Highest-ever half-yearly Total PAT of ₹2,583 Cr, up 51% YoY | Annual Recurring Revenue (ARR) share rises to 66%
Mumbai: Motilal Oswal Financial Services Ltd. (MOFSL) today announced its results for the quarter and half year ended September 30, 2026. Operating PAT grew 29% YoY to ₹718 Cr in Q2FY27, led by strong growth in the Asset Management business. Total PAT for H1FY27, including Other Comprehensive Income, rose 51% YoY to ₹2,583 Cr, the highest-ever half-yearly profit in the Company’s history.
ARR assets grew to ₹3.2 Lakh Cr, up 26% YoY, and ARR revenue grew to ₹1,182Cr, up 27% YoY. Sequentially, every business segment delivered higher revenue and profitability, with net operating revenue up 14% and Operating PAT up 18% QoQ.
During Q2, Motilal Oswal group secures custodian licence from SEBI, completes institutional services value chain. This approval places the group among a small set of institutions authorised to offer safekeeping of securities, trade settlement, corporate action processing, and regulatory reporting of institutional clients, including, alternative investment funds, portfolio management services, mutual funds, insurance companies and pension funds, amongst others. The company will commence operations in Q4FY27, subject to the completion of operational readiness requirements.
Q2FY27 at a glance
- Operating PAT ₹718 Cr, up 29% YoY and 18% QoQ; H1FY27 Operating PAT ₹1,327 Cr, up 22% YoY
- Highest-ever half-yearly Total PAT ₹2,583 Cr, up 51% YoY (including OCI)
- Asset Management PAT ₹304 Cr, up 69% YoY — now the largest contributor at 43% of Operating PAT
- ARR share of revenue rises to 66%, improving the quality and predictability of earnings
- Credit rating AA+ / Stable from all three leading rating agencies following India Ratings’ upgrade
- Received approval from SEBI to act as a Custodian of Securities
Segmental Operating PAT
| Particulars (₹ Cr) | Q2FY27 | Q2FY26 | YoY | Q1FY27 | QoQ | H1FY27 | H1FY26 | YoY |
| Asset & Private Wealth Mgmt. | 416 | 290 | 43% | 335 | 24% | 751 | 520 | 44% |
| Wealth Management | 175 | 170 | 3% | 161 | 8% | 336 | 343 | -2% |
| Capital Markets | 85 | 89 | -5% | 76 | 12% | 161 | 191 | -16% |
| Housing Finance | 36 | 34 | 7% | 32 | 12% | 69 | 58 | 19% |
| Operating PAT* | 718 | 554 | 29% | 609 | 18% | 1,327 | 1,088 | 22% |
| Total PAT (incl. OCI) | 1,070 | 285 | 3.8x | 1,513 | -29% | 2,583 | 1,715 | 51% |
*After inter-company adjustments. YoY: year-on-year; QoQ: quarter-on-quarter.
Note: The sequential moderation in Total PAT reflects lower mark-to-market gains on the treasury book compared with an exceptionally strong Q1FY27, while Operating PAT, which excludes treasury, grew 18% QoQ.
Management Commentary
Commenting on the results, Mr. Motilal Oswal, MD & CEO, MOFSL, said: “Q2FY27 reflects the deliberate shift in our earnings mix. Asset Management is now our largest profit pool, and two-thirds of our revenue is recurring, which makes our earnings more resilient through market cycles. With AA+ ratings from all three agencies and a decade of growth funded entirely from internal accruals, we are well placed to deliver strong growth ahead.”
Leave a Reply