, the Profit After Tax (PAT) margin reached a record 10.9%, while the Nifty 50’s share of Nifty 500 profits fell from 87% in FY18 to 51% in FY26.

Market capitalisation growth and composition of Nifty 500

Market capitalisation of NSE-500 companies expanded at a CAGR of 16.3% between March 2000 and March 2026, rising about 51-fold despite repeated market disruptions.
It fell 33.6% during the global financial crisis and 24.2% during the COVID-19 sell-off but recovered strongly thereafter.

Expansion accelerated after March 2020, supported by earnings, domestic liquidity, wider participation and new listings.

Sectoral mix changed materially: Financials became the largest sector by market value. Consumer Discretionary increased its market-cap share from 5.0% to 11.3%, even as Consumer Staples declined from 13.2% to 6.5%.
Scale also increased across market segments: the large-cap threshold rose 122-fold to Rs 95,000 crore, while the mid-cap threshold increased 180-fold to Rs 28,700 crore by March 2026.

Corporate performance: Structural trends and business cycles

Corporate earnings grew faster than revenues over the long term.

Aggregate Nifty 500 sales increased at a CAGR of 14.8% to Rs 164.8 lakh crore, while PAT rose at 17.4% annually to ~Rs 18 lakh crore.
Between FY03 and FY26, net sales increased 21.5-fold and PAT 31-fold.

For non-financial companies, EBITDA reached Rs.23.9 lakh crore after growing at a CAGR of 15.1%.

Growth in net sales moderated in the latest decade, but profitability broadened.

Sector-wise trends: Performance, and contribution

Financials increased their share of Nifty 500 net sales from 14.6% in FY00 to 25.6% in FY26, overtaking Energy as the largest revenue contributor in FY25 and FY26.

Their share of aggregate PAT rose from 24.9% to 38.5%, supported by credit growth, financial inclusion, stronger balance sheets and improved asset quality.

Energy’s revenue share moderated to 23.1% in FY26, while Materials declined from 23.5% to 12.4%, signalling a gradual reduction in the dominance of commodity-linked sectors.

Profitability strengthened across industries: Healthcare PAT margin rose from 11.5% in FY00 to 15.6% in FY26, Utilities reached 13.5%, Industrials recovered to 8.9%.

Information Technology remained high-margin but its PAT share eased from 17.0% in FY20 to 8.5% in FY26.

Over FY22–FY26, growth became more balanced: Real Estate recorded the strongest five-year sales and PAT CAGRs, while Industrials and Financials combined double-digit revenue growth with strong earnings expansion.
Defensive sectors such as Consumer Staples and Health Care remained relatively stable across business cycles.

FY26 corporate performance: A snapshot

Nifty 500 net sales grew 8.5%, EBITDA 9.9% and PAT 15.4%, compared with 8.1%, 7.4% and 9.1% for the Nifty 50.

Excluding Financials, Nifty 500 PAT growth was stronger at 19.2%.

Aggregate Nifty 500 PAT margin rose 65 basis points to 10.9%.

Sectors	Nifty 50			Nifty 500
	Net sales (% YoY)	EBITDA (% YoY)	PAT (% YoY)	Net sales (% YoY)	EBITDA (% YoY)	PAT (% YoY)
Communication Services	22.0%	24.8%	31.1%	15.3%	18.7%	132.5%
Consumer Discretionary	9.5%	-8.7%	-13.0%	11.4%	-0.2%	-1.5%
Consumer Staples	6.6%	4.4%	7.1%	11.4%	6.5%	8.3%
Energy	5.5%	10.6%	13.9%	3.8%	26.5%	41.8%
Financials	7.4%	6.4%	6.9%	8.0%	7.0%	9.7%
Health Care	8.7%	1.6%	-2.5%	12.7%	12.3%	11.9%
Industrials	10.0%	12.5%	-11.6%	11.7%	11.3%	1.7%
Information Technology	7.1%	6.8%	9.3%	10.2%	10.8%	13.9%
Materials	12.2%
Materials	12.2%	26.3%	58.1%	12.1%	18.5%	32.8%
Real Estate	NA	NA	NA	21.6%	19.2%	21.4%
Utilities	0.1%	-9.2%	9.8%	2.8%	-1.2%	3.0%
Total	8.1%	7.4%	9.1%	8.5%	9.9%	15.4%
Total Ex-Energy	8.9%	6.9%	8.0%	10.0%	8.1%	11.4%
Total Ex-Financials	8.2%	8.5%	10.3%	8.7%	13.4%	19.2%
Total Ex-Energy Ex-Fin	9.6%	7.6%	8.9%	11.0%	9.8%	12.9%

Earnings concentration analysis

The distribution of corporate performance has broadened materially.

The Nifty 50’s share of Nifty 500 net sales rose from 42% in FY00 to 57% in FY20, before declining to 46% in FY26.

Its share of aggregate PAT fell more sharply, from 87% in FY18 to 51% in FY26.

The remaining Nifty 500 constituents have therefore become increasingly important to revenue and profit generation.

Concentration measures confirm this shift: The Herfindahl–Hirschman Index (HHI) for Nifty 500 net sales declined from 185 in FY00 to a record low of 88 in FY26.

EBITDA concentration fell from 46 to 20 and PAT concentration from 225 to 80.
Communication Services remained the most concentrated sector in FY26, but aggregate evidence points to a wider distribution of revenues and earnings across companies and sectors.

The entire report can be accessed in the latest edition of Market Pulse July 2026 (Page 28 onwards)