Motilal Oswal Financial Services (MOTILALOFS) Q4 25/26 earnings summary

Executive summary

• Achieved record operating PAT of ₹2,360 Cr in FY26, up 16% YoY, with Q4 operating PAT up 25% YoY, marking the strongest quarter of the year, led by Asset & Private Wealth Management growth.

• Assets under advice crossed ₹6.6 lakh Cr, up 21% YoY; total client base surpassed 12 million.

• Net worth reached ₹12,888 Cr, supported by a strong treasury book and prudent capital allocation.

• Employee count exceeded 12,500, reflecting business expansion.

• Upgraded to AA+ long-term credit rating, the highest for any non-bank domestic capital market player in India.

Financial highlights

• Asset and Private Wealth businesses delivered 33% profit growth, driving overall operating PAT growth; Asset Management AUM rose 34% YoY to ₹3.7 lakh Cr.

• Net operating revenue grew 14% YoY to ₹5,908 Cr in FY26; ARR contributed ~60% of net revenue.

• SIP flows reached ₹16,000 Cr for FY26, up 78% YoY, with a 4.7% market share.

• Lending book (ex-HFC) grew 24% YoY to ₹10,900 Cr; Housing Finance disbursements rose 28% to ₹2,300 Cr, with AUM up 25% to ₹26,100 Cr.

• Treasury investments PAT was negative in FY26 due to MTM losses, but majority recouped in April.

Outlook and guidance

• Expect continued growth in annuity businesses, with Asset Management and Private Wealth driving higher profitability and revenue share.

• Targeting multi-fold AUM growth in AMC and Alternates over the next decade.

• Focus on maintaining minimum 20%+ ROE in operating businesses and 20% payout ratio.

• Treasury book expected to grow from $1bn to multi-billion dollars in the next decade.

• Net flow market share in AMC business expected to exceed AUM market share in coming quarters.