Strong Operating Profit Growth, +16% YoY with 65% ARR Revenue Share

▴ Motilal Oswal
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.
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% 
 
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