Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q1 FY26 Earnings Presentation
56 slides from Motilal Oswal Financial Services's earnings presentation, Jul 24, 2025
Slide 1: Exchange filing cover letter for investor presentation
July 24, 2025 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.: Investor(s)/Analyst(s) Presentation – Finan
Slide 2: Investor Presentation Q1FY26
Motilal Oswal Financial Services Limited Investor Presentation Q1FY26 Think Equity. Think Motilal Oswal. 1 www.motilaloswalgroup.com
Slide 3: 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 4: Content
Content Compounding MOFSL Value Q1FY26 Machine Proposition Highlights Pg 04 - 09 Pg 10 - 12 Pg 13 - 41 Highly Professionalized Other (ESG, Philanthropy, Management Hiring) Pg 42 - 43 Pg 44 - 49 Think Equity. Think Motilal Oswal. 3 www.motilaloswalgroup.com
Slide 5: Raamdeo Agrawal
“MOFSL will benefit from multi-decadal tailwinds that India will witness in capital market businesses by maintaining leadership position & garnering more market share” “In March 2000, India’s market cap was just ₹7.5 Trillion (Today, 5 companies individually exceed that number). In March 2025, it is
Slide 6: MOFSL's Power of compounding demonstrated over 38 years
MOFSL’s Power of compounding demonstrated over 38 years Net Worth Trend 1987 1990-95 2006 2007 2010 2014 2018 2024 2025 Q1FY26 ₹1 lac ₹10 Cr ₹107 Cr ₹333 Cr ₹946 Cr ₹1,170 Cr ₹2,886 Cr ₹8,732 Cr ₹11,079Cr ₹12,537Cr Started as a Started Retail Capital raised Goes public. Asset Entered into Crossed 1
Slide 7: 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% 652 568 Net Worth in $Bn. 515 481 451 429 352 353 285 243 259 224 192 163 169 123 136 111 114 78 87 92 59 59 63 59 65 $25 mn. 24 32 9 11 12 17 0 1 Thin
Slide 8: MOFSL's Double-Engine model
MOFSL’s Double-Engine model Engine #1: Operating businesses • Asset-light Operating Businesses + Investments Book Engine #2: Treasury investments • • Skin in the game Highly liquid investments • Diversified revenue Double • Focus on healthy annual returns • Each business managed by Engine • Investme
Slide 9: MOFSL's Decadal Compounding Journey
MOFSL’s 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 MOFSL’s market cap Mar-15 Mar-25 Mar-15 Mar-25 Mar-15 Mar-25 has outperformed the Total Revenue in ₹ Cr Total PAT (incl OCI) in ₹ Cr Assets under Advi
Slide 10: MOFSL: Primed for growth
MOFSL: Primed for growth Engine #1: Operating businesses Robust Past Promising Future Operating PAT clocked 31% CAGR in last decade Operating PAT Optimistic about the future growth Engine #2: Treasury Investments Robust Past Promising Future Treasury Book posted 43% CAGR since inception investments
Slide 11: MOFSL's strong value proposition
MOFSL’s strong value proposition Strong Third-party Wealth Corporate Manufacturing Product Advisory Advisory capabilities distribution • Research led Broking • Insurance • Investment charter • IPO • Mutual Funds • Bonds • Alternate assets • Mergers & Acquisitions • PMS • Fixed Deposits • Credit solu
Slide 12: BIG Numbers @ MOFSL
BIG Numbers @ MOFSL Distribution Geographical RMs & Assets Under Clients Network Reach Research Team Advice 9,200+ 2,500+ business 2,000+ RMs ~6.5 lakh Cr AMC folios – External Wealth Locations serving 100+ research team 8.6+ mn. Managers Clients in 98% of pin Broking – codes 5.0+ mn. Above nos. are
Slide 13: MOFSL Business Segment
MOFSL Business Segment Wealth Capital Market Asset & Home Treasury Management* (IE + IB) Private Wealth Finance Investments Management** *Includes retail broking & distribution business | ** Includes AMC, PE/RE & PWM business | IE = Institutional Equities, IB – Investment Banking Think Equity. Think
Slide 14: Q1FY26 – Strong Performance Continues
Q1FY26 – Strong Performance Continues Assets under advice Net Operating Revenue Operating PAT Treasury Investments Net Worth 28% ₹ ~6.5 24% ₹ 1,412 21% ₹ 522 26% ₹ 8,853 ₹ 12,537 28% YoY lakh cr. YoY cr. YoY cr. YoY cr. YoY cr. Lending book ROE NSE Active Clients Total Clients Employees ₹ 12,700+ 48
Slide 15: Q1 Operating Profit Grew at 21% YoY
Q1 Operating Profit Grew at 21% YoY Segmental PAT (₹ Cr) Q1FY26 Q4FY25 Q3FY25 Q2FY25 Q1FY25 Wealth Management 174 191 190 225 177 YoY Growth % -2% -10% 16% 71% 69% Capital Market 94 67 61 73 57 YoY Growth % 64% 43% 50% 45% -4% Asset & Private Wealth Management 224 219 234 213 157 YoY Growth % 43% 4%
Slide 16: Highest Ever Quarterly PAT
Highest Ever Quarterly PAT Particulars (₹ Cr) Q1FY26 Q1FY25 YoY (%) Q4FY25 QoQ (%) Net Revenue - Wealth Management 568 532 7% 599 (5%) - Capital Market 207 134 54% 139 50% - Asset & Private Wealth Management 560 385 46% 486 15% - Housing Finance 100 91 10% 110 (9%) Total Net Revenues1 1,412 1,135 24
Slide 17: Diversified & Sustainable Revenue Streams
Diversified & Sustainable Revenue Streams Consolidated Net Revenue Mix Other Operating Annual Recurring Revenue (ARR) Distribution Transaction Based Revenue (TBR) Management Fees & Advisory NII Brokerage 1,412 55% 52% 42 305 1,135 42 111 327 212 75% 64% 371 398 48% 45% 406 359 Q1FY25 Q1FY26 Q1FY25 Q
Slide 18: Leveraging Strong Net Worth for Strategic Growth
Leveraging Strong Net Worth for Strategic Growth Q1FY26 Particulars (₹ Cr) June-25 Mar-25 SOURCES OF FUNDS Particulars (₹ Cr) Asset & 12,537 11,079 Wealth Capital Net Worth Private Wealth HFC Treasury Total Management Market Management Borrowings 15,675 14,743 Minority Interest 55 51 Net Worth 4,006
Slide 19: Wealth Management
Wealth Management No. 1 full service Strong blend of 1,400+ Extensive Geographical broking house by Consolidated Market share internal Relationship reach – 2,500+ gross brokerage Q1FY26 Managers and 9,200+ business locations revenue & highest Cash: 7.1% External Wealth covering clients across brokin
Slide 20: Extensive Network of Internal RM & External Wealth Managers
Extensive Network of Internal RM & External Wealth Managers 1,429 Internal Relationship 9,262 1.5 mn+ Per Client Per RM Managers External Wealth Total Active AUM- ₹ 2 mn AUM- ₹ 29 cr 74 Managers Clients Clients- 144 Branches Investor Presentation Q3FY25 & 9MFY25 Think Equity. Think Motilal Oswal. 19
Slide 21: Growing AUM Base
Growing AUM Base DP Distribution Lending Book 3,12,506 5,542 2,64,971 38,129 6,183 26,029 177 174 2,68,836 2,32,760 Jun'24 Jun'25 Q1FY25 Q1FY26 AUM Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 20 www.motilaloswalgroup.com
Slide 22: Focus to Grow Recurring Revenue Share
Focus to Grow Recurring Revenue Share Brokerage Distribution NII Other Operating Internal External 50% 47% 568 532 33 32 207 185 51% 66% 53% 50% 54 135 262 193 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Net Revenue Break-up by Products (₹ Cr.) Net Revenue Break-up by Channels* * External channel includes Franchise
Slide 23: Distribution Business – Firing on All Cylinders
Distribution Business – Firing on All Cylinders 24% 135 3,042 10% 54 1,449 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Distribution Revenue (₹ Cr.) Contribution of distribution in WM Net Sales (₹ Cr.) revenue (%) Think Equity. Think Motilal Oswal. 22 www.motilaloswalgroup.com
Slide 24: Asset & Private Wealth Management
Asset & Private Wealth Management Blend of Focused and leading Robust Investment AUM of ₹3.3 lakh Cr & Net manufacturing player in alternate and Risk Management sales of ~₹12,000 Cr and assets process in Q1FY26 distribution capabilities Think Equity. Think Motilal Oswal. 23 www.motilaloswalgroup.com
Slide 25: Asset & Private Wealth contributes 43% of Group PAT
Asset & Private Wealth contributes 43% of Group PAT ARR TBR 560 11,603 187 9,197 385 84 373 224 300 157 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Net Revenue Break-up (₹ Cr.) Net Sales (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 24 www.motilaloswalgroup.com
Slide 26: Asset Management
Asset Management Unlisted Private Equity + Quality Investment Listed Equities Real Estate Funds Fee earning AUM of Team with a MF + PMS + AIF (CAT II). ₹1.61 Lakh cr. successful track (CAT III) record Forayed in Private Credit business Think Equity. Think Motilal Oswal. 25 www.motilaloswalgroup.com
Slide 27: AUM Crossed 1.5 Lakh Cr Milestone
AUM Crossed 1.5 Lakh Cr Milestone AMC PE/RE 1,60,856 10,185 8,764 1,50,671 98,220 10,640 5,909 87,580 Jun'24 Jun'25 Q1FY25 Q1FY26 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Think Equity. Think Motilal Oswal. 26 www.motilaloswalgroup.com
Slide 28: Robust Revenue & PAT growth
Robust Revenue & PAT growth AMC PE/RE 277 44 199 234 136 36 163 97 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 27 www.motilaloswalgroup.com
Slide 29: Gain in Flows Market Share to Boost AUM Market Share
Gain in Flows Market Share to Boost AUM Market Share Asset Management One year performance * 3,437 8,469 Total No. of Strategies (MF + PMS + AIF) 16 No. of strategies outperformed benchmark 11 5,317 Mutual Fund 7 1,198 Alternates (PMS + AIF) 4 Outperforming Strategies basis AUM (%) 92% *Performance
Slide 30: Granular AUM With Growing Penetration
Granular AUM With Growing Penetration Individual AUM % of Total Unique Folios Penetration 85% 86% 9.0 18% 86% 90% 83% 1,20 ,000 82% 8.0 14% 15% 16% 1,00 ,000 80% 7.0 13% 14% 1,00,967 70% 6.0 12% 83,547 80,0 00 81,546 60% 10% 5.0 10% 60,0 00 66,398 50% 7% 8.5 7.8 4.0 8% 40,0 00 50,105 40% 3.0 6.7 6%
Slide 31: Private Equity & Real Estate
Private Equity & Real Estate Total earning AUM - ₹ 14,257 Cr. PE RE Fund Size in ₹ Cr. 550 1,000 2,300 4,500 490 1,030 1,150 1,200 1,850 27.5% 26.8% 24.0% 21.2% Gross IRR 20.2% 18.3% 17.9% 17.6% 17.3% IBEF I IBEF II IBEF III IBEF IV IREF II IREF III IREF IV IREF V IREF VI Exit IRR (%) Valued IRR (%)
Slide 32: Private Wealth Management
Private Wealth Management Integrated platform with solutions offering across asset Focus on catering to Growing clients High quality team of management, lending, the HNI & UHNI clients assets under 615 RMs; 3+ years investment banking with a net worth of management of vintage of 33% and institutiona
Slide 33: RM Vintage Improvement to Drive Productivity
RM Vintage Improvement to Drive Productivity 1,74,138 1,39,320 3,288 2,839 Jun'24 Jun'25 Q1FY25 Q1FY26 AUM (₹ Cr.) Net Sales (₹ Cr.) Think Equity. Think Motilal Oswal. 32 www.motilaloswalgroup.com
Slide 34: Robust Revenue and PAT Growth
Robust Revenue and PAT Growth ARR TBR 283 172 89 184 81 60 103 111 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 33 www.motilaloswalgroup.com
Slide 35: Focus on Improving Productivity and Margins
Focus on Improving Productivity and Margins Strengthening product Expanding Per RM capabilities, ₹10 Cr Per presence in 16,000+ Families AUM ₹283 Cr | targeting UHNI Family AUM Tier 2 locations Families 27 and Family Offices Think Equity. Think Motilal Oswal. 34 www.motilaloswalgroup.com
Slide 36: Capital Markets
Capital Markets Institutional Equity Investment Banking Covering 320 With best ever Strong team of 150+ Completed 16 deals companies across deal mandate pipeline, employees catering to with total issue size 25 sectors, valuing share in IB league table 890+ institutional of ₹29,500+ Cr during ~73% of
Slide 37: Ranked No.1 in QIP and No. 3 in IPO League Table
Ranked No.1 in QIP and No. 3 in IPO League Table ECM Ranking FY25 Q1FY26 207 (by No. of Issues) 94 134 IPOs 12th 3rd 57 QIPs 1st 1st IPOs + QIPs 6th 2nd Q1FY25 Q1FY26 Q1FY25 Q1FY26 Net Revenue (₹ Cr.) PAT (₹ Cr.) 36 Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 38: Home Finance
Home Finance Building retail Building retail granular book with Scalable operating Credit rating: AA with Sales RM Expanding RM granular book with wide geographical Model built on Positive outlook Strength to drive Wide geographical distribution and Holistic Technology (by all three credit rating Di
Slide 39: Strategic Investment Phase
Strategic Investment Phase Retail Loan Non-Retail 1,430 395 5,006 4,098 715 602 252 951 4,291 3,496 Jun'24 Jun'25 Jun'24 Jun'25 Q1FY25 Q1FY26 Disbursement (₹ Cr.) Loan Book (₹ Cr.) Sales RM 1,60 0 94 1,40 0 1,460 1,20 0 1,321 82 29 24 1,00 0 800 600 400 200 - Q1FY25 Q1FY26 Q1FY25 Q1FY26 Jun'24 Jun'2
Slide 40: Financial Metrics
Financial Metrics Parameters Q1FY26 Q1FY25 AUM (₹ Cr) 5,027 4,122 Yield 13.6% 14.0% COF 8.4% 8.4% Spread 5.2% 5.6% NIM 6.9% 7.3% Opex to AUM 4.7% 4.7% ROA 1.8% 2.6% ROE 6.6% 9.0% CRAR 40.8% 45.5% Net Leverage 2.3 2.0 GNPA 1.2% 1.2% NNPA 0.6% 0.6% 39 Think Equity. Think Motilal Oswal. www.motilaloswa
Slide 41: Treasury Investments
Treasury Investments Helps to grab new Healthy returns at Helps in absorbing opportunities and foster 20.1% XIRR since Skin in the game shocks in an uncertain the existing businesses FY14 environment Think Equity. Think Motilal Oswal. 40 www.motilaloswalgroup.com
Slide 42: Skin in the game- ₹11,000+ Cr.
Skin in the game- ₹11,000+ Cr. Investment in MOFSL manufactured products Sponsor Promoters ₹ 7,500+ ₹ 3,600+ Particulars (₹ Cr) Q1FY26 Cost MTM 8,853 Treasury Investment 8,853 908 4,753 7,021 Less : Capital allocated from (5,413) operating businesses 3,756 590 Net Worth of Treasury Segment 3,440 4,1
Slide 43: Highly Experienced and Pedigreed Management Team
Highly Experienced and Pedigreed Management Team Raamdeo Agrawal Motilal Oswal Navin Agarwal Chairman MD & CEO Group MD - MOFSL • Chartered Accountant • Chartered Accountant • CA, ICWA, CS, and CFA • Four decades of rich • decades of rich experience • Three decades of rich experience in research and
Slide 44: Highly Experienced and Pedigreed Management Team
Highly Experienced and Pedigreed Management Team Shalibhadra Shah Pankaj Purohit Niren Srivastava Sandeep Walunj Neetu Juneja Siddharth Sureka Chief Financial Officer Chief Technology Officer Chief Human Resource Officer Chief Marketing Officer Chief Compliance Officer Chief AI Officer • PDGM from I
Slide 45: MOFSL's ESG Initiatives
MOFSL’s ESG Initiatives Environment • Transformed office spaces by incorporating vertical gardens and live plants across all floors • Reduced paper waste by shifting to electronic • Recycled over 8 metric tonnes each of dry and Rating assigned communication and paperless processes by CRISIL has assi
Slide 46: Philanthropy
Philanthropy MO Research Centre MO Knowledge Centre State-of-the-art Executive Centre @ ISB @IIT Mumbai @IIM Mumbai Hyderabad campus Maharshi Vaishnav CEO, Motilal Oswal Foundation State of the art farmer training institution Setting up of Plaksha University at Mohali, Campus for outstation Chartere
Slide 47: Strategic Brand Leadership Initiatives
Strategic Brand Leadership Initiatives Old Logo New Logo ‘Khaas Mahurat, Khaas Basket’ Motilal Oswal AMC’s Investor Motilal Oswal AMC’s Investor awareness campaign for Diwali 2024 awareness initiative – WhyNot24? initiative – Children’s day SIP A special Diwali Mahurat Trading Stock Campaign to incr
Slide 48: Strategic Brand Leadership Initiatives
Strategic Brand Leadership Initiatives Motilal Oswal RIISE app campaign Motilal Oswal RIISE app performance Motilal Oswal R360 app campaign Motilal Oswal AMC brand campaign 6 series films; curated for awareness and campaign 5 series films were launched to nudge investors Sharp articulation to differ
Slide 49: Robust Digital Infrastructure
Robust Digital Infrastructure Data Science Technology Powered Growth AI-Enabled Alpha Generator - AI Reverse Comprehensive Smart Search Powered research Penny Drop, customer on mobile apps recommendation advanced onboarding - Chatbot powered by OCR integrated with Hyper LLM models for client technol
Slide 50: People Focus | Building MOFSL a Talent Powerhouse
People Focus | Continuing our Investments in Building MOFSL a Talent Powerhouse An expanding employee base to support our aspirations 13,270 ~23% Diversity levels 1,300+ Gross hires in Q1FY26 strong employee base across the group 60 + Senior hires in Q1FY26 With a focus on becoming a talent powerhou
Slide 51: 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 52: 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 Bn.) 30.0 27.4 India’s GDP is expected to grow from 25.0 22.9 $ 3.7 tn to an estimated $30 tn by 20.9 19.1 2047 17.4 15.9 14.5 13.3 12.1 11.1 9.2 10.1 7.7 8.4 6.4 7.0 5.4
Slide 53: Financialization of Savings Propelling equities
Financialization of Savings Propelling equities Total Indian Household assets $ 12.9 Tn (FY24) % of Household Assets in Equities 6.9 50.7% 6.4 6.9% 5.6 5.3 3.0% 5.6% 5.6% 3.9 3.8 3.4 15.0% 13.1% 2.9 2.8 2.7 2.2 2.2 Equities Cash Provident & Pension funds Insurance funds Bank deposits Gold Property F
Slide 54: MOFSL well geared to tap growing wealth opportunity in India
MOFSL well geared to tap growing wealth opportunity in India 2022 2027E 2027E No. of Individuals No. of Individuals Potential Wealth >1 bn 161 195 $195 Bn Billionaires Potential Wealth Opportunity >30 Mn 12,069 19,119 $574 Bn $2.5Tn UHNIs >1 Mn 797,714 1,651,272 $1,657 Bn HNIs Source: Knight Frank A
Slide 55: Digitization Driving Exponential Retail participation
Digitization Driving Exponential Retail participation Demat Accounts (in Cr) 0.5 20 Monthly addition Total (RHS) 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 Jun-15 Jun
Slide 56: 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 investorrelations@motilaloswal.com Company Website: www.motilaloswalgroup.com Past Transcripts & Investor Pres
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