MOTILALOFSMotilal Oswal Financial Services Ltd.

Motilal Oswal Financial Services Q2 FY27 Results: Consolidated Net Profit ₹1,081 Crore on Total Income of ₹3,044 Crore

Earnings
Financial services

Blacklitt Research29 October 20263 min read

Motilal Oswal Financial Services (NSE: MOTILALOFS) reported consolidated total income of ₹3,044 crore and net profit of ₹1,081 crore for the quarter ended 30 Sep 2026, it said in a filing on 29 Oct 2026. Standalone total income was ₹1,780 crore and standalone net profit ₹566 crore for the same quarter.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹3,044 crore, up 63.6% YoY and down 11.3% QoQ
Net profit: ₹1,081 crore, up 198.3% YoY and down 15.1% QoQ
EPS: ₹17.94 basic, against ₹6.04 a year earlier
Finance costs: ₹476 crore, up 49.9% YoY and 14.9% QoQ

Standalone

The company on its own, without its subsidiaries

Total income: ₹1,780 crore, up 58.1% YoY and down 1.7% QoQ
Net profit: ₹566 crore, up 191.3% YoY and down 14.9% QoQ
EPS: ₹9.40 basic, against ₹3.24 a year earlier
Finance costs: ₹320 crore, up 74.1% YoY and 18.2% QoQ

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,044	1,861	+63.6%	3,432	-11.3%
Revenue from operations	3,042	1,850	+64.4%	3,426	-11.2%
Other income	2	11	-80.6%	6	-67.7%
	1,081	363	+198.3%	1,274	-15.1%
Profit before tax	1,333	506	+163.6%	1,534	-13.1%
Finance costs	476	317	+49.9%	414	+14.9%
Depreciation	30	28	+6.8%	28	+6.3%
Tax expense	251	143	+75.8%	260	-3.4%
Net profit margin	35.53%	19.49%	+16.04 pp	37.11%	-1.58 pp
EPS, basic (₹)	17.94	6.04	+197.0%	21.15	-15.2%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Finance costs rose to ₹476 crore, 15.6% of total income, up from 17.1% a year earlier. The filing does not give the reason for the rise in finance costs, and the notes do not link it to the net gain on fair value change.

Tax of ₹251.31 crore is 18.9% of profit before tax of ₹1,332.67 crore. The filing names no exceptional items; the exceptional items line is blank for all periods.

The consolidated figures include ten subsidiaries whose results were not reviewed by Singhi & Co. and ten others certified only by management, which the auditors describe as not material to the consolidated results.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,780	1,126	+58.1%	1,811	-1.7%
Revenue from operations	1,748	1,092	+60.0%	1,776	-1.6%
Other income	32	33	-5.0%	35	-9.3%
	566	194	+191.3%	665	-14.9%
Profit before tax	677	246	+175.6%	782	-13.5%
Finance costs	320	184	+74.1%	271	+18.2%
Depreciation	26	24	+8.5%	24	+6.4%
Tax expense	111	51	+116.2%	117	-5.4%
Net profit margin	31.80%	17.26%	+14.54 pp	36.72%	-4.92 pp
EPS, basic (₹)	9.40	3.24	+190.1%	11.05	-14.9%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit of ₹566 crore is ₹515 crore below the consolidated figure. Standalone other income of ₹31.81 crore is 4.7% of profit before tax of ₹676.76 crore, a larger share than on a consolidated basis.

Standalone finance costs rose 74.1% YoY to ₹320 crore, faster than total income, which rose 58.1%. Tax of ₹110.79 crore is 16.4% of standalone profit before tax. The filing does not explain why the standalone tax rate differs from the consolidated rate.

The standalone results report a debt equity ratio of 1.90 and an interest service coverage ratio of 2.19 for the half year, with net worth of ₹9,038 crore.

The company's press release reports Operating PAT of ₹718 crore for Q2FY27, up 29% YoY, and Total PAT including OCI of ₹1,070 crore against ₹285 crore a year earlier. It says the quarter-on-quarter fall in Total PAT reflects lower mark-to-market gains on the treasury book compared with a strong Q1FY27.

The release says Asset Management PAT rose 69% YoY to ₹304 crore and is now 43% of Operating PAT, and that ARR share of revenue rose to 66%.

Inference

The filing states that the custodian licence from SEBI has been received for Motilal Oswal Custodial Services Private Limited, with operations expected from the last quarter of FY 2026-27, subject to operational readiness. The filing does not say what revenue the custodian business will bring.

The company allotted NCDs of ₹79 crore on 16 Sep 2026 and ₹900 crore on 30 Sep 2026 on a private placement basis, and the filing does not say how these will affect finance costs.

Crisil, ICRA and India Ratings rate the company's instruments AA+ or A1+ as stated in the notes, and the filing does not state what the rating actions mean for borrowing costs.

Reference: Original filing (PDF)

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Motilal Oswal Financial Services Q2 FY27 Results: Consolidated Net Profit ₹1,081 Crore on Total Income of ₹3,044 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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