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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +25% YoY · PAT +10% YoY · +28% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue stream wise break-up Q1FY27
Latest issuer-disclosed distribution across 5 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
85Strong Bullfull bull SMA stack · SMA20 +7.5% / mo · MACD + · near 52W high
Technical chart
MOTILALOFSdaily · 1Y · AUTO+42.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 68. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~7.0% over last month) — short-term momentum positive.
- RSI(14) at 68 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 5% off 52W high · 69% 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.
Relative Strength & Trend Stage
- Price is 22.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -92.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 46th percentile within Financial Services. Main check: results consistency is weak at 50/100.
Healthy Trust Lite: Promoter holding is 67.2%. Key concern: Operating cash flow is negative at ₹-6071 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 46th pctile, median 62 · Mid: 14th pctile, median 76
108 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.50
- P/B
- 4.85
- EV/EBITDA
- 19.78
- Market Cap
- 62461.00Cr
Profitability
- ROE
- 15.50%
- ROCE
- 12.70%
- ROA
- 4.31%
- Dividend Y
- 0.58%
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
- 2.29
- 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
- 88%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.