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Motilal Oswal Financial Services (MOTILALOFS) investor relations material

Motilal Oswal Financial Services Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary31 Oct, 2025

Executive summary

  • Operating profit after tax reached INR 554 crores in Q2FY26, up 2% year-on-year, with asset and private wealth business growth of 36% year-on-year, now contributing 52% of consolidated PAT.

  • Customer count rose to over 14.5 million, with assets under advice exceeding INR 6.8 lakh crores as of September 2025; client count up 55% year-on-year.

  • Long-term credit rating upgraded to AA+ (Stable) by ICRA, the highest for any non-bank domestic capital market player in India.

  • Board expanded and strengthened with four new directors, enhancing governance and regulatory expertise.

  • Unaudited consolidated and standalone financial results for H1 FY26 were approved, with statutory auditor review confirming compliance and no material misstatements.

Financial highlights

  • Net operating revenue for Q2FY26 was ₹1,460 Cr, up 7% YoY; H1 FY26 net revenue reached ₹2,888 Cr, up 15% YoY.

  • Operating PAT for Q2FY26 was ₹554 Cr, up 2% YoY; H1 FY26 operating PAT was ₹1,088 Cr, up 11% YoY.

  • Asset management AUM up 46% year-on-year to INR 1.6 lakh crores as of September 2025; private wealth AUM at INR 1.87 lakh crores.

  • Consolidated total income for H1 FY26 was ₹4,60,402 lakh, up from ₹4,58,613 lakh in the previous year.

  • Net worth increased to ₹13,000 crores, nearly 10x since March 2015.

Outlook and guidance

  • Expect continued strong growth in asset and private wealth businesses, with further increases in their share of group profits.

  • Home finance business profits projected to be substantially higher in H2 FY26 due to recent RM additions.

  • Lending book targeted to grow at 25% CAGR over the next few years.

  • Optimistic about future growth, with India’s AUM as a percentage of GDP significantly lower than global peers, indicating strong headroom for expansion.

  • Management expects stable or improving margins due to a largely variable cost structure and ongoing productivity improvements.

Explain PAT/EPS divergence from MTM impact?
Why did operating cash flow turn negative?
What drove Treasury PBT despite low revenue?
Private credit vertical launch strategy?
Recouping Wealth Mgmt cash ADTO market share?
Treasury book's role and risk management?
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Q3 25/2628 Jan, 2026
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