Key Financial Performance

Q2FY27 Performance:

  • Operating PAT: ₹718 Cr, up 29% YoY and 18% QoQ
  • Total PAT (including OCI): ₹1,070 Cr, up 3.8x YoY but down 29% QoQ
  • Net Operating Revenue: ₹1,757 Cr, up 20% YoY and 14% QoQ
  • Profit Before Tax: ₹933 Cr, up 26% YoY and 18% QoQ
  • PBT Margin: 53% vs 51% in Q2FY26

H1FY27 Performance:

  • Operating PAT: ₹1,327 Cr, up 22% YoY
  • Total PAT (including OCI): ₹2,583 Cr (highest-ever half-yearly), up 51% YoY
  • Net Operating Revenue: ₹3,294 Cr, up 14% YoY
  • Profit Before Tax: ₹1,725 Cr, up 19% YoY
  • PBT Margin: 52% vs 50% in H1FY26

Segmental Performance (Operating PAT)

Q2FY27 vs Q2FY26:

  • Asset & Private Wealth Management: ₹416 Cr vs ₹290 Cr (43% growth)
  • Wealth Management: ₹175 Cr vs ₹170 Cr (3% growth)
  • Capital Markets: ₹85 Cr vs ₹89 Cr (5% decline)
  • Housing Finance: ₹36 Cr vs ₹34 Cr (7% growth)

H1FY27 vs H1FY26:

  • Asset & Private Wealth Management: ₹751 Cr vs ₹520 Cr (44% growth)
  • Wealth Management: ₹336 Cr vs ₹343 Cr (2% decline)
  • Capital Markets: ₹161 Cr vs ₹191 Cr (16% decline)
  • Housing Finance: ₹69 Cr vs ₹58 Cr (19% growth)

Business Segment Highlights

Asset Management (AMC & MO Alternates):

  • PAT: ₹304 Cr, up 69% YoY
  • Now largest contributor at 43% of Operating PAT
  • Total AUM: ~₹2.23 lakh Cr, up 26% YoY
  • AMC (MF, PMS & AIF) AUM: ~₹2 lakh Cr, up 25% YoY
  • Mutual Fund net flow market share: 4.0% for Q2FY27, 6.0% in September 2026
  • SIP inflows: ₹4,170 Cr with 4.3% market share
  • MO Alternates: Revenue up 92% YoY, AUM up 36% YoY to ₹23,091 Cr

Private Wealth Management:

  • AUM: ~₹3 lakh Cr, up 58% YoY
  • ARR AUM: up 28% YoY
  • Revenue: up 14% QoQ
  • Net flows: up 65% QoQ
  • Lending book: ₹7,333 Cr, up 90% YoY
  • Relationship Managers: 443, up 15% YoY
  • 3-year/5-year PAT CAGR: 25%/29%

Wealth Management:

  • ADTO market share: 7.9%
  • Brokerage revenue: up 11% YoY
  • Broking ARPU: up 11% YoY
  • Distribution AUM: ₹47,912 Cr, up 26% YoY
  • Loan book: ₹10,197 Cr, up 42% YoY
  • Group Margin Trade Funding book: ₹9,600+ Cr, up 56% YoY

Capital Markets:

  • Ranked among India's top 3 investment banks
  • #1 in Qualified Institutional Placements for H1FY27
  • Revenue: up 31% QoQ
  • PAT: up 12% QoQ
  • Research coverage: 403 companies across 32 sectors
  • Completed 41 deals with total issue size of ₹99,000+ Cr in H1FY27

Housing Finance:

  • Disbursements: ₹701 Cr, up 29% YoY
  • AUM: ₹6,476 Cr, up 24% YoY
  • Net Interest Income: up 14% YoY
  • Asset quality: GNPA 1.5%, NNPA 0.9%

Regulatory Development

  • Received SEBI approval to act as Custodian of Securities
  • Completes institutional services value chain including safekeeping of securities, trade settlement, corporate action processing, and regulatory reporting
  • Will serve alternative investment funds, portfolio management services, mutual funds, insurance companies and pension funds
  • Operations to commence in Q4FY27 subject to operational readiness
  • Janak Dalal appointed as MD & CEO of Motilal Oswal Custodial Services Private Limited

Treasury & Balance Sheet

  • Treasury book: ₹11,346 Cr, up 27% YoY
  • Compounded at 41% CAGR since inception with 17.1% XIRR
  • Credit rating: AA+ / Stable from CRISIL, India Ratings and ICRA
  • Net worth: ₹15,541 Cr
  • Total assets: ₹53,063 Cr as of September 2026

Annual Recurring Revenue (ARR)

  • ARR assets: ₹3.2 Lakh Cr, up 26% YoY
  • ARR revenue: ₹1,182 Cr, up 27% YoY
  • ARR share of revenue: 66% (vs 60% in FY26)

Historical Performance

  • 10-year Operating PAT CAGR: 33%
  • 10-year EPS CAGR: 26%
  • Average ROE: 23%
  • Net worth compounded at 25% over 10 years
  • Funded entirely through internal accruals with no equity dilution

Management Commentary

Mr. Motilal Oswal, MD & CEO, stated: "Q2FY27 reflects the deliberate shift in our earnings mix. Asset Management is now our largest profit pool, and two-thirds of our revenue is recurring, which makes our earnings more resilient through market cycles. With AA+ ratings from all three agencies and a decade of growth funded entirely from internal accruals, we are well placed to deliver strong growth ahead."

Additional Information

  • Company website: www.motilaloswal.com
  • Investor presentation available on website
  • Contact persons: Shalibhadra Shah (CFO), Manish Kayal (Head IR), Rohini Kute (Head Corporate Communication)