1. At a Glance
Motilal Oswal just posted a mic-drop ₹1,430 Cr PAT for Q1 FY26. The only thing compounding faster than its profits is the number of analysts regretting not buying at ₹488. With AMC AUM crossing ₹1.6 lakh crore and operating margins kissing 63%, MOFSL isn’t just growing—it’s sprinting in a power suit.
2. Introduction with Hook
Imagine a Gujarati uncle who turned his love for stock tips into a ₹54,000 crore empire. That’s Motilal Oswal in a nutshell—except replace WhatsApp forwards with serious money management.
- PAT up to ₹1,163 Cr in Q1 FY26
- 24% YoY revenue growth—this ain’t your average bull market buzz.
From 15 offices to 2,500+ business locations, they’ve practically IPO’d every Indian town.
3. Business Model (WTF Do They Even Do?)
Basically, MOFSL does three things:
- Broking & Distribution – Your friendly neighbourhood demat dealer (but in 550+ cities)
- Asset & Wealth Management – Where they convince HNIs to sleep peacefully while they ride midcaps
- Lending & Housing Finance – Because what’s financial services without lending someone else’s money?
Also, they throw in Private Equity & Real Estate just to flex on their BFSI peers.
They’re basically Zerodha with a tie and an MBA.
4. Financials Overview
Let’s unpack the numbers like a Mumbai CA opens balance sheets in May:
| Metric | Q1 FY26 | YoY Growth |
|---|---|---|
| Revenue | ₹2,737 Cr | 24% |
| EBITDA | ₹1,720 Cr | Up Big |
| PAT | ₹1,163 Cr | 28% |
| OPM | 63% | From 24% last quarter |
“Margins tighter than your CA uncle’s wedding budget last year. Now? Loosened like Diwali wallets.”
5. Valuation
Fair Value Range: ₹850 – ₹1,050
- P/E Method (TTM PAT ₹2,787 Cr):
At 20x → ₹55,740 Cr → FV ~ ₹930 - EV/EBITDA Method:
TTM EBITDA ~ ₹4,874 Cr
At 13x → EV ~ ₹63,000 Cr → FV ~ ₹1,050
“If you think paying 25x for a broking business is risky, try explaining crypto to your dad.”
6. What’s Cooking – News, Triggers, Drama
- AMC AUM: ₹1.6 lakh crore and growing like your neighbour’s crypto obsession.
- Q1 Result Fireworks: ₹1,163 Cr PAT after a dismal March quarter (-₹63 Cr)
- ESOP Grant: Because the best way to retain talent is to make them rich.
- Promoter Holding Down: -0.64% last quarter. Maybe they’re also taking profits?
More plot twists than a SEBI circular on mutual fund expense ratios.
7. Balance Sheet
| Item | Mar 2025 (₹ Cr) |
|---|---|
| Equity Capital | 60 |
| Reserves | 11,019 |
| Borrowings | 14,774 |
| Total Assets | 33,916 |
| Net Worth | ~₹11,079 Cr |
“Debt’s not Titanic-level, but with ₹14K Cr in borrowings, it’s definitely steering with caution.”
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | -₹3,058 Cr | -₹274 Cr | ₹3,770 Cr | ₹439 Cr |
| FY24 | -₹350 Cr | -₹247 Cr | ₹3,306 Cr | ₹2,709 Cr |
| FY25 | ₹1,215 Cr | -₹1,077 Cr | ₹745 Cr | ₹882 Cr |
“Cash flow is that mysterious friend who disappears every March, only to show up in July with gifts.”
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 25.2% |
| ROCE | 18.7% |
| P/E | 19.5x |
| D/E | ~1.3x |
| OPM | 55–63% |
ROE this juicy? It’s basically the Tinder profile of financial stocks—attractive, verified, and not a catfish.
10. P&L Breakdown – Show Me the Money
| Year | Sales | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹4,178 Cr | ₹1,877 Cr | ₹935 Cr |
| FY24 | ₹7,106 Cr | ₹4,082 Cr | ₹2,446 Cr |
| FY25 | ₹8,340 Cr | ₹4,546 Cr | ₹2,508 Cr |
“PAT grew 10%, but only if you ignore the tiny blip called ‘March 2025 meltdown’.”
11. Peer Comparison
| Company | Rev (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|
| Motilal Oswal | 8,759 | 2,787 | 19.5x | 25.2% |
| Angel One | 4,973 | 993 | 25.5x | 27.1% |
| 360 ONE | 3,357 | 1,056 | 42.8x | 20.6% |
| IIFL Capital | 2,405 | 712 | 14.1x | 33.2% |
“Looks like the least drunk guest at a wedding full of finance bros.”
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 67.8% (Down from 69.6% in 2023)
- FIIs: Up to 7.29% in Jun 2025 from 6.01% in Mar
- Public Holding: 19.46%, retail love growing
- ESOP Buzz: 6.29 lakh options granted on July 24, 2025
“Promoters trimming, FIIs buying, public crowding in… classic finance thali.”
13. EduInvesting Verdict™
Motilal Oswal is that rare full-stack financial services machine that brokers, manages, lends, and still leaves money on the table. With OPMs like 60% and a clean brand image, it’s not a meme stock—it’s meme stock profits without the drama.
A clean pit stop for wealth management bulls. Just don’t expect a discount on the entry ticket.
Metadata
Written by EduInvesting Team | 24 July 2025
Tags: Motilal Oswal, MOFSL, Stock Analysis, EduInvesting Premium, Q1 FY26 Results
