# Motilal Oswal Financial Services (MOTILALOFS) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/motilalofs

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,102
- Change: +0.64%
- As of: 2026-11-06
- 1D return: +0.64%
- 5D return: +16.99%
- 1M return: +8.65%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

MOTILALOFS closed at ₹1,102.0 on 2026-11-06, trading near the upper end of its recent ranges (+98.6% in the last 20 days). The daily trend is technically bullish, with price holding above all key moving averages and the Supertrend indicator. However, trend strength is weak (ADX 18.1), suggesting a lack of conviction despite the upward direction. This is corroborated by an extreme volume spike (+8.1% return, 3.03x volume ratio) on 2026-11-05, indicating heightened participation but also potential volatility.

A weekly Morning Star pattern has formed as of 2026-11-06, signaling a potential reversal or continuation of momentum after recent consolidation. While the monthly trend remains established (ADX 28.71), the monthly Supertrend is bearish, creating a structural conflict that warrants caution. Risk metrics show high annualized volatility (+43.6%) and a maximum drawdown of -42.6%, highlighting significant price swings. Immediate resistance lies at ₹1,116.35 (+1.3%), while support is noted at ₹1,074.5 (-2.5%).

- Price Structure: Bullish daily alignment (above EMAs/SMA/Supertrend) but weak trend strength (ADX 18.1); Monthly Supertrend remains bearish.
- Momentum & Participation: Extreme volume-price anomaly on 2026-11-05 (+8.1% return, 3.03x volume); Weekly Morning Star pattern active as of 2026-11-06.
- Key Levels: Resistance at ₹1,116.35 (+1.3%); Support at ₹1,074.5 (-2.5%). Price is in the top 1.4% of its 20-day range.
- Risk Context: High volatility (Annualized Vol +43.6%, ATR 4.02%); Maximum historical drawdown stands at -42.6%.

- Morning Star
- Inside Bar
- Outside Bar
- Bearish Engulfing Reversal
- Doji

### News Context

Motilal Oswal Financial Services (MOTILALOFS) announced a significant leadership reshuffle across its key business verticals on November 3–4, 2026. The company appointed Padmanabh Sinha as Managing Director and CEO of Motilal Oswal Alternates and Suresh Shukla as MD and CEO of the retail broking unit. In the wealth management segment, Ajay Menon departed for startups and was succeeded by Shukla in his previous role, while Pratik Oswal took over as Chairman of the private wealth business. These changes coincide with strong second-quarter financial results, where operating profit after tax rose 29% year-on-year to ₹718 crore, driven primarily by growth in the asset management business. The company stated that these appointments aim to strengthen leadership depth and institutional capabilities for future growth.

- {'date': '2026-11-03', 'headline': 'Leadership Appointments in Alternates and Retail Broking', 'summary': 'Padmanabh Sinha appointed as MD and CEO of Motilal Oswal Alternates; Suresh Shukla appointed as MD and CEO of retail broking.'}
- {'date': '2026-11-03', 'headline': 'Wealth Management Leadership Transition', 'summary': 'Ajay Menon departs for startups; Suresh Shukla succeeds him in wealth management; Pratik Oswal becomes Chairman of private wealth business.'}
- {'date': '2026-Q2', 'headline': 'Strong Q2 Financial Performance', 'summary': 'Operating PAT rose 29% year-on-year to ₹718 crore, driven by asset management growth, coinciding with the leadership changes.'}

- [Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses](https://cfo.economictimes.indiatimes.com/news/leadership/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/135533376)
- [Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses](https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/articleshow/135504517.cms)
- [Motilal Oswal Financial Services announces leadership rejig across verticals](https://www.moneycontrol.com/news/business/markets/motilal-oswal-financial-services-announces-leadership-rejig-across-verticals-14067970.html)

### What Changed

On November 6, 2026, Motilal Oswal Financial Services (NSE: MOTILALOFS) filed transcripts of its earnings conference call held on October 30, 2026, with the NSE. The call discussed financial performance for Q2/H1 FY 2026-27, and the company confirmed that no Unpublished Price Sensitive Information was shared during the session. The transcripts were uploaded to the company’s website on November 5, 2026. As of the observation date of November 6, 2026, the stock traded at ₹1,102.00, up from a previous recorded price of ₹1,095.00.

- Filing Date: November 6, 2026 – Submission of Q2/H1 FY 2026-27 earnings call transcript to NSE.
- Call Date: October 30, 2026 – Discussion covered H1 financial performance; no UPSPI disclosed.
- Price Observation: ₹1,102.00 as of November 6, 2026, compared to previous level of ₹1,095.00.

- [Updates |SUBJECT: Updates](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_06112026144423_Intimation_Transcript_Q2.pdf)
- [Please find enclosed herewith the Transcript of the Earnings Conference Call with Investor(s)/ Analyst(s) held on Friday, October 30, 2026 to discuss Financial Performance for Q2/H1 FY 2026-27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MOTILALOFS_06112026143758_Intimation_Transcript_Q2.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2652_WebXMLFile_20261106_144843728.xml)

### Official Filings

Motilal Oswal Financial Services Limited (NSE: MOTILALOFS) has executed a significant leadership restructuring across its key business verticals, approved by the Board on November 3, 2026. The changes include the appointment of Mr. Vishal Tulsyan as an Additional Director and Whole-time Director for a five-year term to guide strategy as Executive Chairman of MO Alternates. In Wealth Management, Mr. Ajay Menon resigned effective on or before January 31, 2027, with Mr. Suresh Shukla appointed as CEO effective November 4, 2026. Similarly, in Private Wealth, Mr. Ashish Shankar resigned effective on or before January 31, 2027; Mr. Pratik Oswal was designated Chairman, while Mr. Anupam Guha and Mr. Akash Hariani were appointed co-MD & CEOs effective November 4, 2026. Additionally, Mr. Padmanabh Sinha was appointed MD & CEO of the Alternates business effective November 11, 2026. Concurrently, the company confirmed the timely redemption of listed Commercial Paper ISIN INE338I14NC1, with a total value of ₹275 crore. These filings also include the submission of transcripts from the Q2/H1 FY 2026-27 earnings conference call held on October 30, 2026.

- Leadership Transition: Mr. Ajay Menon (Wealth Management) and Mr. Ashish Shankar (Private Wealth) resigned effective on or before January 31, 2027, citing entrepreneurial ventures.
- New Appointments: Mr. Suresh Shukla took over as CEO of Wealth Management, and co-MD & CEOs Anupam Guha and Akash Hariani assumed leadership of Private Wealth, both effective November 4, 2026.
- Strategic Role: Mr. Vishal Tulsyan appointed as Additional Director and Whole-time Director for a 60-month term to serve as Executive Chairman of MO Alternates.
- Debt Redemption: Company certified payment of ₹275 crore for Commercial Paper ISIN INE338I14NC1, quantity 5,500.

- [Updates |SUBJECT: Updates](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_06112026144423_Intimation_Transcript_Q2.pdf)
- [Please find enclosed herewith the Transcript of the Earnings Conference Call with Investor(s)/ Analyst(s) held on Friday, October 30, 2026 to discuss Financial Performance for Q2/H1 FY 2026-27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MOTILALOFS_06112026143758_Intimation_Transcript_Q2.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2652_WebXMLFile_20261106_144843728.xml)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_05112026193101_Certificate_-_Fulfilment_of_Payment_Obligations.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2652_WebXMLFile_20261104_131906249.xml)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/MOTILALOFS_ROID_103349_KMP_Doc.zip)
- [Motilal Oswal Financial Services Limited has informed the Exchange regarding Outcome of Board Meeting held on November 03, 2026 - Leadership Strengthening and Transitions |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170047_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about change in Management of the Company for Leadership Strengthening and Transitions |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170416_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange regarding a Press Release dated November 03, 2026, titled "Motilal Oswal Financial Services Announces Leadership Strengthening & Transitions". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170631_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_03112026170814_MOFSL_Board_Meeting_Outcome_03112026.pdf)

### Fundamentals

Motilal Oswal Financial Services demonstrates a sharp operational recovery in Q1 FY2026-27, with revenue from operations rising to ₹3,425.76 crore from ₹2,676.20 crore in the prior quarter. This sequential growth is supported by a significant reduction in expenses to ₹1,898.38 crore from ₹2,886.70 crore, indicating improved cost discipline. However, finance costs increased to ₹414.24 crore, reflecting higher leverage as borrowings grew to ₹26,842 crore by September 2026.

Earnings quality shows volatility; while TTM net profit stands at ₹2,702 crore, cash flow from operating activities turned deeply negative (-₹6,071 crore) in Mar 2026, contrasting sharply with the positive trend in Mar 2025. The cash conversion cycle also deteriorated to 158 days in Mar 2026, up from 99 days in Mar 2024, suggesting tighter working capital management or slower collections. Despite these balance-sheet pressures, long-term profitability remains robust, with 3-year compounded sales and profit growth at 31% and 26% respectively, and ROCE at 13% for Mar 2026.

- Revenue surged sequentially to ₹3,425.76 crore in Q1 FY2026-27, driven by a drop in expenses to ₹1,898.38 crore from ₹2,886.70 crore in Q4 FY2025-26.
- Borrowings increased to ₹26,842 crore by Sep 2026, pushing finance costs up to ₹414.24 crore in Q1 FY2026-27, while investments grew to ₹13,894 crore.
- Cash flow from operating activities was -₹6,071 crore in Mar 2026, and the cash conversion cycle extended to 158 days, signaling potential liquidity or collection headwinds despite strong TTM profits of ₹2,702 crore.
- Long-term fundamentals remain strong with 3-year CAGR sales growth of 31% and 3-year ROE of 23%, though recent quarterly EPS fluctuated between ₹6.04 (Sep 2025) and ₹17.92 (Sep 2026).

### Bull Case

Motilal Oswal Financial Services presents a conditional upside case anchored by robust operational momentum and structural leadership strengthening. In the second quarter, operating profit after tax rose 29% year-on-year to ₹718 crore, driven primarily by growth in the asset management business. This financial strength coincides with a strategic leadership rejig across alternatives, retail broking, and private wealth units, appointing new managing directors to deepen institutional capabilities for future expansion. Technically, the stock exhibits bullish signals on daily and weekly timeframes, supported by a +30.9% year-to-date return and a +26.1% three-month gain. However, this constructive view is conditioned on the monthly trend remaining bearish; investors should monitor whether the near-term technical strength can sustain against longer-term resistance levels.

- Q2 operating PAT grew 29% YoY to ₹718 crore, fueled by asset management expansion.
- Leadership reshuffle appoints new heads for alternatives, retail broking, and private wealth to strengthen depth.
- Daily and weekly technical trends are bullish, with YTD returns at +30.9% and 3M returns at +26.1%.
- Monthly trend remains bearish, requiring monitoring of sustainability against resistance at ₹1116.35.

- [Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses](https://cfo.economictimes.indiatimes.com/news/leadership/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/135533376)
- [Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses](https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/articleshow/135504517.cms)
- [Motilal Oswal Financial Services announces leadership rejig across verticals](https://www.moneycontrol.com/news/business/markets/motilal-oswal-financial-services-announces-leadership-rejig-across-verticals-14067970.html)
- [Updates |SUBJECT: Updates](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_06112026144423_Intimation_Transcript_Q2.pdf)
- [Please find enclosed herewith the Transcript of the Earnings Conference Call with Investor(s)/ Analyst(s) held on Friday, October 30, 2026 to discuss Financial Performance for Q2/H1 FY 2026-27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MOTILALOFS_06112026143758_Intimation_Transcript_Q2.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2652_WebXMLFile_20261106_144843728.xml)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_05112026193101_Certificate_-_Fulfilment_of_Payment_Obligations.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2652_WebXMLFile_20261104_131906249.xml)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/MOTILALOFS_ROID_103349_KMP_Doc.zip)
- [Motilal Oswal Financial Services Limited has informed the Exchange regarding Outcome of Board Meeting held on November 03, 2026 - Leadership Strengthening and Transitions |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170047_MOFSL_Board_Meeting_Outcome_03112026.pdf)

### FAQs

**What leadership changes has Motilal Oswal Financial Services announced, and who are the new heads?**

On November 3, 2026, the Board approved a reshuffle effective by January 31, 2027. Padmanabh Sinha is appointed MD & CEO of MO Alternates, succeeding Vishal Tulsyan (Executive Chairman). Suresh Shukla succeeds Ajay Menon in Wealth Management. Pratik Oswal becomes Chairman of Private Wealth, with Anupam Guha and Akash Hariani co-leading as MD & CEOs. Menon and Ashish Shankar resigned for entrepreneurial ventures.

**How did the company perform financially in Q2/H1 FY 2026-27?**

The company reported an operating profit after tax (PAT) of Rs 718 crore for Q2, representing a 29% year-on-year increase. This growth was primarily driven by expansion in the asset management business. These figures were discussed during an earnings conference call held on October 30, 2026.

**What are the current technical support and resistance levels for MOTILALOFS?**

As of November 6, 2026, the stock closed at ₹1,102.00. Immediate support lies at ₹1,074.50 (pivot), with further levels at ₹1,053.15 and ₹1,011.30. Resistance is observed at ₹1,116.35 (1.30% above), followed by ₹1,137.70 and ₹1,179.55. The daily trend is bullish, while the monthly trend remains bearish.

**Has the company completed any recent debt obligations?**

Yes. On November 5, 2026, the company confirmed the timely payment of maturity amounts for listed Commercial Paper (ISIN: INE338I14NC1). The redemption value for the quantity of 5,500 units was Rs 27,50,00,000.

- [Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses](https://cfo.economictimes.indiatimes.com/news/leadership/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/135533376)
- [Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses](https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/articleshow/135504517.cms)
- [Motilal Oswal Financial Services announces leadership rejig across verticals](https://www.moneycontrol.com/news/business/markets/motilal-oswal-financial-services-announces-leadership-rejig-across-verticals-14067970.html)
- [Updates |SUBJECT: Updates](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_06112026144423_Intimation_Transcript_Q2.pdf)
- [Please find enclosed herewith the Transcript of the Earnings Conference Call with Investor(s)/ Analyst(s) held on Friday, October 30, 2026 to discuss Financial Performance for Q2/H1 FY 2026-27 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MOTILALOFS_06112026143758_Intimation_Transcript_Q2.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2652_WebXMLFile_20261106_144843728.xml)
- [Confirmation of Redemption/Payment of Interest and Principal |SUBJECT: Confirmation of Redemption/Payment of Interest and Principal](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_05112026193101_Certificate_-_Fulfilment_of_Payment_Obligations.pdf)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2652_WebXMLFile_20261104_131906249.xml)
- [Motilal Oswal Financial Services Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/MOTILALOFS_ROID_103349_KMP_Doc.zip)
- [Motilal Oswal Financial Services Limited has informed the Exchange regarding Outcome of Board Meeting held on November 03, 2026 - Leadership Strengthening and Transitions |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170047_MOFSL_Board_Meeting_Outcome_03112026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹1,074.5
- Risk regime: Higher Price Risk

### Support levels
- 865.8
- 852
- 809.0375

### Resistance levels
- 1116.35
- 1137.6999999999998
- 1179.5499999999997

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.64% |
| return_10 | +19.03% |
| return_1m | +1.93% |
| return_1y | +11.59% |
| return_20 | +8.65% |
| return_3m | +26.09% |
| return_5 | +16.99% |
| return_6m | +24.99% |
| return_since_start | +13.56% |
| return_ytd | +30.93% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -42.59% |
| annualized_volatility | +43.61% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue Growth and Profit Recovery as Asset Base Expands

Motilal Oswal Financial Services Limited reported a return to profitability in the quarter ended 30 June 2026, recovering from a loss in the preceding quarter. Total revenue from operations increased by 28% sequentially and 25% year-on-year, reaching ₹3,425.76 crore. Profit before exceptional items and tax turned positive at ₹1,533.84 crore, compared to a loss of ₹194.45 crore in the previous quarter. Net segment assets expanded by 27% over the past year, reaching ₹46,465.50 crore.

## Revenue and Profitability

Revenue from operations rose to ₹3,425.76 crore, up from ₹2,676.20 crore in the fourth quarter of the previous fiscal year and ₹2,737.03 crore in the same quarter last year. Interest earned contributed ₹746.01 crore, a 31% increase compared to the year-ago quarter. Fees and commission income added ₹1,238.57 crore, while net gain on fair value changes contributed ₹1,105.15 crore.

Profitability moved from a loss to a profit. Profit before exceptional items and tax was ₹1,533.84 crore, compared to a loss of ₹194.45 crore in the fourth quarter. Profit after tax amounted to ₹1,273.70 crore, versus a loss of ₹219.11 crore in the prior quarter. Basic earnings per share rose to ₹21.15 from a loss of ₹3.69 per share sequentially.

Tax expense increased to ₹260.14 crore, up from ₹24.66 crore in the previous quarter. Compared to the same quarter last year, tax expense rose 4% from ₹249.75 crore.

## Expense Trends

Total expenses declined 34% sequentially to ₹1,898.38 crore, following a significantly higher expense level of ₹2,886.70 crore in the fourth quarter. On a year-on-year basis, total expenses rose 42% from ₹1,338.56 crore in the first quarter of the previous fiscal year.

Finance costs increased to ₹414.24 crore, up 40% from ₹294.92 crore in the year-ago quarter and 7% higher than the ₹387.72 crore recorded in the preceding quarter. Impairment on financial instruments rose to ₹32.27 crore, a 345% sequential increase from ₹7.24 crore, though it remained 12% below the ₹36.65 crore recognised in the same quarter last year.

Employee benefit expense stood at ₹527.96 crore. Other expenses rose to ₹212.37 crore, up from ₹142.55 crore in the year-ago period.

## Balance Sheet and Capital Position

The company’s asset base continued to expand. Net segment assets reached ₹46,465.50 crore as of 30 June 2026, a 27% increase from ₹36,645.45 crore a year earlier. Net segment liabilities grew to ₹31,969.80 crore, up 33% year-on-year. Unallocable assets were reported at -₹4,530.57 crore, and unallocable liabilities at -₹1,327.42 crore.

Equity capital details show the face value of equity shares was ₹1 per share, down from ₹6,018.60 per share in the fourth quarter of the previous fiscal year. Paid-up equity share capital increased marginally to ₹60.21 crore from ₹60.19 crore in the prior quarter.

## Management Commentary

The Press Release reports that Motilal Oswal Financial Services Limited achieved its highest-ever quarterly Total PAT of ₹1,513 Cr in Q1FY27, led by strong growth in the Asset Management business. Management highlighted that a focus on annuity revenues has led to a 66% contribution, improving quality and predictability, and noted that the company's 10-year track record of growth has been delivered entirely through internal accruals with no dilution.

In the Credit Rating Revision document, Mr. Shalibhadra Shah, Chief Financial Officer, commented that the upgrade to Crisil AA+ recognises the quality of the balance sheet, the diversity of earnings, and the consistency of financial discipline. He added that this strengthens borrowing capacity and supports funding growth across verticals, as the company views the rise in wealth and financialisation of savings as powerful tailwinds for widening its presence in promising adjacencies.

## Key Takeaway

Motilal Oswal Financial Services Limited delivered a profitable quarter with revenue growth of 25% year-on-year and a return to positive earnings after a loss in the previous quarter. While expenses increased significantly compared to the prior year, they decreased sequentially from the elevated level seen in the fourth quarter. The company’s asset base expanded by 27% over the year, reflecting the ongoing growth of its balance sheet.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +67.20%
- FII holding: +6.86%
- DII holding: +6.78%
- Mutual fund holding: +5.47%
- Retail holding: +7.64%
- Promoter pledged: +0.00%

### Major reported shareholders

- Raamdeo Ramgopal Agrawal — +20.71%
- Motilal Oswal Family Trust — +20.62% (Person Acting in Concert)
- Vaibhav Raamdeo Agrawal — +5.13% (Person Acting in Concert)
- Navin Agrawal — +5.07%
- Pratik Motilal Oswal — +4.47% (Person Acting in Concert)
- Suneeta Raamdeo Agrawal — +4.23% (Person Acting in Concert)
- Raamdeo Agarwal HUF — +2.98% (Person Acting in Concert)
- Motilal Gopilal Oswal — +2.24%
- Vimla Motilal Oswal — +1.50% (Person Acting in Concert)
- Pratik Ranjit Mehta — +1.48% (Person Acting in Concert)

## Official filings

- 2026-11-06 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_06112026144423_Intimation_Transcript_Q2.pdf)
- 2026-11-06 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_06112026143758_Intimation_Transcript_Q2.pdf)
- 2026-11-06 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2652_WebXMLFile_20261106_144843728.xml)
- 2026-11-05 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_05112026193101_Certificate_-_Fulfilment_of_Payment_Obligations.pdf)
- 2026-11-04 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2652_WebXMLFile_20261104_131906249.xml)
- 2026-11-04 — Management Change: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_ROID_103349_KMP_Doc.zip)
- 2026-11-03 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170047_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- 2026-11-03 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170416_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- 2026-11-03 — Press Release: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_03112026170631_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- 2026-11-03 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_03112026170814_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- 2026-11-03 — Press Release: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_03112026171130_MOFSL_Board_Meeting_Outcome_03112026.pdf)
- 2026-11-03 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_03112026191749_Certificate_-_Fulfilment_of_Payment_Obligations.pdf)
- 2026-10-30 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2652_WebXMLFile_20261030_183358779.xml)
- 2026-10-30 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_30102026185435_Interest_Payment_30102026.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_29102026171324_MOFSL_Board_Meeting_Outcome_29102026.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_29102026173204_MOFSL_Board_Meeting_Financials_29102026_signed.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_29102026173526_MOFSL_Board_Meeting_Outcome_29102026.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_29102026173854_MOFSL_Board_Meeting_Financials_29102026_signed.pdf)
- 2026-10-29 — Press Release: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_29102026174459_Intimation_Press_Release_Investor_Presentation_signed.pdf)
- 2026-10-29 — Press Release: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_29102026174635_Intimation_Press_Release_Investor_Presentation_signed.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_29102026175102_Intimation_Press_Release_Investor_Presentation_signed.pdf)
- 2026-10-29 — Management Change: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_29102026175806_MOFSL_Board_Meeting_Outcome_29102026.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_29102026175304_Intimation_Press_Release_Investor_Presentation_signed.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MOTILALOFS_29102026180324_MOFSL_Board_Meeting_Outcome_29102026.pdf)
- 2026-10-29 — Generic Announcement: Motilal Oswal Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MOTILALOFS_29102026181113_MOFSL_Board_Meeting_Outcome_29102026.pdf)

## News and market events

- 2026-11-04 — Economic Times: **Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses** — Motilal Oswal Financial Services announced a leadership reshuffle across its alternatives, retail broking, and private wealth businesses, appointing Padmanabh Sinha as MD and CEO of Motilal Oswal Alternates and Suresh Shukla as MD and CEO of the retail broking unit. These changes coincide with strong second-quarter performance, where operating profit after tax rose 29 per cent year-on-year to Rs 718 crore, driven by growth in the asset management business. — [Source](https://cfo.economictimes.indiatimes.com/news/leadership/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/135533376)
- 2026-11-03 — Economic Times: **Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses** — Motilal Oswal Financial Services announced a leadership reshuffle across its alternatives, retail broking, and private wealth businesses, appointing Padmanabh Sinha as MD and CEO of the alternatives unit and Suresh Shukla as MD and CEO of retail broking. These changes coincide with strong second-quarter performance, where operating PAT rose 29% year-on-year to Rs 718 crore, driven by growth in asset management. The company stated the moves aim to strengthen leadership depth and institutional capabilities for future growth. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-financial-services-announces-leadership-rejig-appoints-new-heads-across-businesses/articleshow/135504517.cms)
- 2026-11-03 — MONEYCONTROL: **Motilal Oswal Financial Services announces leadership rejig across verticals** — Motilal Oswal Financial Services has announced leadership changes across its alternatives, wealth management, and private wealth units, with senior executives Ajay Menon and Ashish Shankar departing for startups. Padmanabh Sinha joins as MD and CEO of Alternates, while Suresh Shukla succeeds Menon in the wealth management role, and Pratik Oswal takes over as Chairman of the private wealth business. — [Source](https://www.moneycontrol.com/news/business/markets/motilal-oswal-financial-services-announces-leadership-rejig-across-verticals-14067970.html)
- 2026-10-30 — CNBC-TV18: **Raamdeo Agrawal says market is 'scraping the bottom'; upside could surprise** — Following the July-September quarter earnings, Raamdeo Agrawal expressed confidence in Motilal Oswal Financial Services' outlook for the second half of the financial year, citing robust momentum in asset management, wealth management, and investment banking. The company's deal pipeline remains strong, supporting expectations for continued health in its business segments. — [Source](https://www.cnbctv18.com/market/raamdeo-agrawal-says-market-is-scraping-the-bottom-upside-could-surprise-alpha-article-20023143.htm)
- 2026-10-29 — MONEYCONTROL: **Motilal Oswal Financial Services Q2 profit surges 3-fold to Rs 1,081 crore** — Motilal Oswal Financial Services reported that its profit for the second quarter surged three-fold to reach Rs 1,081 crore. — [Source](https://www.moneycontrol.com/news/business/earnings/motilal-oswal-financial-services-q2-profit-surges-3-fold-to-rs-1-081-crore-14063782.html)
- 2026-10-29 — The Hindu: **Gift Nifty indicates negative opening for Indian stocks** — Stock-specific action will continue — [Source](https://www.thehindubusinessline.com/markets/gift-nifty-indicates-negative-opening-for-indian-stocks/article71638827.ece)
- 2026-10-27 — The Hindu: **SoftBank vehicle sells 3.58 crore Ola Electric rights entitlements amid ₹1,000-crore issue** — SoftBank’s investment vehicle, SVF II Ostrich (DE) LLC, sold 3.58 crore rights entitlements (REs) in Ola Electric Mobility cumulatively through October 26, according to NSE bulk-deal data. The transactions took place as the electric two-wheeler maker sought to raise ₹1,000 crore through a rights issue. — [Source](https://www.thehindubusinessline.com/money-and-banking/softbank-vehicle-sells-358-crore-ola-electric-rights-entitlements-amid-1000-crore-issue/article71628154.ece)
- 2026-10-16 — CNBC-TV18: **BSE, NSE, Angel One shares will react to the new SEBI CAS rules - Details here** — The reference price for CAS will be determined based on the Volume Weighted Average price during the last 15 minutes of the Continuous Trading Session, as per the new norms released by SEBI in its circular. — [Source](https://www.cnbctv18.com/market/bse-nse-angel-one-motilal-oswal-share-price-new-sebi-cas-rules-circular-impact-volumes-returns-20013110.htm)
- 2026-10-05 — BUSINESS: **IT shares trade mixed post Accenture earnings; HCL Tech, Infy down up to 4%** — Analysts expect IT companies to witness moderate improvement in Q2FY27, as macro headwinds from the Middle East conflict continue to weigh on client spending and decision-making. — [Source](https://www.business-standard.com/markets/news/it-shares-trade-mixed-post-accenture-earnings-hcl-tech-infy-down-up-to-4-126100500411_1.html)
- 2026-10-05 — BUSINESS: **LG Electronics surges 6%; at record high; what's driving stock price?** — In the past six months, the market price of LG Electronics surged 38% and it has bounced back 40% from its 52-week low of ₹1,300.40 touched on January 21, 2026. — [Source](https://www.business-standard.com/markets/news/lg-electronics-surges-6-at-record-high-what-s-driving-stock-price-126100500286_1.html)
- 2026-09-30 — Mint: **Up 410% in 5 yrs, why MOFSL sees another 52% upside in Time Technoplast- check target price, rationale behind buy rating** — Time Technoplast's stock is in focus as Motilal Oswal retains its Buy rating with a target price of ₹280, suggesting over 52% upside. The brokerage highlights strong performance despite challenges and identifies growth opportunities including a merger and advancements in automation. — [Source](https://www.livemint.com/market/stock-market-news/up-410-in-5-yrs-why-mofsl-sees-another-52-upside-in-time-technoplast-check-target-price-rationale-behind-buy-rating-11790765050994.html)
- 2026-09-30 — Mint: **Hotel stocks to buy: Lemon Tree, IH, Ventive among Motilal Oswal’s top picks ahead of wedding season - Target Price** — Indian Hotels, Lemon Tree, and Ventive Hospitality received 'Buy' ratings from Motilal Oswal, as the hospitality sector benefits from rising domestic travel and increased corporate events. — [Source](https://www.livemint.com/market/stock-market-news/lemon-tree-ih-ventive-among-motilal-oswal-s-top-hotel-stock-picks-ahead-of-wedding-season-sees-34-upside-check-tar-11790763433699.html)
- 2026-09-30 — Mint: **H1 digest: India’s IPO market bucks weak equities as domestic capital steps up** — As many as 78 companies listed on the mainboard in the first half of FY27 (April-September), up from 65 in the year-ago period. The average issue size rose 12% year-on-year to more than ₹1,200 crore. — [Source](https://www.livemint.com/market/stock-market-news/h1-digest-india-ipo-market-h1-fy27-mainboard-sme-ipos-11790745031564.html)
- 2026-09-29 — MONEYCONTROL: **Moneycontrol Mutual Fund Summit 2026: What will drive India’s next investment wave?** — Moneycontrol Mutual Fund Summit 2026, navneet munot, radhika gupta, nilesh shah, mutual funds — [Source](https://www.moneycontrol.com/news/business/mutual-funds/moneycontrol-mutual-fund-summit-2026-what-will-drive-india-s-next-investment-wave-14040849.html)
- 2026-09-28 — MONEYCONTROL: **FIIs net sell Rs 5,353 crore, biggest September outflow; DIIs net buy Rs 5,189 crore** — fii, dii, sensex, nifty, fpi, india — [Source](https://www.moneycontrol.com/news/business/markets/fiis-net-sell-rs-5-353-crore-biggest-september-outflow-diis-buy-rs-5-189-crore-14040369.html)
- 2026-09-28 — Mint: **Top 2 stocks to buy or sell tomorrow: Laurus Labs, Indus Towers by Chandan Taparia - Check stop-loss, targets** — ndian stock markets fell sharply on Monday, with the BSE Sensex down 1,124.02 points (1.52%) and the NSE Nifty down 360.25 points (1.56%). Rising crude oil prices and geopolitical uncertainty weighed on investor sentiment, affecting most sectors negatively. — [Source](https://www.livemint.com/market/stock-market-news/top-2-stocks-to-buy-or-sell-tomorrow-laurus-labs-indus-towers-by-chandan-taparia-check-stop-loss-targets-11790594465913.html)
- 2026-09-28 — BUSINESSTODAY: **Nifty set for worst returns in 15 years, analysts weigh in** — Nifty targets, Sensex crash, Nifty crash, banks, Nifty correction, Nifty fall, Nifty returns, Covid 20 — [Source](https://www.businesstoday.in/markets/stocks/story/nifty-set-for-worst-returns-in-15-years-analysts-weigh-in-558312-2026-09-28)
- 2026-09-28 — MONEYCONTROL: **Investing in small-cap funds? 47% of small-cap stocks traded below their 10-year average valuations** — small cap valuations, small cap stocks, mid cap valuations, small cap earnings, Nifty Smallcap 250, Nifty Midcap 150, PE ratio, PEG ratio — [Source](https://www.moneycontrol.com/news/business/personal-finance/investing-in-small-cap-funds-47-of-small-cap-stocks-traded-below-their-10-year-average-valuations-14040009.html)
- 2026-09-28 — Mint: **Up over 20% YTD despite weak market sentiment; Motilal Oswal says buy this hospital stock - Check target price** — Motilal Oswal expresses bullish sentiment on a hospital stock that has gained 24% YTD. With potential upside of 20% to 46%, the firm details revenue growth projections and scenarios for investor consideration, highlighting the stock's resilience amid broader market challenges. — [Source](https://www.livemint.com/market/stock-market-news/up-over-20-ytd-despite-weak-market-sentiment-motilal-oswal-says-buy-this-hospital-stock-check-target-price-11790582195610.html)
- 2026-09-28 — Mint: **PB Fintech: the risk was known. Investors chased the stock anyway** — PB Fintech’s sharp stock correction shows how quickly richly valued growth stocks can derate when a known regulatory risk threatens earnings and the business model. — [Source](https://www.livemint.com/market/mark-to-market/pb-fintech-share-price-irdai-insurance-commission-rules-11790503078905.html)
- 2026-09-25 — BUSINESSTODAY: **IRDAI’s proposed distribution overhaul: Insurance sector may see major reset; could force distributors rework business models, innovate, say analysts** — IRDAI’s proposed distribution overhaul: Insurance sector may see major reset; could force distributors rework business models, innovate, say analysts — [Source](https://www.businesstoday.in/personal-finance/story/irdais-proposed-distribution-overhaul-insurance-sector-may-see-major-reset-could-force-distributors-rework-business-models-innovate-say-analysts-557933-2026-09-25)
- 2026-09-25 — MONEYCONTROL: **Indegene shares hit over one-year high as Motilal Oswal hikes target price** — Indegene share price, Motilal Oswal — [Source](https://www.moneycontrol.com/news/business/markets/indegene-shares-hit-over-one-year-high-as-motilal-oswal-hikes-target-price-14038258.html)
- 2026-09-25 — Economic Times: **Motilal Oswal group gets SEBI custodian licence to start operations from Q4** — Motilal Oswal Financial Services wholly owned subsidiary MOCSPL has received SEBI approval to operate as a securities custodian, expanding the groups institutional offerings ahead of its planned operations in the last quarter of 2026. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/motilal-oswal-group-gets-sebi-custodian-licence-to-start-operations-from-q4/articleshow/134478554.cms)
- 2026-09-25 — The Hindu: **Zelio E-Mobility to raise ₹168 crore via preferential issue for expansion, Haryana plant development** — Zelio E-Mobility seeks ₹168 crore via preferential issue to fund nationwide expansion and a new three-wheeler plant in Haryana. — [Source](https://www.thehindubusinessline.com/companies/zelio-e-mobility-to-raise-168-crore-via-preferential-issue-for-expansion-haryana-plant-development/article71507415.ece)
- 2026-09-25 — CNBC-TV18: **Power shifts from brokers to insurers as IRDAI tightens commission rules, says Motilal Oswal's Nitin Aggarwal** — IRDAI's proposed cuts to insurance commissions triggered a selloff in insurer, bank and distributor stocks. Motilal Oswal's Nitin Aggarwal expects PB Fintech's FY28 revenue to fall 30% and earnings 40-50%, keeping a Neutral rating with a 50x multiple. Which banks and insurers face the smallest hit? — [Source](https://www.cnbctv18.com/market/power-shifts-brokers-insurers-irdai-tightens-commission-rules-motilal-oswal-nitin-aggarwal-hdfc-axis-bandhan-indusind-idfc-first-bank-pb-fintech-19998321.htm)

## Business profile

**Strategic vision:** Indian financial services company offering diverse investment solutions.

### Business segments
- **Equity and Stocks:** Facilitating online share trading for clients.
- **Futures and Options:** Providing platforms for derivatives trading.
- **US Stocks:** Enabling investments in international equities.
- **Alternative Investment Funds (AIF):** Catering to sophisticated investors with specialized investment products.
- **Mutual Funds:** Offering a variety of mutual fund schemes for investment.
- **Commodities:** Providing avenues for trading in commodities.
- **Portfolio Management Services (PMS):** Professional management of investment portfolios tailored to client needs.
- **Initial Public Offering (IPO):** Assisting clients in participating in new stock offerings.
- **Bonds and Fixed Deposits:** Providing options for debt instrument investments and fixed-income products.
- **Intelligent Advisory Portfolios (IAP):** Offering advisory services to guide investment decisions.
- **STRATX:** A proprietary platform or service for investment.

### Competitive strengths
- Legacy spanning over three decades in financial services.
- Robust research capabilities built over many years.
- Commitment to environmental sustainability through energy reduction and resource reuse.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/motilalofs
Markdown representation: https://faxioms.com/stocks/motilalofs?render=md