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Motilal Oswal Financial Services Ltd.
NSE: MOTILALOFSFinancial ServicesCapital Markets
- Last close
- ₹925.80
- Day change
- −₹51.20 (−5.24%)vs
- Market cap
- ₹64,452 crIndian rupees
- Research updated
- 1 report
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About Motilal Oswal Financial Services
Motilal Oswal Financial Services Ltd. is a diversified financial services company based in India, renowned for providing a broad spectrum of financial solutions and investment products. Established in 1987, the firm's primary function is to offer investment banking, asset management, wealth management, and brokerage services. It caters to individual investors, corporate clients, and financial institutions, leveraging a robust network of branches and franchisees across India. One of the notable features of Motilal Oswal is its research-driven approach, offering market-leading insights and advisory services to clients. The company's significant role in the financial market is evidenced by its consistent contribution to capital market activities and investment advisory, making it a pivotal player in facilitating informed investment decisions. Through strategic innovations and comprehensive offerings, Motilal Oswal Financial Services Ltd. continues to be instrumental in shaping the financial fortunes of its diverse clientele.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: MOTILALOFS
- Next results
- Chief executive
- Mr. Motilal Gopilal Oswal
- Employees
- 12,459
- Headquarters
- Mumbai, India
- ISIN
- INE338I01027
- Website
- motilaloswal.com
Public research · Report of
Business model & financial foundation
MOFSL (NSE: MOTILALOFS), Capital markets: broking, wealth & asset management, housing finance: revenue of ₹9,374 crore in FY26 (+12.4% on FY25), an EBITDA margin of 41.3%, net profit of ₹1,869 crore and net cash of ₹2,528 crore.
- Revenue, FY26 (₹ crore)
- 9,374
- consolidated
- Revenue growth, FY26
- +12.4%
- on FY25
- EBITDA margin, FY26
- 41.3%
- EBITDA (Mechanical EBITDA excluding other income; not operating KPI) / revenue
- Net profit, FY26 (₹ crore)
- 1,869
- to owners
- Return on equity, FY26
- 15.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,528
- Derived gross debt less gross cash, bank balances and investments
- Market capitalisation (₹ crore)
- 62,860
- at the close of 13 Oct 2026
Company profile
Motilal Oswal Financial Services is the Mumbai-based holding company of the Motilal Oswal group, incorporated in 2005. Through MOFSL and its subsidiaries it runs retail and institutional broking and distribution (wealth management), capital-market lending (MTF, LAS), investment banking, asset management (mutual funds, PMS, AIFs, private equity/real estate), private wealth management and housing finance, plus a large proprietary treasury book invested largely in group-manufactured products. FY26 consolidated cash+F&O+commodity market share was 8.6% and AMC AUM was INR 1,76,354 crore at Mar-26.
| Item | Value |
|---|---|
| Legal name | Motilal Oswal Financial Services Limited |
| Exchange and ticker | NSE: MOTILALOFS; BSE: 532892 |
| ISIN | INE338I01027 |
| CIN | L67190MH2005PLC153397 |
| Sector | Financial Services |
| Industry | Capital markets: broking, wealth & asset management, housing finance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Singhi & Co., Chartered Accountants (since 2022) |
| Market capitalisation | ₹62,860 crore (13 Oct 2026) |
| Shares outstanding | 60.19 crore shares (FY26) |
| Price | ₹1,051 (close, 13 Oct 2026) |
| 52-week range | ₹614.9 - ₹1,097 (to 13 Oct 2026) |
| Website | https://www.motilaloswal.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Motilal Oswal Asset Management Company Limited | 100% | Mutual fund / PMS / AIF asset manager; material subsidiary |
| Motilal Oswal Home Finance Limited | 96.44% | Housing finance company (RBI/NHB regulated); material subsidiary |
| Motilal Oswal Finvest Limited | 100% | NBFC: loans against securities, capital-market lending; material subsidiary |
| Motilal Oswal Wealth Limited | 100% | Private wealth management |
| MO Alternate Investment Advisors Private Limited | 100% | Private equity / real estate fund manager (alternates) |
| Motilal Oswal Investment Advisors Limited | 100% | Investment banking |
| MOmentum CapEdge Limited | 100% | Subsidiary identified as material on consolidated statements basis |
| TM Investment Technologies Private Limited | 61.64% | Technology / algo-trading platform subsidiary (source of NCI) |
| Motilal Oswal Commodities Broker Private Limited | 100% | Commodity broking (NSEL legacy; SEBI rejected registration 2019) |
| Motilal Oswal Trustee Company Limited | 100% | Trustee to Motilal Oswal Mutual Fund |
| Motilal Oswal Capital Markets (Singapore) Pte. Limited | 100% | Overseas institutional broking |
| Motilal Oswal Finsec IFSC Limited | 100% | GIFT City IFSC broking |
Board's report states 21 subsidiaries incl. step-down as on report date (S35). Material subsidiaries: MOAMC, MOFL, MOHFL; MOmentum CapEdge also identified. Motilal Oswal Broking and Distribution Ltd appears in ICRA's Oct-2025 consolidation list (S41) but not in the FY26 AR holding-table extract. Associate: India Reality Excellence Fund II LLP 20.44% equity method (S41).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 67.69% | 67.62% | 67.54% | 67.20% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.52% | 6.93% | 7.03% | 6.86% |
| Domestic institutions | 5.84% | 6.42% | 6.02% | 6.78% |
| of which mutual funds | 5.12% | 5.48% | 4.94% | 5.47% |
| Retail | 18.96% | 19.02% | 19.40% | 19.15% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Motilal Oswal Financial Services (NSE MOTILALOFS) monetizes capital-market participation through brokerage, distribution, margin and other lending; investment-management AUM through fees and contractual waterfall carry; private wealth through recurring and transaction revenues; housing finance through lending spreads. Treasury own-fund investments are a separate market-risk asset, not a fee annuity. Consolidated statutory operations revenue includes gross interest, fair-value changes and commodity turnover; management net revenue and operating PAT are different measures. The June2026 presentation reports operating PAT609, treasury profit including OCI904 and comprehensive owners profit1513. Statutory owners PAT1273.11 excludes OCI.
| Segment | management net revenue, FY26 (₹ crore) | Share | management treasury pat including oci, FY26 (₹ crore) | Share | management group net revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Wealth Management (retail broking/distribution/lending) | 2,310 | 38.0% | ||||
| Capital Markets (institutional equities/investment bank) | 741.0 | 12.2% | ||||
| Asset and Private Wealth Management | 2,560 | 42.1% | ||||
| Home Finance | 475.0 | 7.8% | ||||
| Treasury Investments | -317.0 | |||||
| Management Group (not additive segment) | 5,914 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Angel One (ANGELONE) | Largest listed retail broker; F&O-heavy comparable for broking franchise |
| 360 ONE WAM (360ONE) | Listed private wealth and alternates manager; comparable to MOFSL private wealth/alternates |
| Nuvama Wealth Management (NUVAMA) | Integrated wealth, asset services and capital markets house |
| IIFL Capital Services (IIFLCAPS) | Full-service broker with institutional equities and distribution |
| HDFC Asset Management Company (HDFCAMC) | |
| Nippon Life India Asset Management (NAM-INDIA) | Listed AMC benchmark; equity-oriented flows |
| JM Financial (JMFINANCIL) | Diversified capital-markets group with IB, wealth and lending |
| Anand Rathi Wealth (ANANDRATHI) | Listed mass-affluent/HNI wealth manager |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory revenue from operations | 3,668 | 3,819 | 7,068 | 8,339 | 9,374 |
| Cost of revenue (vendor classification) * | 1,714 | 1,786 | 2,365 | 2,915 | 4,557 |
| Other operating costs (vendor classification) * | 377.6 | 390.2 | 494.1 | 657.3 | 706.8 |
| EBITDA (vendor classification) * | 1,620 | 1,724 | 2,626 | 3,288 | 3,304 |
| Mechanical EBIT excluding other income | 2,068 | 1,804 | 3,983 | 4,447 | 3,759 |
| Finance cost | 451.8 | 561.9 | 1,014 | 1,298 | 1,336 |
| PBT excluding post-tax associates | 1,616 | 1,242 | 3,032 | 3,226 | 2,465 |
| Tax including prior-year adjustments | 305.1 | 309.4 | 586.3 | 718.1 | 599.6 |
| PAT before post-tax associates and NCI | 1,312 | 934.8 | 2,446 | 2,508 | 1,865 |
| Diluted EPS bonus adjusted (₹) | 22.10 | 15.67 | 40.73 | 41.00 | 30.46 |
| Other income | 62.8 | 78.2 | 42.5 | ||
| Statutory total income | 7,131 | 8,417 | 9,416 | ||
| Fees and commission expense | 1,138 | 1,329 | 1,322 | ||
| Impairment on financial instruments | 54.0 | 8.69 | 67.0 | ||
| Employee benefits expense | 1,330 | 1,741 | 1,973 | ||
| Depreciation and amortisation | 82.6 | 98.8 | 110.7 | ||
| Other expenses (excluding separately stated costs) | 480.3 | 714.6 | 717.8 | ||
| Associate income net of tax below PAT | -0.01 | 0.00 | 7.03 | ||
| Profit attributable to NCI (deduction) | 4.55 | 6.54 | 3.15 | ||
| Profit attributable to parent owners | 2,441 | 2,502 | 1,869 | ||
| Other comprehensive income net of tax | 185.0 | -7.74 | 174.3 | ||
| Total comprehensive income including NCI | 2,631 | 2,500 | 2,047 | ||
| Interest income | 1,895 | 2,443 | 2,621 | ||
| Dividend income | 8.58 | 10.0 | 22.0 | ||
| Fees and commission income | 3,625 | 4,546 | 4,695 | ||
| Net fair value gains through P&L | 1,465 | 1,290 | 565.9 | ||
| Sale of commodities gross | n.a. | n.a. | 1,408 | ||
| Purchase of commodities gross | n.a. | n.a. | 1,425 | ||
| Other operating income | 73.5 | 48.6 | 62.3 | ||
| Mechanical EBITDA excluding other income; not operating KPI | 4,066 | 4,545 | 3,870 | ||
| Total expenses incl finance and D&A | 4,099 | 5,191 | 6,951 | ||
| Exceptional items | n.d. | n.r. | n.r. | ||
| FVOCI equity fair value change outside PAT | 13.7 | 189.4 | |||
| Total comprehensive income attributable to owners | 2,494 | 2,043 | |||
| Total comprehensive income attributable to NCI | 6.49 | 3.31 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 5,701 | 6,283 | 8,769 | 11,131 | 12,952 |
| Debt securities plus other borrowings | 6,152 | 10,276 | 13,746 | 14,732 | 21,255 |
| Cash and cash equivalents gross | 2,138 | 2,576 | 5,286 | 6,600 | 5,161 |
| Gross trade receivables | 725.1 | 1,029 | 1,918 | 2,404 | 4,058 |
| Gross trade payables incl MSME | 3,451 | 3,502 | 5,564 | 5,321 | 5,577 |
| Property plant and equipment excluding CWIP | 2.19 | 414.9 | 545.2 | 716.8 | 730.3 |
| Capital work in progress | 114.6 | 115.1 | |||
| Total assets | 16,923 | 23,010 | 31,829 | 33,987 | 43,468 |
| Bank balances other than cash equivalents | 6,261 | 6,786 | 3,898 | 8,322 | |
| Loans | 7,218 | 10,046 | 10,450 | 13,744 | |
| Investments incl treasury | 4,787 | 6,501 | 8,851 | 10,299 | |
| Inventories | n.a. | n.a. | n.a. | ||
| Debt securities | 6,965 | 8,511 | 10,257 | 15,479 | |
| Borrowings other than debt securities | 3,311 | 5,235 | 4,475 | 5,776 | |
| Non-controlling interests | 30.9 | 37.0 | 51.4 | 64.1 | |
| Derived gross debt less gross cash, bank balances and investments | -3,348 | -4,826 | -4,617 | -2,528 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Reported operating cash flow | 441.1 | -3,058 | -349.6 | 1,215 | -6,071 |
| Free cash flow (vendor definition) * | 956.1 | -3,212 | -500.4 | 930.5 | -6,160 |
| Dividends paid | -86.7 | -148.3 | -252.4 | -299.8 | -360.7 |
| Purchase of PPE and intangibles | -54.5 | -153.8 | -150.8 | -183.7 | -88.5 |
| Net cash from investing activities | -273.7 | -246.8 | n.r. | n.r. | |
| Net cash from financing activities | 3,770 | 3,306 | n.r. | n.r. | |
| Cash purchase PPE | -164.9 | -71.3 | |||
| Cash purchase CWIP | -100.6 | -0.51 | |||
| Cash purchase intangibles | -18.8 | -17.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end issued shares bonus adjusted | 58.77 | 59.25 | 59.60 | 59.93 | 60.19 |
| Equity shares outstanding at period end (crore, FV INR 1) | 59.6 | 59.9 | 60.2 | ||
| Unencumbered cash and cash equivalents (company disclosure) | 1,968 | 1,351 | |||
| Treasury investment book (cost + MTM), company disclosure | 6,113 | 7,499 | 8,797 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Statutory revenue from operations | 2,838 | 1,993 | 1,190 | 2,737 | 1,849 | 2,112 | 2,676 | 3,426 |
| Cost of revenue (vendor classification) * | 843.0 | 761.1 | 702.9 | 838.3 | 813.5 | 2,244 | 1,212 | |
| Other operating costs (vendor classification) * | 182.1 | 179.5 | 637.5 | 180.0 | 192.7 | 943.6 | 244.6 | |
| EBITDA (vendor classification) * | 1,831 | 1,087 | 298.1 | 1,727 | 1,114 | 220.9 | 1,976 | |
| Mechanical EBIT excluding other income | 1,793 | 1,034 | 253.5 | 1,693 | 812.1 | 1,076 | 177.2 | n.r. |
| Finance cost | 347.1 | 319.2 | 298.5 | 294.9 | 317.4 | 336.4 | 387.7 | 414.2 |
| PBT before post-tax associate income | 1,454 | 740.7 | -26.7 | 1,406 | 505.5 | 748.4 | -194.5 | 1,534 |
| Total tax including prior-year adjustment | 331.9 | 174.7 | 36.5 | 249.8 | 143.0 | 182.3 | 24.7 | 260.1 |
| PAT before post-tax associates and NCI | 1,122 | 566.0 | -63.2 | 1,156 | 362.6 | 566.2 | -219.1 | 1,274 |
| Diluted EPS bonus adjusted nonannualised (₹) | 18.44 | 9.25 | -1.08 | 19.10 | 5.97 | 9.21 | -3.69 | 20.77 |
| Other income | 8.15 | 25.7 | 18.3 | 7.12 | 10.8 | 8.50 | 16.1 | 6.47 |
| Statutory total income | 2,846 | 2,019 | 1,209 | 2,744 | 1,860 | 2,120 | 2,692 | 3,432 |
| Fees and commission expense | 389.2 | 302.9 | 270.4 | n.r. | 299.6 | 339.0 | 379.2 | n.r. |
| Impairment on financial instruments | 0.53 | -8.60 | 1.79 | 36.7 | 15.8 | 7.36 | 7.24 | n.r. |
| Employee benefits expense | 453.7 | 458.2 | 432.5 | 534.1 | 512.9 | 485.5 | 440.5 | 528.0 |
| Depreciation and amortisation | 23.4 | 27.3 | 26.2 | 26.1 | 27.8 | 29.1 | 27.7 | 27.9 |
| Other expenses excluding separately stated costs | 178.4 | 179.5 | 205.8 | n.r. | 181.0 | 174.5 | 219.8 | n.r. |
| NCI profit positive deduction | 1.72 | n.r. | 1.58 | 0.81 | n.r. | n.r. | 2.17 | n.r. |
| Associate income net of tax below PAT | 0.00 | n.r. | n.r. | 7.03 | n.r. | n.r. | 0.00 | n.r. |
| Profit attributable to parent owners | 1,120 | n.r. | -64.8 | 1,162 | n.r. | n.r. | -221.3 | 1,273 |
| Exceptional items per statutory statement | n.d. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Sale of commodities gross | 1,408 | n.r. | ||||||
| Purchase of commodities gross | 1,425 | n.r. | ||||||
| Mechanical EBITDA bridge excluding other income; not operating KPI | 1,816 | 1,061 | 279.8 | 1,720 | 839.9 | 1,105 | 204.9 | n.r. |
| Total expenses including finance and D&A | 1,392 | 1,278 | 1,235 | 1,354 | 1,372 | 2,887 | ||
| Net fair value gains through P&L | 871.2 | 233.6 | n.r. | n.r. | 18.0 | 196.6 | -716.6 | n.r. |
| Interest income | 666.5 | 604.7 | 584.8 | n.r. | 641.8 | 688.9 | 720.1 | n.r. |
| Fees and commission income | 1,281 | 1,148 | 1,023 | n.r. | 1,163 | 1,205 | 1,236 | n.r. |
| OCI net of tax outside statutory PAT | 121.5 | 155.0 | -171.7 | n.r. | ||||
| Total comprehensive income including NCI | 1,243 | 721.2 | -390.8 | 1,513 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 35.7% | 4.1% | 85.1% | 18.0% | 12.4% |
| EBITDA margin | 57.5% | 54.5% | 41.3% | ||
| Net margin | 34.5% | 30.0% | 19.9% | ||
| Return on equity | 32.4% | 25.1% | 15.5% | ||
| Return on capital employed | 18.8% | 12.7% | 20.4% | 18.4% | 12.5% |
| Return on assets | 8.9% | 7.6% | 4.8% | ||
| Net debt (₹ crore) | -3,348 | -4,826 | -4,617 | -2,528 | |
| Net debt / EBITDA | -1.19x | -1.02x | -0.65x | ||
| Interest cover | 4.58x | 3.21x | 3.93x | 3.42x | 2.81x |
| Asset turnover | 0.24x | 0.19x | 0.26x | 0.25x | 0.24x |
| Receivable days | 72 | 98 | 99 | 105 | 158 |
| Payable days (on revenue) | 343 | 335 | 287 | 233 | 217 |
| Cash conversion | -0.14x | 0.49x | -3.25x | ||
| Capex intensity | 1.5% | 4.0% | 2.1% | 2.2% | 0.9% |
| Free cash flow (₹ crore) | 386.6 | -3,212 | -500.4 | 1,031 | -6,159 |
| Dividend payout | 10.3% | 12.0% | 19.3% | ||
| EPS, diluted (₹) | 22.10 | 15.67 | 40.73 | 41.00 | 30.46 |
| Book value per share (₹) | 96.99 | 106.0 | 147.1 | 185.7 | 215.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Mechanical EBITDA excluding other income; not operating KPI) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Derived gross debt less gross cash, bank balances and investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Mechanical EBITDA excluding other income; not operating KPI).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS bonus adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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