1. Opening HookWhile everyone’s been busy debating whether SIPs are the new religion, Motilal Oswal quietly dropped a sermon of its own—record AUMs, resilient annuity streams, and an “AA+ blessing” from the credit gods. Yet, the market punished the stock for “treasury volatility.” Investors really are like toddlers at a buffet—love dessert, hate the calories. 📈🍮As the Bhagavad Gita reminds us,“You have a right to your work, not to the fruits thereof.”Clearly, MOFSL’s treasury didn’t get that memo this quarter. Stick around, because the fun part starts where the balance sheet ends.
2. At a Glance
- Operating PAT up 2% YoY:Growth so flat, it could moonlight as a yoga mat.
- Asset & Private Wealth up 36%:The rich get richer, and so does MOFSL.
- AUA at ₹6.7 lakh crore:Proof that India’s “savings-to-equity” dream isn’t just PowerPoint talk.
- AMC AUM ₹1.6 lakh crore (+46% YoY):SIPs now their unofficial religion—17 lakh new ones this quarter.
- PWM AUM ₹1.87 lakh crore:Serving 7,000 families who check Nifty more often than their WhatsApp.
- IB rank #1 in deals:39 deals worth ₹49,000 crore—MOFSL’s IB arm clearly skipped lunch.
- Credit rating upgraded to AA+:The only AA+ Indians like more than whiskey.
3. Management’s Key Commentary
“Our operating PAT grew by 2%, led by strong annuity businesses.”(Translation: Everything except the volatile bits behaved.)
“Annual Recurring Revenue is now 61% of total net revenues.”(Translation: Sleep money is finally catching up to sweat money.) 😴
“MF market share at 2.6%, SIP share at 4.8%, highest ever.”(Translation: If you’re buying mutual funds, chances are you’ve already paid us.)
“We executed 39 deals worth ₹49,000 crore this half.”(Translation: Bankers are now on first-name terms with SEBI officials.)
“We got an AA+ credit rating – highest for any capital market player.”(Translation: Even the rating agencies are finally bullish on brokers.)
“Treasury book delivered 18.7% XIRR since inception.”(Translation: Ignore this quarter’s red ink; think decadal enlightenment.)
“Our franchise is among the strongest, validated by our credit rating.”(Translation: Please stop comparing us with discount
brokers.) 😏
4. Numbers Decoded
| Metric | Q2FY26 | YoY Change | Sarcastic Note |
|---|---|---|---|
| Operating PAT | ₹554 Cr | +2% | Growth so slow, even CAGR yawned |
| Asset Mgmt AUM | ₹1.6 L Cr | +46% | SIPs are India’s new mutual crush |
| Private Wealth AUM | ₹1.87 L Cr | +20% | Because UHNIs hate idle money |
| AMC Net Flows | ₹20,011 Cr | +56% | Money raining, umbrellas missing |
| PE Fund IBEF V | ₹6,900 Cr closed | ~2x last fund | Doubling is their love language |
| Deals Executed | 39 | +65% | Investment bankers finally smiling |
| Credit Rating | AA+ | Upgraded | Champagne popped, spreadsheets sobbed |
Operating leverage is the new oxygen here — every basis point feels earned in blood, coffee, and client calls.
5. Analyst QuestionsQ:What’s your moat in this hypercompetitive jungle?A:“Think Equity, Think Motilal Oswal.” (Translation: We trademarked optimism.)
Q:Margin pressure ahead?A:“Two-thirds of costs are variable.” (Translation: We can cut bonuses before coffee.)
Q:Treasury losses again?A:“Design of the firm.” (Translation: We built volatility into our DNA.)
Q:Losing broking market share?A:“We prefer profitable customers.” (Translation: We’d rather lose volume than dignity.)
6. Guidance & OutlookManagement’s crystal ball foresees a $126 trillion Indian savings pool by 2047—essentially, everyone
