Motilal Oswal Financial Services
Motilal Oswal Financial Services
Capital Markets F&OKey Fundamentals
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Key Insights
Strengths
2- Company is expected to give good quarter
- Company's median sales growth is 18.2% of last 10 years
Weaknesses
1- Company has high debtors of 158 days.
Growth Rate
AI Analysis — Bull vs Bear
Motilal Oswal Financial Services has a market capitalisation of about ₹62,473 crore and trades at a P/E of 31 and a P/B of 4.76. Over the long run its growth has been strong, with 10-year sales and profit CAGRs of 24% and 27% and ROE averaging 22-23%. Recent performance has weakened: TTM profit is down 29%, TTM sales growth has slowed to 15%, and last year's ROE fell to 16%.
- Revenue has compounded at 24% a year over 10 years, with a 10-year median sales growth of 18.2%. That points to lasting franchise growth across broking, wealth, asset management and lending.
- Sales grew at a 31% CAGR over the last 3 years. The company captured the rise in retail market participation and financialisation of savings.
- ROE has held at about 22% over 5 and 10 years and 23% over 3 years. The business has produced high returns on capital through several market cycles.
- Profit has compounded at 27% over 10 years and 26% over 3 years. Earnings have grown faster than revenue over longer periods.
- Sales are still growing 15% on a TTM basis even though profit fell. The core revenue base has kept growing, and the profit drop may be partly due to volatile items such as treasury or mark-to-market gains.
- The stock has returned a 67% CAGR over 3 years and 24% over 10 years. Long-term earnings growth has shown up in shareholder returns.
- At a market cap of about ₹62,473 crore, the company is one of the larger listed diversified capital-market firms in India. That scale can support brand, distribution and investment in technology.
- The company pays a dividend yield of 0.59%, a regular if small cash return while it reinvests for growth.
- TTM profit has fallen 29% while sales rose 15%. That gap shows margin pressure and earnings volatility in the near term.
- Last year's ROE dropped to 16%, well below the 3-year average of 23% and the 5- and 10-year averages of 22%. Capital efficiency has weakened.
- The stock trades at a P/B of 4.76 against a latest ROE of 16%, and at a P/E of 31 while TTM earnings are shrinking 29%. The valuation leaves little room if the earnings recovery is delayed.
- Debtor days are high at 158. That ties up working capital and adds exposure to receivables and credit risk.
- Profit grew at only a 7% CAGR over 5 years, compared with 21% for sales. Earnings have lagged revenue and swung widely over this period.
- Sales growth has slowed from a 31% 3-year CAGR to 15% TTM. The business is sensitive to market volumes, investor sentiment and regulatory changes affecting broking and derivatives activity.
- Stock returns over 1 year were 13%, far below the 67% 3-year CAGR. Price momentum has slowed along with earnings.
- The dividend yield of 0.59% offers little income support if the stock drops during a market downturn.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Upgraded to IND AA+/Stable Sep 16
India Ratings upgraded MOFSL, MOHFL and MOFL long-term ratings to 'IND AA+/Stable' from 'IND AA/Positive' and affirmed 'IND A1+' on the commercial paper of MOFSL, MOFL and MOWL. It cited a scale-up in asset and wealth management, with two-thirds of revenue now recurring, and the group is now rated AA+ by all three leading Indian agencies, which should lower borrowing costs.
- SEBI custodian licence for subsidiary Sep 24
A Motilal Oswal subsidiary received SEBI approval to act as a securities custodian, authorising it to provide safekeeping and administration of client securities. This adds another fee-based service line alongside its asset and wealth management businesses.
- ₹79 crore secured NCDs allotted Sep 16
Following a Sep 7 Finance Committee meeting on private-placement NCDs, MOFSL allotted ₹79 crore of 5-year secured NCDs at an 8.7% coupon, backed by a first-ranking charge over receivables. This is routine debt funding for the lending and housing finance books.
- Board to weigh more NCDs Sep 21
The board was due to meet on Sep 24, 2026 to consider raising more funds through privately placed NCDs, with no size disclosed. The AA+ upgrade could help price any new issue at lower cost.
- Analyst meetings scheduled in September Sep 7
MOFSL will take part in analyst meetings on Sep 11 and Sep 28, 2026 to discuss Q2FY27 results. The company says no unpublished price-sensitive information will be shared.
TL;DR: MOFSL's news flow is constructive. The rating upgrade to IND AA+/Stable across group entities reflects its shift toward recurring fee income, now two-thirds of revenue, and the new SEBI custodian licence widens its fee-based platform. None of these articles points to a direct headwind, but repeated NCD fundraising means borrowing is rising, and leverage and asset quality in the lending arms need watching. The trend is improving, and lower funding costs plus Q2FY27 results will show whether the growth in recurring income keeps going.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,502 | 1,655 | 1,791 | 2,154 | 2,314 | 2,841 | 1,993 | 1,190 | 2,737 | 1,849 | 2,112 | 2,676 | 3,426 |
| Expenses | 664 | 740 | 703 | 916 | 926 | 1,025 | 932 | 910 | 1,018 | 1,009 | 1,006 | 2,471 | 1,456 |
| Operating Profit | 837 | 915 | 1,089 | 1,238 | 1,388 | 1,816 | 1,061 | 280 | 1,720 | 840 | 1,105 | 205 | 1,970 |
| OPM % | 56% | 55% | 61% | 57% | 60% | 64% | 53% | 24% | 63% | 45% | 52% | 8% | 57% |
| Other Income | 32 | 1 | 6 | 18 | 19 | 15 | 26 | 18 | 7 | 11 | 8 | 16 | 6 |
| Interest | 216 | 241 | 262 | 302 | 327 | 354 | 319 | 298 | 295 | 317 | 336 | 388 | 414 |
| Depreciation | 17 | 17 | 24 | 24 | 22 | 23 | 27 | 26 | 26 | 28 | 29 | 28 | 28 |
| PBT | 636 | 658 | 809 | 930 | 1,059 | 1,454 | 741 | -27 | 1,406 | 506 | 748 | -194 | 1,534 |
| Tax % | 17% | 19% | 18% | 22% | 17% | 23% | 24% | 137% | 18% | 28% | 24% | 13% | 17% |
| Net Profit | 528 | 532 | 661 | 725 | 884 | 1,122 | 566 | -63 | 1,163 | 363 | 566 | -219 | 1,274 |
| EPS in Rs | 8.9 | 8.96 | 11.11 | 12.13 | 14.77 | 18.71 | 9.42 | -1.08 | 19.38 | 6.04 | 9.42 | -3.68 | 21.14 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 772 | 1,080 | 1,923 | 2,751 | 2,450 | 2,358 | 3,626 | 4,298 | 4,178 | 7,069 | 8,340 | 9,381 | 10,063 |
| Expenses | 516 | 647 | 915 | 1,357 | 1,543 | 1,546 | 1,610 | 2,178 | 2,301 | 3,002 | 3,794 | 5,504 | 5,943 |
| Operating Profit | 256 | 432 | 1,008 | 1,394 | 907 | 812 | 2,016 | 2,120 | 1,877 | 4,067 | 4,546 | 3,877 | 4,120 |
| OPM % | 33% | 40% | 52% | 51% | 37% | 34% | 56% | 49% | 45% | 58% | 55% | 41% | 41% |
| Other Income | 1 | 1 | -27 | 1 | 12 | 8 | -80 | 22 | 19 | 61 | 78 | 42 | 42 |
| Interest | 31 | 174 | 442 | 528 | 517 | 494 | 430 | 478 | 596 | 1,014 | 1,298 | 1,336 | 1,456 |
| Depreciation | 31 | 35 | 33 | 37 | 24 | 40 | 48 | 48 | 58 | 83 | 99 | 111 | 112 |
| PBT | 196 | 225 | 506 | 829 | 378 | 285 | 1,458 | 1,616 | 1,242 | 3,032 | 3,226 | 2,472 | 2,593 |
| Tax % | 27% | 27% | 28% | 25% | 25% | 24% | 18% | 19% | 25% | 19% | 22% | 24% | — |
| Net Profit | 145 | 172 | 371 | 632 | 298 | 190 | 1,265 | 1,312 | 935 | 2,446 | 2,508 | 1,872 | 1,983 |
| EPS in Rs | 2.56 | 2.97 | 6.23 | 10.72 | 5.04 | 3.1 | 21.49 | 21.97 | 15.74 | 40.96 | 41.74 | 31.06 | 32.92 |
| Div. Payout % | 29% | 29% | 22% | 20% | 42% | 32% | 12% | 11% | 16% | 9% | 12% | 19% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 60 | 60 |
| Reserves | 1,281 | 1,422 | 1,772 | 2,871 | 3,039 | 3,071 | 4,447 | 5,659 | 6,237 | 8,717 | 11,019 | 12,828 |
| Borrowings | 795 | 2,589 | 5,067 | 5,323 | 5,158 | 4,627 | 5,693 | 6,152 | 10,278 | 13,787 | 14,732 | 21,255 |
| Other Liabilities | 855 | 1,064 | 1,586 | 2,202 | 2,149 | 2,370 | 3,887 | 5,033 | 6,419 | 9,252 | 8,106 | 9,258 |
| Total Liabilities | 2,945 | 5,090 | 8,439 | 10,411 | 10,360 | 10,084 | 14,041 | 16,860 | 22,949 | 31,771 | 33,916 | 43,401 |
| Fixed Assets | 300 | 292 | 294 | 300 | 302 | 333 | 350 | 357 | 466 | 603 | 754 | 769 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115 | 115 |
| Investments | 814 | 1,231 | 1,767 | 2,807 | 2,686 | 3,088 | 3,922 | 4,685 | 4,787 | 6,501 | 8,851 | 10,299 |
| Other Assets | 1,831 | 3,566 | 6,378 | 7,304 | 7,372 | 6,662 | 9,769 | 11,818 | 17,696 | 24,667 | 24,197 | 32,218 |
| Total Assets | 2,945 | 5,090 | 8,439 | 10,411 | 10,360 | 10,084 | 14,041 | 16,860 | 22,949 | 31,771 | 33,916 | 43,401 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -98 | -1,242 | -1,980 | 248 | 195 | 952 | -139 | 1,011 | -3,058 | -350 | 1,215 | -6,071 |
| Investing | -606 | -380 | -314 | -157 | 14 | -353 | -273 | -447 | -274 | -247 | -1,077 | -958 |
| Financing | 747 | 1,718 | 2,420 | -98 | -141 | -129 | 861 | 282 | 3,770 | 3,306 | 745 | 6,154 |
| Net Cash Flow | 44 | 96 | 125 | -7 | 68 | 470 | 449 | 845 | 439 | 2,709 | 882 | -875 |
| Free Cash Flow | -124 | -1,277 | -2,032 | 207 | 168 | 882 | -199 | 956 | -3,212 | -495 | 930 | -6,160 |
| CFO/OP | -25 | -274 | -183 | 31 | 41 | 137 | 0 | 58 | -148 | 2 | 39 | -139 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 279 | 240 | 239 | 138 | 226 | 115 | 92 | 85 | 90 | 99 | 105 | 158 |
| Inventory Days | — | — | — | — | — | — | — | — | — | — | — | 0 |
| Cash Conversion Cycle | 279 | 240 | 239 | 138 | 226 | 115 | 92 | 85 | 90 | 99 | 105 | 158 |
| Working Capital Days | -76 | -278 | -209 | -241 | -103 | -189 | -206 | -279 | -402 | -329 | -191 | -147 |
| ROCE % | 14% | 13% | 18% | 18% | 11% | 10% | 22% | 19% | 13% | 21% | 19% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY10–FY27.
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Company Information
Motilal Oswal Financial Services Ltd. was founded in 1987 is a well-diversified financial services firm. The company has a network spread 550+ cities and towns comprising 2,500+ Business Locations operated by their Business Partners and 16,00,000+ customers. [1]
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