Motilal Oswal Financial Services (MOFSL) has reported a 2% year-on-year growth in operating profit after tax (PAT) to ₹554.00 crore for the second quarter of fiscal year 2026. The company's performance was driven by strong growth in its Asset and Private Wealth Management businesses, which grew by 36% compared to the same period last year.

Key Highlights

• Customer base expanded to 14.5 million, comprising 9.4 million unique mutual fund folios and 5.1 million unique broking accounts
• Assets under Advice crossed ₹6.70 lakh crore
• Annual Recurring Revenue now represents 61% of total net revenues
• Asset Management and Private Wealth businesses grew 36% year-on-year
• Completed first close of ₹6,900.00 crore for its fifth Private Equity fund IBEF V
• Long-term credit rating upgraded to AA+ with stable outlook

Financial Performance

Business Segment Performance

Asset Management

• Mutual Fund AUM market share increased to 2.6%
• Net flow market share at 8.2%
• SIP flow market share reached 4.8%, the highest ever

Private Wealth Management

• AUM stood at ₹1.87 lakh crore
• Serving over 7,000 families with ₹1+ crore of AUM each

Investment Banking

• Executed 39 deals worth ₹49,000.00 crore in the first half of FY26
• Ranked #1 in IPO, QIP, and Rights Issues

Credit Rating Upgrade

MOFSL's long-term credit rating was upgraded to AA+ with a stable outlook. This is the highest rating ever granted to any non-bank domestic capital market player in India, reflecting the strength of the company's diversified business model, increasing share of predictable annual recurring revenue, strong balance sheet, and disciplined financial management.

Board Expansion

The company has expanded its board from 10 to 14 members, adding new directors including Pratik Oswal and Vaibhav Agarwal. Additionally, Mr. Joseph Conrad Agnelo D'Souza, a senior HDFC Group veteran, and Mr. Ashok Kumar P. Kothari, a senior IRS officer, have joined as Independent Directors, enhancing the Board's diversity and strategic depth.

Future Outlook

Navin Agarwal, Group Managing Director, expressed optimism about the company's future, stating, "We expect savings pool of USD126 trillion in 25 years ending 2047, compared with USD 14 trillion in the preceding 25 years. The financialisation and equitization of this large savings pool is a megatrend that will provide tailwinds to all our businesses in the future to continue delivering strong earnings growth."

The company aims to leverage its strong market position and diverse product offerings to capitalize on the growing financialization of savings in India. With a focus on expanding its Asset Management, Private Wealth, and Housing Finance businesses, Motilal Oswal Financial Services is well-positioned for continued growth in the coming years.

Motilal Oswal Financial Services continues to demonstrate resilience and growth across its business segments, maintaining its position as a leading player in India's financial services sector. The company's strategic focus on recurring revenue streams and its ability to adapt to changing market conditions bode well for its future prospects.

In a significant corporate action, the Motilal Oswal Family Trust has distributed a substantial number of shares to one of its beneficiaries, Pratik Motilal Oswal. The move, which took place on November 3, 2025, involves an off-market inter-se transfer of 1,80,15,275 equity shares of Motilal Oswal Financial Services Limited .

Key Details of the Share Transfer

The transfer has resulted in a notable shift in the shareholding structure of Motilal Oswal Financial Services Limited. Here's a breakdown of the changes:

Impact on Promoter Group Holding

Despite this substantial transfer, the combined shareholding of the promoter group and persons acting in concert remains unchanged at 33.54% of the total share capital. This stability in overall promoter holding suggests that the transfer is an internal redistribution rather than a change in the group's overall stake in the company.

Company Share Capital

Motilal Oswal Financial Services Limited's equity share capital stands at 60,05,09,232 shares, each with a face value of Re. 1. This transfer does not affect the total number of outstanding shares.

Regulatory Compliance

The company has duly disclosed this transaction in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This disclosure ensures transparency and keeps shareholders and the market informed about significant changes in shareholding patterns.

Conclusion

This share transfer represents a notable change in the individual holdings within the Motilal Oswal promoter group, potentially signaling a shift in the internal dynamics of the family's stake in the company. However, with the overall promoter group holding remaining constant, the move appears to be part of internal wealth management or succession planning rather than a change in the group's commitment to the company.