Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q3 FY2026 Earnings Presentation
57 slides from Motilal Oswal Financial Services's earnings presentation, Jan 28, 2026
Slide 1: Exchange filing cover letter
January 27, 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: Strong Operating Profit Growth
Press Release Strong Operating Profit Growth, +16% YoY with 65% ARR Revenue Share Mumbai, January 27, 2026: Motilal Oswal Financial Services Ltd. (MOFSL) reported its highest-ever operating PAT of ₹611 Cr in Q3FY26, grew 16% on YoY basis and 10% on QoQ basis. Total PAT (Incl. treasury & OCI) at Rs 7
Slide 3: MOFSL Investor Presentation Q3FY26 & 9MFY26
MOFSL Investor Presentation Q3FY26 & 9MFY26 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. 1 www.motilaloswalgroup.com * On the basis of FY25 Net Worth Ranking
Slide 4: Table Of Content
Table Of Content Compounding MOFSL Value Q3FY26 & 9MFY26 Machine Proposition Highlights Pg 03 - 05 Pg 6 - 10 Pg 11 - 43 Highly Professionalized Other (Tech, ESG, Philanthropy) Management Pg 44 - 45 Pg 46 - 49 Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 2
Slide 5: 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% 700 652 Net Worth in $Bn. 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 6: MOFSL's Power of Compounding
MOFSL’s Power of Compounding Demonstrated over ~4 Decades Net Worth Trend 1987 1990-95 2006 2007 2010 2014 2018 2024 2025 9MFY26 ₹1 lac ₹10 Cr ₹107 Cr ₹333 Cr ₹946 Cr ₹1,170 Cr ₹2,886 Cr ₹8,732 Cr ₹11,079 Cr ₹13,632 Cr Started as a Started Retail Capital raised Goes public. Asset Entered into Crosse
Slide 7: MOFSL's Strong Decadal Compounding Journey
MOFSL’s Strong Decadal Compounding Journey 27% 33% 39% CAGR CAGR CAGR Profit growth has been higher than revenue growth 773 8,417 2,494 ~5.5 144 19,900 lakh Mar-15 Mar-25 Mar-15 Mar-25 Mar-15 Mar-25 Total Revenue in ₹ Cr Total PAT (incl OCI) in ₹ Cr Assets under Advice (AUA) in ₹ Cr MOFSL’s market c
Slide 8: 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 Market Position Synergy • Investments providing in multiple capital + synergy and stabi
Slide 9: Proven Record Of Superior Capital Allocation Strategy
Proven Record Of Superior Capital Allocation Strategy 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 is rising Many Advant
Slide 10: Comprehensive Solutions Across Client Categories
Comprehensive Solutions Across Client Categories Servicing All Client Segments 95%+ 7+ 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 1,600+ RMs Investment Bank
Slide 11: 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 12: MOFSL: Leader In India's Financialisation Growth Journey
MOFSL: Leader In India’s Financialisation Growth Journey Boosted by Unique Twin Engines Business Model Engine #1: Operating businesses Robust Past Headroom to Gain Market Share Operating Optimistic about the future growth with PAT • Strong momentum in each of the segment Operating PAT clocked 31% CA
Slide 13: Momentum In Core Operating Earnings Growth Continue
Momentum In Core Operating Earnings Growth Continue Declared ₹ 6/- dividend per equity share Ranking Market capitalization PAT Ranking1 M-cap Rank ₹ 45,145 Crs* 138 amongst listed entities 204* 1 TTM for period from Oct’24 to Sep’25 *As on Jan 23,2026 Q3FY26 Operating & Financial Snapshot Assets und
Slide 14: Focus on Sustainable and Fee Based Revenues
Focus on Sustainable and Fee Based Revenues Share of Fees Based Revenues & NII increased to ~74% from ~58% in FY21 Revenue stream wise break-up 9MFY26 FY25 FY24 FY23 FY22 FY21 Management & Advisory Fees 27% 21% 19% 18% 19% 20% Distribution Fees 16% 16% 12% 12% 12% 11% Net Interest Income (NII) 31% 3
Slide 15: Asset & PWM Drives Highest Ever Quarterly Operating PAT
Asset & PWM Drives Highest Ever Quarterly Operating PAT Particulars (₹ Cr) Q3FY26 Q3FY25 YoY (%) Q2FY26 QoQ (%) 9MFY26 9MFY25 YoY (%) Net Revenue - Asset & Private Wealth Management 666 551 21% 649 3% 1,882 1,432 31% - Wealth Management 572 570 - 560 2% 1,699 1,740 (2%) - Capital Market 165 151 9% 2
Slide 16: Asset & PWM Contributes ~50% of Q3FY26 Group Operating PAT
Asset & PWM Contributes ~50% of Q3FY26 Group Operating PAT Segmental PAT (₹ Cr) Q3FY26 Q2FY26 Q1FY26 Q4FY25 Q3FY25 Asset & Private Wealth Management 309 290 230 227 234 YoY Growth % 32% 36% 43% 8% 62% Wealth Management 181 170 173 191 190 YoY Growth % (5%) (24%) (2%) (10%) 16% Capital Market 70 90 1
Slide 17: Diversified & Sustainable Revenue Streams
Diversified & Sustainable Revenue Streams Increasing ARR Mix Consolidated Net Revenue Mix Brokerage NII Transaction Based Revenue (TBR) Annual Recurring Revenue (ARR) Management Fees & Advisory Distribution Other Operating 4,385 54% 65% 54% 59% 142 3,856 729 153 535 1,202 791 74% 66% 1,214 1,398 46%
Slide 18: Strong Net-Worth For Strategic Growth
Strong Net-Worth For Strategic Growth Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India 9MFY26 Particulars (₹ Cr) Dec-25 Mar-25 SOURCES OF FUNDS Particulars (₹ Cr) Asset & 13,632 11,079 Wealth Capital Net Worth Private Wealth HFC Treasury Total Management Market Management Borro
Slide 19: MOFSL Business Segments
MOFSL Business Segments Asset & Wealth Capital Market Home Treasury Private Wealth Management** (IE & IB) Finance Investments Management* * Includes AMC, PE/RE & PWM business | **Includes retail broking & distribution business | IE = Institutional Equities, IB – Investment Banking Think Equity. Thin
Slide 20: Asset & Private Wealth Management
Asset & Private Wealth Management* * Includes Asset Management (MF & Alternates) & Private Wealth Management Blend of Focused and leading Robust Investment AUM of ₹3.8 lakh Cr & Net manufacturing player in alternate and Risk Management sales of ₹15,900+ Cr and assets process in Q3FY26 distribution c
Slide 21: AMC & PWM Segment Driving Groups Growth
AMC & PWM Segment Driving Groups Growth 30% YoY Growth in Asset & PWM Operating PAT in 9MFY26 ARR TBR 1,882 447 55,162 829 1,432 49,244 401 609 666 1,434 24,334 551 110 309 1,031 180 15,924 234 555 371 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 Net Revenue Br
Slide 22: Asset Management
Asset Management MO Alternates: Private Equity + Quality Investment AMC: Real Estate Funds. Fee earning AUM of Team with a Listed ₹1.88 Lakh cr. successful track Equities MF + Forayed in Private record Alternates Credit business Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 20
Slide 23: Strong AUM Growth For Higher Milestones
Strong AUM Growth For Higher Milestones Driven By Higher Retail Penetration AMC PE/RE 1,88,687 40,651 17,853 38,231 1,41,505 11,023 19,093 11,610 1,30,482 1,70,834 Q3FY25 Q3FY26 9MFY25 9MFY26 Dec'24 Dec'25 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Individual AUM % of Total Unique Folios Penetration 85%
Slide 24: Gain in Flows Market Share Drives AUM Market Share
Gain in Flows Market Share Drives AUM Market Share Amongst Top 10 in AUM amongst Active-Equity Mutual Funds AMC Business SIP Flows (₹ Cr.) Net Flows (₹ Cr.) Three year performance * 12,200 37,257 Total No. of Strategies (MF + PMS + AIF) 9 33,176 No. of strategies outperformed benchmark 6 5,998 18,48
Slide 25: 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 26: MO Alternates
MO Alternates Amongst Few Domestic Alternate Player with Strong Out-Performance Record Total earning AUM - ₹ 22,072 Cr. PE RE Fund Size in ₹ Cr. 550 1,000 2,300 4,500 490 1,002 1,132 1,200 2,000 28.2% 26.9% 26.0% 20.9% 20.1% 18.3% 17.9% Gross IRR 17.4% 17.2% IBEF I IBEF II IBEF III IBEF IV IREF II I
Slide 27: Asset Management Business Drives Group's Profitability
Asset Management Business Drives Group’s Profitability Continue to Deliver Robust Revenue & PAT Growth AMC PE/RE 549 1,065 274 727 363 792 142 585 423 227 134 273 138 52 289 222 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) During the quarter, Asset
Slide 28: Private Wealth Management
Private Wealth Management Focus on catering High quality Integrated platform to the HNI & UHNI team of with solutions offering clients with a net across asset Growing clients 410+ RMs; assets under worth of more 3+ years management, lending, than ₹5 Cr. investment banking management vintage of 34% o
Slide 29: PWM TAM Expected to Grow in Mid-Teen CAGR
PWM TAM Expected to Grow in Mid-Teen CAGR No of Individual Investible Wealth ₹ Tn CAGR CAGR 2024 2029 % 2024 2029 % Ultra High Networth Individual (UHNI) ~2,500 ~3,800 ~12% ~85 Tn ~172 Tn ~16% Financial Wealth Bracket ₹ 500 Crs+ High Net-Worth PWM Business has Individual (HNI) ~25,000 ~40,000 ~12% ~
Slide 30: RM Vintage Improvement to Drive Productivity
RM Vintage Improvement to Drive Productivity ARR Revenue Growth Will Accelerate 14,511 11,013 5,241 4,314 1,49,271 1,95,541 Dec'24 Dec'25 Q3FY25 Q3FY26 9MFY25 9MFY26 AUM (₹ Cr.) Net Sales (₹ Cr.) ARR TBR 816 280 705 246 396 371 278 242 97 163 95 420 82 334 115 148 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25
Slide 31: Focus on improving productivity and margins
Focus on improving productivity and margins Strengthening product Expanding Per RM capabilities, ₹24 Cr Per presence in 8,200+ AUM ₹476 Cr / targeting UHNI Family AUM Tier 2 locations Relevant Families* Families 20 and Family Offices *Relevant Families are family with AUM of ₹ 1 Cr and above (ex-cus
Slide 32: 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 33: Wealth Management
Wealth Management No. 1 full service Strong blend of 1,190+ Extensive Geographical broking house by Consolidated Market share internal Relationship reach through franchisee gross brokerage Q3FY26 Managers and 8,550+ and branch presence revenue & highest Cash: 6.9% External Wealth across the country
Slide 34: Extensive Network of Internal RM & External Wealth Managers
Extensive Network of Internal RM & External Wealth Managers 1,190+ Internal Relationship 8,550+ 1.6 mn+ Per Client Per RM Managers External Wealth Total Active AUM- ~₹2 mn AUM- ~₹33 cr Managers Clients 72 Clients- 169 Branches Investor Presentation Q3FY25 & 9MFY25 Think Equity. Think Motilal Oswal.
Slide 35: Focus to Grow Recurring Revenue Share
Focus to Grow Recurring Revenue Share Distribution & NII Share Increasing Brokerage Distribution NII Other Operating Investment solution approach to Distribution Lending Book clients with comprehensive product 14% 17% offering. 1,740 1,699 49,405 98 100 Open Architecture distribution model 6,630 sel
Slide 36: 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 37: Capital Markets
Capital Markets Institutional Equity Investment Banking Covering 350 Strong team of 150+ Completed 51 Strong deal companies employees deals mandate across 27 catering to 900+ with total issue pipeline to drive sectors, valuing institutional size of ₹ 77,150Cr+ future growth ~74% of India’s clients d
Slide 38: Premier Institutional Equities Franchise
Premier Institutional Equities Franchise Covering 350 Companies & Growing Leading Institutional 350 Listed Co’s ~74% of India’s 900+ Institutional Under Active Across 27 Sectors 150+ Team Equity Coverage market-cap Clients Franchise No of Coverage Co’s will continue to Rise Some Initiations in 9MFY2
Slide 39: Investment Banking: No 1 in IPO & QIP League Table
Investment Banking: No 1 in IPO & QIP League Table Some of the Marquee Deals Executed in 9MFY26 HDB Financial ICICI Pru AMC Groww Amber Enterprises ₹ 12,500 cr (IPO) ₹ 1,060 cr (IPO) ₹ 6,632 cr (IPO) ₹ 1,000cr (QIP) Ellenbarrie Industrial NSDL The Leela IRB InVIT ₹1,242 ₹ 4,011 cr (IPO) ₹ 3,500 cr ₹
Slide 40: Capital Market Business Witness Strong Growth
Capital Market Business Witness Strong Growth Leveraging Strong Flow Momentum and Leadership Position 590 459 261 191 165 151 70 61 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 Net Revenue (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 38 www.motilaloswalgroup.com
Slide 41: Home Finance
Home Finance Building retail Expanding branch Building granularretail book with Scalable operating Upgraded Credit rating: AA with to Expanding network RMII & III in Tier Strong growth continues granular book with wide geographical Model built on AA+ withoutlook Positive Stable outlook Strengthto lo
Slide 42: Primed For Strong Growth Ahead
Primed For Strong Growth Ahead Adjusted AUM at ₹5,593. The Retail Non-Retail difference is on account of one- time change in disbursement 1,80 0 recognition on handover. excluding this, growth would be 5,379 1,60 0 29% YoY 1,40 0 1,543 1,723 1,20 0 1,393 4,343 751 1,00 0 517 800 1,238 600 4,628 400
Slide 43: Financial Metrics
Financial Metrics Parameters Q3FY26 Q3FY25 9MFY26 9MFY25 AUM (₹ Cr) 5,379 4,343 5,379 4,343 Yield* 13.5% 13.5% 13.4% 13.6% COF 8.0% 8.3% 8.2% 8.4% Spread* 5.4% 5.2% 5.2% 5.2% NIM* 7.2% 7.5% 7.0% 7.4% Opex to Total Assets 4.6% 4.8% 4.4% 4.5% ROA 2.9% 3.2% 2.4% 2.7% ROE 11.0% 10.8% 9.0% 9.3% CRAR 40.7
Slide 44: Prudent Capital Allocation
Prudent Capital Allocation Helps to grab new Healthy returns at Large skin in the Helps in absorbing opportunities and foster 18.5% XIRR since game shocks in an uncertain the existing businesses FY14 environment Back to Business Segment Slide Click Here Think Equity. Think Motilal Oswal. www.motilal
Slide 45: Skin in the game: ₹10,600+ Cr
Skin in the game: ₹10,600+ Cr Investment in MOFSL manufactured products Sponsor Promoters ₹ 7,300+ ₹ 3,300+ Particulars (₹ Cr) 9MFY26 Cost MTM Treasury Investment 9,562 9,562 1,216 8,230 Less : Capital allocated across (6,248) operating businesses* 4,785 738 4,578 Net Worth of Treasury Segment 3,314
Slide 46: Highly experienced and pedigreed management team
Highly experienced and pedigreed management team Raamdeo Agarawal Motilal Oswal Navin Agarwal Board of Directors Chairman Board Member Board Member MD & CEO Group MD - MOFSL • Chartered Accountant • Chartered Accountant • CA, ICWA, CS, and CFA • Four decades of rich • decades of rich experience • Th
Slide 47: Highly experienced and pedigreed management team
Highly experienced and pedigreed management team Shalibhadra Shah Pankaj Purohit Niren Srivastava Neetu Juneja Siddharth Sureka Board Member Chief Technology Officer Chief Human Resource Officer Chief Compliance Officer Chief AI Officer Chief Financial Officer • Chartered Accountant • Bachelor in En
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. Key Technology Partners Think Equity. Think Motilal Oswal. ww
Slide 49: MOFSL's ESG initiatives
MOFSL’s ESG initiatives Environment • Installation of Sewage Treatment Plant (STP), VRF Air Conditioning System, Rain water Harvesting • 99.25% of total input material sourced from CRISIL upgraded System, Sensor based Urinal Pot & Taps. domestic suppliers within India • No plastic use in the office
Slide 50: Philanthropy
Philanthropy MO Research Centre MO Knowledge Centre State-of-the-art Executive Centre @ ISB @IIT Mumbai @IIM Mumbai Hyderabad campus Department of Anatomy at Shri State of the art farmer training institution Setting up of Plaksha University at Mohali, Campus for outstation Chartered Ramchandra Insti
Slide 51: Strategic Brand Leadership Initiatives
Strategic Brand Leadership Initiatives 30th year of iconic Wealth Creation Study Motilal Oswal Wealth Management Motilal Oswal Wealth Management was conducted by Raamdeo Agarawal. An Various educative content were rolled out to create awareness across social media to help Diwali Muhurat campaign was
Slide 52: 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 53: 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 54: 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 55: Digitization driving exponential retail participation
Digitization driving exponential retail participation Demat Accounts (in Cr) 0.5 Monthly addition Total (RHS) 20 0.4 15 0.3 Strong addition of Demat 10 accounts and SIP flows signal a 0.2 significant runway for sustained 0.1 5 growth with projections 0.0 0 indicating a trajectory ~30% for Dec-15 Dec
Slide 56: 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 57: 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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