Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q2 FY27 Earnings Presentation
54 slides from Motilal Oswal Financial Services's earnings presentation, Oct 29, 2026
Slide 1: Exchange filing cover letter
October 29, 2026 To BSE Limited National Stock Exchange of India Limited P. J. Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E), Mumbai - 400001 Mumbai - 400051 Security Code: 532892 Symbol: MOTILALOFS Sub.: Press Release & Investor(s)/ Analyst(s) P
Slide 2: Press Release: 29% YoY growth in Operating PAT for Q2FY27
PRESS RELEASE Motilal Oswal Financial Services reports 29% YoY growth in Operating PAT for Q2FY27, led by 69% growth in Asset Management Highest-ever half-yearly Total PAT of ₹2,583 Cr, up 51% YoY | Annual Recurring Revenue (ARR) share rises to 66% Mumbai, October 29, 2026: Motilal Oswal Financial S
Slide 3: Press release: segment commentary
• AMC (MF, PMS & AIF): AUM up 25% YoY to ~₹2 lakh Cr. Mutual Fund net flow market share was 4.0% for Q2FY27 and rose to 6.0% in September 2026, about twice our AUM market share of 2.7%. SIP inflows were ₹4,170 Cr, a 4.3% market share. • MO Alternates: Revenue up 92% YoY, driven by strong fund-raisin
Slide 4: About Motilal Oswal Financial Services Ltd.
About Motilal Oswal Financial Services Ltd. Motilal Oswal Financial Services Limited (MOFSL) is the largest integrated capital market player in India, with strong and rising rankings across its businesses, each of which still offers a long growth runway. Rising wealth, to over USD 100 Tn, and the fi
Slide 5: Q2 & H1FY27 Results
Motilal Oswal Financial Services Limited Investor Presentation Q2 & H1FY27 Largest Integrated Capital Market Player* Primed to Benefit From India’s Multi-Trillion Dollar Opportunities * On the basis of FY26 Net Worth Ranking amongst non-bank peers
Slide 6: Table Of Content
Table Of Content Pg Pg Pg Pg 03 - 06 07 - 11 12 - 43 44 - 47 Compounding MOFSL Value Q2FY27 Highlights Others (Tech, Machine Proposition Marketing, ESG)
Slide 7: MOFSL's Power of Compounding, Demonstrated Over ~4 Decades
MOFSL’s Power of Compounding, Demonstrated Over ~4 Decades LT Credit Rating at AA+ Stable. Net Worth Trend First amongst non-bank domestic capital market Segment to have AA+ Stable rating by CRISIL, India Ratings and ICRA Assets Under Highest ever Half Yearly Total PAT Entered into Advice (AUA) (inc
Slide 8: MOFSL's Strong Decadal Compounding Journey In Past Decade
MOFSL’s Strong Decadal Compounding Journey In Past Decade 28% CAGR 24% CAGR 30% CAGR Profit growth has been higher than revenue growth 1,081 9,423 2,043 ~6.6 lakh 169 47,074 Mar-16 Mar-26 Mar-16 Mar-26 Mar-16 Mar-26 MOFSL’s market cap has Total Revenue in ₹ Cr Total PAT (incl OCI) in ₹ Cr Assets und
Slide 9: Rising ARR Revenue Mix and Improving Contribution from Asset & Private Wealth
Rising ARR Revenue Mix and Improving Contribution from Asset & Private Wealth ARR now contributes 2/3rd of our revenue Asset & PWM PAT contributes 57% of Total PAT with 44% YoY growth 34% 38% 39% 44% 45% 46% 40% 34% Other Businesses 61% 58% 51% 43% TBR 66% 60% Asset & Private ARR 55% 54% 57% Wealth
Slide 10: Healthy Growth in ARR Assets Drive ARR Revenue Growth in WM & PWM
Healthy Growth in ARR Assets Drive ARR Revenue Growth in WM & PWM 54,475 36,401 46,791 29,695 34,810 23,744 26,800 18,551 FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 PWM ARR Assets (₹ Cr) WM ARR Assets (₹ Cr) 1,118 586 958 442 726 632 339 337 FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 PWM ARR Reven
Slide 11: MOFSL's Twin-Engine model
MOFSL’s Twin-Engine model Strategic synergies between Large Treasury Book & Operating Businesses Engine #1 Engine #2 Operating Businesses Investments are used strategically for Treasury Investments operating businesses Integrated player in multiple Investments providing assets based & capital synerg
Slide 12: MOFSL - Consistent Alpha with Rising Rank
MOFSL - Consistent Alpha with Rising Rank Consistent Improvement in Rank MOFSL’s outperformance Mar'11 Mar'16 Mar'21 Mar'26 Current* 14% 17% 29% 117 160 161 40% 345 175 29% 373 219 25% 12% 11% 288 11% 285 365 Since Mar'11 Since Mar'16 Since Mar'21 PAT Ranking Market Cap Ranking Alpha Nifty 500 CAGR
Slide 13: Proven Record Of Prudent Capital Allocation Strategy
Proven Record Of Prudent Capital Allocation Strategy Proven Capital Intensity Model – Berkshire Hathaway. of the Capital Intensity of the businesses is rising businesses isOnly risingIntegrated Capital Market Player Many Advantages Of Large Balance with ~4 Decade History Sheet In a High Growth Secto
Slide 14: Comprehensive Solutions Across Client Categories
Comprehensive Solutions Across Client Categories Servicing All Clients Segments Retail Clients Premium Clients Institutional Clients Strategic Clients Mass Affluent HNI UHNI Corporates Investment Funds Family Offices / Promoters AMC Alternates Private Wealth 95%+ • ₹ 8.8+ • Mutual Funds • Private Eq
Slide 15: Future Ready To Deliver 20%+ Operating PAT Growth & 20%+ ROE
Future Ready To Deliver 20%+ Operating PAT Growth & 20%+ ROE Business Segments have huge headroom to gain market share AMC (MF, PMS & AIF) MO Alternates (PE, RE & Private Credit) • Top performing Alternate Funds Private Wealth Management • Flow Market Share higher than AUM • Expanded into Private Cr
Slide 16: Q2FY27 – Continued Growth In Operating Earnings with 29% YoY growth
Q2FY27 – Continued Growth In Operating Earnings with 29% YoY growth Ranking Market capitalization PAT Ranking1 M-cap Rank ₹ 58,452 Crs* 161 amongst listed entities 175* 1 TTM for period from Jul’25 to Jun’26 *As on Oct 28,2026 Q2FY27 Operating & Financial Snapshot Assets under advice Net Operating R
Slide 17: Focus on Sustainable and Fee Based Revenues
Focus on Sustainable and Fee Based Revenues Substantial Share of Fees Based Revenues at ~42% and rising ARR revenue share at ~66% Revenue stream wise break-up H1FY27 FY26 FY25 FY24 FY23 FY22 Management & Advisory Fees 31% 26% 21% 19% 18% 19% Distribution Fees 11% 16% 15% 11% 11% 11% Net Interest Inc
Slide 18: Asset & PWM Continues To Drive Group's Growth Momentum
Asset & PWM Continues To Drive Group’s Growth Momentum Asset & PWM revenue grew by 32% on YoY on rising AUM Particulars (₹ Cr) Q2FY27 Q2FY26 YoY (%) Q1FY27 QoQ (%) H1FY27 H1FY26 YoY (%) Net Revenue - Asset & Private Wealth Management 854 649 32% 718 19% 1,572 1,216 29% - Wealth Management 590 560 5%
Slide 19: Asset & PWM PAT grew 43% YoY, contributes 58% of Operating PAT
Asset & PWM PAT grew 43% YoY, contributes 58% of Q2FY27 of Operating PAT Segmental PAT (₹ Cr) Q2FY27 Q1FY27 Q4FY26 Q3FY26 Q2FY26 Asset and Private Wealth Management 416 335 337 309 290 YoY Growth (%) 43% 46% 48% 32% 36% Wealth Management^ 175 161 204 181 170 YoY Growth (%) 3% (7%) 7% (5%) (24%) Capi
Slide 20: Diversified & Sustainable Group's Revenue Streams
Diversified & Sustainable Group’s Revenue Streams Focus is on increasing ARR Mix and fee based income in total revenue Consolidated Net Revenue Mix ₹ Cr Brokerage NII Mgmt. Fees & Advisory Distribution Other Op. Annual Recurring Revenue (ARR) Transaction Based Revenue (TBR) 3,294 137 2,889 379 92 55
Slide 21: Strong Balance Sheet For Operating Businesses Future Growth
Strong Balance Sheet For Operating Businesses Future Growth Operating RoE Sustainable High Return Growth Consolidated RoE Consolidated RoE (Total) (Core) Drivers - Asset & PWM RoE (Total) 23% 40% 36% H1FY27 Operating Segments Core Total Particulars (₹ Cr) Asset & Private Wealth Capital HFC Total Tre
Slide 22: MOFSL: Integrated Capital Market Player
MOFSL: Integrated Capital Market Player Presence in all businesses catering to all client types Asset & Wealth Capital Home Treasury Private Wealth Management** Markets Finance Investment Management* (IE & IB) * Includes Mutual Funds, PMS, AIF, Private Alternates & Private Wealth Management business
Slide 23: Asset & Private Wealth Management
Asset & Private Wealth Management* * Includes Asset Management & Private Wealth Management businesses Differentiated Products and 1 distribution capabilities 2 Focused and leading player in alternate assets 3 Robust Investment and Risk Management process 4 AUM of ₹5.2 lakh Cr & Net sales of ₹22,717
Slide 24: AMC & PWM Segment Driving Group's Profitability
AMC & PWM Segment Driving Group’s Profitability 44% YoY Growth in Asset & PWM Operating PAT in H1FY27 ARR TBR 1,572 751 278 40,336 1,216 337 520 854 27,657 22,717 416 649 150 1,294 147 290 879 12,477 703 502 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Net Reve
Slide 25: Asset Management
Asset Management 1 AMC: Listed Equities Mutual Funds (MF) + Alternates MO Alternates: 2 (A) Private Equity (PE) + Real Estate Funds (RE) (B) Forayed in Private Credit (PC) business 3 Fee earning AUM of ₹2.2 Lakh Cr. 4 Quality Investment Team with a successful track record
Slide 26: Strong AUM Growth For Higher Milestones
Strong AUM Growth For Higher Milestones Driven By Higher Retail Penetration in AMC & New Alternate Funds Launches AMC MO Alternates 2,22,812 23,091 29,041 1,76,561 16,942 20,011 12,516 6,120 1,59,619 1,99,721 Sep'25 Sep'26 Q2FY26 Q2FY27 H1FY26 H1FY27 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Total AUM
Slide 27: Asset Management Business Drives Group's Profitability
Asset Management Business Drives Group’s Profitability Continue to Deliver Robust Revenue & PAT Growth AMC MO Alternates 980 549 69% 70% 316 66% 66% 642 537 139 322 304 170 358 89 664 503 180 367 269 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Net Revenue Brea
Slide 28: Outperformance and Gain in Flows Market Share to Drive AUM Market Share
Outperformance and Gain in Flows Market Share to Drive AUM Market Share Strong Market Share gains in Sep’26 month AMC Business SIP Flows (₹ Cr.) Net Flows (₹ Cr.) Three year performance * 8,234 7,685 22,477 Total No. of Strategies (MF + PMS + AIF) 11 No. of strategies outperformed benchmark 10 14,00
Slide 29: Mutual Funds - Diversified Schemes & Fund Management Team
Mutual Funds - Diversified Schemes & Fund Management Team Hired 6 Fund Managers in Past 2 years & Launched 12 Schemes More products for customers. More Funds with longer Vintages: 6 FM hired in the past 24 months 11 Mutual Fund schemes launched in in Fund Management Team • 6 Funds 3Yr+ the past 24 m
Slide 30: MO Alternates
MO Alternates Amongst Few Domestic Alternate Player with Strong Out-Performance Record Fee earning Closing AUM - ₹ 20,949 Cr. Private Equity Real Estate Private Credit Fund Size in 1,150 1,200 2,000 3,000 550 1,001 2,300 4,500 8,350 490 1,030 ₹ Cr. 26.0% 26.0% Raised Second close of maiden Private i
Slide 31: Private Wealth Management
Private Wealth Management - Focus on catering to the HNI & UHNI clients with a net 1 worth of ₹5 Cr.+ - We cater to 400+ Hurun UHNI Families 2 High quality team of 443 RMs; 3+ years vintage of 33% Integrated platform with solutions offering across asset 3 management, lending, investment banking & in
Slide 32: RM Vintage Improvement to Continue Driving AUM Growth
RM Vintage Improvement to Continue Driving AUM Growth ARR Revenue Growth Will Accelerate further going forward 2,96,222 11,296 10,201 7,646 1,87,929 6,357 Q2FY26 Q2FY27 H1FY26 H1FY27 Sep'25 Sep'26 AUM (₹ Cr.) Net Sales (₹ Cr.) ARR TBR 574 592 198 202 255 302 291 316 110 112 130 136 337 272 162 180 Q
Slide 33: Focus on improving productivity and margins
Focus on improving productivity and margins ₹31 Cr Per Strengthening 9,513 Family AUM Launched MO product capabilities, Expanding presence Private Wealth App Relevant targeting UHNI and in Tier 2 locations Per RM for digital Families* Family Offices AUM ₹669 Cr / engagement Families 21 *Relevant Fam
Slide 34: Wealth Management
Wealth Management No. 1 full service broking house (non-bank) by gross 1 brokerage revenue & highest broking ARPU in the industry Focus to Grow Recurring Revenue Share. 2 Distribution & NII contributing 58% of Net Revenue . Extensive Geographical reach through franchisee and 3 branch presence across
Slide 35: Strong Franchise With Large Base of Internal RM & External Wealth Managers
Strong Franchise With Large Base of Internal RM & External Wealth Managers 1,120+ Internal Relationship 7,464 ~1.6 mn Per Client Per RM Managers External Wealth Total Active AUM- ~₹41 cr AUM- ~₹2 mn Managers Clients Clients- 185 78 Branches motilal oswal | wealth management 31
Slide 36: Focus to Grow Recurring Revenue Share
Focus to Grow Recurring Revenue Share Distribution & NII contributing 58% of Net Revenue Distribution Lending Book Distribution Business Brokerage Distribution NII Other Operating Investment solution approach to clients with comprehensive product offering. 58,109 1,161 1,128 10,197 70 78 45,352 Open
Slide 37: Capital Markets
Capital Markets Covering 403 companies across 32 sectors, valuing 1 ~76% of India’s market-cap Strong team of 160+ employees catering to 915 2 institutional clients Completed 41 deals with total issue size of ₹ 99,000 Cr+ 3 during H1FY27. Strong deal mandate pipeline to drive future growth. 4 Rampin
Slide 38: Premier Institutional Equities Franchise
Premier Institutional Equities Franchise Covering 400+ Companies & Growing Leading Institutional Equity Franchise No of Coverage Co’s will continue to Rise Accelerated momentum on adding coverage 403 403 Listed Co’s 384 Across 32 Sectors 366 Under Active Coverage 302 264 910+ Institutional 233 234 ~
Slide 39: Investment Banking: #1 in QIP and #3 in IPO in H1FY27
Investment Banking: #1 in QIP and #3 in IPO in H1FY27 Capital Markets League Table Strong deal pipeline to drive future growth Some of the Marquee Deals Executed in H1FY27 LIC NSE SBI Funds Management ₹ 31,000 cr (OFS) ₹ ~22,500 cr (IPO) ₹ 11,675cr (IPO) Symbiotec Rubicon Research Indus Infra Trust
Slide 40: Motilal Oswal Secures Custodian License from SEBI
Motilal Oswal Secures Custodian License from SEBI Completes Institutional Service Value Chain. Business to start operations from Q4FY27 onwards. Regulatory Milestone Leadership Appointment for Custody Business SEBI Approval Janak Dalal Received approval to act as a Custodian Of Securities MD & CEO –
Slide 41: Home Finance
Home Finance Building retail granular book with wide geographical 1 distribution and pristine asset quality Expanding branch network in Tier II & III locations to 2 fuel disbursement growth Diverse funding domestic & overseas sources with 3 competitive cost of borrowing 4 Strong Credit Rating: AA+ w
Slide 42: Sustainable growth momentum
Sustainable growth momentum Driven by consistent spreads and healthy asset quality Retail Non Retail Retail Non Retail 1,348 6,476 397 991 940 5,236 658 701 250 950 544 200 690 5,485 138 4,577 502 406 Sep'25 Sep'26 Q2FY26 Q2FY27 H1FY26 H1FY27 AUM (₹ Cr.) Disbursement (₹ Cr.) 1 GNPA NNPA Portfolio Yi
Slide 43: Robust Financial Performance
Robust Financial Performance Strong capitalization with healthy return matrix 1683 218 189 69 1499 58 108 36 95 34 Sep'25 Sep'26 Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Net Worth (₹ Cr.) Net Interest Income(₹ Cr.) PAT (₹ Cr.) + 46 bps + 0.4x 2.5% 8.8% 8.4% 2.2% 9.2% 7.9% 2.1% 2.1% 2.
Slide 44: Housing Finance: ROE Tree
Housing Finance: ROE Tree Parameters Q2FY26 Q1FY27 Q2FY27 H1FY26 H1FY27 FY26 Interest income 12.7% 12.8% 12.5% 12.8% 12.7% 12.8% Interest expense 5.9% 5.9% 6.0% 5.8% 5.9% 5.8% NII 6.8% 6.9% 6.6% 6.9% 6.7% 7.0% Add: Other Income 1.2% 1.3% 1.6% 0.8% 1.5% 1.5% Total Income 8.0% 8.2% 8.2% 7.7% 8.2% 8.5%
Slide 45: Prudent Capital Allocation
Prudent Capital Allocation Healthy returns at 17.1% XIRR since FY14 1 Substantial skin in the game. 2 Sponsor commitment higher than legal requirement. Large Treasury book helps in absorbing shocks in an 3 uncertain environment 4 Grab new opportunities and foster the existing operating businesses
Slide 46: Strong Treasury Book to Support Operating Businesses
Strong Treasury Book to Support Operating Businesses Cost MTM 11,346 8,926 5,288 7,499 6,113 3,734 3,734 Particulars (₹ Cr) Q1FY27 4,094 4,326 3,076 3,125 1,665 1,761 6,058 1,339 5,192 Treasury Investment 11,346 3,037 3,765 2,333 2,661 1,786 FY21 FY22 FY23 FY24 FY25 FY26 Sep'26 Less : Capital alloca
Slide 47: Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India
Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India Particulars (in ₹ Crs) Sep-26 Mar-26 Particulars (in ₹ Crs) Sep-26 Mar-26 II. LIABILITIES AND EQUITY I. ASSETS : Liabilities 1. Financial Assets 1. Financial Liabilities (a) Cash, cash equivalents and Bank Balance 12,275 13,483 (
Slide 48: Future ready Tech Infrastructure to Power MOFSL Growth
Future ready Tech Infrastructure to Power MOFSL Growth Building a digital-first, AI-driven, innovative and secure IT Ecosystem for investment management at speed, intelligence and scale while maximizing business growth and investor value. 44
Slide 49: AI at the Core of Motilal Oswal
AI at the Core of Motilal Oswal From client advisory to code — intelligence embedded across the enterprise Over 80% of customer interactions are now handled by AI and AI agents help running back-office operations, cutting processing time by 30–60%. Next we scale to AI agents across departments along
Slide 50: Strategic Brand Leadership Initiatives
Strategic Brand Leadership Initiatives Motilal Oswal Wealth Management Product Films Motilal Oswal Wealth Management Podcast Motilal Oswal Wealth Management MOBIC The campaign positioned Riise by Motilal Oswal as the Created a series of podcasts that sparked meaningful conversations The event held o
Slide 51: MOFSL's ESG initiatives
MOFSL’s ESG initiatives ICRA ESG Ratings has upgraded the Company's ESG Impact Rating from Good to Outstanding Launched an online ESG profile platform, which adheres to international ICRA ESG Rating - "Outstanding" SES ESG Rating - "A" frameworks such as IFC, GRI, SASB, CDP, etc. CRISIL Rating - “ST
Slide 52: Abbreviations
Abbreviations PAT = Profit After Tax PWM = Private Wealth Management TTM = Trailing Twelve Months NII = Net Interest Income TBR = Transaction Based Revenue RE Fund = Real Estate Funds ARR = Annual Recurring Revenue OCI = Other Comprehensive Income AUA = Assets Under Advice ESG = Environmental Social
Slide 53: Safe Harbour
Safe Harbour This earning presentation may contain certain words or phrases that are forward - looking statements. These forward-looking statements are tentative, based on current analysis and anticipation of the management of MOFSL. Actual results may vary from the forward-looking statements contai
Slide 54: Thank You
Thank You For any query, please contact: For more details refer data book published on our website here Shalibhadra Shah Chief Financial Officer Data Book Contents shalibhadrashah@motilaoswal.com • Consolidated Performance Manish Kayal • Segmental Performance Head Investor Relations • Segmental PAT
Motilal Oswal Financial Services — Q2 FY27 Earnings Presentation on 6ix