Motilal Oswal Financial Services Delivers Strongest-Ever Quarterly PAT of Rs. 1,430 Crs in Q1FY26
Robust 24% YoY Revenue Growth and 72% Surge in AMC AUM Powers Record-Breaking Results
Motilal Oswal Financial Services: Q1FY26 Performance Highlights
- Best Ever Quarter: Achieved the highest-ever Group Profit After Tax (PAT) of ?1,430 Crs, grew by 40% on YoY, reflecting strong broad-based business momentum.
- AMC Milestone drives Group Revenue: Asset Management business crossed ?1.5 Lakh Cr in AUM, up 72% YoY. The strong performance of the AMC — with Mutual Fund AUM up 90% YoY and rising SIP flows — was a key contributor to the Groups overall revenue and profitability growth.
- Highest PWM business revenue: Revenue & PAT grew by 53% & 49% respectively, led by AUM YoY growth of 25%.
- Strongest-Ever Capital Market Performance: Investment Banking and Institutional Equities businesses recorded their best-ever quarter with ?29,500+ Crs in deal closures; MOFSL ranked #1 in QIP league table.
- Housing Finance Growth: Housing Finance AUM crossed ?5,000 Crs, with disbursements growing 57% YoY.
- Strong Treasury Performance: Total strategic and equity investments rose 26% YoY to ?8,853 Crs; the treasury book has delivered 20.1% XIRR since inception and grown at a 43% CAGR.
- Expanding Client Franchise: Total client base crossed 1.36 crore (growth of 88% on YoY); Assets under Advice (AUA) surpassed ?6.5 Lakh Crs, driven by scale in Wealth management, Asset Management & Private wealth Management.
- Robust Balance Sheet: Net worth stood at ?12,537 Crs, up 28% YoY; Return on Equity (ROE) at a strong 48% for Q1FY26, demonstrating capital efficiency, profitability and revenues built sustainably.
- Industry Positioning: Motilal Oswal Financial Services now ranks 110th by TTM PAT and 177th by market capitalization among listed Indian companies.
Mumbai, July 24, 2025: Motilal Oswal Financial Services Ltd. (MOFSL) has delivered its best-ever quarterly performance in Q1FY26, reporting a record Total Profit After Tax (PAT) of ?1,430 Crs, driven by strong growth across Asset Management & Private Wealth Management and Capital Markets businesses. Consolidated net operating revenue rose 24% YoY to ?1,412 Crs, while operating PAT grew 21% YoY to ?522 Crs, reflecting the strength and diversification of MOFSLs Twin-Engine Growth Model (operating business as well as treasury investments); inspired by Warren Buffetts Berkshire Hathaway.
Mr. Motilal Oswal, MD & CEO, commented on the performance, Q1FY26 has been a landmark quarter for us, delivering the highest-ever PAT of ?1,430 Crs, with exceptional performance across all our businesses. Our AMC crossed ?1.5 Lakh Crs AUM, Private Wealth Management business delivered highest revenue ever, Housing Finance scaled ?5,000 Crs AUM, and Capital Markets delivered their best-ever quarter driven by strong deal execution. These results reflect the depth of groups expertise across capital markets (retail to institutional) and the enormous opportunity arising from Indias accelerating financialisation of savings.
I firmly believe this is a multi-decade growth story, and Motilal Oswal Financial Services is strategically positioned to be a long-term value creator. We are well-placed to scale further with a full-spectrum capital markets platform powered by in-depth research, strong client relationships & individualised advisory, and a robust balance sheet. We remain equally committed to investing in technology, enhancing client experience, and delivering consistent performance across market cycles.
Q1FY26 Key Business Highlights
- Consolidated net operating revenue grew by 24% YoY to Rs. 1,412 Crs.
- Consolidated PBT margins robust at 49%.
- Consolidated Total PAT is up 40% on YoY basis to Rs 1,430 Crs.
- Consolidated operating PAT is up 21% on YoY basis to Rs. 522 Crs.
- Wealth Management business reported PAT of Rs. 174 Crs.
- Asset & Private Wealth Management business PAT at Rs. 224 Crs, is up by 43% on YoY.
- Capital market business recorded PAT of Rs. 94 Crs, is up by 64% YoY.
- Housing finance business PAT at Rs. 23 Crs (post minority).
- Robust Net worth of Rs. 12,537 Crs as of June 30, 2025, is up 28% YoY. Annualised ROE for Q1FY26 robust at 48%.
Segmental Performance Highlights
| Segmental PAT (Rs. in Crores) | Q1FY26 | Q4FY25 | Q3FY25 | Q2FY25 | Q1FY25 |
|---|
| Wealth Management | 174 | 191 | 190 | 225 | 177 |
| YoY Growth % | -2% | -10% | 16% | 71% | 69% |
| Capital Market | 94 | 67 | 61 | 73 | 57 |
| YoY Growth % | 64% | 43% | 50% | 45% | -4% |
| Asset And Private Wealth Management | 224 | 219 | 234 | 213 | 157 |
| YoY Growth % | 43% | 4% | 62% | 63% | 30% |
| Housing Finance | 23 | 36 | 37 | 27 | 29 |
| YoY Growth % | -19% | 15% | - | -20% | -1% |
| Operating PAT | 522 | 519 | 525 | 541 | 431 |
| YoY Growth % | 21% | 3% | 38% | 53% | 41% |
Performance of Business Segments for Q1FY26
Wealth Management
The segment comprises retail broking, distribution and NII Income from lending to retail customers.
- Wealth Management revenue at Rs. 568 Crs, up by 7%. PAT for Q1FY26 was Rs. 174 Crs.
- Total Assets under advice grew to Rs. 3,12,506 Crs, up 18% YoY.
- Distribution AUM grew by 46% YoY to Rs. 38,129 Crs as of June 2025.
- ARR AUM at Rs. 30,519 Crs, grew by 29% YoY.
- Net flows grew by 50% to Rs. 3,968 Crs on YoY basis.
- Distribution revenue grew by 152% to Rs. 135 Crs, with contribution to segment revenue increasing from 10% in Q1FY25 to 24% in Q1FY26.
- Net Interest Income (NII) grew by 12% YoY due to improvement in spreads.
- Acquired approximately 1.2 lakh clients in Q1FY26.
- Consolidated Total ARPU stood at Rs. 40,700+ per active client.
- Cash volume market share for Q1FY26 stood at 7.1%, up 40 basis points QoQ.
- F&O Premium market share for Q1FY26 stood at 7.9%, up 30 basis points QoQ.
Asset & Private Wealth Management Businesses
The Asset & Private Wealth Management segment comprises Asset Management (including Mutual Funds & Alternatives), Private Equity, Real Estate Funds, and Private Wealth Management businesses.Revenues for this segment stood at Rs. 560 Crs, growing 46% YoY. PAT was Rs. 224 Crs, up 43% YoY.
Asset Management Business
- Total AUM at the end of Q1FY26 was Rs. 1,60,856 Crs, a 64% YoY increase.
- Net flows increased from Rs. 5,908 Crs in Q1FY25 to Rs. 8,764 Crs in Q1FY26.
- 92% of AMC AUM outperformed benchmarks on a 1-year basis, driving strong flows.
- Mutual Fund AUM nearly doubled to Rs. 1,16,861 Crs, up 90% YoY.
- SIP flows were strong at Rs. 3,437 Crs in Q1FY26, with SIP AUM growing 78% YoY to Rs. 26,051 Crs.
- Net sales market share (excluding hybrid funds) increased from 4.5% in Q1FY25 to 9.8% in Q1FY26.
- SIP market share grew from 1.9% in Q1FY25 to 4.3% in Q1FY26.
- Alternate AUM rose to Rs. 33,810 Crs, up 29% YoY, making up 22% of total AUM.
- Private Equity business has fee-earning AUM of Rs. 10,185 Crs. A significant carry will be realized at fund close.
- Launched IBEF V with a target size of ?8,000 Crs, completing the first close in July 2025 with over 80% of the target raised.
- Successfully closed IREF II fund with a gross IRR of 18.3% and raised ?2,000 Crs in IREF VI fund.
- Revenue for Asset Management & PE/RE businesses grew 39% YoY to Rs. 277 Crs, with PAT at Rs. 136 Crs, also up 39% YoY.
Private Wealth Management
- Private Wealth AUM grew by 25% YoY to Rs. 1,74,138 Crs as of Jun 2025.
- ARR AUM stood at Rs. 37,226 Crs, up 21% YoY, while TBR AUM reached Rs. 1,36,912 Crs, growing 26% YoY.
- Total RM base in the PWM business increased to 615, a 7% YoY rise; 33% of RMs have a vintage of more than 3 years.
- Productivity improved to Rs. 2.8 billion per RM in Q1FY26 from Rs. 2.4 billion per RM in Q4FY25.
- Highest ever quarterly revenue and PAT recorded at Rs. 283 Crs (up 53% YoY) and Rs. 89 Crs (up 49% YoY) respectively.
Capital Market
Capital markets includes Institutional Equities (IE) and Investment Banking (IB) businesses.
- Best ever quarter for the segment with Q1FY26 Revenue growing to Rs. 207 Crs, up 54% on YoY.
- Q1FY26 PAT grew to Rs. 94 Crs, up 64% on YoY.
- IE business has a strong team of 150+ research & corporate access team covering 300+ companies, 25 sectors catering to 890+ institutional clients.
- IB business has successfully completed 16 deals (including blocks) during Q1FY26 with an issue size of Rs. 29,500+ Crs.
- We are ranked #1 on the QIP league table in Q1FY26 and ranked #3 in IPO league table (on number of issues). Improved our ranking in IPO league table.
- Fee based revenue in Q1FY26 at Rs. 78 Crs, grew by 89% on YoY.
Housing Finance Business
- Sales RM strengthened to 1,430 RMs, grew by 50% YoY.
- Disbursements for Q1FY26 totaled at Rs. 395 Crs, grew by 57% YoY.
- Crossed the milestone of Rs 50bn AUM, growing to Rs. 5,027 Crs as of Jun’2025, up 22% YoY.
- Yields at 13.6% in Q1FY26, Cost of funds at 8.4% and spreads at 5.2%.
- Net Interest Income for Q1FY26 at Rs. 94 Crs, grew by 14%.
- Opex to Total Assets at 4.3%, flat on YoY basis.
- Profit After Tax for Q1FY26 at Rs. 24 Crs.
- GNPA/NNPA as of Jun’2025 remains strong at 1.2%/0.6%, respectively.
- Net Gearing as of Jun’2025 at 2.3x, and CRAR remains robust at 40.8%.
- ROA was 1.8% and ROE at 6.6% for Q1FY26.
Treasury Investments include sponsor commitments to our AMC, PE & RE funds as well as strategic equity investments.
- Total equity investments (including alternative funds) grew by 26% YoY to Rs. 8,853 Crs as of June 30, 2025.
- The treasury book delivered a healthy XIRR of 20.1% since inception, and with reinvestments of residual operating profits, the treasury investments book grew at a 43% CAGR.
About Motilal Oswal Financial Services Limited
MOFSL is a financial services company. Its offerings include Wealth Management, Capital Markets (Institutional broking & Investment banking), Asset & Wealth Management (Asset Management, Private Equity & Wealth Management), Housing Finance & Equity based treasury investments. MOFSL employs 13,250+ employees serving to 13.6 mn+ clients via distribution reach in 550+ cities. MOFSL has Assets Under Advice (AUA) of Rs. ~6.5 Lakh Crs.
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Disclaimer
Motilal Oswal Financial Services Limited (Company), subject to market conditions, and other considerations, is proposing a public issue of secured redeemable non-convertible debentures (NCDs) and has filed a prospectus dated April 9, 2024 (Prospectus) with the Registrar of Companies, Maharashtra at Mumbai (RoC), BSE Limited (BSE), National Stock Exchange Limited (NSE) and Securities and Exchange Board of India (SEBI). The Prospectus is available on the website of the Company at https://url.uk.m.mimecastprotect.com/s/9YudCp2m7TJGz9lUxHPiGQpkS?domain=motilaloswalgroup.com, on the website of BSE at https://url.uk.m.mimecastprotect.com/s/tvifCr9oXUzpArNU3SGi4Je1y?domain=bseindia.com, on the website of NSE at https://url.uk.m.mimecastprotect.com/s/gnD1CwrwZc47LvOFAUriJNbNK?domain=nseindia.com, on the website of the lead managers at https://url.uk.m.mimecastprotect.com/s/Ol1iCyXyMcQgN7jflfOixU_dw?domain=trustgroup.in, https://url.uk.m.mimecastprotect.com/s/9YudCp2m7TJGz9lUxHPiGQpkS?domain=motilaloswalgroup.com and https://url.uk.m.mimecastprotect.com/s/cIhJCA1lAHPg9Zms6iviGWFVH?domain=nuvama.com and on the website of SEBI at https://url.uk.m.mimecastprotect.com/s/NZA-CD8oPhW1Bo6i0tPijjarM?domain=sebi.gov.in. Investors proposing to participate in the Issue should invest only on the basis of the information contained in the Prospectus. Investors should note that investment in the NCDs involves a high degree of risk and for details in relation to the same, refer to the Prospectus, including the section titled Risk Factors and Material Developments beginning on page 17 and 215 respectively of the Prospectus.