Motilal Oswal Financial Services Limited (MOFSL) has announced its financial results for the second quarter and first half of fiscal year 2026, showcasing resilient performance led by its annuity businesses.

Key Highlights

• Highest-ever quarterly operating PAT of ₹554 crore in Q2FY26
• H1FY26 operating PAT grew 11% year-on-year to ₹1,088 crore
• Asset Management and Private Wealth Management segments drive growth
• Long-term credit rating upgraded to AA+ (Stable) by ICRA

Financial Performance

MOFSL reported a consolidated net revenue of ₹2,888.00 crore for H1FY26, marking a 15% increase from the previous year. The company's operating profit after tax (PAT) for Q2FY26 stood at ₹554.00 crore, while H1FY26 PAT reached ₹1,088.00 crore, up 11% year-on-year.

Segment-wise Performance

Asset Management and Private Wealth Management

This segment emerged as a key growth driver:

• PAT grew 46% year-on-year to ₹180.00 crore in Q2FY26
• Total Assets Under Management (AUM) increased 46% to ₹1.77 lakh crore
• Mutual Fund AUM growth of 57% year-on-year
• Net sales market share at 8.2%
• SIP inflows surged 2.2x year-on-year to ₹4,172.00 crore

Private Wealth Management

• PAT grew 23% year-on-year to ₹110.00 crore in Q2FY26
• Net Sales grew 3x in Q2FY26 to ₹7,358.00 crore
• AUM up 19% year-on-year to ₹1.87 lakh crore

Wealth Management

Despite a 24% decline in PAT to ₹170.00 crore, this segment maintained strong market shares:

• Cash volume market share at 7.1%
• F&O Premium market share at 8.7%
• Distribution net flows grew 29% to ₹3,079.00 crore in Q2FY26

Capital Markets

• PAT grew 24% year-on-year to ₹90.00 crore
• Ranked #1 across IPOs, QIPs, and Rights Issues in H1FY26

Housing Finance

• PAT grew 27% to ₹34.00 crore
• Disbursement growth of 48% year-on-year to ₹544.00 crore
• AUM grew 24% year-on-year to ₹5,236.00 crore

Treasury and Investments

The company's treasury book grew 14% year-on-year to ₹8,957.00 crore, delivering an XIRR of 18.7% since inception.

Credit Rating Upgrade

ICRA upgraded MOFSL's long-term credit rating to AA+ (Stable) from AA (positive), marking the highest rating awarded to any capital markets company in India.

Management Commentary

Motilal Oswal, Managing Director and CEO, commented, "Our Q2FY26 results demonstrate the strength of our diversified business model and the growing contribution of our annuity-based businesses. The stellar performance in Asset Management and Private Wealth Management segments underscores our strategic focus on these areas. The credit rating upgrade is a testament to our robust financial position and growth trajectory."

Outlook

With its strong market position across segments and the recent credit rating upgrade, MOFSL is well-positioned for sustained growth. The company's focus on expanding its asset management and wealth management businesses, coupled with its strong capital market presence, provides a solid foundation for future performance.

As Motilal Oswal Financial Services continues to leverage its diverse revenue streams and strong brand presence, investors and market watchers will be keenly observing its ability to maintain this growth momentum in the coming quarters.

Motilal Oswal Financial Services Limited (MOFSL) has reported its highest-ever quarterly operating profit after tax (PAT) of Rs 554.00 crore in Q2FY26, showcasing the company's resilient performance led by its annuity businesses. The financial services giant demonstrated strong growth across its key segments, particularly in Asset Management and Private Wealth Management.

Key Financial Highlights

• Consolidated operating PAT reached Rs 554.00 crore in Q2FY26, marking a 2% year-on-year increase.
• For H1FY26, the operating PAT grew by 11% to Rs 1,088.00 crore.
• The company's net worth expanded to Rs 12,871.00 crore as of September 30, 2025, reflecting a 16% year-on-year growth.
• MOFSL raised Rs 500.00 crores through private placement of Non-Convertible Debentures during the quarter, with funds fully utilized as per offer documents.

Segment Performance

Asset Management and Private Wealth Management

• PAT from this segment surged by 36% year-on-year to Rs 290.00 crore in Q2FY26.
• Total Assets Under Management (AUM) stood at Rs 1.77 lakh crore, up 46% year-on-year.
• The company maintained a robust net sales market share of 8.2% in the mutual fund industry.

Private Wealth Management

• PAT grew by 23% year-on-year to Rs 110.00 crore.
• Assets Under Advice (AUA) increased by 19% year-on-year to Rs 1.87 lakh crore.
• Net sales saw a significant jump, growing threefold to Rs 7,358.00 crore in Q2FY26.

Wealth Management

• Despite a 24% decline in PAT to Rs 170.00 crore, the segment maintained strong market shares:
  • 7.1% in cash volume market share
  • 8.7% in F&O Premium market share
• Distribution net flows grew by 29% to Rs 3,079.00 crore in Q2FY26.

Capital Markets

• PAT increased by 24% year-on-year to Rs 90.00 crore.
• MOFSL ranked #1 across IPOs, QIPs, and Rights Issues in H1FY26.

Housing Finance

• PAT rose by 27% to Rs 34.00 crore.
• Disbursements grew by 48% year-on-year to Rs 544.00 crore.
• AUM expanded by 24% year-on-year to Rs 5,236.00 crore.

Strategic Developments

• ICRA upgraded MOFSL's long-term credit rating to AA+ (Stable outlook) from AA (Positive outlook) on October 10, 2025, marking the highest rating for any capital markets company.
• The company ranked 99th on FY25 Profits and 171st on Market Capitalisation among listed Indian companies.
• MOFSL's treasury book grew by 14% year-on-year to Rs 8,957.00 crore, delivering a healthy XIRR of 18.7% since inception.

Board and Management Changes

• The Board appointed four new directors:
  • Mr. Pratik Oswal and Mr. Vaibhav Agrawal as Non-Executive Directors from the promoter group
  • Mr. Joseph Conrad Agnelo DSouza and Mr. Ashok Kumar P Kothari as Independent Directors for a 3-year term starting November 1, 2025
• Mr. Sandeep Walunj, Group Chief Marketing Officer, resigned effective October 31, 2025, citing personal reasons.

Management Commentary

Motilal Oswal, Managing Director and CEO, commented, "Our Q2FY26 results demonstrate the strength of our diversified business model and our ability to capitalize on market opportunities. The record operating PAT is a testament to our focus on building sustainable, annuity-based revenue streams."

Outlook

With its strong performance across key segments and strategic positioning in high-growth areas of the financial services sector, MOFSL appears well-positioned to capitalize on India's growing wealth management and capital markets opportunities. The company's focus on expanding its asset and wealth management businesses, coupled with its strong market position in capital markets, sets a solid foundation for future growth.

Note: All figures are based on the consolidated financial results for Q2FY26 and H1FY26 ended September 30, 2025.