Motilal Oswal Financial Services Limited has informed the Exchange about Transcript
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Motilal Oswal Financial Services reported a strong Q1 FY26, crossing 13.6 million customers and posting a net worth of ₹12,537 crores, up 28% year-on-year, with an annualised return on equity of 48%. The asset management arm saw assets under management rise to ₹1.51 lakh crores with 59% growth in gross flows, while the distribution book grew to ₹38,129 crores. Investment banking delivered fee income growth of 89% year-on-year on the back of 16 deals totalling over ₹29,500 crores, and the company indicated its deal pipeline is the strongest ever, with a book-to-bill ratio of 2-3 times. Profit before tax margin came in at 49%, a sequential dip of 200 basis points attributed to higher employee costs (up 34% year-on-year) from senior talent hiring, with management guiding full-year margins to remain similar to the previous financial year. Housing finance assets under management crossed the ₹5,000 crore milestone, up 22% year-on-year, with gross and net non-performing assets at 1.2% and 0.6% respectively.
The broad-based growth across broking, distribution, asset management, private wealth and investment banking reinforces the long-term thesis, with management confident of a 30% compounded profit growth trajectory similar to the last decade. Near-term, the 200 basis points sequential margin compression and 34% jump in employee expenses warrant close tracking, though the company has reiterated full-year margin guidance will hold steady, supportive of the stock's premium valuation.