Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q1 FY2027 Earnings Presentation
58 slides from Motilal Oswal Financial Services's earnings presentation, Jul 23, 2026
Slide 1: Exchange filing cover letter
July 23, 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) Pres
Slide 2: Press release: 14% Operating PAT growth in Q1FY27
Motilal Oswal Financial Services reports 14% Operating Profit After Tax (PAT) Year-On-Year Growth in Q1FY27 led by 73% Asset Management Q1 Annual Recurring Revenue (ARR) share continues to rise to 66% Mumbai, July 23, 2026: Motilal Oswal Financial Services Ltd. (MOFSL) reported its highest-ever quar
Slide 3: Press release: Crisil rating upgrade and track record
• Crisil upgraded our long-term credit rating to AA+ Stable. This reflects the strength of our franchise and the resilience of our business model which are designed to deliver sustainable growth across market cycles. • Focus on annuity revenues have led to a contribution of 66%, improving quality an
Slide 4: Motilal Oswal Financial Services Q1FY27
Motilal Oswal Financial Services Limited Investor Presentation Q1FY27 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 5: Table Of Content
Table Of Content Pg Pg Pg Pg 03 - 04 05 - 09 10 - 42 43 - 47 Compounding MOFSL Value Q1FY27 Highlights Others (Tech, ESG, Machine Proposition Philanthropy)
Slide 6: MOFSL's Power of Compounding
MOFSL’s Power of Compounding Demonstrated over ~4 Decades Net Worth Trend Rating Upgrade to Assets Under AA+ Stable by Entered into Advice (AUA) ICRA, first amongst Affordable Housing crossed ₹ 4 Tn Non-Bank Capital Goes public. The Finance Business and mark Market Player. Started Retail & IPO was s
Slide 7: MOFSL's Strong Decadal Compounding Journey
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 8: 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 Leading player in multiple Investments providing capital market businesses synerg
Slide 9: MOFSL Delivers 28% Networth CAGR Over Past 6 Years
MOFSL Delivers 28% Networth CAGR Over Past 6 Years Since 2020: Alpha of 16% ` Motilal Oswal: 38% v/s Nifty 500: 22% 14,429 12,888 11,079 8,732 6,252 5,674 4,461 3,086 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1FY27 MOFSL Net Worth (in ₹ Cr) 6
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 Proven Capital Intensity Model – Berkshire Hathaway. of the Unmatched Capital Intensity of the Record in Indian Markets. businesses is rising businesses
Slide 11: 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%+ ₹ 7.9+ • Mutual Funds • Private Equi
Slide 12: Future Journey Will Be More Exciting
Future Journey Will Be 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 • Unique growth style focused AMC • Expanded into Private Credit. To • Top Tier PWM with
Slide 13: Crisil Upgrades Long-term Credit Rating to AA+ (Stable)
Crisil Upgrades Long-term Credit Rating to AA+ (Stable) Highest Credit Rating amongst Non-Bank Domestic Capital Market Player by CRISIL “ Crisil cited the continued growth in the group’s business verticals, strong market position across businesses, sustained improvement in the group's business risk
Slide 14: Q1FY27 – Continued Growth In Operating Earnings
Q1FY27 – Continued Growth In Operating Earnings Ranking Market capitalization PAT Ranking1 M-cap Rank ₹ 56,777 Crs* 160 amongst listed entities 190* 1 TTM for period from Apr’25 to Mar’26 *As on July 22,2026 Q1FY27 Operating & Financial Snapshot Assets under advice Net Operating Revenue Operating PA
Slide 15: Focus on Sustainable and Fee Based Revenues
Focus on Sustainable and Fee Based Revenues Substantial Share of Fees Based Revenues at ~41% and rising ARR revenue share at ~66% Revenue stream wise break-up Q1FY27 FY26 FY25 FY24 FY23 FY22 Management & Advisory Fees 30% 26% 21% 19% 18% 19% Distribution Fees 11% 16% 15% 11% 11% 11% Net Interest Inc
Slide 16: Asset & PWM Continues To Drive Group's Growth Momentum
Asset & PWM Continues To Drive Group’s Growth Momentum Asset & PWM Grew by 27% on YoY on rising AUM Particulars (₹ Cr) Q1FY27 Q1FY26 YoY (%) Q4FY26 QoQ (%) FY26 Net Revenue - Asset & Private Wealth Management 718 567 27% 677 6% 2,560 - Wealth Management 571 568 - 608 (6%) 2,310 - Capital Market 160
Slide 17: Asset & PWM Contributes ~55% of Q1FY27 Group Operating PAT
Asset & PWM Contributes ~55% of Q1FY27 Group Operating PAT Segmental PAT (₹ Cr) Q1FY27 Q4FY26 Q3FY26 Q2FY26 Q1FY26 Asset and Private Wealth Management 335 337 309 290 230 YoY Growth (%) 46% 48% 32% 36% 42% Wealth Management^ 161 204 181 170 173 YoY Growth (%) (7%) 7% (5%) (24%) (2%) Capital Market 7
Slide 18: 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 Transaction Based Revenue (TBR) Brokerage NII Mgmt. Fees & Advisory Distribution Other Op. Annual Recurring Revenue (ARR) 1,538 1,430 65 49% 34% 46
Slide 19: Strong Balance Sheet For Operating Businesses Future Growth
Strong Balance Sheet For Operating Businesses Future Growth Q1FY27 Particulars (₹ Cr) Asset & Private Wealth Capital Total Wealth HFC Treasury Total Management Market Operating Management Net Worth 3,725 5,401 479 1,585 11,190 3,239 14,429 Operating PAT 335 161 76 31 609 904 1,513 Operating RoE* 37%
Slide 20: 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 21: 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 ₹4.5 lakh Cr & Net sales of ₹10,000+
Slide 22: AMC & PWM Segment Driving Group's Profitability
AMC & PWM Segment Driving Group’s Profitability 46% YoY Growth in Asset & PWM Operating PAT in Q1FY27 ARR TBR 718 335 128 567 11,900 189 230 10,325 591 377 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Net Revenue Break-up (₹ Cr.) Net Sales (₹ Cr.) PAT (₹ Cr.) 19
Slide 23: 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 ₹2.12 Lakh Cr. 4 Quality Investment Team with a successful track record
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 MO Alternates 2,11,828 21,784 1,61,610 10,939 9,030 6,396 1,50,671 1,90,044 Q1FY26 Q1FY27 Jun'25 Jun'26 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Individual AUM % of Total Unique Folios
Slide 25: Gain in Flows Market Share Drives AUM Market Share
Gain in Flows Market Share Drives AUM Market Share Strong Market Share gains QoQ AMC Business SIP Flows (₹ Cr.) Net Flows (₹ Cr.) Three year performance * Total No. of Strategies (MF + PMS + AIF) 11 4,064 3,513 No. of strategies outperformed benchmark 8 8,469 Mutual Fund 3 5,517 Alternates (PMS + AI
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 12 Schemes More products for customers. More Funds with longer Vintages: 6 FM hired in the past 24 months 12 Mutual Fund schemes launched in in Fund Management Team • 6 Funds 3Yr+ the past 24 m
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 Fee earning Closing AUM - ₹ 20,643 Cr. Private Equity Real Estate Private Credit Fund Size in 1,150 1,200 2,000 3,000 550 1,001 2,300 4,500 490 1,030 ₹ Cr. 26.0% 25.9% Second close of maiden Private 21.9% Credit F
Slide 29: Asset Management Business Drives Group's Profitability
Asset Management Business Drives Group’s Profitability Continue to Deliver Robust Revenue & PAT Growth AMC MO Alternates 443 146 70% 245 66% 285 51 141 297 234 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Net Revenue Break-up (₹ Cr.) PBT Margin(%) PAT (₹ Cr.) Motilal Oswal | Asset Management 26
Slide 30: 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 441 RMs; 3+ years vintage of 32% Integrated platform with solutions offering across asset 3 management, lending, investment banking & in
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 CAGR CAGR 2024 2029 2024 2029 % % MO’s PWM Business Ultra High Networth Individual (UHNI) • Full-stack solution Financial Wealth Bracket ~2,500 ~3,800 ~12% ~85 Tn ~172 Tn ~16% • Business aligned with client
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 2,39,305 3,929 1,74,138 2,870 Q1FY26 Q1FY27 Jun'25 Jun'26 AUM (₹ Cr.) Net Sales (₹ Cr.) ARR TBR ARR growth 42% YoY in Q1FY27 283 276 89 90 119 172 157 111 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Net Re
Slide 33: Focus on improving productivity and margins
Focus on improving productivity and margins ₹25 Cr Per Strengthening 9,485 Family AUM Launched MO product capabilities, Expanding presence Private Wealth App Relevant targeting UHNI and in Tier 2 locations Per RM for digital Family* Family Offices AUM ₹543 Cr / engagement Family *Relevant Families a
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 ~59% of Net Revenue . Extensive Geographical reach through franchisee and 3 branch presence acros
Slide 35: Strong Franchise With Large Base of Internal RM & External Wealth Managers
Strong Franchise With Large Base of Internal RM & External Wealth Managers 1,070+ Internal Relationship 7,610 ~1.5 mn Per Client Per RM Managers External Wealth Total Active AUM- ~₹39 cr AUM- ~₹2 mn Managers Clients Clients- 174 78 Branches motilal oswal | wealth management
Slide 36: Focus to Grow Recurring Revenue Share
Focus to Grow Recurring Revenue Share Distribution & NII contributing ~57% of Net Revenue Brokerage Distribution Distribution Business NII Other Operating Distribution Lending Book Investment solution approach to clients with comprehensive product offering. Q1FY27 distribution income moderated due t
Slide 37: Capital Markets
Capital Markets Covering 384 companies across 28 sectors, valuing 1 ~75% of India’s market-cap Strong team of 160+ employees catering to 900+ 2 institutional clients Completed 11 deals with total issue size of ₹ 10,200Cr+ 3 during Q1FY27 4 Strong deal mandate pipeline to drive future growth
Slide 38: Premier Institutional Equities Franchise
Premier Institutional Equities Franchise Covering 380+ Companies & Growing Leading Institutional Equity Franchise No of Coverage Co’s will continue to Rise Accelerated momentum on adding coverage 384 366 384 Listed Co’s Across 28 Sectors 302 Under Active Coverage 264 233 234 910+ Institutional 204 ~
Slide 39: Investment Banking: #2 in Q1FY27 Capital Markets League Table
Investment Banking: #2 in Q1FY27 Capital Markets League Table Strong deal pipeline to drive future growth Some of the Marquee Deals Executed in Q1FY27 Raajmarg InvIT Indus Infra Trust Ola Electric ₹ 6,000cr (IPO) ₹ 1,700 cr (QIP) ₹ 780 cr (QIP) Kusumgar CMR Green Tanfac Industries ₹ 650 cr (IPO) ₹ 6
Slide 40: 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 41: Sustainable growth momentum
Sustainable growth momentum Driven by consistent spreads and healthy asset quality Retail Non Retail Retail Non Retail 6,312 523 6,164 646 5,027 972 197 715 395 449 5,192 111 4,312 284 Q1FY26 Q1FY27 Q1FY26 Q1FY27 AUM (₹ Cr.)1 Disbursement (₹ Cr.) GNPA NNPA Portfolio Yield COB 1.3% 13.8% 13.6% 1.1% 0
Slide 42: Robust Financial Performance
Robust Financial Performance Strong capitalization with healthy return matrix 1644 32 109 1460 94 24 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Net Worth (₹ Cr.) Net Interest Income(₹ Cr.) PAT (₹ Cr.) + 140 bps + 20 bps + 0.3x 8.0% 2.0% 6.6% 2.8 1.8% 2.5 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Gear
Slide 43: Housing Finance: ROE Tree
Housing Finance: ROE Tree Parameters Q1FY26 Q1FY27 Interest income 12.8% 12.8% Interest expense 5.8% 5.9% NII 7.0% 6.9% Add: Other Income 0.4% 1.3% Total Income 7.4% 8.2% Less: Opex 4.3% 4.5% PPOP 3.1% 3.7% Less: Credit Cost 0.8% 1.0% PBT 2.3% 2.7% PAT/ROA 1.8% 2.0% Leverage 3.8 3.9 ROE 6.6% 8.0% CR
Slide 44: Prudent Capital Allocation
Prudent Capital Allocation Healthy returns at 17% 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 45: Skin in the game: ₹11,000+ Cr
Skin in the game: ₹11,000+ Cr Investment in MOFSL manufactured products Sponsor Promoters ₹ 7,700+ ₹ 3,300+ Particulars (₹ Cr) Q1FY27 Cost MTM Treasury Investment 10,482 10,482 Less : Capital allocated across operating (7,243) 8,616 businesses* 4,874 896 904 Net Worth of Treasury Segment 3,239 4,692
Slide 46: Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India
Healthy Balance Sheet for Multi-Trillion Dollar Opportunities in India Particulars (in ₹ Crs) Jun-26 Mar-26 Particulars (in ₹ Crs) Jun-26 Mar-26 II. LIABILITIES AND EQUITY I. ASSETS : Liabilities 1. Financial Assets 1. Financial Liabilities (a) Cash, cash equivalents and Bank Balance 11,326 13,483 (
Slide 47: 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.
Slide 48: AI at the Core of Motilal Oswal
AI at the Core of Motilal Oswal From client advisory to code — intelligence embedded across the enterprise 70–80% ~2x Majority 100% Engineering Faster speed Support mails Multilingual calls productivity uplift to market AI-resolved AI-surveilled ADVISE SERVE PROTECT BUILD Client Intelligence Always-
Slide 49: Strategic Brand Leadership Initiatives
Strategic Brand Leadership Initiatives Motilal Oswal Wealth Management Podcast Motilal Oswal Asset Management NFO launch Created a series of podcasts that sparked meaningful conversations New active & 2 index fund NFO’s were launched around wealth-building principles for a serious, mature audience M
Slide 50: MOFSL's ESG initiatives
MOFSL’s ESG initiatives Launched an online ESG profile platform, which adheres to international CRISIL Rating - “STRONG” SES ESG Rating - "A" frameworks such as IFC, GRI, SASB, CDP, etc. ESG Page Link for More Information Environment Social Governance • Adopted ESG Vision 2030 to drive long-term sus
Slide 51: 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 52: Annexures: Strong Industry Tailwinds
Annexures Strong Industry Tailwinds Economic take-off: India likely to retain Financialization of Digitization Driving Wealth its position as Savings Propelling Exponential Retail Management world’s fastest- equities participation Opportunities in Growing major India economy
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 Trillion) 16.9 15.5 India’s GDP is expected to grow from USD 3.9 tn to 14.2 13.1 an estimated USD 17 tn by 2042 12.0 11.0 10.1 9.3 8.5 7.8 7.1 6.6 2nd tn 5.5 6.0 1st tn 4.
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% 3.8 3.9 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) 0.6 25 Monthly addition Total (RHS) 0.5 20 0.4 15 Strong addition of Demat accounts and 0.3 SIP flows signal a significant runway for 0.2 10 sustained growth with projections 0.1 5 indicating a trajectory ~25% for the 0.0 0
Slide 56: 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 57: 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 58: 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
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