Motilal Oswal Financial Services (MOTILALOFS) Q2 26/27 earnings summary

Executive summary

• Q2FY27 net operating revenue rose 20% YoY to ₹1,757 Cr and Operating PAT increased 29% to ₹718 Cr, led by Asset & Private Wealth Management.

• H1FY27 total PAT including OCI reached a record ₹2,583 Cr, up 51% YoY; Asset Management contributed 43% of Q2 Operating PAT.

• ARR contributed 66% of net operating revenue; ARR assets grew 26% YoY to ₹3.2 lakh Cr and AUA exceeded ₹8.8 lakh Cr.

Financial highlights

• Q2FY27 PBT was ₹933 Cr, up 26% YoY, with a 53% PBT margin versus 51% in Q2FY26.

• H1FY27 net operating revenue grew 14% YoY to ₹3,294 Cr and Operating PAT rose 22% to ₹1,327 Cr.

• Q2 total PAT including OCI was ₹1,070 Cr versus ₹285 Cr a year earlier; H1 total PAT including OCI was ₹2,583 Cr versus ₹1,715 Cr.

• H1FY27 ARR revenue was ₹3,678 Cr, up 30% YoY; ARR represented 66% of net operating revenue versus 60% in FY26.

• Treasury PAT including OCI was ₹353 Cr in Q2FY27 and ₹1,257 Cr in H1FY27; Q2 total PAT including OCI fell 29% QoQ on lower treasury mark-to-market gains.

Outlook and guidance

• Targeting 20%+ Operating PAT growth and 20%+ ROE in operating businesses, supported by sector tailwinds, operating leverage and market-share gains.

• H2FY27 Private Wealth PAT is expected to be materially higher than H1; broking growth is expected to improve after eight headwinded quarters.

• AMC growth is expected to benefit from fund performance, ~₹18,000 Cr annualized SIP run rate, maturing fund vintages and new product avenues.

• Custody operations are planned for Q4FY27, subject to operational readiness; commercial real estate expansion is planned for FY27.