Strong Operating Profit Growth, +16% YoY with 65% ARR Revenue Share
Mumbai, January 27, 2026: Motilal Oswal Financial Services Ltd. (MOFSL) reported its highest-ever operating PAT of ₹611 Cr in Q3FY26, grew 16% on YoY basis and 10% on QoQ basis. Total PAT (Incl. treasury & OCI) at Rs 721 Cr is up 58% on YoY basis. This is led by strong growth in Asset & Private Wealth Management business. Board declared interim dividend of Rs 6 per share.
Q3FY26 Business Highlights:
- Asset Management: PAT grew 65% YoY to ₹ 227 Cr. Total AUM grew by 33% on YoY basis at ₹1.89 lakh Cr, driven by stellar Mutual Fund AUM growth of 40% and Private Alternates AUM growth of 62%. Net MF Flows market share robust at 7.6%; SIP inflows surged 55% YoY to ₹4,515 Cr, highest market share at 5%. IBEF V (India Business Excellence Fund V) launched in Q2 did cumulative fund raise of Rs 8,000 Cr, expect final close in Q4. We have also launched our maiden Private Credit Fund in Jan’26 with a target fund size of Rs 3,000 Cr.
- Private Wealth Management: PAT stands at ₹ 82 Cr with Net Flows at ₹4,314 Cr. AUM up 31% YoY to
₹1.96 lakh Cr, driven by family acquisitions and higher RM productivity. ARR revenue grew by 28% on YoY basis.
- Wealth Management: PAT stands at ₹ 181 Cr. Brokerage revenue grew 15% on QoQ basis. Cash volume market share was robust at 6.9% and F&O Premium market share grew to 8.4%. Total blended ADTO market share stands at 7.8%. Distribution book grew by 34% to Rs. 42,775 cr on YoY basis. ARR book grew by 33%. Loan book grew by 25% to Rs 6,630 Cr on YoY basis.
- Capital Markets (IE and IB): PAT grew 15% YoY to ₹ 70 Cr. Ranked #1 across IPOs and QIPs in CY25. Covers 350 companies in Institutional Research servicing around 903 clients.
- Housing Finance: PAT grew 12% YoY to ₹ 42 Cr. AUM grew 24% YoY to Rs. 5,379 Cr. Adjusted for the one-time change in disbursement recognition, disbursement grew by 47% to Rs 578 Cr (reported Rs 364 Cr).
- Treasury book grew 16% YoY to ₹9,562 Cr. Book delivered healthy XIRR of 18.5% since inception and grew at a 42% CAGR supported by reinvestment of operating profits.
| Particulars (₹ Cr) | Q3FY26 | Q3FY25 | YoY (%) | Q2FY26 | QoQ (%) |
| Net Revenue | |||||
| – Asset & Private Wealth Management | 666 | 551 | 21% | 649 | 3% |
| – Wealth Management | 572 | 570 | – | 560 | 2% |
| – Capital Markets (IE and IB) | 165 | 151 | 9% | 209 | (21%) |
| – Housing Finance | 116 | 96 | 21% | 110 | 5% |
| Total Net Revenues1 | 1,497 | 1,345 | 11% | 1,460 | 3% |
| Employee Expense2 | 479 | 453 | 6% | 507 | (6%) |
| Other Expense | 204 | 190 | 7% | 213 | (5%) |
| Total Expense | 683 | 644 | 6% | 721 | (5%) |
| Profit Before Taxes (PBT) | 814 | 701 | 16% | 739 | 10% |
| PBT Margin | 54% | 52% | 51% | ||
| Operating PAT | 611 | 525 | 16% | 554 | 10% |
| Treasury Investments PAT3 | 110 | (69) | (268) | ||
| Total PAT3 | 721 | 456 | 58% | 286 | 152% |
About Motilal Oswal Financial Services Limited
MOFSL is a leading capital market player offering comprehensive solutions across client categories. MOFSL’s Operating PAT grew by 31% CAGR in last decade. Net worth has grown nearly 10x from Mar’15 to Dec’25 to Rs 13,632 Cr led by an, average ROE of 26% and an average payout of 20% without any external capital raise and after executing 3 buybacks. MOFSL ranked 138th on FY25 Profits and 200th on Market Capitalisation among listed Indian companies, underscoring scale and financial strength.
For Further Details, refer to the Investor Presentation here or contact the following;
| Mr. Shalibhadra Shah Group Chief Financial Officer shalibhadrashah@motilaloswal.com | Mr. Manish Kayal Head – Corp Planning & IR manish.kayal@motilaloswal.com | Mrs. Rohini Kute Head of Group Corporate Communication rohini.kute@motilaloswal.com | Shilpa Suryawanshi Concept PR Shilpa.s@conceptpr.com |
