AUM (Asset & Wealth Management)
₹3.7 lakh crore
+34% YoY
Combined AUM for asset management and private wealth businesses.
MOTILALOSWALFINANCIAL
Other
2026-04-??
Motilal Oswal Financial Services Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
SIP Flows (FY26)
₹16,000 crore
+78% YoY
Annual SIP inflows, with market share of 4.7%.
Unique MF Clients
1 crore
+30% YoY
Crossed 1 crore unique investors in March 2026, up from 77 lakhs.
IB Fee Income (FY26)
₹309 crore
+39% YoY
Investment banking fee income, ranked #2 in capital markets league table.
Management Guidance
AMC AUM growth supported by SIP run rate and product vintage
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.
growthAlternates AUM to grow with new fund launches
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.
expansionCarry income run rate to increase
More funds entering carry income recognition threshold; current carry income run rate of ₹250 crore per annum expected to rise.
revenueBroking revenues to recover in FY27
Regulatory impact behind; volumes have caught up to pre-change levels; Q4 broking revenue growth of 33% YoY indicates recovery.
revenueKey Risks
Market volatility impacting investment book MTM
Unrealized MTM losses of ~₹1,000 crore at Q4 end, though mostly recouped in April; prolonged downturn could affect reported PAT.
medium · management_commentarySIP market share decline due to fund closures
International funds and micro-cap fund are closed for new SIPs, causing a slight dip in SIP market share; recovery depends on fund performance.
low · analyst_questionCompetition from digital brokers and fintech platforms
Digital brokers gaining share in cash/FNO and mutual fund distribution; management acknowledges need to adapt strategy for larger traders.
medium · analyst_questionRevenue yield compression from mix shift
Fastest growth in passives (lower yields) and alternates (higher yields) growing slower; mix effect could pressure overall fee margins.
low · management_commentaryNotable 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.