Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q4 FY2026 Earnings Presentation
60 slides from Motilal Oswal Financial Services's earnings presentation, Apr 29, 2026
Slide 1: Exchange filing cover letter
April 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) Pre
Slide 2: Press Release
Press Release Strong FY26 exit with Fourth Quarter Operating Profit After Tax growth of 25% Q4 Annual Recurring Revenue share of 64% driven by Asset & Private Wealth Management Mumbai, April 29, 2026: Motilal Oswal Financial Services Ltd. (MOFSL) reported its highest-ever quarterly & annual operatin
Slide 3: Press Release contacts
Press Release For Further Details, refer to the Investor Presentation here or contact the following; Mr. Shalibhadra Shah Mr. Manish Kayal Mrs. Rohini Kute Group Chief Financial Officer Head – Corp Planning & IR Head of Group Corporate shalibhadrashah@motilaloswal.com manish.kayal@motilaloswal.com C
Slide 4: Motilal Oswal Financial Services Limited Q4FY26 & FY26
MOFSL Investor Presentation Q4FY26 & FY26 Motilal Oswal Financial Services Limited Largest Integrated Capital Market Player* Primed to Benefit From India’s Multi-Trillion Dollar Opportunities Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com * On the basis of FY25 Net Worth Ranking
Slide 5: Table Of Content
Table Of Content Compounding MOFSL Value Q4FY26 & FY26 Machine Proposition Highlights Pg 03 - 05 Pg 6 - 10 Pg 11 - 46 Other (Tech, ESG, Philanthropy) Pg 47 - 51 Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 2
Slide 6: Our inspiration – Berkshire Hathaway
Our inspiration – Berkshire Hathaway S&P 500 return Berkshire Hathaway Since 1965 with dividends share price return 59 years CAGR return 10.4% 19.9% 720 Net Worth in $Bn. 652 568 515 481 451 429 352 353 285 243 259 224 192 163 169 123 114 136 111 78 87 92 59 59 63 59 65 $25 mn. 17 24 32 0 1 9 11 12
Slide 7: MOFSL's Power of Compounding Demonstrated over ~4 Decades
MOFSL’s Power of Compounding Demonstrated over ~4 Decades Net Worth Trend 1987 1990-95 2006 2007 2010 2014 2018 2024 2025 FY26 ₹1 lac ₹10 Cr ₹107 Cr ₹333 Cr ₹946 Cr ₹1,170 Cr ₹2,886 Cr ₹8,732 Cr ₹11,079 Cr ₹12,888 Cr Started as a Started Retail Capital raised Goes public. Asset Entered into Crossed
Slide 8: MOFSL's Strong Decadal Compounding Journey
MOFSL’s Strong Decadal Compounding Journey 24% 28% 30% CAGR CAGR CAGR Profit growth has been higher than revenue growth 1,081 9,416 2,043 ~6.6 169 47,074 lakh Mar-16 Mar-26 Mar-16 Mar-26 Mar-16 Mar-26 Total Revenue in ₹ Cr Total PAT (incl OCI) in ₹ Cr Assets under Advice (AUA) in ₹ Cr MOFSL’s market
Slide 9: MOFSL's Twin-Engine model
MOFSL’s Twin-Engine model Large Treasury Book Drives Operating Businesses Growth Engine #1 Engine #2 Investments are used strategically for operating businesses OPERATING TREASURY BUSINESSES INVESTMENTS • Leading player in Synergy • Investments providing multiple capital market + synergy and stabili
Slide 10: Proven Record Of Superior Capital Allocation Strategy
Proven Record Of Superior Capital Allocation Strategy Treasury Investments Highly Beneficial For Long Term Growth, Without Diluting Equity Capital Capital Intensity of the Proven Model – Berkshire Hathaway. Unmatched Capital Record in Indian Markets. Intensity of the businesses is rising businesses
Slide 11: Comprehensive Solutions Across Client Categories
Comprehensive Solutions Across Client Categories Servicing All Client Segments 95%+ 6.6+ Lakh Cr Pin-code Mass Affluent Customers Affluent Customers HNI UHNI Group Asset coverage in India. Under Advice. Family Offices/Promoters Corporates Investment Funds Clients: AMC Folios ~1,550 RMs Investment Ba
Slide 12: Huge Runway of Growth For MOFSL
Financialisation of India Huge Runway of Growth For MOFSL Savings in Equities Mutual Funds AUM / GD P Retail Participation (Owns Stocks) 120% 55% 40% 20% 10% 5% “Compounding economy, India US India US India US compounding stocks” Our latest Wealth Creation GDP Real Growth CAGR Market Cap CAGR Market
Slide 13: Future Is More Exciting
Future Is More Exciting Business Segments have huge headroom to gain market share MO Alternates (PE, RE & Private Credit) AMC (MF, PMS & AIF) • Top performing Alternate AMC Private Wealth Management • Growth style focused AMC • Expanding segments with Private • Top Tier PWM with $20bn AUM • Higher F
Slide 14: FY26 – Continued Strength In Operating Earnings Growth
FY26 – Continued Strength In Operating Earnings Growth Ranking Market capitalization PAT Ranking1 M-cap Rank ₹ 47,190 Crs* 144 amongst listed entities 204* 1 TTM for period from Jan’25 to Dec’25 *As on Apr 28,2026 FY26 Operating & Financial Snapshot Assets under advice Net Operating Revenue Operatin
Slide 15: Focus on Sustainable and Fee Based Revenues
Focus on Sustainable and Fee Based Revenues Share of Fees Based Revenues increased to ~42% and ARR increased to ~60% Revenue stream wise break-up FY26 FY25 FY24 FY23 FY22 FY21 Management & Advisory Fees 26% 21% 19% 18% 19% 20% Distribution Fees 16% 15% 11% 11% 11% 11% Net Interest Income 31% 31% 31%
Slide 16: Highest Ever Yearly and Quarterly Operating PAT
Highest Ever Yearly and Quarterly Operating PAT Asset & PWM Drives Momentum Particulars (₹ Cr) Q4FY26 Q4FY25 YoY (%) Q3FY26 QoQ (%) FY26 FY25 YoY (%) Net Revenue - Asset & Private Wealth Management 677 497 36% 666 2% 2,560 1,929 33% - Wealth Management 605 599 1% 572 6% 2,304 2,339 (1%) - Capital Ma
Slide 17: Asset & PWM Contributes ~50% of Q4FY26 Group Operating PAT
Asset & PWM Contributes ~50% of Q4FY26 Group Operating PAT Segmental PAT ( ₹ Cr) Q4FY26 Q3FY26 Q2FY26 Q1FY26 Q4FY25 Asset and Private Wealth Management 337 309 290 230 227 YoY Growth (%) 48% 32% 36% 42% 8% Wealth Management^ 204 181 170 173 191 YoY Growth (%) 7% (5%) (24%) (2%) (10%) Capital Market
Slide 18: Diversified & Sustainable Revenue Streams
Diversified & Sustainable Revenue Streams Focus is on increasing ARR Mix and non brokerage income in total revenue Consolidated Net Revenue Mix Annual Recurring Revenue (ARR) ₹ Cr Brokerage Transaction Based Revenue (TBR) NII Mgmt. Fees & Advisory Distribution 5,908 Other Op. Other Op., 229 56% 64%
Slide 19: Strong Net-Worth For Strategic Growth
Strong Net-Worth For Strategic Growth FY26 Particulars (₹ Cr) Asset & Wealth Capital Total Private Wealth HFC Treasury Total Management Market Operating Management Net Worth 3,602 5,295 444 1,550 10,891 1,996 12,888 Operating PAT 1,166 727 336 153 2,360 -317 2,043 Operating RoE 37% 16% 56% 10% 24% -
Slide 20: MOFSL Business Segments
MOFSL Business Segments Asset & Wealth Capital Market Home Treasury Private Wealth Management** (IE & IB) Finance Investments Management* * Includes Mutual Funds, PMS, AIF, Private Alternates & Private Wealth Management businesses | **Includes retail broking, capital market lending & distribution bu
Slide 21: Asset & Private Wealth Management
Asset & Private Wealth Management* * Includes Asset Management & Private Wealth Management businesses Differentiated Focused and leading Robust Investment AUM of ₹3.7 lakh Cr & Net Products player in alternate and Risk Management sales of ~₹70,000 Cr and assets process in FY26 distribution capabilit
Slide 22: AMC & PWM Segment Driving Group's Growth
AMC & PWM Segment Driving Group’s Growth 39% YoY Growth in Asset & PWM Operating PAT in FY26 ARR TBR 70,100 2,560 63,070 1,166 568 1,929 837 525 1,992 677 1,405 497 121 337 124 13,888 14,831 227 557 373 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Net Revenue Break-up (₹ C
Slide 23: Asset Management
Asset Management MO Alternates: Private Equity + Quality Investment AMC: Real Estate Funds. Fee earning AUM of Team with a Listed ₹1.76 Lakh Cr. successful track Equities MF + Forayed in Private record Alternates Credit business Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 20
Slide 24: Strong AUM Growth For Higher Milestones
Strong AUM Growth For Higher Milestones Driven By Higher Retail Penetration in AMC & New Alternate Funds Launches AMC PE/RE 48,779 49,947 1,76,354 20,905 1,33,775 10,378 10,549 9,296 1,23,397 1,55,449 Q4FY25 Q4FY26 FY25 FY26 Mar'25 Mar'26 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Individual AUM % of To
Slide 25: Gain in Flows Market Share Drives AUM Market Share
Gain in Flows Market Share Drives AUM Market Share Strong Market Share gains in SIP Flow AMC Business SIP Flows (₹ Cr.) Net Flows (₹ Cr.) Three year performance * 16,479 48,450 Total No. of Strategies (MF + PMS + AIF) 10 39,420 No. of strategies outperformed benchmark 6 9,256 Mutual Fund 3 31% 4,280
Slide 26: Mutual Funds - Diversified Schemes & Fund Management Team
Mutual Funds - Diversified Schemes & Fund Management Team Hired 6 Fund Managers in Past 2 years & Launched 13 Schemes More products for customers. More Funds with longer Vintages: 6 FM hired in the past 24 13 Mutual Fund schemes • 6 Funds 3Yr+ months in Fund launched in the past 24 • 2 will cross 3Y
Slide 27: MO Alternates (Private): Industry to grow 5x in next decade
MO Alternates (Private): Industry to grow 5x in next decade Group is Positioned Strongly To Benefit from Emerging Opportunities in Alternates Share of alternates in total assets to Large revenue pool of $193bn globally. HNIs share in alternates AUM will increase increase in India from single digit t
Slide 28: MO Alternates
MO Alternates Amongst Few Domestic Alternate Player with Strong Out-Performance Record Total earning AUM - ₹ 24,099 Cr. Strong FY26 Private Equity Real Estate Raised $1bn Growth Capital PE Fund IBEF V. Fund Size in 1,132 1,200 2,000 First close of maiden 550 1,000 2,300 4,500 490 1,002 ₹ Cr. Private
Slide 29: Asset Management Business Drives Group's Profitability
Asset Management Business Drives Group’s Profitability Continue to Deliver Robust Revenue & PAT Growth AMC PE/RE 1,479 798 410 1,009 77% 1,069 211 70% 516 67% 67% 798 414 249 282 137 69 278 153 212 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Net Revenue Break-up (₹ Cr.) P
Slide 30: Private Wealth Management
Private Wealth Management Focus on catering to the HNI & UHNI High quality Integrated platform clients with a net team of with solutions offering worth of more across asset Growing clients 440 RMs; assets under than ₹5 Cr. 3+ years management, lending, investment banking management vintage of 32% of
Slide 31: Private Wealth TAM Expected to Grow in Mid-Teen CAGR
Private Wealth TAM Expected to Grow in Mid-Teen CAGR No of Individuals Investible Wealth ₹ Tn 2024 2029 CAGR 2024 2029 CAGR MO’s PWM Business % % • Full-stack solution Ultra High Networth Individual (UHNI) • Business aligned with Financial Wealth Bracket ₹ 500 Crs+ ~2,500 ~3,800 ~12% ~85 Tn ~172 Tn
Slide 32: RM Vintage Improvement to Continue Driving AUM Growth
RM Vintage Improvement to Continue Driving AUM Growth ARR Revenue Growth Will Accelerate 20,153 14,291 5,535 3,339 1,44,245 1,96,716 Mar'25 Mar'26 Q4FY25 Q4FY26 FY25 FY26 AUM (₹ Cr.) Net Sales (₹ Cr.) ARR TBR 1,080 ARR growth 53%/32% YoY in Q4FY26/FY26 respectively 920 494 368 478 321 264 216 586 98
Slide 33: Focus on improving productivity and margins
Focus on improving productivity and margins Strengthening product Expanding Per RM capabilities, ₹22 Cr Per presence in 9,100+ AUM ₹447 Cr / targeting UHNI Family AUM Tier 2 locations Relevant Families* Families and Family Offices *Relevant Families are family with AUM of ₹ 1 Cr and above (ex-custod
Slide 34: Launched MO Private Wealth App
Launched MO Private Wealth App Reimagining Digital Wealth Engagement Digital Aggregation of External Holdings Seamlessly sync held-away assets (MFs, stocks, bonds, Multi-Asset Investment Access etc.) through secure aggregation APIs or uploads. Buy and sell Mutual Funds and Indian Equities directly t
Slide 35: Wealth Management
Wealth Management No. 1 full service broking Leadership strengthened by Consolidated Market share Extensive Geographical house by gross Addition of Suresh Shukla FY26: 8.6% in FY26, reach through franchisee brokerage as Chief Business Officer +40bps over 8.2% in FY25 and branch presence revenue & hi
Slide 36: Strong Franchise With Large Base of Internal RM & External Wealth Managers
Strong Franchise With Large Base of Internal RM & External Wealth Managers ~1,100 Internal Relationship 7,610+ ~1.7 mn Per Client Per RM Managers External Wealth Total Active AUM- ~₹2 mn AUM- ~₹33 cr Managers Clients 76 Clients- 195 Branches Investor Presentation Q3FY25 & 9MFY25 Think Equity. Think
Slide 37: Focus to Grow Recurring Revenue Share
Focus to Grow Recurring Revenue Share Distribution & NII contributing ~60% of Net Revenue Distribution Business Brokerage Distribution NII Other Operating Investment solution approach to Distribution Lending Book clients with comprehensive product 17% 17% offering. 46,755 2,339 2,304 Open Architectu
Slide 38: Wealth Management – RiiSE App Relaunched
Wealth Management – RiiSE App Relaunched Comprehensive App for Retail Customers Your all in one Wealth App AI-Led Research & Intelligence Design & Platform Excellence AI Research Assistant: An industry-first •Motilal Oswal Design System: A native, AI assistant that seamlessly combines enterprise-gra
Slide 39: Capital Markets
Capital Markets Institutional Equity Investment Banking Covering 366 Strong team of 150+ Completed 52 Strong deal companies employees deals mandate across 27 catering to 900+ with total issue pipeline to drive sectors, valuing institutional size of ₹ 83,600Cr+ future growth ~76% of India’s clients d
Slide 40: Premier Institutional Equities Franchise
Premier Institutional Equities Franchise Covering 360+ Companies & Growing Leading 366 Listed Co’s Institutional ~76% of India’s 900+ Institutional Under Active Across 27 Sectors 150+ Team Equity Franchise market-cap Clients Coverage No of Coverage Co’s will continue to Rise Some Selected Initiation
Slide 41: Investment Banking: #2 in FY26 Capital Markets League Table
Investment Banking: #2 in FY26 Capital Markets League Table #1 on QIP for 2 years in a row for FY25 & FY26 Some of the Marquee Deals Executed in FY26 HDB Financial ICICI Pru AMC Groww Raajmarg InvIT ₹ 12,500 cr (IPO) ₹ 10,603 cr (IPO) ₹ 6,632 cr (IPO) ₹ 6,000cr (IPO) Ellenbarrie Industrial NSDL The
Slide 42: Capital Market Business Witness Strong Growth
Capital Market Business Witness Strong Growth Leveraging Strong Flow Momentum and Leadership Position 741 598 336 258 139 151 67 75 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Net Revenue (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 39 www.motilaloswalgroup.com
Slide 43: Home Finance
Home Finance Building retail Expanding branch Raised $100 Mn from Credit rating: Upgraded Building granularretail book with Scalable ADB operating via NCDs to toCredit rating: AA+ with AA with Stable Expanding network RM II & III in Tier granular book with wide geographical Model built expand on aff
Slide 44: Sustainable growth momentum
Sustainable growth momentum Driven by consistent spreads and healthy asset quality Adjusted AUM of ₹6,100 crore (+25% YoY) and overall disbursements of ₹2,291 crore (+28% YoY) including retail disbursements of ₹1,639 crore (+33% YoY), are on a like-for-like basis, adjusting for the revision in disbu
Slide 45: Robust Financial Performance
Robust Financial Performance Strong capitalization with healthy return matrix 393 159 1,608 343 130 1,429 FY25 FY26 FY25 FY26 FY25 FY26 Net Worth (₹ Cr.) NII (₹ Cr.) PAT (₹ Cr.) + 97 bps + 0.3x + 4 bps 10.6% 2.8% 2.8% 9.6% 2.9 2.6 FY25 FY26 FY25 FY26 FY25 FY26 Gearing D/E ROA ROE Think Equity. Think
Slide 46: Housing Finance: ROE Tree
Housing Finance: ROE Tree Parameters FY25 FY26 Interest income 13.1% 12.8% Interest expense 5.7% 5.8% NII 7.3% 7.0% Add: Other Income 0.9% 1.5% Total Income 8.2% 8.5% Less: Opex 4.6% 4.5% PPOP 3.6% 4.0% Less: Credit Cost 0.0% 0.3% PBT 3.6% 3.7% PAT/ROA 2.8% 2.8% Leverage 3.5 3.7 ROE 9.6% 10.6% CRAR
Slide 47: Prudent Capital Allocation
Prudent Capital Allocation Treasury Book grew by 40% CAGR since Large skin in the Large Treasury book Grab new opportunities inception, game helps in absorbing and foster the existing contributed by strong shocks in an uncertain businesses IRRs & re-investment environment of operating profits. Back
Slide 48: Skin in the game: ₹9,600+ Cr
Skin in the game: ₹9,600+ Cr Investment in MOFSL manufactured products Particulars (₹ Cr) FY26 Sponsor Promoters ₹ 6,600+ ₹ 2,900+ Treasury Investment 8,797 Less : Capital allocated across (6,801) operating businesses* Cost MTM 465 Net Worth of Treasury Segment 1,996 8,797 7,499 *net of taxes 3,605
Slide 49: Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India
Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India Particulars (in ₹ Crs) FY26 FY25 Particulars (in ₹ Crs) FY26 FY25 I. ASSETS : II. LIABILITIES AND EQUITY 1. Financial Assets Liabilities 1. Financial Liabilities (a) Cash, cash equivalents and Bank Balance 13,483 10,498 (a) Trade
Slide 50: 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. Key Technology Partners Think Equity. Think Motilal Oswal. ww
Slide 51: Applied AI Framework
Applied AI Framework A four-quadrant model for AI-led growth and transformation AI for MO Clients MO Solutions for AI Ecosystem Customer + Applied AI Customer + AI Enablement • MO Genie for customer Support • MO Trading MCP launched (USB-C standard for AI) • MO Research Assistant for stock and secto
Slide 52: MOFSL's ESG initiatives
MOFSL’s ESG initiatives Environment • Monitoring Scope 3 emissions in addition to Scope • Adopted ESG Vision 2030 to drive long-term 1 and Scope 2, to enhance overall carbon footprint CRISIL upgraded sustainable & responsible business practices. management • Voluntarily engaged ICRA ESG Ratings for
Slide 53: Philanthropy
Philanthropy MO Research Centre MO Knowledge Centre State-of-the-art Executive Centre @ ISB Campus for outstation Chartered @IIT Mumbai @IIM Mumbai Hyderabad campus Accountant (CA) aspirants in Mumbai Department of Anatomy at Shri State of the art farmer training institution Setting up of Plaksha Un
Slide 54: Strategic Brand Leadership Initiatives
Strategic Brand Leadership Initiatives Motilal Oswal Wealth Management Decoding the Budget Motilal Oswal Wealth Management Women’s Day Campaign Motilal Oswal Wealth Management Podcast Through a live session with CXOs, Budget 2026 was decoded and Launched three films that celebrated the modern woman,
Slide 55: Annexures: Strong Industry Tailwinds
Annexures Strong Industry Tailwinds Economic take-off: India Wealth likely to retain Financialization of Digitization Driving Management its position as Savings Propelling Exponential Retail Opportunities in world’s fastest- equities participation India Growing major Investor Presentation economy Q3
Slide 56: 'Economic takeoff': India likely to retain its position as fastest growing major economy
‘Economic takeoff’: India likely to retain its position as the world’s fastest growing major economy Gross Domestic Product (USD Trillion) 16.9 15.5 India’s GDP is expected to grow from USD 13.1 14.2 3.9 tn to an estimated USD 17 tn by 2042 12.0 11.0 10.1 9.3 8.5 7.8 7.1 6.6 6.0 2nd tn 5.1 5.5 1st t
Slide 57: Financialisation of savings propelling equities
Financialisation of savings propelling equities Total Indian Household assets $ 14.5 Tn (FY25) % of Household Assets in Equities 7.0 6.8 51.0% 6.5 6.8% 5.7 5.4 2.8% 4.0% 5.5% 3.9 3.8 3.5 17.6% 12.4% 2.9 2.8 2.7 2.3 2.3 Equities Cash Provident & Pension funds Insurance funds Bank deposits Gold Proper
Slide 58: Digitization driving exponential retail participation
Digitization driving exponential retail participation Demat Accounts (in Cr) 0.6 25 Monthly addition Total (RHS) 0.5 20 0.4 Strong addition of Demat 0.3 15 accounts and SIP flows signal a 0.2 10 significant runway for sustained 0.1 5 growth with projections 0.0 0 indicating a trajectory ~30% for Mar
Slide 59: 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 60: Thank You
Thank You For any query, please contact : (here) Shalibhadra Shah Chief Financial Officer shalibhadrashah@motilaloswal.com Manish Kayal Head Investor Relations manish.kayal@motilaloswal.com ir@motilaloswal.com Company Website: www.motilaloswalgroup.com Past Transcripts & Investor Presentations Think
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