Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 16 Sep - India Ratings upgrades MOFSL and key subsidiaries to IND AA+/Stable; short-term ratings affirmed at IND A1+.
Source: Bse
Motilal Oswal Financial Services Limited (MOTILALOFS)
Mid CapFinancial Services stocks · Mid cap · NSE
Motilal Oswal Financial Services Limited (MOFSL) is an integrated capital market player with diversified businesses including Asset & Private Wealth Management, Wealth Management, Capital Markets, and Housing Finance. It operates on a twin-engine model of operating businesses and treasury investments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result23 Jul, 09:45 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +1.1% / mo · MACD −
Stock trend: 57
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MOTILALOFSD candles · FIT view+30.7%Latest close ₹1021.00 on 2026-10-19
Bar
-3.6%
RSI
49
MACD hist
-0.74
52W pos
84%
2026-10-19O ₹1058.90H ₹1064.95L ₹1014.25C ₹1021.00Vol 9.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MOTILALOFSNifty Financial ServicesNifty 500
- MOTILALOFS
- +4.9%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +10.5 pp
Chart stats
19 Oct 2026- From 52W high
- -6.9%
- 52W range position
- 84%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.03x
- Avg traded value
- ₹97.4 Cr
- 20D price channel
- ₹965.1 - ₹1,090.3
₹1,097.1
₹614.9 - ₹1,097.1
₹35.6
Latest completed session
20-session average
42.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +25.2% · PAT +9.5% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model-89.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +25% YoY · PAT +10% YoY · +28% QoQ
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,426 Cr | +25.2% | +28.0% |
| EBITDA | ₹1,970 Cr | +14.5% | +861.0% |
| Operating margin | 57.0% | -600 bps | +4900 bps |
| PAT | ₹1,274 Cr | +9.5% | NDF |
| PAT margin | 37.2% | -530 bps | +4537 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.40
- P/B
- 4.97
- EV/EBITDA
- 20.17
- Market Cap
- 64093.00Cr
Profitability
- ROE
- 15.50%
- ROCE
- 12.70%
- ROA
- 4.31%
- Dividend Y
- 0.56%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 31.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 1.65
- Interest Coverage
- 2.83×
- Altman Z
- 2.33
- Book Value
- 214.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- -6071.00 Cr
- EPS TTM
- 32.92
Shareholding
- Promoter Hold
- 67.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,759-11.2% vs prev
Net Profit
₹ CrLatest: 923-33.6% vs prev
Return on Equity
%Latest: 11.6-40.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.0% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 7% off 52W high · 66% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
73
RS percentile
Stage 2 UptrendEstablished S2
1M return
+1.1%
3M return
+4.9%
6M return
+25.9%
1Y return
-6.4%
RS 1D
-4
RS 20D
-2
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is 13.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
13 Jul 2026
S2 age
69 trading sessions
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 114.96-2.46%
RS vs Nifty 500115
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth12/25
Quality9/20
Balance Sheet2/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
-1
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 12/25 to the score.
- Quality contributes 9/20 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -89.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
32.4
PB
5.0
EV/EBITDA
20.2
ROE
15.5%
ROCE
12.7%
FCF Yield
—
Debt/Equity
1.6
MoS
-89.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-89.1%
Previous: -89.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹398.13
-156.4% MoS
Growth-justified P/E
16.4
Growth-justified Value
₹539.89
-89.1% MoS
PEG
2.89
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LTF
Mid
L&T Finance Limited
NBFC / Capital Markets / Insurance
match 159
35
18.4
11.2%
+28%
WATCHLIST
PIRAMALFIN
Small
Piramal Finance Limited
NBFC / Capital Markets / Insurance
match 151
19
24.3
0.9%
+5%
OVERVALUED
NORTHARC
Small
Northern Arc Capital Limited
NBFC / Capital Markets / Insurance
match 143
44
10.7
11.1%
+60%
WATCHLIST
TATACAP
Large
Tata Capital Limited
NBFC / Capital Markets / Insurance
match 142
22
25.1
12.4%
+4%
OVERVALUED
JIOFIN
Large
Jio Financial Services Limited
NBFC / Capital Markets / Insurance
match 140
39
69.8
1.2%
-162%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-24T07:52:16.245Z
Management commentary snapshot
Q1FY27 Operating PAT grew 14% YoY, driven by 73% YoY PAT growth in Asset Management. Total PAT reached highest-ever ₹1,513 Cr (incl. OCI). Annual Recurring Revenue (ARR) share rose to 66%.
MOFSL delivered strong Q1FY27 operating PAT growth, primarily driven by its Asset Management business. The increasing share of annual recurring revenue enhances business predictability. The large treasury book provides strategic capital support and healthy returns, underpinning future growth without equity dilution.
Current business mix
Revenue stream wise break-up Q1FY27
Latest issuer-disclosed distribution across 5 reported categories.
Management & Advisory Fees30.0%
Distribution Fees11.0%
Net Interest Income32.0%
Brokerage Revenues22.0%
Other Operating Revenues4.0%
Growth engines
Asset Management
PAT grew 73% YoY to ₹245 Cr, now 40% of Operating PAT. Total AUM grew 31% YoY to ₹2.12 lakh Cr, with MO Alternates AUM up 99% YoY.
Private Wealth Management
ARR revenue grew 42% YoY to ₹157 Cr. Net Flows grew 37% to ₹3,929 Cr, and AUM grew 37% YoY to ₹2.4 lakh Cr.
Housing Finance
PAT grew 36% YoY to ₹32 Cr. Disbursement grew 64% to ₹646 Cr. AUM grew 23% YoY to ₹6,164 Cr.
Treasury Investments
Treasury book grew 22% YoY to ₹10,482 Cr. Historically, the book witnessed 41% CAGR since inception led by strong 17% XIRR.
Capacity and execution
Private Credit Fund Raise
Executed 2nd close of maiden Private Credit Fund with a raise of ₹2,435 Crs, targeting total raise of ₹3,000 Cr soon.
Relationship Manager (RM) Base Expansion
Private Wealth Management RM base increased by 26% to 441.
AMC Product & Talent Expansion
12 Mutual Fund schemes launched and 6 Fund Managers hired in the past 24 months.
Housing Finance Branch Network
Expanding branch network in Tier II & III locations to fuel disbursement growth.
Tailwinds
Economic Take-off
India is likely to retain its position as the world’s fastest-growing major economy, with GDP expected to grow from USD 3.9 tn to USD 17 tn by 2042.
Financialization of Savings
Financialization of savings is propelling equities, with Indian household assets in equities at 6.8% as of FY25.
Digitization & Retail Participation
Digitization is driving exponential retail participation, evidenced by strong Demat account additions and relentless rise in SIP flows.
Wealth Management Opportunities
India’s Alternates AUM of $400bn (current) is projected to grow 5x to $2Tn by 2034, presenting significant opportunities.
Risk radar
Capital Market Volatility
The Capital Market segment's PAT declined 25% YoY to ₹76 Cr in Q1FY27, indicating sensitivity to market conditions.
Distribution Income Moderation
Q1FY27 distribution income moderated due to lower Transaction Based Revenue (TBR), despite overall ARR growth.
Housing Finance ROE
The Housing Finance segment reported an annualized Return on Equity (ROE) of 8.0% in Q1FY27, which is lower than other operating segments.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both YoY and QoQ comparisons for various segments and KPIs. YoY is essential for understanding underlying business growth and seasonal trends, while QoQ highlights sequential momentum and recent performance shifts, particularly in capital markets and disbursements.
Sector KPIs management disclosed
Total AUM Growth
Total Asset Under Management (AUM) grew by 31% YoY to ₹2.12 lakh Cr.
Asset Management (AMC) AUM Growth
AMC AUM grew by 26% YoY to ₹1.90 Lakh Crs.
MO Alternates AUM Growth
MO Alternates AUM grew by 99% YoY.
Private Wealth Management (PWM) AUM Growth
PWM AUM grew by 37% YoY to ₹2.4 lakh Cr.
Management forward view
Focus on Annuity Revenues
Management states that the focus on annuity revenues has led to a 66% contribution, improving quality and predictability of business.
Grow Treasury Book
Management aims to grow the Treasury Book from its current $1bn to multi-billion dollars in the next decade.
Improve Market Share
Management's focus is to improve market share in all businesses.
Deliver ROE of 20%+
Management aims to continue to deliver ROE of 20%+ in operating business.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Annual Recurring Revenue (ARR) Contribution | 66% of total revenue in Q1FY27. | Continued increase in annuity revenue share to enhance business predictability and stability. |
| Asset Management AUM Growth | 31% YoY total AUM growth, 99% YoY for MO Alternates. | Sustained high growth rates, particularly in MO Alternates, as a key profit driver for the group. |
| Housing Finance Asset Quality | GNPA at 1.1% and NNPA at 0.6% in Q1FY27. | Maintenance of pristine asset quality amidst aggressive disbursement growth and expansion into Tier II/III locations. |
| Operating PAT Growth | 14% YoY growth in Q1FY27. | Sustained double-digit operating PAT growth, driven by strong performance in key segments like Asset Management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 45th percentile within Financial Services. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
111 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Financial Services: 45th pctile, median 62 · Mid: 14th pctile, median 76
Evidence depth
Financial-only
111 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
58
watch · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 67.2%.
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-6071 Cr.
- ▸Debt/equity is 1.65.
- ▸ROCE trend is -5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Motilal Oswal Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 15 Sep - India Ratings upgraded MOFSL and MOHFL long-term ratings to IND AA+/Stable; CPs affirmed at IND A1+.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 29 Jun - Company rectified typographical errors in AGM notice and uploaded revised annual report notice on website.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Jun - Intimation regarding the newspaper publication regarding Twenty-First Annual General Meeting of the Company.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.