Motilal Oswal Financial Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Motilal Oswal Financial Services Ltd filed with BSE on 07 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Motilal Oswal Financial Services reported FY26 operating profit after tax growth of 16% YoY to ₹2,360 crores, with Q4FY26 operating PAT growing 25% YoY, the strongest of the four quarters. Asset and Private Wealth Management businesses drove growth, with AMC AUM crossing ₹1.5 lakh crores and net flows of ₹70,000 crores across the combined asset and wealth business during the year. Management also reported a mark-to-market loss of around ₹9,000 crores on the investment book as of quarter-end, most of which it said had been recouped by April 2026.
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Numbers mentioned
Operating profit after tax: ₹2,360 crores (FY26)
p. 3
“Our operating profit after tax in the year FY26 grew by 16% YoY to ₹2,360 crores, led by a 33% growth in the profits of Asset and Private Wealth businesses.”
Navin Agarwal, page 3 of the filed PDF · View the filing
Operating profit after tax growth: 25% (Q4 FY26)
p. 3
“Operating profit after tax for the fourth quarter grew by a strong 25%, and was the strongest in the 4 quarters of the last financial year.”
Navin Agarwal, page 3 of the filed PDF · View the filing
Operating PAT run rate: ₹661 crores (Q4 FY26 exit)
p. 3
“We exit the last quarter with an operating PAT run rate of ₹661 crores.”
Navin Agarwal, page 3 of the filed PDF · View the filing
Mark-to-market loss on investment book: ₹9,000 crores (Q4 FY26)
p. 3
“Our total profit after taxes, including OCI for the fourth quarter and the full year is impacted due to mark-to-market on our investment book, which currently stands at around ₹9,000 crores.”
Navin Agarwal, page 3 of the filed PDF · View the filing
AMC AUM: ₹1.5 lakh crores (FY26)
p. 3
“Our AMC AUM crossed ₹1.5Lakh Crores with diversified across active, passive, AIF and PMS.”
Navin Agarwal, page 3 of the filed PDF · View the filing
Asset and Private Wealth net flows: ₹70,000 crores (FY26)
p. 3
“Our Asset Management and Private Wealth business continued momentum during the year with robust net flows of ₹70,000 crores and an AUM of ₹3.7 lakh crores, which is up by 34% year-on-year.”
Navin Agarwal, page 3 of the filed PDF · View the filing
SIP flows: ₹16,000 crore (FY26)
p. 4
“FY26 SIP flows crossed ₹ 16,000 Cr. mark, up 78% on YoY basis with a market share of 4.7% resulting in a SIP AUM book of ~₹ 30,000 cr as on Mar’26.”
Navin Agarwal, page 4 of the filed PDF · View the filing
Investment banking fee income growth: 39% (FY26)
p. 5
“Our IB business still has successfully completed 52 deals in FY26 with cumulative raise of ₹ 83,600 cr and our fees income delivered a strong 39% revenue growth YoY basis to ₹ 309 Cr.”
Navin Agarwal, page 5 of the filed PDF · View the filing
Housing finance AUM: ₹6,100 crores (FY26)
p. 5
“Consequently, AUM (adjusted) grew by 25% to ₹6,100 Crs.”
Navin Agarwal, page 5 of the filed PDF · View the filing
Wealth management distribution book: ₹40,662 crore (as of March 2026)
p. 5
“Distribution book grew by 41% to ₹40,662 cr as of Mar’26.”
Navin Agarwal, page 5 of the filed PDF · View the filing
Wealth management loan book: ₹6,094 crore (FY26)
p. 5
“Our loan book in this segment rose 32% YoY, reaching ₹6,094 cr.”
Navin Agarwal, page 5 of the filed PDF · View the filing
Retail broking equity market share: 8.6% (FY26)
p. 5
“Our overall retail broking equity market share including commodity stood at 8.6% in FY26.”
Navin Agarwal, page 5 of the filed PDF · View the filing
AUM per RM: ₹450 crores (as of March 2026)
p. 10
“Our AUM per RM has been steadily increasing from ₹300 Crs, couple of years back to ₹450 Crs as on Mar’26.”
Ashish Shanker, CEO Private Wealth Management, page 10 of the filed PDF · View the filing
Brokerage revenue growth: 33% (Q4 FY26)
p. 7
“In Q4FY26, brokerage revenue growth is ~33% YoY.”
Shalibhadra Shah – CFO, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
IE research coverage — nearly 500 companies
stated as an aspiration by Navin Agarwal
p. 5
“In IE, we aspire to take our coverage up from the current 360 to nearly 500 companies.”
Navin Agarwal, page 5 of the filed PDF · View the filing
Funds crossing 3-year vintage — 8 funds by Mar’27 and 16 funds by Mar’28 · Mar'27 and Mar'28
stated firmly by Navin Agarwal
p. 4
“We expect 8 funds to cross 3 years vintage by Mar’27 and 16 funds by Mar’28.”
Navin Agarwal, page 4 of the filed PDF · View the filing
MTF book growth — coming periods
stated as an aspiration by Shalibhadra Shah – CFO
p. 7
“We expect a similar strong growth in the coming periods because we are the largest broker in terms of Industry cash brokerage revenue pie.”
Shalibhadra Shah – CFO, page 7 of the filed PDF · View the filing
Brokerage revenue — coming periods
stated conditionally by Shalibhadra Shah – CFO
p. 7
“Now with a higher base in the current financial year over last financial year, we expect the brokerage line item to catch up for coming periods, given that the regulatory impact is behind and our volumes are up.”
Shalibhadra Shah – CFO, page 7 of the filed PDF · View the filing
Housing Finance business growth — over 2-3 years
stated as an aspiration by Navin Agarwal
p. 5
“We expect Housing Finance business having formed a strong base and a very strong leadership team to witness strong growth over 2-3 years.”
Navin Agarwal, page 5 of the filed PDF · View the filing
Asset and Private Wealth share of operating profit — FY27
stated firmly by Navin Agarwal
p. 12
“The Asset Management and Private Wealth Management Business share of profitability because of their annuity nature too have consistently gone up, and that trend will continue to rise in FY27.”
Navin Agarwal, page 12 of the filed PDF · View the filing
Variable additional return income — coming financial periods
stated conditionally by Shalibhadra Shah – CFO
p. 11
“we have multiple number of funds, which has reached in the last cohort of their life, where our IRRs are well above the hurdles, and we expect meaningful variable returns to accrue in the coming financial periods.”
Shalibhadra Shah – CFO, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the decline to restrictions on international and microcap funds and said SIP book growth would return with fund performance.
Answered by Prateek Agrawal, MD and CEO, Asset Management
Asked by Mahek: Why did SIP market share dip during the quarter and what is being done to regain it?
p. 6
“There is a slight decline in passive MF side due to 1) Our international funds are no longer able to take new money and 2) the microcap fund is also locked.”
Prateek Agrawal, MD and CEO, Asset Management, page 6 of the filed PDF · View the filing
Management said the compression was due to a mix effect from faster growth in lower-yielding passive products relative to alternates.
Answered by Prateek Agrawal, MD and CEO, Asset Management
Asked by Mahek: What is driving the compression in alternate yields?
p. 6
“If you see a compression in yields for us, it is on account of mix effect.”
Prateek Agrawal, MD and CEO, Asset Management, page 6 of the filed PDF · View the filing
CFO attributed the rise mainly to marketing, brand promotion and CSR expenses concentrated in the quarter.
Answered by Shalibhadra Shah – CFO
Asked by Mahek: What drove the sequential increase in other expenses?
p. 7
“Q4FY26 includes a predominant impact of higher marketing, brand promotion and CSR expenses.”
Shalibhadra Shah – CFO, page 7 of the filed PDF · View the filing
CFO said the decline was a marginal, market-wide impact and expressed confidence in future growth.
Answered by Shalibhadra Shah – CFO
Asked by Deep Vakil: What is guidance on the MTF book given the sequential decline?
p. 7
“It's more of a market impact. Across the industry, the book is marginally lower & it's a very marginal reduction in our book as well.”
Shalibhadra Shah – CFO, page 7 of the filed PDF · View the filing
CFO confirmed the mark-to-market loss was notional and unrealized, arising from Ind AS revaluation requirements.
Answered by Shalibhadra Shah – CFO
Asked by Deep Vakil: Was the ₹1,000 crore treasury MTM loss realized or unrealized?
p. 8
“It is a notional mark-to-market loss. We revalue all our Long-only investments at mark-to-market based on the Ind AS requirements & that's why these are notional losses.”
Shalibhadra Shah – CFO, page 8 of the filed PDF · View the filing
Management said the business remains focused on a research and advisory-led model while also targeting high-value traders.
Answered by Ajay Menon, CEO, Wealth Management
Asked by Nidhesh Jain: How is the wealth management business responding to competition from digital brokers?
p. 9
“Our Wealth Management business, that we are building on, have always been focused on the research and advisory model.”
Ajay Menon, CEO, Wealth Management, page 9 of the filed PDF · View the filing
Management said gross flows dropped modestly and redemption pressure was heightened in certain months, particularly in the wealth channel.
Answered by Prateek Agrawal, MD and CEO, Asset Management
Asked by Lalit Mohan Deo: Why did mutual fund market share in flows decline from 7.5% to around 3%?
p. 12
“We saw heightened redemption pressure in the month of Jan’26 & Feb’26 that reduced in Mar’26 and is actually below normal in Apr’26.”
Prateek Agrawal, MD and CEO, Asset Management, page 12 of the filed PDF · View the filing
CFO attributed the increase mainly to distribution revenues from insurance.
Answered by Shalibhadra Shah – CFO
Asked by Lalit Mohan Deo: What drove the pickup in transaction/distribution income in wealth business?
p. 12
“In Q4FY26, the transaction income in the wealth business is higher because of the distribution revenues from Insurance.”
Shalibhadra Shah – CFO, page 12 of the filed PDF · View the filing
Risks flagged
Regulatory changes in F&O segment and higher margin requirements impacted market breadth
p. 3
“The strong operating performance has been delivered in the backdrop of head winded external environment, be it weak markets impacting mark-to-market in our AUM in multiple businesses coupled with multiple regulatory changes, like the F&O changes, requirement of higher margins, etc., impacted market breadth.”
Navin Agarwal, page 3 of the filed PDF · View the filing
Weak markets impacted broking revenue and volumes during the year
p. 7
“Broking revenue during FY26, especially starting from Jan '25 to Dec’25 was lower mainly because of the lower volumes and the impact of regulatory changes, which had come on the F&O segment and also the lower overall cash volumes in the industry.”
Shalibhadra Shah – CFO, page 7 of the filed PDF · View the filing
Heightened redemption pressure in mutual fund flows during certain months
p. 12
“We saw heightened redemption pressure in the month of Jan’26 & Feb’26 that reduced in Mar’26 and is actually below normal in Apr’26.”
Prateek Agrawal, MD and CEO, Asset Management, page 12 of the filed PDF · View the filing
Cyclicality in markets could impact flows into particular alternate asset classes
p. 10
“In the near term, the markets could be cyclical and that could impact a particular asset class.”
Ashish Shanker, CEO Private Wealth Management, page 10 of the filed PDF · View the filing
Digital brokers and fintech platforms gaining share in mutual fund distribution and broking
p. 9
“So, in that light, how are we planning our businesses from a longer-term perspective?”
Nidhesh Jain - Participant, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.