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Revenue
₹2,676 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Motilal Oswal Financial Services reported a strong Q4 FY26 with operating profit after tax (OPAT) growing 25% YoY to an annualized run rate of ₹661 crore. Full-year OPAT rose 16% to ₹2,360 crore, driven by a 33% surge in asset and private wealth profits, which now contribute ~50% of total OPAT. The AMC AUM crossed ₹1.5 lakh crore with SIP flows up 78% YoY to ₹16,000 crore. The alternates business raised ~$1 billion for its largest growth capital fund. Management highlighted rising annuity revenue share (>60%) and expects continued momentum from product vintage maturation, SIP run rate of ₹1,500 crore/month, and new fund launches. Key risk: market volatility could impact MTM on the ₹9,000 crore investment book, though most losses were recouped in April.
Colored figures show movement against the previous available record.
Guidance to track
- Current AUM of ₹1.8 lakh crore is 15% higher than FY26 average; SIP run rate of ₹1,500 crore/month and 8 funds crossing 3-year vintage by March 2027 will drive flows.
- Maiden private credit fund of ₹3,000 crore and first commercial real estate credit fund expected in H2 FY27, plus series 7 of residential real estate credit fund.
- More funds entering carry income recognition threshold; current carry income run rate of ₹250 crore per annum expected to rise.
- Regulatory impact behind; volumes have caught up to pre-change levels; Q4 broking revenue growth of 33% YoY indicates recovery.
Risks flagged
- Unrealized MTM losses of ~₹1,000 crore at Q4 end, though mostly recouped in April; prolonged downturn could affect reported PAT.
- International funds and micro-cap fund are closed for new SIPs, causing a slight dip in SIP market share; recovery depends on fund performance.
- Digital brokers gaining share in cash/FNO and mutual fund distribution; management acknowledges need to adapt strategy for larger traders.
- Fastest growth in passives (lower yields) and alternates (higher yields) growing slower; mix effect could pressure overall fee margins.
Key quotes
- Our operating businesses have delivered a 10-year compounded operating profit after tax growth of 33% per annum, EPS growth of 28% per annum, return on equity of 23%.
- Our annuity businesses now contribute over 60% of the revenues, have risen in the last five and 10 years, and our view will continue to rise going forward.
- We are now ranked among the top 150 companies based on the 2025 calendar year pack and among top 200 companies by market cap.
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