NSE:MOTILALOFSNSEFinancial Services
Motilal Oswal Financial Services Limited
📊 Capital Markets
Day ₹777
₹790 Neutral
52W ₹615
₹1,097 Neutral
₹785.20
▲ ₹2.50 (+0.32%)
Vol: 868,359 · Avg: 1,027,400
As of April 29, 2026 · 06:38 IST
COMPOSITE RISK SCORE
58 MODERATE
VAL:15/25 · FIN:17/25 · GRO:8/25 · TECH:18/25
📈 P/E RATIO
23.9x
Trailing
📖 P/B RATIO
3.7x
Price to Book
💰 EPS
₹32.87
TTM
🏛 MARKET CAP
₹47,314Cr
Large Cap
📊 ROE
22.6%
Return on Equity
📈 REV GROWTH
3.7%
YoY
🏢 Company Analysis · Motilal Oswal Financial Services Limited
💼 BUSINESS MODEL
  • Motilal Oswal Financial Services Limited offers financial services in India..
  • It operates through Wealth Management, Capital Markets, Asset and Private Wealth Management, Home Finance, and Treasury Investments segments..
  • The company offers broking and distribution services, such as equities, derivatives, commodities, currencies, mutual funds, and insurance products, as well as depository, portfolio management, and asset management services..
  • It also provides private wealth management services, such as equity, alternate, credit, estate planning, and property advisory services; and home finance..
  • Operates in Capital Markets within the Financial Services sector.
  • Workforce of 13,540 employees.
🏰 MOAT & COMPETITION
  • Large-cap (₹47,314 Cr) — established player with meaningful market presence.
  • Profit margin of 30.5% suggests pricing power / cost moat.
  • Key competitors: Dam Capital Advi, Billionbrains, Dolat Algotech, Master Trust.
🚀 CATALYSTS
  • Company has delivered good profit growth of 68.7% CAGR over last 5 years
  • Company's median sales growth is 29.2% of last 10 years
  • India's equity benchmarks edge up; Infosys-Anthropic deal counters Reliance loss (Reuters)
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹975 — ₹1,110 (mean ₹1,059, 4 analysts).
  • Moderate asymmetry — upside +41% vs downside +24% (1.7x).
  • P/E of 23.9x — fair value territory; catalysts needed for re-rating.
🔭 FUTURE OUTLOOK
  • Analyst consensus: None (4 analysts).
  • Latest quarter earnings change: +0% YoY — relatively flat.
✅ PROS
  • Company has delivered good profit growth of 68.7% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.2%
  • Company's median sales growth is 29.2% of last 10 years
❌ CONS
  • None identified
VALUATION
15/25
25% WEIGHT
  • P/E at 24x
  • P/B at 3.7x
  • Analyst target: ₹1059 (+34.8%)
  • 1Y return: +17.5%
FINANCIAL HEALTH
17/25
25% WEIGHT
  • ROE: 22.6%
  • Profit margin: 30.5%
  • Revenue growth: 3.7%
  • Debt/Equity: 121%
GROWTH
8/25
25% WEIGHT
  • Revenue growth: 3.7%
  • Earnings growth: -0.5%
  • Beta: 0.00
  • Sector: Financial Services
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
1254.1 944.6 635.1 325.5 16.0 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 1090.6 Mar 2015: 306.7 Mar 2016: 264.4 Mar 2017: 126.0 Mar 2018: 73.2 Mar 2019: 155.8 Mar 2020: 253.3 Mar 2021: 36.5 Mar 2022: 35.7 Mar 2023: 49.9 Mar 2024: 19.2 Mar 2025: 18.8 TTM: 23.3 23.3
💎 Valuation & Financial Metrics
P/E RATIO
23.9x
Trailing twelve months
P/B RATIO
3.7x
Price to Book value
ROE
22.6%
Return on Equity
PROFIT MARGIN
30.5%
Net profit margin
OPM
41.9%
Operating profit margin
ANALYST TARGET
₹1,059
Range: ₹975 - ₹1,110
Yahoo Finance ↗
PEG RATIO
0.97
Price/Earnings to Growth
EV/EBITDA
N/A
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
1.41%
Annual yield
ROA
5.7%
Return on Assets
GROSS MARGIN
80.9%
Gross profit margin
INDUSTRY AVERAGES — STOCKBROKING & ALLIED
P/E 14.0x (above avg)
P/B 3.0x (sector fair)
ROCE 33.3% (below avg)
ROE 18% (sector good)
OPM 30% (sector good)
Div Yield 0.69%
D/E <200 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹1,955 Cr— ₹1,120 Cr— N/A 93.7%
Q3 FY25 ₹1,753 Cr-10.4% ₹565 Cr-49.6% N/A 62.0%
Q4 FY25 ₹1,051 Cr-40.0% ₹-65 Cr-111.5% N/A 27.6%
Q1 FY26 ₹1,662 Cr+58.1% ₹1,162 Cr+1893.0% N/A 103.9%
Q3 FY26 ₹1,894 Cr+14.0% ₹566 Cr-51.3% N/A 58.8%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹3,668 Cr— ₹1,310 Cr— ₹1,011 Cr—
FY23 ₹3,819 Cr+4.1% ₹932 Cr-28.9% ₹-3,058 Cr-402.6%
FY24 ₹5,174 Cr+35.5% ₹2,441 Cr+162.0% ₹-350 Cr+88.6%
FY25 ₹6,442 Cr+24.5% ₹2,502 Cr+2.5% ₹1,215 Cr+447.4%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How Motilal Oswal Financial Services Limited Makes Its Money
Revenue ₹1.9K Cr Cost of Revenue ₹814 Cr Gross Profit ₹1.1K Cr Op. Expenses ₹5 Cr Operating Inc. ₹1.1K Cr Tax ₹182 Cr Interest ₹336 Cr Net Income ₹566 Cr (29.9% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of Motilal Oswal Financial Services Limited's Balance Sheet
Total Assets ₹34.0K Cr Cash & Equiv.: ₹6.6K Cr (19.4%) Receivables: ₹2.1K Cr (6.1%) Other Current: ₹12.7K Cr (37.3%) PP&E: ₹797 Cr (2.3%) Other Non-Curr.: ₹11.8K Cr (34.8%) Liab. + Equity ₹34.0K Cr Current Liab.: ₹17.3K Cr (51.0%) Long-Term Debt: ₹4.5K Cr (13.3%) Other Liab.: ₹989 Cr (2.9%) Equity: ₹11.1K Cr (32.7%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into Motilal Oswal Financial Services Limited's Cash Flow
Operating CF ₹1.2K Cr Capital Exp. ₹284 Cr Free Cash Flow ₹930 Cr Dividends ₹300 Cr Debt Repaid ₹760 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +1,5021,6551,7912,1542,3142,8411,9931,1902,7371,8492,112
Expenses +6647407039169261,0259329101,0181,0091,006
Operating Profit8379151,0891,2381,3881,8161,0612801,7208401,105
OPM %56%55%61%57%60%64%53%24%63%45%52%
Other Income +321618191526187118
Interest216241262302327354319298295317336
Depreciation1717242422232726262829
Profit before tax6366588099301,0591,454741-271,406506748
Tax %17%19%18%22%17%23%24%137%18%28%24%
Net Profit +5285326617258841,122566-631,163363566
EPS in Rs8.908.9611.1112.1314.7718.719.42-1.0819.386.049.42
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +2,7512,4502,3583,6264,2984,1787,1068,3407,888
Expenses +1,3571,5431,5461,6102,1782,3013,0243,7943,943
Operating Profit1,3949078122,0162,1201,8774,0824,5463,945
OPM %51%37%34%56%49%45%57%55%50%
Other Income +1128-801819717845
Interest5285174944304755961,0391,2981,247
Depreciation3724404848588399109
Profit before tax8293782851,4581,6161,2423,0323,2262,633
Tax %25%25%24%18%19%25%19%22%
Net Profit +6322981901,2651,3129352,4462,5082,028
EPS in Rs10.725.043.1021.4921.9715.7440.9641.7433.76
Dividend Payout %20%42%32%12%11%16%9%12%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital151515151515156060
Reserves2,8713,0393,0714,4475,6596,2378,71711,01912,811
Borrowings +5,3235,1584,6275,6936,15210,27813,78714,77415,696
Other Liabilities +2,2022,1492,3703,8875,0336,4199,2528,0647,060
Total Liabilities10,41110,36010,08414,04116,86022,94931,77133,91635,627
Fixed Assets +300302333350357466603768768
CWIP0000000101116
Investments2,8072,6863,0883,9224,6854,7876,5018,85110,838
Other Assets +7,3047,3726,6629,76911,81817,69624,66724,19723,905
Total Assets10,41110,36010,08414,04116,86022,94931,77133,91635,627
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +-1,980248195952-1391,011-3,058-3501,215
Cash from Investing Activity +-314-15714-353-273-447-274-247-1,077
Cash from Financing Activity +2,420-98-141-1298612823,7703,306745
Net Cash Flow125-7684704498454392,709882
Free Cash Flow-2,032207168882-199956-3,212-495930
CFO/OP-183%31%41%137%0%58%-148%2%39%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days23913822611592859099105
Inventory Days
Days Payable
Cash Conversion Cycle23913822611592859099105
Working Capital Days-209-241-103-369-206-279-402-327-189
ROCE %18%18%11%10%22%19%13%21%19%
🏭 Industry Peers — Stockbroking & Allied
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Dam Capital Advi ★₹16014.0₹1,13064.8%-61.1%58
2Billionbrains₹21765.3₹136,07437.3%+122.1%46
3Dolat Algotech₹7911.4₹1,39835.5%+4.0%45
4Master Trust₹798.5₹97330.1%-10.3%43
5Monarch Networth₹30014.8₹2,38033.3%+12.1%43
6IIFL Capital₹32217.5₹10,04433.3%-5.2%43
7Motil.Oswal.Fin.₹78523.4₹47,24918.7%+0.3%38
8Share India Sec.₹14313.1₹3,11919.0%+34.5%36
9Almondz Global₹179.9₹2898.8%+409.1%36
★ Dam Capital Advi ranks higher on combined P/E, ROCE, and growth metrics in Stockbroking & Allied
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters68.71%68.45%67.80%67.69%67.62%67.54%
FIIs5.88%6.01%7.29%7.52%6.93%7.03%
DIIs6.39%5.71%5.44%5.84%6.42%6.02%
Public19.01%19.83%19.46%18.96%19.02%19.40%
No. of Shareholders2,26,7542,87,3312,60,2862,41,2972,38,4882,41,961
🟢 CATALYSTS
🏆Positive Revenue Growth: Revenue growing at 3.7% YoY.
💹High ROE (22.6%): Above sector norm of 18% — efficient capital use.
🔀Healthy Margins (30.5%): Above sector norm of 30%.
🇮Analyst Upside (35%): Mean target of ₹1059 above current price.
🇳Low Beta (0.00): Less volatile than market — defensive play.
🔴 RISKS
📜Market Risk: Broader market correction or sentiment shift could impact stock.
💰Sector Risk: Regulatory or competitive changes in Financial Services space.
🔓Execution Risk: Growth may not meet elevated expectations.
🕸 Factor Analysis · Radar
Momentum 5/10: 1M +24.1%, 6M -21.5%, RSI 56, MACD bullish, Below 200DMA Sentiment 8/10: Analyst upside +34.8%, Rec: none Value 7/10: P/E 23.9, P/B 3.7, PEG 0.97 Quality 6/10: Margin 30.5%, D/E 121 Low Volatility 8/10: Beta 0.00, Ann. vol 41% Momentum 5 Sentiment 8 Value 7 Quality 6 Low Vol 8
Momentum 5/10
1M +24.1%, 6M -21.5%, RSI 56, MACD bullish, Below 200DMA
Sentiment 8/10
Analyst upside +34.8%, Rec: none
Value 7/10
P/E 23.9, P/B 3.7, PEG 0.97
Quality 6/10
Margin 30.5%, D/E 121
Low Volatility 8/10
Beta 0.00, Ann. vol 41%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYCapture 34.8% analyst upsideOPM of 42% provides margin buffer; P/E 24x vs sector median 14x is a risk
HOLDRetain existing position; wait for better entry; FII stake rising (+0.10%)Miss further upside if momentum continues; 1M return of +24.1% shows momentum
SELLLock in +17.5% 1Y return; redeploy into Dam Capital Advi at lower P/EAvoid further drawdown; P/E compression risk at 24x
REASONS TO BUY
  • Analyst upside of 34.8% with mean target of ₹1,059
  • ROCE at 19% indicates strong capital efficiency
  • FII stake rising (+0.10%) — signals institutional confidence
  • ROE of 22.6% above sector norm of 18%
REASONS TO SELL / AVOID
  • P/E of 23.9x is 1.7x the sector median of 14x
  • Dam Capital Advi offers lower P/E (14.0) with ROCE of 64.8% in the same sector
📰 Latest News
India's SBI Life new business growth slows on weak market-linked demand, profit dips
Reuters · 2026-04-22T11:37
India's equity benchmarks edge up; Infosys-Anthropic deal counters Reliance loss
Reuters · 2026-02-17T10:26
Indian shares up on value buying in HDFC Bank, Reliance
Reuters · 2026-02-16T10:19
Motilal Oswal Financial Services Ltd (BOM:532892) Q3 2026 Earnings Call Highlights: Strong ...
GuruFocus.com · 2026-01-28T17:01
India's Groww valued at $8.6 billion as debut breaks recent streak of weak listings
Reuters · 2025-11-12T06:30
India's Grasim falls most in over 3 years as paints chief exit stokes growth worries
Reuters · 2025-11-06T08:41
RECOMMENDATION
SPECULATIVE BUY
COMPOSITE SCORE
58/100
Motilal Oswal Financial Services Limited trades at ₹785.20 with a composite risk score of 58/100. The stock scores 15/25 on valuation, 17/25 on financial health, 8/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 34.8% with a mean target of ₹1059. Revenue growth is at 3.7%.

Within Stockbroking & Allied, Dam Capital Advi (P/E 14.0, ROCE 64.8%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Financial Services but monitor closely. The current recommendation is SPECULATIVE BUY.
PROFITABLE HIGH ROE UPSIDE POTENTIAL HIGH DEBT
RISK SCORE REPORT · NSE:MOTILALOFS · GENERATED APR 29, 2026 06:38 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.