Altman Z″
Needs current assets and current liabilities.
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 60.4x earnings against its own median of 28.1x: 1.0 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Over the last year profit declined 28.8% even as revenue grew 14.9% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹10,063 cr (up 14.9%) but trailing profit ₹1,984 cr (down 28.8%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Borrowings rose 107% over 3 years, but only about 4% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹10,977 cr against an asset build of ₹418 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
Net margin has narrowed from 26.8% to 19.7% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 19.7% vs 26.8% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Borrowings rose 54% over two years while the company also carries ₹10,299 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹21,255 cr from ₹13,787 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 20.5% of assets.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
cumulative operating cash flow ÷ cumulative net profit
₹-9,317 cr ÷ ₹12,146 cr, over 12 years
-0.77×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹1,872 − ₹-6,071) cr ÷ average assets
20.5%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
20.0% × 0.22 × 3.37
14.5%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹3,808 cr ÷ ₹1,336 cr
2.85×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹21,255 cr ÷ ₹12,888 cr
1.65×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Financial Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter trimmed from 67.69% to 67.20% across these quarters.
FII trimmed from 7.52% to 6.86% across these quarters.
MF rose from 5.12% to 5.47% across these quarters.
Other rose from 19.67% to 20.47% across these quarters.
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| QAAUM (₹ cr) | 222,812 | 176,561 |
| SIP flows (₹ cr) | 4,170 | — |
| Market share | 4% | 7.1% |
| Active clients (lakh) | 16.1 | — |
| MTF book (₹ cr) | 18,900 | — |
| Annual Recurring Revenue Assets (₹ crore) | 320,000 | 253,968 |
| MO Alternates AUM (₹ crore) | 23,091 | 16,978 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 3,626 | 4,298 | 4,178 | 7,069 | 8,340 | 9,381 |
| Other income | -80 | 22 | 19 | 61 | 78 | 42 |
| Depreciation | 48 | 48 | 58 | 83 | 99 | 111 |
| Finance cost | 430 | 478 | 596 | 1,014 | 1,298 | 1,336 |
| Profit before tax | 1,458 | 1,616 | 1,242 | 3,032 | 3,226 | 2,472 |
| Net profit (owners) | 1,265 | 1,312 | 935 | 2,446 | 2,508 | 1,872 |
| EPS (₹) | 21.49 | 21.97 | 15.74 | 40.96 | 41.74 | 31.06 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,655 | 1,791 | 2,154 | 2,314 | 2,841 | 1,993 | 1,190 | 2,737 | 1,849 | 2,112 | 2,676 | 3,426 |
| Other Income | 1 | 6 | 18 | 19 | 15 | 26 | 18 | 7 | 11 | 8 | 16 | 6 |
| Expenses | 740 | 703 | 916 | 926 | 1,025 | 932 | 910 | 1,018 | 1,009 | 1,006 | 2,471 | 1,456 |
| Depreciation | 17 | 24 | 24 | 22 | 23 | 27 | 26 | 26 | 28 | 29 | 28 | 28 |
| Finance cost | 241 | 262 | 302 | 327 | 354 | 319 | 298 | 295 | 317 | 336 | 388 | 414 |
| Profit before tax | 658 | 809 | 930 | 1,059 | 1,454 | 741 | -27 | 1,406 | 506 | 748 | -194 | 1,534 |
| Net Profit | 532 | 661 | 725 | 884 | 1,122 | 566 | -63 | 1,163 | 363 | 566 | -219 | 1,274 |
| EPS | 8.96 | 11.11 | 12.13 | 14.77 | 18.71 | 9.42 | -1.08 | 19.38 | 6.04 | 9.42 | -3.68 | 21.14 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 60 | 60 |
| Reserves | 4,447 | 5,659 | 6,237 | 8,717 | 11,019 | 12,828 |
| Borrowings | 5,693 | 6,152 | 10,278 | 13,787 | 14,732 | 21,255 |
| Net block | 350 | 357 | 466 | 603 | 754 | 769 |
| CWIP | 0 | 0 | 0 | 0 | 115 | 115 |
| Investments | 3,922 | 4,685 | 4,787 | 6,501 | 8,851 | 10,299 |
| Total Assets | 14,041 | 16,860 | 22,949 | 31,771 | 33,916 | 43,401 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -139 | 1,011 | -3,058 | -350 | 1,215 | -6,071 |
| Cash from investing | -273 | -447 | -274 | -247 | -1,077 | -958 |
| Cash from financing | 861 | 282 | 3,770 | 3,306 | 745 | 6,154 |
| Free cash flow | -199 | 956 | -3,212 | -495 | 930 | -6,160 |
| Net change in cash | 449 | 845 | 439 | 2,709 | 882 | -875 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
The same read, applied to the companies this one competes with.
Motilal Oswal Financial Services Ltd. reported total income of ₹3,042 cr for July to September 2026, +64.4% on the year and −11.2% on the quarter. That is faster than this quarter has grown in recent years (+18.4% on average), so the year-on-year number is not just the season. Over the last four quarters income comes to ₹11,255 cr, +44.9% on the four before.
Net interest income, interest earned less interest paid, was ₹2,566 cr, +67.4% on the year and — on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹1,081 cr, +198.3% on the year and −15.1% on the quarter, with earnings per share of ₹17.94. The tax rate of 19% is in line with its recent average. Profit over the last four quarters totals ₹2,702 cr, +33.2% on the four before.
Of the 8 companies in AMCs and capital market intermediaries that have reported Q2 FY27 so far, Motilal Oswal Financial Services Ltd. ranks 1st on profit growth; the sector median is +23.8%.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter.
Profit grew much faster than net interest income. Lower provisions, treasury gains or tax?
Source: Results filing
Could not run on this quarter: Related-party transactions, Earlier promises against delivery, Asset quality (lenders), Net interest margin (lenders). The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹5,968 cr | ₹4,058 cr | ▲ 47.1% |
| Cash | ₹6,448 cr | ₹5,161 cr | ▲ 24.9% |
| Bank balances | ₹5,828 cr | ₹8,322 cr | ▼ 30.0% |
| Long-term borrowings | ₹26,842 cr | ₹21,255 cr | ▲ 26.3% |
| Trade payables | ₹5,589 cr | ₹5,577 cr | ▲ 0.2% |
| Net block | ₹765 cr | ₹730 cr | ▲ 4.7% |
| Capital work in progress | ₹118 cr | ₹115 cr | ▲ 2.8% |
| Equity | ₹15,541 cr | ₹12,888 cr | ▲ 20.6% |
| Total assets | ₹53,063 cr | ₹43,410 cr | ▲ 22.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹4,079 cr | −₹2,345 cr |
| Capital expenditure | −₹92.5 cr | −₹28.6 cr |
| Investing cash flow | −₹234 cr | −₹1,034 cr |
| Financing cash flow | ₹5,592 cr | ₹783 cr |
Other matter 1: “”We did not review the interim financial results of ten subsidiaries included in the Statement, whose interim financial results before consolidation adjustments reflects total assets of Rs. 17,10,131 Lakh as at September 30, 2026, total revenues of Rs. 79,285 Lakhs… Read in full
We did not review the interim financial results of ten subsidiaries included in the Statement, whose interim financial results before consolidation adjustments reflects total assets of Rs. 17,10,131 Lakh as at September 30, 2026, total revenues of Rs. 79,285 Lakhs and Rs. 1,89,825 Lakh, total net profit after tax of Rs. 27,537 Lakh and Rs. 56,426 Lakh, total comprehensive income of Rs. 27,365 Lakh and Rs. 59,025 Lakh for the quarter and half year ended September 30, 2026 respectively and net cash outflow of Rs. 74,834 Lakh for the half year ended September 30, 2026.
Other matter 2: “”The Statement includes the interim financial results of ten subsidiaries, which have not been reviewed by their auditors, whose interim financial results before consolidation adjustments reflects total assets of Rs. 26,528 Lakh as at September 30, 2026, total revenues of… Read in full
The Statement includes the interim financial results of ten subsidiaries, which have not been reviewed by their auditors, whose interim financial results before consolidation adjustments reflects total assets of Rs. 26,528 Lakh as at September 30, 2026, total revenues of Rs. 9,372 Lakh and Rs. 15,344 Lakhs, total net profit after tax of Rs. 7,123 Lakh and Rs. 11,230 Lakhs and total comprehensive income of Rs. 7,123 Lakh and Rs. 11,231 Lakhs for the quarter and half year ended September 30, 2026 respectively and net cash inflows of Rs. 293 lakh.
Filing p. 1
Designation of Mr. Janak Dalal as Senior Management Personnel ("SMP") w.e.f. October 29, 2026 (p. 2)
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| QAAUM (₹ cr) | 222,812 | 176,561 |
| SIP flows (₹ cr) | 4,170 | — |
| Market share | 4% | 7.1% |
| Active clients (lakh) | 16.1 | — |
| MTF book (₹ cr) | 18,900 | — |
| Annual Recurring Revenue Assets (₹ crore) | 320,000 | 253,968 |
| MO Alternates AUM (₹ crore) | 23,091 | 16,978 |
Read using the AMCs and capital market intermediaries framework (named in the filing read). Primary valuation lens: P/E against AUM growth and yield.
Read more closely in this sector: Treasury and float income inside profit · F&O share of revenue against regulatory change.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Wealth Management | ₹1,110 cr | ▲ 13.5% | ₹237 cr | ▲ 3.8% |
| Capital Markets | ₹217 cr | ▼ 0.9% | ₹114 cr | ▼ 5.2% |
| Asset and Private Wealth Management | ₹1,186 cr | ▲ 41.1% | ₹522 cr | ▲ 36.3% |
| Home Finance | ₹231 cr | ▲ 20.7% | ₹46.7 cr | ▲ 9.1% |
| Treasury Investments | ₹624 cr | — | ₹404 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹1,791 cr | ₹2,154 cr | ₹2,314 cr | ₹2,841 cr | ₹1,993 cr | ₹1,190 cr | ₹2,737 cr | ₹1,850 cr | ₹2,112 cr | ₹2,676 cr | ₹3,426 cr | ₹3,042 cr |
| YoY | — | — | +54% | +72% | +11% | −45% | +18% | −35% | +6% | +125% | +25% | +64% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 18% | 22% | 17% | 23% | 24% | — | 18% | 28% | 24% | — | 17% | 19% |
| Net profit | ₹661 cr | ₹725 cr | ₹884 cr | ₹1,122 cr | ₹566 cr | −₹63.0 cr | ₹1,163 cr | ₹363 cr | ₹566 cr | −₹219 cr | ₹1,274 cr | ₹1,081 cr |
| YoY | — | — | +67% | +111% | −14% | −109% | +32% | −68% | 0% | — | +10% | +198% |
| EPS | ₹11.11 | ₹12.13 | ₹14.77 | ₹18.71 | ₹9.42 | −₹1.08 | ₹19.38 | ₹6.04 | ₹9.42 | −₹3.68 | ₹21.15 | ₹17.94 |
| Flags | · | · | · | · | · | 1 | · | · | ✓ | · | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.