Motilal Oswal Financial Services Ltd disclosed the shareholding pattern for the financial year ended March 31, 2026. Motilal Oswal Family Trust, along with persons acting in concert (PACs), declared that no shares were encumbered directly or indirectly during this period. The disclosure was submitted to BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 31(4) and 31(5) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

Promoter Shareholding Details

The table below details the shareholding of the promoter group as on March 31, 2026:

The filing was signed by Motilal Gopilal Oswal, Trustee of Motilal Oswal Family Trust, on April 08, 2026.

UBS has initiated coverage on Motilal Oswal Financial Services with a Buy rating and a target price of ₹1,150, underscoring the firm's strategic evolution into an AUM-led financial platform. The global brokerage believes this transition positions the company to generate non-linear earnings growth, supported by a confluence of structural and operational factors.

AUM-Led Platform Transition at the Core

UBS identifies Motilal Oswal Financial Services' shift toward an AUM-driven business model as the central investment thesis. This transition is expected to reduce dependence on transactional broking revenues, which are inherently cyclical, and replace them with more predictable, recurring income streams from wealth management and distribution. The brokerage highlights that this structural repositioning enhances the quality and visibility of future earnings.

Key Growth Drivers Identified by UBS

UBS outlines several interconnected factors supporting its positive outlook on the company:

• Financialisation of savings: Structural tailwinds from increasing household participation in financial markets are expected to drive sustained AUM growth.
• Operating leverage: As the platform scales, incremental revenues are anticipated to flow through to earnings at a higher rate.
• Mix shift toward AMC and private wealth: A deliberate pivot toward asset management and private wealth segments is seen as enhancing margin profiles and revenue quality.
• Reduced broking cyclicality: Greater reliance on recurring wealth and distribution income is expected to moderate earnings volatility.

Projected Financial Metrics (FY26–29E)

UBS has outlined specific growth projections for Motilal Oswal Financial Services over the FY26–29E period, reflecting confidence in the company's strategic direction:

The 22% earnings CAGR projection is particularly noteworthy, as UBS attributes it to a higher proportion of recurring wealth and distribution income, which carries greater quality and sustainability compared to broking-driven revenues.

Structural Benefits from Financialisation

Beyond company-specific factors, UBS emphasizes the broader macroeconomic backdrop of financialisation as a structural tailwind. The increasing channelling of household savings into financial assets—including mutual funds, equities, and managed wealth products—is expected to provide a long-term growth runway for platforms like Motilal Oswal Financial Services that are well-positioned across the AMC and private wealth value chain.

Summary

UBS's Buy initiation on Motilal Oswal Financial Services with a ₹1,150 target price reflects a comprehensive positive view anchored in the company's AUM-led platform transition, favorable industry dynamics, and a projected 22% earnings CAGR over FY26–29E. The brokerage's thesis rests on operating leverage, a strategic mix shift toward AMC and private wealth, and the structural benefits of financialisation driving higher-quality, recurring revenue streams.