Motilal Oswal Financial Services Limited (MOTILALOFS)
₹1,057.60 -0.50% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Motilal Oswal's net interest income was ₹3,012 Cr (+993.5% year on year), and net profit ₹1,274 Cr (+9.5% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹3,012 | +993.5% | — |
| Operating profit | ₹1,534 | +6.4% | — |
| Net profit | ₹1,274 | +9.5% | — |
| EPS (₹) | 21.15 | +9.1% | — |
MOTILALOFS delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.77% of the MOTILALOFS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.69%. That is close to its usual level. In MOTILALOFS futures, open interest rose 0.19% while the futures price fell 0.69%: short buildup (new short positions).
Delivery in the last 5 sessions: 37.6% · 41.2% · 40.9% · 31.6% · 38.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Motilal Oswal Financial Services Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was provided by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 03, 2026. It confirms that all securities received for dematerialisation during the period were processed, confirmed or rejected, and that physical certificates were mutilated and cancelled as required by regulations.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Dematerialisation requests accepted/rejected and certificates cancelled within mandated statutory timelines
Motilal Oswal Financial Services Limited has approved the allotment of 90,000 senior, rated, secured, redeemable Non-Convertible Debentures (NCDs) aggregating to ₹900 crore via private placement. The issue was fully subscribed at a premium of ₹63 lakh, carrying an effective coupon rate of 8.64% per annum. The instruments have a tenure of 3 years and 25 days, maturing on October 25, 2029, and will be listed on the NSE. The debt raised represents approximately 6.55% of the company's existing debt of ₹13,732 crore.
- Allotment of 90,000 NCDs of face value ₹1,00,000 each aggregating to ₹900 Crore
- Issued at an aggregate premium of ₹63,00,000 and proposed to be listed on NSE
- Effective annual coupon of 8.64% p.a. with maturity set for October 25, 2029 (tenure of 3 years and 25 days)
- Secured by a first-ranking pari passu charge on receivables with a minimum 1.00x asset cover
Motilal Oswal Financial Services has approved the issuance of up to 90,000 senior, rated, secured NCDs of face value ₹1,00,000 each, aggregating up to ₹900 crore on a private placement basis. The issue size represents approximately 6.5% of its total debt of ₹13,732 crore and 1.4% of its market capitalization. The debentures carry a tenure of 3 years and 26 days and are backed by a minimum 1.00x first-ranking pari passu charge on company receivables. The proceeds support its balance sheet operations, including lending and treasury investments.
- Issue size up to ₹900 Crore across up to 90,000 NCDs
- Face value of ₹1,00,000 per NCD via private placement
- Tenure set at 3 Years and 26 days
- Secured by first-ranking pari passu charge with at least 1.00x asset cover on receivables
- Proposed to be listed on the National Stock Exchange of India (NSE)
Motilal Oswal Financial Services Limited announced that its wholly-owned subsidiary, Motilal Oswal Custodial Services Private Limited (MOCSPL), received SEBI approval on September 23, 2026, to act as a Custodian of Securities. This enables the group to offer safekeeping, trade settlement, and post-trade services to institutional clients such as AIFs, PMS, mutual funds, and pension funds. Operations are targeted to commence in the last quarter of 2026, subject to operational readiness. This license completes the firm's end-to-end institutional services value chain alongside broking and asset management.
- SEBI granted the custodian license to wholly-owned subsidiary MOCSPL on September 23, 2026
- Approval covers safekeeping of securities, trade settlement, corporate action processing, and reporting
- License validity is continuous, subject to ongoing regulatory compliance under SEBI Regulations, 1996
- Operations are scheduled to launch in the last quarter of 2026 upon completing operational readiness
Motilal Oswal Financial Services Limited announced that its wholly-owned subsidiary, Motilal Oswal Custodial Services Private Limited (MOCSPL), received SEBI approval on September 23, 2026, to act as a Custodian of Securities. This enables the group to offer safekeeping, trade settlement, and post-trade services to institutional clients such as AIFs, PMS, mutual funds, and pension funds. Operations are targeted to commence in the last quarter of 2026, subject to operational readiness. This license completes the firm's end-to-end institutional services value chain alongside broking and asset management.
- SEBI granted the custodian license to wholly-owned subsidiary MOCSPL on September 23, 2026
- Approval covers safekeeping of securities, trade settlement, corporate action processing, and reporting
- License validity is continuous, subject to ongoing regulatory compliance under SEBI Regulations, 1996
- Operations are scheduled to launch in the last quarter of 2026 upon completing operational readiness
Motilal Oswal Financial Services Limited has informed exchanges that its Finance Committee will meet on Thursday, September 24, 2026, to consider raising funds via Non-Convertible Debentures (NCDs). The NCDs are proposed to be issued on a private placement basis in one or more tranches. Issue size and specific pricing terms have not yet been disclosed and will be determined at the meeting. The company already carries debt of ₹13,732 Cr with a D/E of 1.73 as per latest context.
- Meeting of Finance Committee scheduled for Thursday, September 24, 2026
- Fund raising planned through Non-Convertible Debentures (NCDs)
- NCDs to be issued on a private placement basis in one or more tranches
- Issue quantum and coupon rates are not disclosed in the filing
Motilal Oswal Financial Services Limited has announced the closure of its trading window starting Thursday, October 01, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for considering the Unaudited Financial Results for the quarter and half year ending September 30, 2026. The trading window will reopen 48 hours after the declaration of the financial results. The restriction applies to all Designated Persons, promoters, and related entities.
- Trading window closes on Thursday, October 01, 2026
- Pertains to financial results for the quarter and half year ending September 30, 2026
- Trading window reopens 48 hours after declaration of financial results
India Ratings and Research has upgraded the long-term credit rating of Motilal Oswal Financial Services Limited (MOFSL) and its key subsidiaries to 'IND AA+/Stable' from 'IND AA/Positive'. The upgrade covers NCDs and bank facilities across MOFSL, Motilal Oswal Home Finance, and Motilal Oswal Finvest, while group commercial paper ratings were affirmed at 'IND A1+'. Management highlighted that the group is now rated AA+ by all three leading domestic rating agencies, supported by net worth expanding to over ₹14,400 crore and recurring fee-based streams accounting for two-thirds of revenue.
- Long-term rating upgraded to 'IND AA+/Stable' from 'IND AA/Positive' across MOFSL, MOHFL, and MOFL
- Commercial paper programmes affirmed at the highest short-term rating of 'IND A1+'
- Management noted consolidated group net worth has grown to over ₹14,400 crore
- Assets Under Advice (AUA) reached ~₹6.6 lakh crore serving over 15.5 million clients
- Two-thirds of group revenue is now recurring, led by asset and wealth management businesses
Motilal Oswal Financial Services Limited has approved the allotment of 6,53,980 equity shares pursuant to the exercise of employee stock options. The shares were issued across ESOP Schemes VI through X following a Finance Committee meeting on September 16, 2026. The new equity shares will rank pari-passu with existing equity shares. With approximately 60.1 crore total shares outstanding, this represents an immaterial dilution of roughly 0.11%.
- Allotment of 6,53,980 equity shares approved upon exercise of employee stock options
- Highest allotment of 2,03,700 shares issued under ESOP Scheme IX
- Allotment of 1,72,580 shares under Scheme X and 1,69,500 shares under Scheme VIII
- Committee meeting held on September 16, 2026, from 01:15 p.m. to 02:10 p.m.
Motilal Oswal Financial Services Limited announced the allotment of 6,53,980 equity shares on September 16, 2026, pursuant to the exercise of employee stock options. The allotment was approved across five ESOP schemes (Scheme VI through X) by the Board's Finance Committee. The new shares rank pari-passu with existing equity shares. With a total market capitalization of ₹59,550 crore and ~60 crore shares outstanding, this allotment causes negligible equity dilution of approximately 0.11%.
- Allotment of 6,53,980 equity shares approved on September 16, 2026
- Options exercised across five schemes: Scheme VI (77,000), Scheme VII (31,200), Scheme VIII (1,69,500), Scheme IX (2,03,700), and Scheme X (1,72,580)
- New equity shares rank pari-passu in all respects with existing shares
- Finance Committee meeting held from 01:15 p.m. to 02:10 p.m. on September 16, 2026
India Ratings & Research has upgraded Motilal Oswal Financial Services Limited's (MOFSL) long-term rating to 'IND AA+/Stable' from 'IND AA/Positive', while affirming its Commercial Paper rating at 'IND A1+'. The upgrade covers Rs 998.60 Cr in NCDs and Rs 400.00 Cr in bank loan facilities, alongside affirming Rs 11,750.00 Cr in Commercial Paper. The agency highlighted MOFSL's expanding business profile, rising recurring fee-based income (reaching 66% in 1QFY27), and growth in Assets Under Advice to Rs 7.9 trillion.
- Long-term rating upgraded to 'IND AA+/Stable' from 'IND AA/Positive' across NCDs and bank loans
- Commercial paper rating affirmed at 'IND A1+' for an issue size of Rs 11,750.00 Cr
- Recurring revenue share improved to 66% in 1QFY27 from 60% in FY26 and 54% in FY25
- Assets Under Advice (AUA) reached ~Rs 7.9 trillion in 1QFY27 vs Rs 6.5 trillion in FY26
- Broking contribution dropped to 22% of net revenue in 1QFY27, reflecting lower dependence on cyclical transaction volumes
Motilal Oswal Financial Services approved the private placement issuance of up to 20,000 secured, rated, listed NCDs of face value ₹1,00,000 each. The issue comprises a base size of up to ₹40 crore with a green shoe option of up to ₹160 crore, aggregating up to ₹200 crore. The instrument carries a 5-year tenure and will be secured with a minimum 1.00x asset cover over receivables. Relative to the company's total debt of ₹13,732 crore, the ₹200 crore issuance is modest at ~1.46%.
- Approved issuance of up to 20,000 NCDs of face value ₹1,00,000 each aggregating up to ₹200 crore
- Base issue size set at ₹40 crore with a green shoe option of ₹160 crore
- Tenure of 5 years with proposed listing on the National Stock Exchange (NSE)
- Backed by a minimum 1.00x first ranking pari-passu security cover on present and future receivables
Motilal Oswal Financial Services Limited has informed exchanges of its scheduled participation in two investor conferences in September 2026. The company will attend the UBS India Summit 2026 on September 11, 2026, in an in-person format for group and one-on-one meetings. Additionally, it will participate virtually in Arihant Capital's Bharat Connect Conference on September 28, 2026. Discussions will be based on the publicly available investor presentation for the quarter ended June 30, 2026, with no unpublished price-sensitive information shared.
- Participation in UBS India Summit 2026 scheduled for September 11, 2026 (In-Person)
- Participation in Arihant Capital's Bharat Connect Conference scheduled for September 28, 2026 (Virtual)
- Discussions to be limited to the investor presentation for the quarter ended June 30, 2026
- Company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared
Motilal Oswal Financial Services Limited announced that a meeting of the Finance Committee of its Board of Directors is scheduled for Monday, September 07, 2026. The committee will meet to consider and approve fund raising via the issuance of Non-Convertible Debentures (NCDs) on a private placement basis in one or more tranches. The total size and terms of the proposed debt issue have not yet been disclosed. The company currently carries total debt of ₹13,732 crore against a net worth of ₹7,950 crore.
- Finance Committee meeting scheduled for September 07, 2026
- Meeting convened to consider and approve fund raising through Non-Convertible Debentures (NCDs)
- Proposed issuance to be executed on a private placement basis in one or more tranches
- Issue size, pricing, tenure, and coupon rate were not disclosed in the filing
Motilal Oswal Financial Services Limited (MOTILALOFS) has allotted 1,76,529 equity shares following the exercise of options under five different ESOP schemes (VI to X). The allotment was approved by the Finance Committee on August 12, 2026. This represents a marginal increase in the company's paid-up capital, resulting in a negligible equity dilution of approximately 0.03% based on the current market capitalization of Rs 54,085 Cr. The new shares will rank pari-passu with existing equity shares.
- Total allotment of 1,76,529 equity shares approved on August 12, 2026
- Shares issued across 5 distinct schemes, with ESOP Scheme IX contributing the most at 62,500 shares
- ESOP Scheme VIII accounted for 56,152 shares, while Scheme VI added 32,000 shares
- Estimated value of the allotment at the current market price of Rs 901 is approximately Rs 15.9 Cr
Financial Performance
Revenue Growth by Segment
Consolidated Net Revenue grew 19% YoY to INR 2,888 Cr in H1FY26 from INR 2,436 Cr in H1FY25. Segmental growth: Management & Advisory Fees grew 51.8% (INR 756 Cr vs INR 498 Cr), Distribution Fees grew 94.2% (INR 567 Cr vs INR 292 Cr), Net Interest Income grew 12.6% (INR 901 Cr vs INR 800 Cr), and Brokerage Income grew 27.3% (INR 854 Cr vs INR 671 Cr).
Geographic Revenue Split
Not explicitly disclosed by region, but the group operates through an extensive network of 9,340+ external wealth managers and a significant franchisee base across India, with a strategic focus on expanding presence in Tier 2 locations to capture growing retail participation.
Profitability Margins
PBT Margin stood at 50% for H1FY26. Return on Net Worth (RoNW) was 25.3% for FY25, compared to 32.6% in FY24. Q1FY26 RoNW showed a sharp increase to 39.2% due to high treasury gains and operating leverage.
EBITDA Margin
Operating PAT (excluding treasury) grew 11% YoY in H1FY26 to INR 1,088 Cr from INR 976 Cr. Operating profit margins are supported by a variable cost structure where 2/3rd of costs in the wealth management segment are variable, protecting margins during market downturns.
Capital Expenditure
Fixed assets (net block) increased to INR 884 Cr as of September 2025 from INR 869 Cr in March 2025. The company primarily invests in technology infrastructure and office space to support its growing RM base of 1,750+ employees.
Credit Rating & Borrowing
Long-term credit rating upgraded to ICRA AA+ (Stable) in 2025, the highest among non-bank domestic capital market players. CRISIL reaffirmed 'AA/Positive'. Total borrowings stood at INR 15,698 Cr as of September 2025 with a comfortable gearing of 1.2x to 1.3x.
Operational Drivers
Raw Materials
Not applicable for financial services; however, human capital (1,750+ RMs) and technology infrastructure are the primary operational inputs, with employee costs being a significant portion of the 1/3rd fixed cost base.
Key Suppliers
Not applicable for financial services; technology partners include AWS, Google Cloud, Salesforce, and Microsoft to power their digital-first, AI-driven ecosystem.
Capacity Expansion
Assets Under Advice (AUA) reached ~INR 6.8 lakh Cr as of September 2025, posting a 39% CAGR over the last decade. AMC folios have scaled to 9.4+ million and broking clients to 5.1+ million.
Raw Material Costs
Not applicable; however, commission and interest expenses are the primary variable costs. Net Revenue is calculated after excluding these, which stood at INR 1,460 Cr for Q2FY26, up 7% YoY.
Manufacturing Efficiency
Productivity focus: Wealth Management AUM per RM stands at INR 484 Cr across 18 families. AMC outperformance is high, with 91% of strategies (by AUM) outperforming their benchmarks as of Sept 2025.
Logistics & Distribution
Distribution fees contributed 19% of total operating net revenue in H1FY26, up from 11% in FY21, reflecting a shift toward a fee-based, open-architecture distribution model.
Strategic Growth
Expected Growth Rate
31%
Growth Strategy
Achieved through a 'Twin-Engine' model: Engine 1 (Operating Businesses like AMC, Wealth, and Broking) generates high RoE with low capital intensity; Engine 2 (Treasury) reinvests these profits into the firm's own investment products. Growth is driven by increasing the share of fee-based revenue (now ~75%), expanding the RM base, and leveraging a 5 million+ client base for cross-selling (current ratio ~13%).
Products & Services
Mutual Funds, Portfolio Management Services (PMS), Alternate Investment Funds (AIF), Retail and Institutional Broking, Wealth Management, Housing Finance, Loan Against Shares (LAS), and Investment Banking.
Brand Portfolio
Motilal Oswal
New Products/Services
Expansion into Private Credit and Quant Funds; Mr. Pratik Oswal was appointed to lead the Passive and Quant Funds division to capture the growing ETF market.
Market Expansion
Targeting Ultra High Net Worth Individuals (UHNI) and Family Offices; expanding physical presence in Tier 2 cities to tap into the 5x projected growth of the Indian alternates industry by 2032.
Market Share & Ranking
Ranked #1 full-service broking house by gross brokerage revenue; Cash market share at 7.1% and F&O Premium turnover share at 8.7% as of Q2FY26.
Strategic Alliances
Open architecture distribution model selling third-party financial products alongside Motilal Oswal products to 5 million+ clients.
External Factors
Industry Trends
The Indian alternates industry (AIF/PMS) is expected to grow 5x in the next decade. MOFSL is positioned to capture this via its AMC and Wealth segments, which already contribute ~50% of group PAT.
Competitive Landscape
Faces competition from discount brokers (Zerodha, Groww) in retail broking and large banks (HDFC, ICICI) in wealth management and AMC segments.
Competitive Moat
Durable moat built on 'Think Equity' brand positioning, a 30-year track record in research, and 'skin in the game' with INR 10,000 Cr+ of promoter/corporate capital invested in their own products.
Macro Economic Sensitivity
Highly sensitive to capital market cycles; a 10% decline in equity markets typically leads to a corresponding drop in AUM-based fee income and retail trading volumes.
Consumer Behavior
Shift from physical assets (gold/real estate) to financial assets is driving record SIP flows, which MOFSL captures through its distribution and AMC arms.
Geopolitical Risks
Geopolitical tensions affecting FII (Foreign Institutional Investor) flows can impact market liquidity and the valuation of the INR 10,838 Cr investment book.
Regulatory & Governance
Industry Regulations
Subject to SEBI regulations on brokerage charges, margin requirements, and AMC fee structures. Housing finance business (MOHFL) is regulated by the RBI/NHB.
Environmental Compliance
CRISIL ESG rating upgraded from 'Adequate' to 'STRONG'; launched an online ESG profile platform adhering to IFC and GRI frameworks.
Taxation Policy Impact
Effective tax rate is influenced by the mix of operating income (standard corporate tax) and treasury income (capital gains tax).
Legal Contingencies
Not disclosed in available documents; however, the company maintains a Chief Compliance Officer and a robust risk management framework to handle regulatory evolving dynamics.
Risk Analysis
Key Uncertainties
Market volatility remains the single largest risk, with treasury profits (INR 1,286 Cr in H1FY26) being highly cyclical and impacting reported PAT.
Geographic Concentration Risk
Pan-India presence, but revenue is likely concentrated in major financial hubs and Tier 1 cities, with a strategic push to diversify into Tier 2.
Third Party Dependencies
Significant dependency on 9,340+ external wealth managers for the distribution of products; loss of key partners could impact AUM growth.
Technology Obsolescence Risk
High risk due to the rise of AI-driven discount platforms; MOFSL is mitigating this by appointing a Chief AI Officer and investing in a digital-first IT ecosystem.
Credit & Counterparty Risk
Housing finance GNPA stood at 0.8% in FY25, showing improvement from 1.1% in FY23. Capital market exposure (LAS/MTF) of INR 7,901 Cr is collateralized by liquid stocks.
