MOTILALOFS
Mid CapMotilal Oswal Financial Services Limited
Financial Services
Motilal Oswal Financial Services is an integrated capital markets player with strong and rising rankings across businesses. It operates a twin-engine model where a large investment book supports operating businesses. Annuity businesses contribute over 60% of group revenues, enhancing cash flow quality and predictability.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +125% YoY · +27% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,676 Cr | +124.9% | +26.7% |
| EBITDA | ₹205 Cr | -26.8% | -81.4% |
| Operating margin | 8.0% | -1600 bps | -4400 bps |
| PAT | ₹-219 Cr | NDF | -138.7% |
| PAT margin | -8.2% | -289 bps | -3498 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 operating PAT grew 16% YoY to ₹2,360 crores, with Q4FY26 operating PAT up 25%. Asset and Private Wealth businesses drove growth, contributing 50% of operating profit. Total PAT was impacted by unrealized mark-to-market losses on the investment book, largely recouped in April 2026.
The company delivered strong operating profit growth in FY26, driven by its annuity businesses, despite weak markets and regulatory changes. While reported PAT was affected by unrealized MTM losses, these were largely recovered. Management is investing in growth and expects continued momentum in key segments, reinforcing the long-term thesis.
Operating Profit by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Asset & Private Wealth Management
Robust net flows of ₹70,000 crores and an AUM of ₹3.7 lakh crores, up 34% YoY, driving stronger profit growth.
AMC Product Vintage
8 funds to cross 3 years vintage by Mar’27 and 16 funds by Mar’28, expected to help in strong flows and AUM diversification.
Alternates Business Expansion
Raised largest growth capital fund IBEF V (close to a billion dollars), leading to 40% growth in fee accruing AUM.
Housing Finance Business
Disbursement grew 28% YoY to ₹2,291 Crores and AUM grew 25% to ₹6,100 Crs, with strong growth expected over 2-3 years.
AMC Product Launches
Launched 5 new MF Active Products in FY26, increasing presence to 82% of Industry AUM.
Alternates Fund Launches
Strong launch pipeline with maiden Private Credit fund of ₹3,000 Crs, first Commercial RE Fund, and Series VII of Residential RE Fund.
Private Wealth RM Expansion
Made large investment in senior leadership/RMs and will continue to do so in a calibrated manner in FY27.
Institutional Equities Coverage
Aspire to take our coverage up from the current 360 to nearly 500 companies.
Rising Wealth & Financialization
India's total wealth from over $10 trillion now to over $100 trillion will lead to increasing financialization of savings.
Capital Market Sector Growth
Capital Markets index share in NSE 500 has grown from near 0.13% 10 years ago to over 2.5% now.
Industry Consolidation
Continued industry consolidation augurs well for MOFSL in the decade that is ahead.
Weak Markets
Weak markets impacting mark-to-market in AUM in multiple businesses.
Regulatory Changes
F&O changes and requirement of higher margins impacted market breadth.
Investment Year
FY26 was a year of investments on all fronts in the group, including people, brand, and technology.
Market Volatility Impact on Investment Book
One will see a lot of quarterly volatility in this book depending on the market volatility, unrealized gains/losses.
Competition from Digital Brokers
Advent of digital brokers impacting market share in cash and F&O, and becoming strong distributors on the mutual fund side.
AMC Investment Team Leadership
Evaluating both internal team members and external members for leadership on the mutual fund side, decision to be taken soon.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth trends in annuity businesses and overall financial performance. QoQ is important for understanding sequential momentum, market-related impacts like MTM, and the immediate effects of regulatory changes on capital market segments.
Asset and Private Wealth AUM Growth
AUM of ₹3.7 lakh crores, up by 34% year-on-year. AMC AUM crossed ₹1.5 lakh crores.
Housing Finance Disbursements Growth
Disbursement (adjusted) grew 28% YoY to ₹2,291 Crores.
Wealth Management Loan Book Growth
Our loan book in this segment rose 32% YoY, reaching ₹6,094 cr.
AMC SIP Flows Growth
FY26 SIP flows crossed ₹16,000 Cr. mark, up 78% on YoY basis with a market share of 4.7%.
Continued Rise in Annuity Revenues
Annuity stream of revenue (over 60% of total) and Asset Management/Private Wealth Management Business share of profitability will continue to rise in FY27.
Brokerage Revenue Rebound
Expect the brokerage line item to catch up for coming periods, given that the regulatory impact is behind and volumes are up.
Strong MTF Book Growth
Expect a similar strong growth in the coming periods because we are the largest broker in terms of Industry cash brokerage revenue pie.
Meaningful Variable Returns
Multiple funds have reached the last cohort of their life where IRRs are well above the hurdles, expecting meaningful variable returns to accrue.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AMC Net Flow Market Share | Declined in Q4FY26, but April'26 net flow market share was higher than AUM market share. | Sustained improvement in net flow market share, especially in active MF, to regain earlier levels. |
| AMC SIP Book Growth | Small drop in active MF SIPs; international and microcap funds locked. SIP run rate ₹1,400+ crores/month. | SIP book to climb as strong performance returns, particularly in main categories, and new products gain vintage. |
| MTF Book Growth | Marginally lower QoQ due to market impact, at ₹5,700 crores as of March '26. | Strong growth in the MTF book in future periods, leveraging the company's strong balance sheet and cash market leadership. |
| Brokerage Revenue Growth | Q4FY26 brokerage revenue growth ~33% YoY, with ADTO market share up 100bps for the year. | Continued rebound in brokerage revenue and improvement in ADTO market share as market conditions stabilize. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +6.1% / mo
Technical chart
MOTILALOFSweekly · 6M-0.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 54.
- RSI(14) at 54 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 41% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 12/25 to the score.
- Quality contributes 6/20 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -45.6%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 19th percentile of the scored universe and 35th percentile within Financial Services. Main check: results consistency is weak at 29/100.
Mixed Trust Lite: Promoter holding is 67.5%. Key concern: Operating cash flow is negative at ₹-6071 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 35th pctile, median 62 · Mid: 10th pctile, median 76
137 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.5%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-6071 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.65.
- ▸ROCE trend is -5.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 26.40
- P/B
- 3.84
- EV/EBITDA
- 17.76
- Market Cap
- 49437.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 12.60%
- ROA
- 4.31%
- Dividend Y
- 0.73%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 1.65
- Interest Coverage
- 2.90×
- Altman Z
- 2.00
- Book Value
- 214.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -6071.00 Cr
- EPS TTM
- 31.06
Shareholding
- Promoter Hold
- 67.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.