Motilal Oswal Financial Services Ltd. was founded in 1987 is a well-diversified financial services firm. The company has a network spread 550+ cities and towns comprising 2,500+ Business Locations operated by their Business Partners and 16,00,000+ customers.[1]
MOFSL Group Services:[1][2]The company offers diversified services across Capital Markets, Asset and Wealth Management, and Housing Finance. A significant focus for the group is the predictability of revenue, with Annual Recurring Revenue (ARR) now contributing 61% of total net revenues, and fee-based revenue alone accounting for 45% of total revenues.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Billionbrains | 162.05 | 53.29 | 99953.03 | 0.00 | 471.34 | 12.18 | 1018.74 | -9.48 | 62.57 | 4061.15 | 62.31 | 1824.37 | 471.34 | – | 20.17 | 0.05 |
| 2. | Motil.Oswal.Fin. | 848.20 | 50.58 | 50967.24 | 0.59 | 194.30 | -67.15 | 1091.39 | -38.71 | 17.79 | 4655.78 | 41.93 | 1007.68 | 194.30 | 6.31 | 6.44 | 1.16 |
| 3. | 360 ONE | 1191.80 | 42.89 | 48300.12 | 1.01 | 315.48 | 28.51 | 1114.95 | 28.87 | 14.91 | 3607.01 | 60.01 | 1126.22 | 315.48 | 5.16 | 6.20 | 1.47 |
| 4. | Nuvama Wealth | 1478.90 | 26.27 | 26939.24 | 1.95 | 253.98 | -1.36 | 1134.71 | 7.75 | 20.40 | 4411.52 | 53.53 | 1025.60 | 254.13 | 7.04 | 4.04 | 2.37 |
| 5. | Angel One | 2470.60 | 28.71 | 22456.53 | 1.94 | 211.73 | -49.99 | 1201.76 | -20.66 | 25.80 | 4660.51 | 32.80 | 782.19 | 211.73 | 3.86 | 7.78 | 0.77 |
| 6. | IIFL Capital | 395.50 | 20.98 | 12268.59 | 0.76 | 85.15 | -58.84 | 572.08 | -11.36 | 33.27 | 2309.18 | 37.47 | 584.84 | 84.41 | 4.37 | 8.57 | 0.62 |
| 7. | Anand Rathi Shar | 666.10 | 41.94 | 4166.84 | 0.00 | 28.59 | -13.68 | 227.08 | -1.29 | 21.26 | 843.57 | 36.92 | 103.88 | 28.59 | 3.20 | 3.50 | 0.93 |
| – | Median: 32 Co. | 145.0 | 22.21 | 1321.07 | 0.3 | 13.75 | -36.81 | 74.63 | -17.1 | 18.3 | 302.4 | 36.11 | 46.98 | 13.75 | 1.93 | 6.36 | 0.22 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 701 | 1,125 | 1,238 | 884 | 1,518 | 1,505 | 624 | 1,485 | 821 | 868 | 1,067 | 1,781 | 1,091 |
Expenses | 432 | 532 | 674 | 488 | 714 | 701 | 426 | 714 | 658 | 440 | 578 | 803 | 672 |
Operating Profit | 269 | 593 | 564 | 396 | 803 | 804 | 198 | 771 | 164 | 428 | 489 | 977 | 420 |
Other Income | 6 | 8 | 39 | 34 | 13 | 30 | 7 | 20 | 30 | 7 | 3 | 23 | 33 |
Profit before tax | 199 | 461 | 369 | 345 | 619 | 634 | 131 | 609 | -28 | 371 | 377 | 768 | 246 |
Tax % | 24% | 18% | 22% | 17% | 16% | 16% | 32% | 15% | -71% | 13% | 18% | 23% | 21% |
Net Profit | 152 | 379 | 289 | 287 | 519 | 532 | 90 | 516 | -8 | 323 | 308 | 591 | 194 |
EPS in Rs | 2.57 | 6.38 | 4.83 | 4.85 | 8.69 | 8.88 | 1.51 | 8.67 | -0.14 | 5.47 | 5.19 | 9.88 | 3.24 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 98 | 129 | 111 | 132 | 1,359 | 1,217 | 1,270 | 2,198 | 2,579 | 2,666 | 4,563 | 5,359 | 4,656 |
Expenses | 24 | 26 | 20 | 5 | 731 | 733 | 953 | 1,096 | 1,550 | 1,700 | 2,313 | 2,851 | 2,704 |
Operating Profit | 73 | 103 | 91 | 127 | 628 | 484 | 316 | 1,102 | 1,029 | 966 | 2,250 | 2,509 | 1,952 |
Other Income | -1 | 0 | 0 | -29 | -5 | 30 | 37 | -62 | 36 | 26 | 81 | 119 | 133 |
Interest | 19 | 30 | 30 | 5 | 93 | 104 | 129 | 128 | 162 | 217 | 466 | 812 | 769 |
Depreciation | 8 | 8 | 8 | 7 | 29 | 18 | 30 | 37 | 39 | 50 | 72 | 87 | 94 |
Profit before tax | 45 | 65 | 53 | 86 | 500 | 392 | 194 | 876 | 864 | 725 | 1,792 | 1,728 | 1,221 |
Net Profit | 39 | 60 | 47 | 86 | 393 | 322 | 197 | 751 | 707 | 569 | 1,490 | 1,391 | 1,008 |
EPS in Rs | 0.71 | 1.08 | 0.82 | 1.49 | 6.78 | 5.53 | 3.32 | 12.80 | 11.85 | 9.61 | 25.01 | 23.22 | 16.81 |
Dividend Payout % | 70% | 70% | 106% | 92% | 31% | 38% | 30% | 20% | 21% | 26% | 14% | 22% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 14 | 14 | 14 | 14 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 60 | 60 |
Reserves | 510 | 561 | 579 | 655 | 2,367 | 2,579 | 2,749 | 3,602 | 4,227 | 4,439 | 5,901 | 7,057 | 8,018 |
Borrowings | 175 | 443 | 398 | 458 | 1,271 | 1,420 | 1,430 | 2,080 | 2,172 | 3,737 | 6,773 | 8,757 | 9,364 |
Other Liabilities | 47 | 48 | 27 | 32 | 1,624 | 1,693 | 1,972 | 3,397 | 4,381 | 5,703 | 8,181 | 6,447 | 5,687 |
Total Liabilities | 746 | 1,066 | 1,019 | 1,159 | 5,277 | 5,706 | 6,166 | 9,093 | 10,795 | 13,893 | 20,870 | 22,321 | 23,129 |
Fixed Assets | 160 | 152 | 144 | 141 | 277 | 281 | 307 | 326 | 330 | 435 | 575 | 716 | 729 |
Gross Block | 177.61 | 178.05 | 177.74 | 183.35 | 485.64 | 503.03 | 558.56 | 613.56 | 655.87 | 809.93 | 1,000.57 | 1,228.93 | – |
Accumulated Depreciation | 17.62 | 25.79 | 33.57 | 42.25 | 209.13 | 221.96 | 251.19 | 287.70 | 325.85 | 375.38 | 426.06 | 512.76 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 31 | 32 |
Investments | 122 | 357 | 490 | 655 | 3,123 | 3,095 | 3,780 | 3,944 | 4,347 | 4,056 | 5,476 | 6,418 | 7,257 |
Other Assets | 463 | 556 | 385 | 363 | 1,878 | 2,329 | 2,078 | 4,823 | 6,119 | 9,402 | 14,819 | 15,155 | 15,110 |
Total Assets | 746 | 1,066 | 1,019 | 1,159 | 5,277 | 5,706 | 6,166 | 9,093 | 10,795 | 13,893 | 20,870 | 22,321 | 23,129 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 76 | -255 | 286 | -49 | 487 | 306 | 784 | -660 | 879 | -1,332 | -498 | 607 |
Cash from Investing Activity | -1 | -0 | -90 | -106 | -289 | -100 | -295 | 111 | -357 | 30 | -487 | -334 |
Cash from Financing Activity | -84 | 260 | -90 | 49 | -181 | -132 | -70 | 443 | -53 | 1,212 | 3,202 | 2,213 |
Net Cash Flow | -9 | 4 | 106 | -106 | 17 | 75 | 419 | -106 | 469 | -90 | 2,216 | 2,486 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 196 | 355 | 138 | 102 | 94 | 92 | 117 | 126 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 196 | 355 | 138 | 102 | 94 | 92 | 117 | 126 |
Working Capital Days | 1,002 | 596 | -162 | -97 | -149 | -168 | -633 | -329 | -457 | -644 | -499 | -260 |
ROCE % | 9% | 11% | 8% | 11% | 25% | 13% | 8% | 22% | 17% | 13% | 22% | 18% |
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Stock Analysis
Motilal Oswal Financial Services Limited (MOFSL) is a diversified financial services firm established in 1987, offering services across capital markets, asset and wealth management, and housing finance. The company focuses on revenue predictability with a significant portion of its income from Annual Recurring Revenue (ARR) and fee-based activities.
Growth is expected to be driven by India's economic expansion and increasing financialization of savings. The company's strategic focus on fee-based income and expanding its wealth and asset management businesses are key growth drivers. Expansion into GIFT City via its IFSC subsidiary also presents new opportunities.
Currently no data available for Order Book.
A significant concern is the low standalone Interest Service Coverage Ratio of 0.12 reported for the half-year ended September 30, 2025, and negative operating cash flow for H1 FY26, which could indicate short-term liquidity pressures or aggressive investment cycles.
The company filed its Q4 FY25 (ended Dec 31, 2025) confirmation certificate with regulators. Investors await future performance updates, especially regarding the impact of recent strategic investments and the improvement of standalone financial health metrics.
Corporate Announcements
