Date: July 23, 2026

Financial Performance Overview

Motilal Oswal Financial Services Limited reported its highest-ever quarterly Total PAT of ₹1,513 Cr including Other Comprehensive Income (OCI) in Q1FY27, representing 6% year-on-year growth from ₹1,430 Cr in Q1FY26. Operating PAT (excluding treasury investments) grew 14% year-on-year to ₹609 Cr from ₹534 Cr in Q1FY26.

Segment-wise Performance

Asset & Private Wealth Management

  • PAT grew 46% YoY to ₹335 Cr in Q1FY27 from ₹230 Cr in Q1FY26
  • QoQ performance remained stable at ₹335 Cr vs ₹337 Cr in Q4FY26
  • This segment contributed 55% of group operating PAT

Wealth Management

  • PAT declined 7% YoY to ₹161 Cr from ₹173 Cr in Q1FY26
  • QoQ decline of 21% from ₹204 Cr in Q4FY26
  • ARR revenue grew 26% YoY to ₹304 Cr
  • Distribution book grew 29% YoY to ₹45,575 Cr
  • Loan book grew 33% YoY to ₹7,388 Cr
  • Group's Margin Trade Funding book witnessed 55% YoY growth to ₹7,800 Cr
  • Q1 brokerage revenue grew 6% YoY
  • Overall Average Daily Turnover market share (including Commodity) stood at 7.6% in Q1

Capital Markets

  • PAT declined 25% YoY to ₹76 Cr from ₹101 Cr in Q1FY26
  • QoQ growth of 1% from ₹75 Cr in Q4FY26
  • Fee income up 48% QoQ
  • Ranked #2 on Qualified Institutional Placement and Initial Public Offering league tables for Q1FY27

Housing Finance

  • PAT grew 36% YoY to ₹32 Cr from ₹24 Cr in Q1FY26
  • QoQ decline of 45% from ₹59 Cr in Q4FY26
  • Disbursement grew 64% to ₹646 Cr
  • AUM grew 23% YoY to ₹6,164 Cr
  • Gross NPA at 1.1% and Net NPA at 0.6%

Asset Management Business Highlights

Asset Management (AMC & MO Alternates) PAT grew 73% YoY to ₹245 Cr in Q1FY27, now representing 40% of total PAT. Total Asset Under Management grew 31% YoY to ₹2.12 lakh Cr.

AMC Business (Mutual Funds, PMS & AIF)

  • Net Mutual Fund Flows market share at 4.2% (higher than AUM market share of 2.9%)
  • Systematic Investment Plan inflows surged 16% YoY to ₹4,064 Cr with market share of 4.3%
  • AUM grew 26% YoY to ₹1.90 lakh Cr

MO Alternates

  • AUM grew 99% YoY
  • Executed 2nd close of maiden Private Credit Fund with raise of ₹2,435 Cr
  • Targeting total raise of ₹3,000 Cr soon

Private Wealth Management

  • Q1FY27 ARR revenue grew 42% YoY to ₹157 Cr
  • Net Flows grew 37% to ₹3,929 Cr
  • AUM growth of 37% YoY to ₹2.4 lakh Cr
  • Relationship Manager base up 26% to 441
  • Q1 PAT up 2% on lower Transaction Based Revenue

Treasury Investments

  • Treasury book grew 22% YoY to ₹10,482 Cr
  • Historical CAGR of 41% since inception
  • XIRR of 17% since FY14

Credit Rating Upgrade

Crisil upgraded long-term credit rating to AA+ Stable, making it the highest credit rating amongst non-bank domestic capital market players. The upgrade cited continued growth in business verticals, strong market position, sustained improvement in business risk profile, growth diversity across business segments, and strengthening franchise while upholding financial discipline.

Financial Metrics and Historical Performance

  • 10-year track record of 33% Operating PAT CAGR
  • EPS CAGR of 28% over 10 years
  • Average Return on Equity of 23%
  • Net Worth CAGR of 25% over 10 years after 3 buybacks and consistent dividend payouts
  • All growth delivered through internal accruals with no dilution
  • Total Net Revenues for Q1FY27: ₹1,538 Cr (8% YoY growth from ₹1,430 Cr)
  • Employee Expense: ₹498 Cr (4% YoY decline from ₹518 Cr)
  • Other Expense: ₹248 Cr (25% YoY growth from ₹199 Cr)
  • Profit Before Taxes: ₹792 Cr (11% YoY growth from ₹713 Cr)
  • PBT Margin: 52% (vs 50% in Q1FY26)

Business Strategy and Outlook

  • Focus on increasing annuity revenue share, currently at 66%
  • Aim to improve market share across all businesses
  • Target to deliver ROE of 20%+ in operating business
  • Plan to grow Treasury Book from current $1bn to multi-billion dollar in next decade
  • Positioning to benefit from India's multi-trillion dollar opportunities and financialization of savings

Balance Sheet Strength

  • Net Worth: ₹14,429 Cr as of June 2026
  • Total Assets: ₹46,465 Cr
  • Financial Assets: ₹45,260 Cr
  • Cash and cash equivalents: ₹11,326 Cr
  • Investments: ₹12,205 Cr
  • Loans: ₹16,251 Cr
  • Borrowings: ₹21,794 Cr

ESG Initiatives

  • Received ICRA ESG rating of 76/100 (categorized as "Good")
  • Certified with 'Great Workplace' recognition - Great Place to Work – India® 2026
  • Zero workplace safety incidents in FY 2025-26
  • 100% permanent employees covered under health insurance and maternity/paternity benefits