MOTILALOFS · Financial Services · filed 29 Oct 2026
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.
Motilal Oswal Financial Services Ltd. reported total income of ₹3,042 cr (+64.4% on the year) and net profit of ₹1,081 cr (+198.3% on the year) for July to September 2026.
1 check raised a question: Profit grew much faster than net interest income. Lower provisions, treasury gains or tax?
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