Motilal Oswal Financial Services (MOTILALOFS) is an integrated capital markets player spanning asset management, private wealth, broking, investment banking and housing finance, and its Q2 FY27 print lands in a quarter when equity MF inflows accelerated each month even as NSE F&O volumes slumped to a 14-month low. The two big things to watch are the size and sign of treasury PAT after Q1FY27's Rs. 904 Cr gain, and whether the PBT margin holds within the guided 50-52% band against a weaker transaction-revenue backdrop.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,425.76 Cr |
| Previous quarter PAT | Rs. 1,273.71 Cr |
| Market cap | Rs. 55,823.63 Cr |
| CMP | Rs. 925.8 |
The board of Motilal Oswal Financial Services Ltd will meet on October 29, 2026, to consider the Q2/H1 FY27 unaudited financial results (standalone & consolidated) and NCD issuance via public issue/private placement. The trading window is closed and reopens 48 hours after the results.
The earnings call for Q2/H1 FY27 is scheduled for October 30, 2026, at 12:00 noon, as intimated to BSE/NSE on October 23, 2026.
The quarter's swing factor is the treasury book: after treasury PAT swung from a loss of Rs. 1,054 Cr in Q4FY26 to a gain of Rs. 904 Cr in Q1FY27, the market path turned negative mid-quarter, with the Nifty down 6.1% in September (its worst September since 2018) and FPIs withdrawing Rs. 20,974 Cr from equities that month — so Total PAT including OCI likely moves behind Q1's Rs. 1,513 Cr even as Operating PAT, insulated from MTM, is the cleaner read. On the operating side, the flow engine stayed strong — industry SIP contributions rose through the quarter from Rs. 31,961 Cr in July to Rs. 32,490 Cr in September and equity MF net inflows accelerated from Rs. 24,697 Cr to Rs. 38,307 Cr — supporting the annuity mix management guided to stay above 60% of revenues (66% of net revenue in Q1FY27). Transaction revenue points the other way: NSE F&O ADTV fell 23% in July on RBI prop-trading curbs and hit a 14-month low in August, a headwind for the broking and Wealth Management lines that already saw the segment down 7% YoY in Q1FY27 on lower ADTO share. Management's guided levers to verify against the print include the 50-52% PBT margin band (vs 56% in Q4FY26), HFC credit costs correcting over the financial year from the Q1 seasonal spike, and NII as the 'significant growth driver in FY27' with borrowing costs down 15-20 bps after the AA+ upgrades from all three rating agencies. The SEBI derivatives consultation paper, sized by the company at 1-2% of Group Operating PAT, remains the regulatory overhang to monitor.
Guidance scorecard: Management's open-ended guidance items and where each stood heading into Q2FY27:
Treasury MTM and Total PAT swing
Broking volumes and cash market share
MF flows, HFC credit costs and strategic updates
Management attributed the dip to restrictions on international and microcap funds and a weak January 2026 for active net flows, while passive funds did well with over Rs. 2,500 Cr collected. Q4FY26 net-flow share was again higher than AUM share.
Management stated there is no material prop-trading activity at MOFSL and the impact is on overall market volumes and exchanges, not on broking players like Motilal Oswal.
Management attributes the lower cash share to its research-and-advisory model's cautious positioning, noting market share has almost doubled in 4 years. The CFO emphasized 'we are leaders in the cash revenue market share. Only volume market share will not correlate to our business model'.
Management refuted media reports of a large Zepto exposure, saying most of the treasury is invested in its own mutual funds and no single security is a sizable exposure.
Consolidated revenue from operations rose 25.12% YoY to Rs. 3,425.76 Cr in Q1FY27, led by the Asset Management businesses where PAT grew 73% YoY to Rs. 245 Cr on average AUM moving from Rs. 1.57 lakh Cr to nearly Rs. 2 lakh Cr.