Motilal Oswal Financial Services Ltd. (MOFSL) delivered a strong performance in the third quarter of FY26, reporting its highest-ever operating profit after tax (PAT) of ₹611 crore. This represents a year-on-year growth of 16% and a quarter-on-quarter increase of 10%. Total PAT, including treasury income and OCI, stood at ₹721 crore, marking a sharp 58% rise compared to the same period last year. The robust performance was primarily driven by strong momentum in the Asset Management and Private Wealth Management businesses. Reflecting confidence in the company’s financial strength, the Board declared an interim dividend of ₹6 per share.

During the quarter, MOFSL’s Asset Management business recorded exceptional growth, with PAT increasing 65% year-on-year to ₹227 crore. Total assets under management (AUM) rose 33% to ₹1.89 lakh crore, supported by a 40% growth in Mutual Fund AUM and a 62% rise in Private Alternates AUM. The company maintained a healthy 7.6% market share in net mutual fund flows, while SIP inflows surged 55% year-on-year to ₹4,515 crore, translating into the highest industry market share of 5%. India Business Excellence Fund V, launched in Q2FY26, achieved cumulative fund-raising of ₹8,000 crore, with the final close expected in Q4. In addition, MOFSL launched its first Private Credit Fund in January 2026, targeting a fund size of ₹3,000 crore.

The Private Wealth Management business reported a PAT of ₹82 crore during the quarter, with net flows amounting to ₹4,314 crore. AUM grew 31% year-on-year to ₹1.96 lakh crore, driven by strong family office acquisitions and improved relationship manager productivity. Recurring revenue (ARR) in this segment increased 28% year-on-year, underlining the quality and sustainability of earnings.

In the Wealth Management segment, PAT stood at ₹181 crore. Brokerage revenues grew 15% sequentially, while cash market share remained strong at 6.9%. The company’s F&O premium market share improved to 8.4%, resulting in a blended average daily turnover (ADTO) market share of 7.8%. The distribution book expanded 34% year-on-year to ₹42,775 crore, with the ARR book growing 33%. The loan book also witnessed healthy growth of 25% year-on-year, reaching ₹6,630 crore.

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MOFSL’s Capital Markets business, encompassing Investment Banking and Institutional Equities, reported a 15% year-on-year growth in PAT to ₹70 crore. The company ranked number one across IPOs and QIPs in calendar year 2025 and currently covers over 350 companies through its institutional research platform, servicing approximately 903 clients globally.

The Housing Finance business delivered a PAT of ₹42 crore, reflecting a 12% year-on-year increase. AUM grew 24% to ₹5,379 crore. Adjusted for a one-time change in disbursement recognition, disbursements rose sharply by 47% to ₹578 crore, compared to the reported ₹364 crore.

MOFSL’s treasury book expanded 16% year-on-year to ₹9,562 crore and continues to deliver strong returns, with an XIRR of 18.5% since inception. The treasury portfolio has grown at a CAGR of 42%, supported by consistent reinvestment of operating profits.

Overall, the company reported total net revenues of ₹1,497 crore for Q3FY26, up 11% year-on-year, while operating expenses increased at a controlled pace of 6%. Profit before tax stood at ₹814 crore, reflecting a healthy margin of 54%, underscoring MOFSL’s strong operating leverage and disciplined cost management.