First Read: Motilal Oswal Financial Services "Q1FY27 review: Headline beat;..."

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First Read: Motilal Oswal Financial Services "Q1FY27 review: Headline beat;..."

Global Research

24 July 2026ab

First Read

EquitiesMotilal Oswal Financial Services

Q1FY27 review: Headline beat; internals mixed India

Diversified Financial

12-month rating Buy

Headline beat in operating profit led by AMC carry income and lower opex

MOFSL reported Q1FY27 net revenue of Rs15.4bn (+8% YoY), broadly in line with UBSe. 12m price target Rs1,150.00

Operating PAT grew 14% YoY to Rs6.1bn, a significant beat vs UBSe (+9%), driven by

lower operating expenses and higher carry income in the AMC business (Rs664mn vs

Price (23 Jul 2026) Rs939.85

Rs390mn in Q4FY26). AMC revenue/PAT grew 56%/73% YoY to Rs4.4bn/Rs2.4bn,

supported by healthy growth in both AMC and Alternatives. Wealth revenue was flat RIC: MOFS.BO BBG: MOFS IB

YoY at Rs5.7bn, while PWM revenue declined 2% YoY due to weaker transaction Trading data and key metrics

revenues. Housing finance NII grew 17% YoY but missed UBSe, while Capital Markets

52-wk range Rs1,091.30-628.05

revenue declined 26% YoY.

Market cap. Rs564b/US$5.84b

Shares o/s 600m (ORD)

AUM growth driven by MTM gains; flows softer than expected

Free float 26%

AMC ARR AUM increased to Rs2.1tn (+31% YoY, +20% QoQ), largely driven by positive

Avg. daily volume ('000) 977

MTM gains. However, net inflows of Rs64bn (-31% QoQ, 14% below UBSe) were

weaker than expected, impacted by redemptions in Alternatives and slower PE/RE Avg. daily value (m) Rs861.1

fundraising. Management expects Alternatives flows to turn positive from Q2FY27, Common s/h equity (03/26E) Rs129b

while MF flows appear to be stabilising and is expected to improve with some schemes P/BV (03/26E) 4.4x

crossing the three-year threshold in couple of months. MF yields moderated to 45bp (vs Tier 1 ratio -