Motilal Oswal Financial Services Limited · NSE:MOTILALOFS
Motilal Oswal Financial Services — Q4 FY25 Earnings Presentation
57 slides from Motilal Oswal Financial Services's earnings presentation, Apr 25, 2025
Slide 1: Exchange filing cover letter for investor presentation
April 25, 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 – Fina
Slide 2: Investor Presentation Q4FY25 & FY25
Motilal Oswal Financial Services Limited Investor Presentation Q4FY25 & FY25 Think Equity. Think Motilal Oswal. 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 Q3FY25 & 9MFY25 Machine Proposition Highlights Pg 04 - 08 Pg 09 - 11 Pg 12 - 43 Highly Professionalized Other (ESG, Philanthropy, Management Hiring) Pg 44 - 45 Pg 46 - 50 Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 5: Raamdeo Agrawal on compounding
At MOFSL, we believe that companies seeking to consistently outperform need a simple, yet effective strategy “Compounding has been described as the eighth Wonder of the World. At MOFSL, we have designed the company around this concept. We have structured our business in a manner that would not only
Slide 6: MOFSL's power of compounding over 37 years
MOFSL’s Power of compounding demonstrated over 37 years Net Worth Trend 1987 1990-95 2006 2007 2010 2014 2018 2024 2025 ₹1 lac ₹10 Cr ₹107 Cr ₹333 Cr ₹946 Cr ₹1,170 Cr ₹2,886 Cr ₹8,732 Cr ₹11,079Cr Started as a Started Retail & Capital raised Goes public. Asset Entered into Crossed 1 mn Assets Under
Slide 7: 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 8: 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 9: 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 42% CAGR since inception investments
Slide 10: 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 11: BIG Numbers @ MOFSL
BIG Numbers @ MOFSL Distribution Geographical RMs & Assets Under Clients Network Reach Research Team Advice 9,100+ 2,500+ business 2,500+ RMs ~5.5 lakh Cr AMC folios – External Wealth Locations serving 100+ research team 7.8+ mn. Managers Clients in 98% of pin Broking – codes 4.8+ mn. Think Equity.
Slide 12: 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 13: FY25 – Strong Performance Continues
FY25 – Strong Performance Continues Assets under advice Net Operating Revenue Operating PAT Treasury Investments Net Worth 33% ₹ ~5.5 31% ₹ 5,161 31% ₹ 2,016 26% ₹ 7,730 ₹ 11,079 27% YoY lakh cr. YoY cr. YoY cr. YoY cr. YoY cr. Lending book* ROE NSE Active Clients Clients Employees 25% ₹ 12,114 83%
Slide 14: 30%+ CAGR in Operating PAT
30%+ CAGR in Operating PAT Segmental PAT (₹ Cr) FY25 FY24 FY23 FY22 FY21 CAGR (%) Wealth Management 783 613 464 407 259 32% YoY Growth % 28% 32% 14% 57% 57% Capital Market 258 196 82 107 62 43% YoY Growth % 31% 138% (23%) 73% 17% Asset & Private Wealth Management 824 607 452 449 322 26% YoY Growth %
Slide 15: Highest Ever Annual Operating PAT of ₹2,000 cr+
Highest Ever Annual Operating PAT of ₹ 2,000 cr+ Particulars (₹ Cr) Q4FY25 Q4FY24 YoY (%) Q3FY25 QoQ (%) FY25 FY24 YoY (%) Net Revenue - Wealth Management 599 559 7% 570 5% 2,339 1,790 31% - Capital Market 139 97 42% 151 (8%) 598 435 37% - Asset & Private Wealth Management 486 481 1% 551 (12%) 1,912
Slide 16: Diversified & Sustainable Revenue Streams
Diversified & Sustainable Revenue Streams Brokerage NII Transaction Based Revenue (TBR) Annual Recurring Revenue (ARR) Management Fees & Advisory 5,161 Distribution 214 Other Operating 813 57% 57% 55% 56% 3,943 181 459 1,071 71% 750 ` 66% 1,618 1,252 43% 43% 45% 44% 1,209 1,311 58 53 170 285 236 277
Slide 17: Leveraging Strong Net Worth for Strategic Growth
Leveraging Strong Net Worth for Strategic Growth FY25 Particulars (₹ Cr) Mar-25 Mar-24 SOURCES OF FUNDS Particulars (₹ Cr) Asset & 11,079 Wealth Capital Net Worth 8,732 Private Wealth HFC Treasury Total Management Market Management Borrowings 14,743 13,762 Minority Interest 51 37 Net Worth 3,785 765
Slide 18: Wealth Management
Wealth Management No. 1 full service broking house by Strong blend of 1,800+ Extensive Geographical Market share FY25 gross brokerage internal Relationship reach – 2,500+ Cash: 7.6% revenue & highest Managers and 9,100+ business locations F&O Premium Turnover: broking ARPU in the External Wealth cov
Slide 19: Extensive Network of Internal RM & External Wealth Managers
Extensive Network of Internal RM & External Wealth Managers 1,804 Internal Relationship 9,191 1.6 mn+ Per Client Per RM Managers External Wealth Total Active AUM- ₹ 2 mn AUM- ₹ 24 cr 77 Managers Clients Clients- 154 Branches Investor Presentation Q3FY25 & 9MFY25 Think Equity. Think Motilal Oswal. ww
Slide 20: Resilient Performance
Resilient Performance DP Distribution 783 Lending Book 2,64,892 4,616 613 31,551 2,01,743 4,988 23,715 2,28,726 1,73,040 211 191 Q4FY24 Q4FY25 FY24 FY25 Mar'24 Mar'25 AUM Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 21: Growing Recurring Revenue Share
Growing Recurring Revenue Share Brokerage Internal External Distribution NII 2,339 Other Operating 129 52% 41% 49% 45% 1,790 836 124 60% 610 51% 59% 435 55% 51% 48% 206 599 559 30 34 185 212 78 187 266 166 850 939 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Net Revenue Break-up by Products (₹ Cr
Slide 22: Distribution Business – Firing on All Cylinders
Distribution Business – Firing on All Cylinders 435 31% 10,651 19% 206 187 14% 11% 3,833 78 2,588 1,270 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Distribution Revenue (₹ Cr.) Contribution of distribution in WM Net Sales (₹ Cr.) revenue (%) Think Equity. Think Motilal Os
Slide 23: Asset & Private Wealth Management
Asset & Private Wealth Management Blend of Focused and leading Robust Investment AUM of ₹2.8 lakh Cr & Net manufacturing and player in alternate and Risk Management sales of ₹65,000+ Cr distribution assets process in FY25 capabilities Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 24: Asset & Private Wealth contributes 40%+ of Group PAT
Asset & Private Wealth contributes 40%+ of Group PAT ARR TBR 1,912 823 65,202 516 1,447 607 387 1,397 1,060 1% 4% 482 486 14,607 210 219 119 121 362 365 5,688 14,390 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Net Revenue Break-up (₹ Cr.) Net Sales (₹ Cr.) PAT (₹ Cr.) Thi
Slide 25: Asset Management
Asset Management Unlisted Quality Investment Listed Equities Private Equity + Fee earning AUM of Team with a MF + PMS + AIF Real Estate Funds ₹1.33 Lakh cr. successful track (CAT III) (CAT II) record Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 26: Strong Net Flows Driving AUM Growth
Strong Net Flows Driving AUM Growth AMC PE/RE 1,33,287 9,890 1,23,397 48,291 81,858 10,049 71,810 10,523 4,050 4,956 Mar'24 Mar'25 Q4FY24 Q4FY25 FY24 FY25 AUM Break-up (₹ Cr.) Net Sales (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 27: Robust Revenue & PAT growth
Robust Revenue & PAT growth AMC PE/RE 992 194 741 503 798 191 357 550 253 271 58 76 144 212 130 178 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 28: 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 * Particulars Q4FY24 Q4FY25 FY24 FY25 Total No. of Strategies (MF + PMS + AIF) 16 No. of strategies outperformed benchmark 10 SIP Market Share* 1.7% 4.2% 1.5% 3.2% Mutual Fund 6 MF Gross Sales Market Share 1.7
Slide 29: Granular AUM with growing penetration
Granular AUM with growing penetration Individual AUM % of Total Unique Folios Penetration 83,547 14% 9.0 16% 81,546 90,0 00 87% 13% 8.0 14% 80,0 00 86% 66,398 7.0 7.8 86% 70,0 00 12% 10% 85% 60,0 00 85% 60% 6.0 6.7 50,105 10% 84% 7% 5.0 50,0 00 40,131 6% 5.0 8% 83% 4.0 40,0 00 83% 82% 6% 3.4 3.0 82%
Slide 30: Private Equity & Real Estate
Private Equity & Real Estate Total earning AUM - ₹ 14,033 Cr. Market value* of AUM - ₹ 17,882 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% 27.7% 26.8% 25.2% Gross IRR 20.2% 19.5% 17.8% 17.5% 17.9% IBEF I IBEF II IBEF III IBEF IV IREF II IREF III IREF IV IREF V
Slide 31: 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 595 RMs; 3+ years investment banking with a net worth of more management of vintage of 33% and institu
Slide 32: RM Vintage Improvement to Drive Productivity
RM Vintage Improvement to Drive Productivity 1,44,325 16,911 1,23,969 9,433 4,084 1,638 Mar'24 Mar'25 Q4FY24 Q4FY25 FY24 FY25 AUM (₹ Cr.) Net Sales (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 33: ARR contributes ~50% of Revenue
ARR contributes ~50% of Revenue ARR TBR 920 321 472 705 250 366 449 339 228 216 80 75 109 105 120 111 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Net Revenue Break-up (₹ Cr.) PAT (₹ Cr.) Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 34: Focus on Improving Productivity and Margins
Focus on Improving Productivity and Margins Strengthening product Expanding Per RM AUM capabilities, ₹9 Cr Per presence in 15,000+ Families ₹243 Cr | targeting UHNI Family AUM Tier 2 locations Families 27 and Family Offices Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 35: Capital Markets
Capital Markets Institutional Equity Investment Banking Covering 300+ With new leadership Strong team of 145+ Completed 39 deals companies across team and best ever employees catering to with total issue size 25 sectors, valuing mandate pipeline, 880+ institutional of ₹51,000+ Cr during ~73% of Indi
Slide 36: Ranked No.1 in FY25 QIP League Table
Ranked No.1 in FY25 QIP League Table 598 Varun Beverages PNB Five Star Finance ₹ 7,500 cr (QIP) ₹ 5,000 cr (QIP) ₹4,500 cr (Block Deal) 435 Dr. Agarwals Eye Bank of Maharashtra Hospital Acme Solar ₹ 3,500 cr (QIP) ₹ 3,027 cr (IPO) ₹ 2,900 cr (IPO) 258 196 PNB Housing Finance 360 One WAM Niva Bupa ₹2
Slide 37: Home Finance
Home Finance Building retail Scalable operating Credit rating: AA with Sales RM Expanding RM granular book with Model built on Positive outlook Strength to drive wide geographical Wide geographical Holistic Technology (by all three credit rating Disbursement growth distribution and Usage agencies) m
Slide 38: Momentum Across Disbursement, Loan book & Sales Distribution
Momentum Across Disbursement, Loan book & Sales Distribution Retail Loan Non-Retail 1,329 1,794 4,857 727 925 4,048 633 1,006 781 4,130 3,416 480 Q4FY24 Q4FY25 FY24 FY25 Mar'24 Mar'25 Mar-24 Mar'25 Disbursement (₹ Cr.) Loan Book (₹ Cr.) Sales RM 37 Think Equity. Think Motilal Oswal. www.motilaloswal
Slide 39: Strategic Investment Phase: Growth in Net Worth & NII
Strategic Investment Phase: Growth in Net Worth & NII, Controlled PAT Impact 1,60 0 343 1,40 0 1,429 312 1,20 0 1,287 1,00 0 133 130 800 600 400 91 78 37 200 32 - Mar'24 Mar'25 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Net Worth (₹ Cr.) Net Interest Income (₹ Cr.) PAT* (₹ Cr.) *investment in c
Slide 40: Driving Productivity and Operational Efficiency
Driving Productivity and Operational Efficiency 40. 00 35. 00 36.88 30. 00 30.77 25. 00 10.99 15% 20. 00 15. 00 12% 10. 00 6.20 5.0 0 2.57 4.12 0.0 0 Q4FY24 Q4FY25 FY24 FY25 FY24 FY25 FY24 FY25 Retail Loan Book/Branch (₹ Cr.) Retail Disbursement/Branch (₹ Cr.) Opex to Total Disbursement Think Equity
Slide 41: Pristine Asset Quality
Pristine Asset Quality 4.2% 172 2.9% 142 2.6% 2.0% 105 96 0.8% 0.9% 41 35 FY 24 FY 25 FY 24 FY 25 FY 24 FY 25 1+DPD (₹ Cr.) 30+DPD (₹ Cr.) 90+DPD (₹ Cr.) -DPD as a % of Loan Book` Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 42: Financial Metrics
Financial Metrics Parameters Q4FY25 Q4FY24 FY25 FY24 AUM (₹ Cr) 4,878 4,074 4,878 4,074 Yield* 13.5% 14.0% 13.7% 14.2% COF 8.3% 8.4% 8.4% 8.3% Spread 5.2% 5.6% 5.3% 5.9% NIM 7.2% 7.1% 7.3% 7.6% Cost/Income 55.7% 53.9% 56.2% 45.9% ROA 2.9% 2.9% 2.8% 3.2% ROE 10.4% 10.1% 9.6% 10.9% CRAR 40.8% 45.4% 40
Slide 43: Treasury Investments
Treasury Investments Helps to grab new Healthy returns at Helps in absorbing opportunities and foster 17.9% XIRR since Skin in the game shocks in an uncertain the existing businesses FY14 environment Think Equity. Think Motilal Oswal. www.motilaloswalgroup.com
Slide 44: Skin in the game - ₹10,000+ Cr.
Skin in the game- ₹10,000+ Cr. Investment in MOFSL manufactured products Sponsor Promoters ₹ 6,800+ ₹ 3,200+ Cost MTM 1,451 1,084 7,730 1,116 6,113 3,742 478 123 3,076 406 3,987 -538 3,037 -743 Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25 Mar'24 Mar'25 Treasury Investments (₹ Cr.) Gross Revenue*
Slide 45: 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 46: 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 47: MOFSL's ESG Initiatives
MOFSL’s ESG Initiatives Environment • Food wastage awareness drive in the head office • We ensure that we fund projects that are on non- Rating assigned • More than 80% of servers are in virtual environment, which agricultural and/or non-forest lands, with all by CRISIL has assigned to reduces elect
Slide 48: Philanthropy
Philanthropy MO Research Centre MO Knowledge Centre Free education to 108 meritorious, @IIT Mumbai @IIM Mumbai marginalized students from 14 States at Mewar University Maharshi Vaishnav joined as a CEO, Motilal Oswal Foundation State of the art farmer training institution Setting up of Plaksha Unive
Slide 49: 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 50: Robust Digital Infrastructure
Robust Digital Infrastructure Digital products Data Science • RISE - Super app a one-stop shop for all financial needs • AI enabled smart search on mobile apps • Research 360 Subscriptions to monetize strong • Hyper personalization of all digital campaigns research capabilities • Alpha Generator - A
Slide 51: People Focus: Building a Talent Powerhouse
People Focus | Continuing our Investments in Building MOFSL a Talent Powerhouse An expanding employee base to support our aspirations ~13,540 (20% up YoY) ~23% Diversity levels 8,700+ Gross hires in FY25 strong employee base across the group 390 + Senior hires in FY25 With a focus on becoming a tale
Slide 52: Annexures: Strong Industry Tailwinds
Annexures Strong Industry Tailwinds Wealth Economic Financialization of Digitization Driving Management take-off: India Savings Propelling Exponential Retail Opportunities in likely to retain equities participation India its position as world’s fastest- Growing major Investor Presentation economy Q3
Slide 53: 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 54: Economic takeoff: India's growth outlook
‘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 55: 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 56: Digitization Driving Exponential Retail participation
Digitization Driving Exponential Retail participation Demat Accounts (in Cr) 0.5 20 0.5 Monthly addition Total (RHS) 18 0.4 16 0.4 14 0.3 12 Strong addition of Demat 0.3 0.2 10 8 accounts and SIP flows signal a 0.2 6 significant runway for sustained 0.1 4 0.1 2 growth with projections 0.0 Mar-15 Mar
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 investorrelations@motilaloswal.com Company Website: www.motilaloswalgroup.com Past Transcripts & Investor Pres
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