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Motilal Oswal Financial Services Q2 FY27 results: net profit up 198.3% to ₹1,081 crore, revenue up 64.5%
Motilal Oswal Financial Services Limited reported consolidated Q2 FY27 revenue of ₹3,042 crore, up 64.5% from Q2 FY26, while net profit rose 198.3% to ₹1,081 crore and basic EPS increased to ₹17.94. EBITDA was ₹1,836 crore and the EBITDA margin expanded to 60.4%, although revenue and profit were lower than in Q1 FY27.
Key points
- Consolidated Q2 FY27 revenue was ₹3,042 crore, up 64.5% year on year and down 11.2% from Q1 FY27.
- EBITDA was ₹1,836 crore, up 118.6% year on year; the EBITDA margin was 60.4%, compared with 45.4% in Q2 FY26.
- Net profit was ₹1,081 crore, up 198.3% from Q2 FY26 and down 15.1% from Q1 FY27; basic EPS was ₹17.94.
- H1 FY27 revenue was ₹6,467.44 crore and net profit was ₹2,355.07 crore, up 41.0% and 54.4% respectively from H1 FY26.
- Total assets were ₹53,063.26 crore as of 30 September 2026 and cash was ₹6,447.5 crore, compared with ₹43,467.7 crore and ₹5,161.21 crore respectively as of 31 March 2026.
How did Motilal Oswal Financial Services perform in Q2 FY27?
Motilal Oswal Financial Services reported consolidated revenue of ₹3,042 crore for Q2 FY27, up 64.5% from ₹1,849 crore in Q2 FY26. EBITDA rose 118.6% to ₹1,836 crore from ₹839.91 crore, while the EBITDA margin increased by 15.0 percentage points to 60.4% from 45.4%.
Net profit for the quarter was ₹1,081 crore, compared with ₹362.56 crore a year earlier, an increase of 198.3%. Profit before tax rose 163.6% to ₹1,333 crore, tax expense increased 75.8% to ₹251.31 crore and basic EPS increased to ₹17.94 from ₹6.04.
Against Q1 FY27, revenue fell 11.2% to ₹3,042 crore and EBITDA declined 6.8% to ₹1,836 crore. The EBITDA margin rose 2.9 percentage points to 60.4%, while net profit fell 15.1% to ₹1,081 crore and basic EPS declined 15.2% to ₹17.94. On a standalone basis, revenue was ₹1,747.81 crore and profit after tax was ₹565.97 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,042 | 3,426 | 1,849 | +64.5% | −11.2% |
| Other income | 2.09 | 6.47 | 10.76 | −80.6% | −67.7% |
| Total expenses | 1,711 | 1,898 | 1,354 | +26.3% | −9.9% |
| EBITDA | 1,836 | 1,970 | 839.91 | +118.6% | −6.8% |
| EBITDA margin | 60.4% | 57.5% | 45.4% | +15.0 pp | +2.9 pp |
| Profit before tax | 1,333 | 1,534 | 505.50 | +163.6% | −13.1% |
| Tax | 251.31 | 260.14 | 142.95 | +75.8% | −3.4% |
| Net profit | 1,081 | 1,274 | 362.56 | +198.3% | −15.1% |
| EPS (₹) | 17.94 | 21.15 | 6.04 | +197.0% | −15.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Motilal Oswal Financial Services' costs and profit?
Total expenses increased 26.3% year on year to ₹1,711 crore. Employee cost rose 15.8% by ₹80.91 crore to ₹593.77 crore, finance costs increased 49.9% by ₹158.49 crore to ₹475.88 crore, depreciation rose 6.8% by ₹1.88 crore to ₹29.65 crore and other expenses increased 22.9% by ₹41.41 crore to ₹222.38 crore.
Other income declined 80.6% year on year, by ₹8.67 crore, to ₹2.09 crore. Tax expense increased 75.8% by ₹108.36 crore to ₹251.31 crore, while there was no exceptional item. The filing did not provide a further explanation for the movements in these cost lines.
Sequentially, total expenses were lower by ₹187.29 crore, or 9.9%, than Q1 FY27. Employee cost rose 12.5% to ₹593.77 crore, finance costs increased 14.9% to ₹475.88 crore, depreciation rose 6.3% to ₹29.65 crore and other expenses increased 4.7% to ₹222.38 crore; other income fell 67.7% to ₹2.09 crore and tax declined 3.4% to ₹251.31 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 593.77 | 512.86 | +80.91 | +15.8% |
| Finance costs | 475.88 | 317.39 | +158.49 | +49.9% |
| Depreciation | 29.65 | 27.77 | +1.88 | +6.8% |
| Other expenses | 222.38 | 180.97 | +41.41 | +22.9% |
| Total expenses | 1,711 | 1,354 | +356.73 | +26.3% |
| Other income | 2.09 | 10.76 | −8.67 | −80.6% |
| Tax | 251.31 | 142.95 | +108.36 | +75.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹6,467.44 crore, up 41.0% from ₹4,586.13 crore in H1 FY26. Total income rose 40.7% to ₹6,476.0 crore from ₹4,604.02 crore, while profit before tax increased 50.0% to ₹2,866.51 crore from ₹1,911.08 crore.
Net profit for the first half was ₹2,355.07 crore, up 54.4% from ₹1,525.42 crore, and basic EPS increased 53.7% to ₹39.09 from ₹25.44. These are the reported consolidated figures and differ from the company’s press-release presentation, which reported total profit including other comprehensive income.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 6,467 | 4,586 | +41.0% |
| Profit before tax | 2,867 | 1,911 | +50.0% |
| Net profit | 2,355 | 1,525 | +54.4% |
| EPS (₹) | 39.09 | 25.44 | +53.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹53,063.26 crore as of 30 September 2026 from ₹43,467.7 crore as of 31 March 2026. Total equity rose to ₹15,607.86 crore from ₹12,952.17 crore, while cash increased to ₹6,447.5 crore from ₹5,161.21 crore; borrowings were not reported in the supplied balance-sheet figures.
For H1 FY27, operating cash flow was an outflow of ₹4,079.46 crore, compared with an outflow of ₹2,345.32 crore in H1 FY26. Investing cash flow was an outflow of ₹234.43 crore against ₹1,034.2 crore, while financing cash flow was an inflow of ₹5,592.23 crore against ₹783.04 crore. Capital expenditure was ₹4,048.27 crore, compared with ₹30.28 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 53,063 | 43,468 |
| Total equity | 15,608 | 12,952 |
| Cash and equivalents | 6,448 | 5,161 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −4,079 | −2,345 |
| Cash from investing | −234.43 | −1,034 |
| Cash from financing | 5,592 | 783.04 |
| Capital expenditure | 4,048 | 30.28 |
Source: Company's results filing (XBRL).
How has Motilal Oswal Financial Services done over the last 8 quarters?
Revenue has increased year on year in each of the last four quarters. It rose from ₹2,111.65 crore in Q3 FY26 to ₹2,676.2 crore in Q4 FY26, reached ₹3,425.76 crore in Q1 FY27 and eased to ₹3,041.67 crore in Q2 FY27, although the latest quarter remained above the ₹2,111.65 crore level.
Profit followed a less consistent path. Net profit was ₹566.16 crore in Q3 FY26 and a net loss of ₹219.11 crore in Q4 FY26, before rising to ₹1,273.7 crore in Q1 FY27 and easing to ₹1,081.36 crore in Q2 FY27. Profit has increased year on year in each of the last two quarters.
The EBITDA margin bottomed at 7.7% in Q4 FY26 and then rose to 57.5% in Q1 FY27 and 60.4% in Q2 FY27. Revenue peaked at ₹3,425.76 crore in Q1 FY27, while net profit also peaked at ₹1,273.7 crore in that quarter before both declined in Q2 FY27.
Which businesses drove the quarter?
Wealth Management reported revenue of ₹1,110.33 crore and EBIT of ₹237.44 crore, with an EBIT margin of 21.4%. Capital Markets reported revenue of ₹216.96 crore and EBIT of ₹113.95 crore, with an EBIT margin of 52.5%; the supplied figures did not include year-ago segment revenue or EBIT for comparison.
Asset and Private Wealth Management reported revenue of ₹1,186.15 crore and EBIT of ₹522.34 crore, with an EBIT margin of 44.0%. Home finance reported revenue of ₹230.62 crore and EBIT of ₹46.65 crore, with an EBIT margin of 20.2%.
Treasury Investments reported revenue of ₹623.86 crore and EBIT of ₹404.18 crore, with an EBIT margin of 64.8%. Intersegment revenue was negative ₹324.16 crore and EBIT was ₹8.11 crore; year-ago segment comparisons were not given.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| 1. Wealth Management | 1,110 | 237.44 | 21.4% | |
| 2. Capital Markets | 216.96 | 113.95 | 52.5% | |
| 3. Asset and Private Wealth Management | 1,186 | 522.34 | 44.0% | |
| 4. Home finance | 230.62 | 46.65 | 20.2% | |
| 5. Treasury Investments | 623.86 | 404.18 | 64.8% | |
| 6. Intersegment | −324.16 | 8.11 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026. It also approved issuance of non-convertible debentures not exceeding ₹3,000 crore through a public issue or private placement, in one or more series or tranches, and designated Janak Dalal as Senior Management Personnel with effect from 29 October 2026.
A separate same-day filing said the Nomination and Remuneration Committee granted 220,000 employee stock options to eligible employees under the Motilal Oswal Financial Services Limited Employee Stock Option Scheme-X. No dividend proposal was included in the same-day filing excerpts.
What did Motilal Oswal Financial Services' management say?
In the company’s results presentation, managing director and chief executive Motilal Oswal said the Q2 FY27 earnings mix had shifted deliberately, with Asset Management as the largest profit pool and two-thirds of revenue recurring. He said this mix made earnings more resilient through market cycles and, with AA+ ratings from all three agencies, put the company in a position to deliver growth ahead.
Management said the SEBI custodian licence would allow the group to offer safekeeping of securities, trade settlement, corporate action processing and regulatory reporting to institutional clients. It said operations would commence in Q4 FY27, subject to completion of operational readiness requirements.
The company said H2 FY27 should be higher than H1 FY27 and expected Wealth Management growth to improve as regulatory changes and flat-market effects in the comparison base recede. The filing also identified regulatory changes and flat markets over the last eight quarters as headwinds for Wealth Management; no specific analyst questions were included in the supplied earnings-call record.
How did Motilal Oswal Financial Services shares react?
After the filing appeared after market hours on 29 October 2026, the stock was down 2.3% after five minutes, 3.2% after 15 minutes and 3.5% after 30 minutes. It closed 4.5% below its pre-results close on the reaction day. By the next day’s close, it was down 2.2% from the pre-results close.
The Stockbroking & Allied industry median fell 1.1% on the reaction day, while the Nifty Midcap 150 fell 0.9%. Motilal Oswal Financial Services therefore underperformed the industry median by 3.4 percentage points on the reaction day; by the next day’s close, its relative performance was 3.0 percentage points below the industry median.
Earlier results-day reactions were mixed: the stock fell 7.3% on 23 July 2026 and rose 2.7% on 29 April 2026. It had also fallen 4.3% on 30 October 2025, so the latest reaction followed the direction of the previous year’s results-day move.
| After the filing | Stock | Stockbroking & Allied median |
|---|---|---|
| 5 minutes | −2.3% | |
| 15 minutes | −3.2% | |
| 30 minutes | −3.5% | |
| Reaction day | −4.5% | −1.1% |
| Next day | −2.2% | +0.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 23 July 2026 | −7.3% |
| 29 April 2026 | +2.7% |
| 27 January 2026 | +6.8% |
| 30 October 2025 | −4.3% |
| 24 July 2025 | −2.0% |
| 25 April 2025 | −8.5% |
| 28 January 2025 | +3.3% |
| 28 October 2024 | +5.7% |
Source: MarketPing price-reaction measurement.
How did other Stockbroking & Allied companies do?
A total of 28 Stockbroking & Allied companies that had filed this quarter were compared with Motilal Oswal Financial Services, and their median revenue growth was 14.3%. Of the other companies, 25 grew more slowly than Motilal Oswal Financial Services and 3 grew faster.
Among 26 peers for which profit growth was compared, 15 reported higher profit. The peer figures are as of 6 November 2026 and exclude Motilal Oswal Financial Services from the peer count.
| Motilal Oswal Financial Services revenue growth (YoY) | +64.5% |
|---|---|
| Median of 28 other Stockbroking & Allied companies | +14.3% |
| Companies with slower revenue growth than Motilal Oswal Financial Services | 25 of 28 |
| Companies with faster revenue growth than Motilal Oswal Financial Services | 3 of 28 |
| Companies whose net profit rose | 15 of 26 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Motilal Oswal Financial Services' revenue in Q2 FY27?
Revenue from operations was ₹3,042 crore, up 64.5% from ₹1,849 crore in Q2 FY26 (consolidated).
Did Motilal Oswal Financial Services make a profit in Q2 FY27?
Yes. Net profit was ₹1,081 crore, against a net profit of ₹362.56 crore in Q2 FY26.
What was Motilal Oswal Financial Services' EPS in Q2 FY27?
Basic earnings per share were ₹17.94, against ₹6.04 in Q2 FY26.
How did Motilal Oswal Financial Services shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.5% from the previous close; the median Stockbroking & Allied stock moved −1.1%.
When did Motilal Oswal Financial Services announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving Unaudited Financial Results (Standalone & Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026 And Other Matters (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 29 October 2026) · PDF
- The earnings call (6 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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