Motilal Oswal Financial Services (MOTILALOFS) Q1 25/26 earnings summary

Executive summary

• Achieved highest-ever quarterly profit after tax at INR 1,430 crore (up 40% YoY) for Q1 FY26, with strong growth across all business segments.

• Operating profit after tax grew 21% YoY to INR 522 crore; net operating revenue rose 24% YoY to INR 1,412 crore.

• Crossed 13.6 million customers, with assets under advice at INR 6.5 lakh crore, up 28% YoY.

• Fee-based revenue contribution increased to 44% of total revenues; annual recurring revenues now 52% of net revenues.

• Market capitalization stood at INR 55,850 crore as of July 2025.

Financial highlights

• Asset management equity AUM reached INR 1.5 lakh crore, with gross flows up 60% YoY to INR 14,568 crore.

• Alternative AUM grew nearly 30% to INR 33,810 crore; SIP flows at INR 3,437 crore for the quarter.

• Housing finance AUM crossed INR 5,000 crore, up 22% YoY; disbursements grew 57% to INR 400 crore.

• Treasury investments delivered PAT of INR 908 crore in Q1 FY26, with compounded IRR over 20% since inception.

• Broking cash volume market share at 7.1%, F&O premium market share at 7.9%, total ADTO market share at 7.5%.

Outlook and guidance

• Strong deal pipeline in capital markets; no expectation of weaker quarters ahead.

• Distribution and NII expected to outgrow broking business; annuity and trail-based revenues to rise further.

• Housing finance AUM expected to double in 2-3 years; strong capital adequacy and low leverage.

• Continued investments in technology, talent, and product expansion, especially in AI and digital initiatives.

• Optimistic about future growth, aiming to maintain or improve IRR on treasury investments and sustain dividend payout subject to business needs.