Hello friends,
I have recently bought a new JioFi 2 M2S device and was trying to unlock it somehow.
After lots of trying I am able to figure out few things that I think can be helpful for unlocking by senior and experienced developers.
1. After logging in the Web Admin if we go to a page 192.168.1.1/engineer.html it asks for some engineer key which might open up some hidden settings of the router.
2. I have tried to figure out the javascript and it is some kind of md5 algorithm
3. On googling I found a post which says
a. Device made by Pegasus Telecom (Raysan technology) which is subdivision of Haier
b. Same device as Smartfren Andromax M2Y (Indonesian).
c. Also same as Beeline Uzbekistan Mobile router
d. Runs an embedded linux webserver: Boa version 0.94.14rc21
4. There is a directory of xml files if it helps at 192.168.1.1/wxml/
5. The device supports fastboot mode by pressing WPS button and power button fo 3 secs
Please experienced developers and geeks see if you can do something to unlock.Best of luck
If you find anything please reply back or PM me

PEG_M2_B04 FIRMWARE LINK
Click here
All Credits To @sydikm
Decompress the file and use the bin file to upgrade from the web ui
Please note that this firmware is not unlocked. I am trying and it may be available in next few days.
Also try not to downgrade the firmware. Check your version before updating.
AND I AM NOT RESPONSIBLE FOR ANY BRICKED DEVICE