Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q2 FY26 Earnings Presentation
57 slides from Motilal Oswal Financial Services's earnings presentation, Oct 30, 2025
Slide 1: Exchange filing cover letter
October 30, 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 – Fi
Slide 2: Investor Presentation Q2FY26 & H1FY26
Motilal Oswal Financial Services Limited Investor Presentation Q2FY26 & H1FY26 Think Equity. Think Motilal Oswal. 1 www.motilaloswalgroup.com
Slide 3: Content
Content Compounding MOFSL Value Q2FY26 & H1FY26 Machine Proposition Highlights Pg 03 - 08 Pg 9 - 10 Pg 11 - 44 Highly Professionalized Other (ESG, Philanthropy, Management Hiring) Pg 45 - 46 Pg 47 - 50 Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 2
Slide 4: 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% 670 652 Net Worth in $Bn. 568 515 481 451 429 352 353 285 243 259 224 192 163 169 111 123 114 136 78 87 92 59 59 63 59 65 $25 mn. 17 24 32 0 1 9 11 12
Slide 5: 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 H1FY26 ₹1 lac ₹10 Cr ₹107 Cr ₹333 Cr ₹946 Cr ₹1,170 Cr ₹2,886 Cr ₹8,732 Cr ₹11,079Cr ₹12,871Cr Started as a Started Retail Capital raised Goes public. Asset Entered into Crossed 1
Slide 6: MOFSL's Twin-Engine model
MOFSL’s Twin-Engine model Engine #1 Engine #2 Investments are used strategically for operating businesses OPERATING TREASURY BUSINESSES INVESTMENTS • Asset light Synergy • Skin in the game + • Diversified revenue Liquidity • Highly liquid investments • Each business is + • Focus on healthy annual ma
Slide 7: 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 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 cap has
Slide 8: Focus on Sustainable and Fee Based Revenue
Focus on Sustainable and Fee Based Revenue Share of Fees Based Revenue & NII increased to ~75% from ~58% in FY21 Revenue stream wise break-up H1FY26 FY25 FY24 FY23 FY22 FY21 Management & Advisory Fees 25% 21% 19% 18% 19% 20% Distribution Fees 19% 16% 12% 12% 12% 11% Net Interest Income 30% 31% 31% 3
Slide 9: MOFSL: Primed for growth
MOFSL: Primed for growth Engine #1: Operating businesses Robust Past Headroom to Gain Market Share Optimistic about the future growth with India AUM as Operating % of India GDP is much lower vs peers. PAT Operating PAT clocked 31% CAGR in last decade. • AMC: 20% in India vis-à-vis 80% in USA# • PWM:
Slide 10: MOFSL's strong value proposition
MOFSL’s strong value proposition Strong Wealth Corporate Product Manufacturing Advisory Advisory Distribution capabilities • Research led Broking • Insurance • Investment charter • IPO • Mutual Funds • Bonds • Alternate assets • Mergers & Acquisitions • PMS • Fixed Deposits • Credit solutions • Qual
Slide 11: BIG Numbers @ MOFSL
BIG Numbers @ MOFSL Distribution Geographical RMs & Assets Under Clients Network Reach Research Team Advice 9,340+ Extensive geographical 1,750+ RMs ~6.8 lakh Cr AMC folios – External Wealth reach through 100+ research team 9.4+ mn. Managers franchisee and branch Broking – 5.1+ mn. Above nos. are as
Slide 12: Long-term rating upgraded to AA+ (Stable) by ICRA
Long-term rating upgraded to AA+ (Stable) by ICRA Highest Rating amongst Non-Bank Domestic Capital Market Player by ICRA “ ICRA cited MOFSL’s strong market position, demonstrated ability to harness sector momentum, and continued strengthening of its franchise across capital market businesses while m
Slide 13: Motilal Oswal Strengthens Board with New Directors
Motilal Oswal Strengthens Board with 4 New Directors Directors Independent Directors Mr. Joseph Conrad Shri Ashok Kumar Pratik Oswal Vaibhav Agrawal Agnelo D’Souza P. Kothari Currently: Head - MF Passive Currently: CIO – Alternates - A senior HDFC Group - A senior IRS officer with 3 Business & Quant
Slide 14: Strengthening Market Leadership Position
Strengthening Market Leadership Position Ranking Market capitalization PAT Ranking (FY25) M-cap Rank ₹ 61,546 Crs* 99 amongst listed entities 171* *As on Oct 30,2025 Q2FY26 Operating & Financial Snapshot Assets under advice Net Operating Revenue Operating PAT Treasury Investments Net Worth 18% ₹ ~6.
Slide 15: Asset Mgmt. & PWM Drive Highest Ever Quarterly Operating PAT
Asset Mgmt. & PWM Drive Highest Ever Quarterly Operating PAT Particulars (₹ Cr) Q2FY26 Q2FY25 YoY (%) Q1FY26 QoQ (%) H1FY26 H1FY25 YoY (%) Net Revenue - Asset & Private Wealth Management 649 491 32% 567 14% 1,216 881 38% - Wealth Management 560 637 (12%) 567 (1%) 1,126 1,170 (4%) - Capital Market 20
Slide 16: Asset Mgmt. & PWM Contributes ~50% of Q2FY26 Group PAT
Asset Mgmt. & PWM Contributes ~50% of Q2FY26 Group PAT Segmental PAT (₹ Cr) Q2FY26 Q1FY26 Q4FY25 Q3FY25 Q2FY25 Asset & Private Wealth Management 290 230 219 234 213 YoY Growth % 36% 43% 4% 62% 63% Wealth Management 170 173 191 190 225 YoY Growth % -24% -2% -10% 16% 71% Capital Market 90 101 67 61 73
Slide 17: Diversified & sustainable revenue streams
Diversified & sustainable revenue streams Consolidated Net Revenue Mix Brokerage NII Management Fees & Advisory Distribution Transaction Based Revenue (TBR) Annual Recurring Revenue (ARR) Other Operating 2,888 82 53% 61% 54% 56% 567 2,511 93 292 756 498 77% 1,460 66% 1,370 800 44 901 51 262 47% 46%
Slide 18: Leveraging strong net worth for strategic growth
Leveraging strong net worth for strategic growth H1FY26 Particulars (₹ Cr) Sep-25 Mar-25 SOURCES OF FUNDS Particulars (₹ Cr) Asset & 12,871 11,079 Wealth Capital Net Worth Private Wealth HFC Treasury Total Management Market Management Borrowings 15,698 14,743 Minority Interest 60 51 Net Worth 3,088
Slide 19: MOFSL Business Segments
MOFSL Business Segments Asset & Private Wealth Wealth Capital Market Home Treasury 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, PMS & AIF) & Private Wealth Management Blend of Focused and leading Robust Investment AUM of ₹3.6 lakh Cr & Net manufacturing player in alternate and Risk Management sales of ₹27,000+ Cr and assets process in Q2FY26 distribution cap
Slide 21: 36% YoY Growth in Asset & PWM Operating PAT in Q2FY26
36% YoY Growth in Asset & PWM Operating PAT in Q2FY26 ARR TBR 1,216 39,238 337 520 881 27,369 221 375 649 24,910 491 147 290 137 879 15,320 213 660 502 354 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Net Revenue Break-up (₹ Cr.) Net Sales (₹ Cr.) PAT (₹ Cr.) T
Slide 22: 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). ₹1.77 Lakh cr. successful track (CAT III) record Forayed in Private Credit business Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 21
Slide 23: Strong net sales momentum for higher milestones
Strong net sales momentum for higher milestones AMC PE/RE 1,76,561 16,942 29,041 1,59,619 1,21,183 10,413 20,011 19,138 1,10,769 12,836 Q2FY25 Q2FY26 H1FY25 H1FY26 Sep'24 Sep'25 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Individual AUM % of Total 10.0 Unique Folios Penetration 17% 18% 83% 85% 86% 86% 85
Slide 24: Gain in flows market share to boost AUM market share
Gain in flows market share to boost AUM market share AMC Business (MF + PMS + AIF CAT III) SIP Flows (₹ Cr.) Net Flows (₹ Cr.) Three year performance * 7,685 22,477 Total No. of Strategies (MF + PMS + AIF) 11 18,773 No. of strategies outperformed benchmark 8 13,456 14,008 4,172 3,076 Mutual Fund 4 1
Slide 25: Robust revenue & PAT growth
Robust revenue & PAT growth AMC PE/RE 642 139 322 454 503 90 225 358 89 364 180 249 269 48 124 201 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 24
Slide 26: MO Alternates: Industry to grow 5x in next decade
MO Alternates: Industry to grow 5x in next decade 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 to double India in early stages will drive global from 15% currently to 25% in next decade. d
Slide 27: MO Alternates
MO Alternates Total earning AUM - ₹ 20,865 Cr. PE RE Fund Size in ₹ Cr. 550 1,000 2,300 4,500 490 1,030 1,150 1,200 1,850 27.7% 27.9% 26.8% Gross IRR 20.9% 20.2% 18.3% 17.9% 17.4% 17.3% IBEF I IBEF II IBEF III IBEF IV IREF II IREF III IREF IV IREF V IREF VI Exit IRR (%) Valued IRR (%) Expected FY27
Slide 28: Private Wealth Management
Private Wealth Management Focus on High quality Integrated platform catering to team of with solutions offering the HNI & Growing clients 380+ RMs; 3+ across asset UHNI clients assets under years management, lending, with a net management vintage of investment banking worth of of ₹1.87 lakh Cr 48% a
Slide 29: PWM TAM Expected CAGR of Mid-Teen over next 5 years
PWM TAM Expected CAGR of Mid-Teen over next 5 years No of Individual Investible Wealth Rs Tn CAGR CAGR 2024 2029 % 2024 2029 % UNHI ~2,500 ~3,800 ~12% ~85 Tn ~172 Tn ~16% Financial Wealth Bracket Rs 500 Crs+ HNI PWM Business has Financial Wealth Bracket ~25,000 ~40,000 ~12% ~16 Tn ~30 Tn ~14% TAM of
Slide 30: RM Vintage Improvement to Drive Productivity
RM Vintage Improvement to Drive Productivity PWM Business Net Sales grew by 3x YoY in Q2FY26 1,86,886 10,197 1,57,091 7,358 5,772 2,484 Sep'24 Sep'25 Q2FY25 Q2FY26 H1FY25 H1FY26 AUM (₹ Cr.) Net Sales (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 29
Slide 31: Robust Revenue and PAT growth
Robust Revenue and PAT growth ARR TBR 574 198 426 302 149 291 207 242 110 130 90 126 272 219 162 116 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com 30
Slide 32: Focus on improving productivity and margins
Focus on improving productivity and margins Strengthening product Expanding Per RM capabilities, ₹26 Cr Per presence in 7,000+ AUM ₹484 Cr | targeting UHNI Family AUM Tier 2 locations Relevant Families* Families 18 and Family Offices *Relevant Families are family with AUM of ₹ 1 Cr and above (ex-cus
Slide 33: Wealth Management
Wealth Management No. 1 full service Strong blend of 1,360+ Extensive Geographical broking house by Consolidated Market share internal Relationship reach through franchisee gross brokerage Q2FY26 Managers and 9,340+ and branch presence revenue & highest Cash: 7.1% External Wealth across the country
Slide 34: Extensive Network of Internal RM & External Wealth Managers
Extensive Network of Internal RM & External Wealth Managers 1,365 Internal Relationship 9,341 1.5 mn+ Per Client Per RM Managers External Wealth Total Active AUM- ₹ 2 mn AUM- ₹ 29 cr Managers Clients 75 Clients- 144 Branches Investor Presentation Q3FY25 & 9MFY25 Think Equity. Think Motilal Oswal. ww
Slide 35: Focus to grow recurring revenue share
Focus to grow recurring revenue share DP Distribution Lending Book Total Brokerage Distribution NII Other Operating 1,170 1,126 3,10,230 2,94,365 64 6,305 60 5,644 40,544 29,431 408 53% 459 637 67% 32 560 151 28 2,59,290 2,63,381 223 230 252 97 95 286 184 548 377 Sep'24 Sep'25 Q2FY25 Q2FY26 H1FY25 H
Slide 36: Distribution business – Firing on all cylinders
Distribution business – Firing on all cylinders Investment solution approach to clients with comprehensive 20% product offering. 6,121 17% Open Architecture distribution 15% model selling third-party 3,833 13% products too. 3,079 2,383 Huge cross-sell opportunity on client base of 5 mn (current cros
Slide 37: Capital Markets
Capital Markets Institutional Equity Investment Banking Covering 332 Strong team of 150+ Completed 39 Strong deal companies employees deals mandate across 26 catering to 890+ with total issue pipeline to drive sectors, valuing institutional size of ₹48,820+Cr future growth ~73% of India’s clients du
Slide 38: Premier Institutional Equities Franchise
Premier Institutional Equities Franchise Leading Institutional 332 Listed Co’s ~73% of India’s 890+ Institutional Under Active Across 26 Sectors 150+ Team Equity Coverage market-cap Clients Franchise No of Coverage Co’s will continue to Rise Some Initiations in 1HFY26 – Click for Full Report 332 302
Slide 39: Investment Banking: No 1 in IPO, QIP & Rights Issues league tables
Investment Banking: No 1 in IPO, QIP & Rights Issues league tables Some of the Marquee Deals Executed in 1HFY26 HDB Financial NSDL The Leela ECM Ranking ₹ 12,500 cr (IPO) ₹ 4,011cr (IPO) ₹3,500 cr (IPO) FY25 H1FY26 (by No. of Issues) IPOs 12th 1st Kaynes Technology Suzlon Jain Resource ₹ 2,225 cr (Q
Slide 40: Capital market business witness strong growth
Capital market business witness strong growth 425 308 191 209 130 174 90 73 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Net Revenue (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. 39 www.motilaloswalgroup.com
Slide 41: Home Finance
Home Finance Building retail Building granularretail book with Scalable operating Upgraded Credit rating: AA with to Sales RM Expanding RM Strong growth continues granular book with wide geographical Model built on AA+ withoutlook Positive Stable outlook Strength to drive across parameters Wide geog
Slide 42: Strong growth on higher base
Strong growth on higher base Retail Loan Non-Retail 1,60 0 1,575 5,161 1,499 1,40 0 4,209 658 1,20 0 1,353 1,00 0 574 4,503 800 3,636 1,048 600 400 200 - Sep'24 Sep'25 Sep-24 Sep-25 Sep'24 Sep'25 Net Worth (₹ Cr.) Loan Book (₹ Cr.) Sales RM 940 56 58 190 620 544 164 34 368 27 96 82 Q2FY25 Q2FY26 H1F
Slide 43: Financial Metrics
Financial Metrics Parameters Q2FY26 Q2FY25 H1FY26 H1FY25 AUM (₹ Cr) 5,236 4,233 5,236 4,233 Yield 13.3% 13.5% 13.3% 13.6% COF 8.2% 8.4% 8.3% 8.4% Spread 5.2% 5.1% 5.0% 5.2% NIM 6.9% 7.1% 6.9% 7.2% Opex to Total Assets 4.4% 4.4% 4.4% 4.4% ROA 2.5% 2.3% 2.1% 2.5% ROE 9.2% 8.0% 7.9% 8.6% CRAR 42.6% 45.
Slide 44: Treasury Investments
Treasury Investments Helps to grab new Healthy returns at Helps in absorbing opportunities and foster 18.7% XIRR since Large skin in the shocks in an uncertain the existing businesses FY14 game environment Back to Business Segment Slide Click Here Think Equity. Think Motilal Oswal. www.motilaloswalg
Slide 45: Skin in the game: ₹10,500+ Cr
Skin in the game: ₹10,500+ Cr Investment in MOFSL manufactured products Sponsor Promoters ₹ 7,100+ ₹ 3,400+ Particulars (₹ Cr) H1FY26 Cost MTM 8,957 1,286 Treasury Investment 8,957 7,891 Less : Capital allocated across (5,786) 4,331 operating businesses 701 4,641 628 Net Worth of Treasury Segment 3,
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 (SPT), 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 Maharshi Vaishnav MO Research Centre MO Knowledge Centre State-of-the-art Executive Centre @ ISB @IIT Mumbai @IIM Mumbai Hyderabad campus CEO, Motilal Oswal Foundation Department of Anatomy at Shri State of the art farmer training institution Setting up of Plaksha University at Mohali,
Slide 51: Strategic brand leadership initiatives
Strategic brand leadership initiatives Motilal Oswal Private Wealth New Brand Proposition Motilal Oswal WM Campaign Motilal Oswal Mutual Funds NFO’s Launched A new brand preposition was launched to bring alive Launched 2 films “next level” campaign that targeted new Launched New Fund Offers as part
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 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 54: Financialisation of savings propelling equities
Financialisation 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 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 Sep-15 Sep
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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