Motilal Oswal Financial Services held its Q4 & FY26 Earnings Conference Call on April 30, 2026, with the Senior Leadership team addressing investors and analysts on the company's financial performance and business outlook. Group Managing Director Navin Agarwal led the opening remarks, highlighting the company's position as the largest integrated capital markets player in India and its consistent track record of growth without equity dilution since its listing in 2007.

FY26 Financial Performance Overview

FY26 marked another year of operational strength, with growth driven primarily by annuity businesses. The following table summarises key operating metrics for the period:

The company's 10-year compounded operating profit after tax growth stood at 33% per annum, with EPS growth of 28% per annum and an average return on equity of 23%. The investment book has grown at 40% compounded since inception. Mark-to-market losses on the investment book, which stands at approximately ₹9,000 crores, impacted total reported profit after tax for Q4FY26 and FY26; however, management confirmed these are unrealized losses, with most already recouped in April 2026.

Asset Management Business

The AMC business crossed ₹1.5 lakh crores in AUM, diversified across active, passive, AIF, and PMS categories. Unique PANs catered by the AMC crossed 1 crore in March 2026 versus 77 lakh in March 2025, representing approximately 16% client share of the mutual fund industry. The Average AUM improved from ₹1.57 lakh crores to ₹1.8 lakh crores in April, reflecting continued momentum.

Key highlights of the AMC business include:

• SIP flows crossed ₹16,000 crores in FY26, up 78% year-on-year, with a market share of 4.7%, resulting in a SIP AUM book of approximately ₹30,000 crores as of March 2026
• SIP run rate stands at approximately ₹1,500 crores per month (₹1,400+ crores currently), with annualised SIP run rate of ₹18,000 crores
• 5 new MF Active Products launched in FY26, expanding presence to 82% of industry AUM
• Only 6 funds have a vintage of over 3 years; 8 funds are expected to cross 3-year vintage by March 2027 and 16 funds by March 2028
• Net flow market share in Q4FY26 was higher than AUM market share

Management noted that fees remained unimpacted by TER regulatory changes, with a slight improvement for their cohort of AUM.

Alternates and Private Markets

The Alternates business raised its largest growth capital fund, IBEF V, at close to a billion dollars in FY26, driving 40% growth in fee-accruing AUM from an average AUM of ₹15,000 crores to a closing AUM of ₹21,000 crores. The business pipeline includes:

• A maiden Private Credit fund of ₹3,000 crores
• First Commercial Real Estate Fund
• Launch of Series VII of the Residential Real Estate Fund

Management highlighted that each successive fund series has doubled in size from Series I to Series V, and multiple funds are approaching the variable additional returns recognition threshold, which is expected to boost revenue run rates in coming financial periods.

Private Wealth Management

The Private Wealth Management business serves approximately 9,000 families, with nearly 50% having UHNI potential. The business operates across three segments — HNI (₹50 crores to ₹100 crores), UHNI (₹100 crores+), and Family Offices. AUM per RM has risen steadily from ₹300 crores a couple of years ago to ₹450 crores as of March 2026, on an increased RM base. The ARR AUM currently stands at ₹46,000 crores, with 440+ RMs, of whom 32% have a vintage of 3 or more years.

Wealth Management and Capital Markets

In the Wealth Management segment, the distribution book grew 41% to ₹40,662 crores as of March 2026, while the loan book rose 32% year-on-year to ₹6,094 crores. The company's MTF market share stood at close to 7% in FY26. The overall retail broking equity market share including commodity stood at 8.6% in FY26, with brokerage revenue growth of approximately 33% year-on-year in Q4FY26 and overall ADTO market share up approximately 100 basis points for the year.

The Investment Banking business completed 52 deals in FY26 with a cumulative raise of ₹83,600 crores, delivering 39% revenue growth year-on-year to ₹309 crores. The company is ranked #2 in the Capital Markets league table and #1 in the QIP league table for FY26.

Housing Finance Business

The Housing Finance business concluded a solid year, with key metrics as follows:

Management noted the business has a strong capital adequacy ratio and low leverage, providing growth levers without external equity capital dependency.

Management Outlook

Management concluded the call by reiterating that FY25 and FY26 were marked by regulatory tightening and weak markets, yet the company delivered 16% operating PAT growth in FY26 and 25% growth in Q4FY26. With regulatory headwinds now in the base and continued resilience from Indian investors, the company's annuity revenue share — at over 60% — and rising contributions from Asset and Private Wealth Management businesses are expected to improve the quality and predictability of cash flows going forward.

Motilal Oswal Financial Services Limited has announced that its material wholly-owned subsidiary, Motilal Oswal Asset Management Company Ltd. (MOAMC), has received a Letter of Appointment dated May 05, 2026 from the Pension Fund Regulatory and Development Authority (PFRDA), appointing MOAMC as Sponsor of Pension Fund for managing pension assets under the National Pension System (NPS). The intimation was made to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This development marks a significant milestone in strengthening the company's presence in India's financial services ecosystem and expanding its participation in the long-term retirement and pension fund management space.

PFRDA Appointment and Mandate

The approval follows MOAMC's application in response to PFRDA's invitation for the selection of pension fund sponsors under its Registration Guidelines. As part of the mandate, MOAMC will set up a separate pension fund entity that will act as an investment manager, overseeing the NPS contributions of subscribers and managing pension assets in accordance with the PFRDA Act, 2013 and applicable regulations. The appointment is subject to the terms and conditions specified in the Letter of Appointment.

Key details of the appointment are outlined below:

Next Steps Toward Full Operations

MOAMC will undertake the necessary formalities to commence operations, which include:

• Obtaining the Certificate of Registration from PFRDA
• Executing the Investment Management Agreement (IMA) with the NPS Trust
• Entering into further arrangements with custodians, intermediaries, and other relevant parties
• Completing all compliances as prescribed under the PFRDA Act, 2013 and related regulations

Upon completion of these formalities, MOAMC will commence full-scale operations as a Sponsor of Pension Fund under the NPS.

Leadership Commentary

Mr. Prateek Agrawal, MD & CEO of Motilal Oswal Asset Management Company Ltd., commented on the development: "As India's financial ecosystem evolves, the need for disciplined, long-term retirement investment and planning is becoming critical for long-term financial security. As Indians shift their financial habits moving from a saver to an investor mindset, NPS inflows have also been growing steadily. Through our entry into India's NPS ecosystem, we aim to bring a research-driven, high-conviction, and long-term investment approach, focused on delivering consistent performance for investors to build sustainable retirement wealth."

About Motilal Oswal Asset Management Company Ltd.

Motilal Oswal Asset Management Company Ltd. (MOAMC) is registered with SEBI as the Investment Manager for Motilal Oswal Mutual Fund. It was incorporated on November 14, 2008, and provides Investment Management and Advisory Services to investors based within and outside India. The company operates across Mutual Funds, AIFs, and Portfolio Management Services businesses. The Motilal Oswal Group possesses a legacy in equities spanning over 3 decades.

The SEBI registration details for entities within the group are as follows: