Motilal Oswal Q4 Results: Cons loss widens YoY to Rs 221 crore but operating PAT grows 25% on 125% revenue surge

Motilal Oswal Financial Services (MOFSL) widened its consolidated net loss to Rs 221 crore in the March-ended quarter from Rs 65 crore in the year-ago period despite reporting a stellar 125% year-on-year growth in its revenue from operations. The topline stood at Rs 2,676 crore in Q4FY26 versus Rs 1,190 crore in the corresponding quarter of the last financial year.

The brokerage had reported a net profit of Rs 566 crore in the October-December quarter of FY26. All profit figures are attributable to the owners of the parent.

However, MOFSL’s operating profit after tax (PAT) surged 25% YoY to Rs 661 crore versus Rs 527 crore in Q4FY25 while rising 8% on a sequential basis compared to Rs 611 crore in Q3FY26. The full-year operating PAT stood at Rs 2,360 crore, growing 16% YoY led by strong growth in the Asset & Private Wealth Management (PWM) business.

The topline saw a 27% sequential growth compared to Rs 2,112 crore in Q3FY26.

Key takeaways:

— Asset Management (Including Alternates): PAT grew by 63% YoY to Rs 249 crore in Q4, while rising 55% YoY to Rs 798 crore in FY26.

— Total assets under management (AUM) grew by 32% on YoY basis at Rs 1.76 lakh crore, driven by stellar Mutual Fund AUM growth of 31% and Private Alternates AUM growth of 104%. FY26 Net MF Flows market share higher than AUM market share at 6.6% and 2.7% respectively, the company’s filing to the exchanges said.

— SIP inflows surged 78% YoY to Rs 16,479 crore with market share of 4.7%. Closed IBEF Fund V raise of Rs 8,350 crore, nearly 2X of its last fund raised.

— MOFSL executed first close of maiden private credit fund in January 2026 with fund raise of Rs 1,700 crore, targeting total raise of Rs 3,000 crore.

— Private Wealth Management: Q4 PAT grew by 18% YoY to Rs 88 crore with net flows growing by 66% to Rs 5,535 crore. For FY26, PAT grew by 15% to Rs 368 crore with net flows growing by 41% to Rs 20,154 crore. AUM was up 36% YoY to ₹1.97 lakh Cr, driven by family acquisitions and higher RM productivity.

— Wealth Management: PAT grew by 7% YoY to Rs 204 crore in Q4 and de-grew by 7% to Rs 727 crore for FY26. Q4 brokerage revenue grew by 33% YoY.

— Capital Markets: PAT grew 12% YoY to Rs 75 crore in Q4 and grew 30% YoY to Rs 336 crore in FY26.

— Housing Finance: PAT grew 61% YoY to Rs 59 crore in Q4 and 22% YoY to Rs 159 crore in FY26. AUM grew 19% YoY to Rs 5,829 crore.
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— Treasury book grew 12% YoY to Rs 9,403 crore, delivering alpha of 5% for the year FY26. Book grew at 40% CAGR led by strong IRRs and reinvestment of operating profits. FY26 Total PAT (incl OCI) of ₹2,043 Crs is lower than Operating PAT due to Treasury book’s Mark-to-Market accounting.

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