Motilal Oswal Financial Services Limited has informed the Exchange about Transcript of Earnings Conference Call with Investor(s)/Analyst(s)
MOTILALOFS · price
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Motilal Oswal Financial Services reported FY26 operating profit after tax of ₹2,360 crores, growing 16% YoY, with Q4FY26 delivering a strong 25% growth. The Asset Management and Private Wealth Management businesses are now the primary growth drivers, contributing around 50% of total operating profit. AMC AUM crossed ₹1.5 lakh crores with SIP flows of ₹16,000 crores, up 78% YoY. The company maintained its 10-year track record of 33% compounded operating PAT growth and 23% ROE, achieved entirely through internal accruals without equity dilution. Credit rating was upgraded to AA+, the highest ever for a non-bank domestic capital market player. Management highlighted regulatory headwinds from F&O changes and market volatility but expressed confidence in continued growth driven by rising annuity revenues (now 60%+ of total) and multiple AMC products crossing the 3-year vintage threshold in FY27-28.
Strong operational performance with rising annuity revenue share and AMC growth signals improving business quality and cash flow predictability. The upgrade to AA+ credit rating reduces cost of capital and enhances credibility. However, investors should note unrealized MTM losses on the ₹9,000 crore investment book and regulatory pressures on the broking business.