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Swing Capital

Motilal Oswal Financial Services Ltd

NSE: MOTILALOFS BSE: 532892Finance

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]

₹832
52W: ₹615 — ₹1097
PE 54.4 · Book ₹132 · +530% vs book
Market Cap₹50,120 Cr
Stock P/E54.4Price to Earnings
ROCE10.5%Return on Capital
ROE12.2%Return on Equity
Div. Yield0.72%Face Value ₹1

Strengths

  • +Company has been maintaining a healthy dividend payout of 24.9%
  • +Company's median sales growth is 17.4% of last 10 years

Weaknesses

  • −Company has high debtors of 274 days.

Shareholding Pattern

Promoters67.54%
FIIs7.03%
DIIs6.02%
Public19.4%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.04%68.86%▼0.268.71%▼0.268.45%▼0.367.8%▼0.767.69%▼0.167.62%▼0.167.54%▼0.1
FIIs6.46%6.34%▼0.15.88%▼0.56.01%▲0.17.29%▲1.37.52%▲0.26.93%▼0.67.03%▲0.1
DIIs6.06%6.41%▲0.46.39%▼0.05.71%▼0.75.44%▼0.35.84%▲0.46.42%▲0.66.02%▼0.4
Public18.42%18.39%▼0.019.01%▲0.619.83%▲0.819.46%▼0.418.96%▼0.519.02%▲0.119.4%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1251,4851,5181,7811,2388211,5051,0911,221941
Expenses532714714803674658701672689758
Operating Profit593771803977564164804420532183
OPM %53%52%53%55%46%20%53%38%44%19%
Net Profit379516519591289-8532194245-49
EPS ₹6.388.678.699.884.83-0.148.883.244.08-0.81

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,759Cr, down 11.2% YoY. OPM at 41%.

Debt Position

Borrowings at ₹13,732Cr. Debt-to-equity ratio: 1.74x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹31Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.02% (-0.09pp change). FIIs: 7.03% (+0.62pp change). Promoters hold 67.54%.

Margin & Efficiency

ROCE improving from 11% (Mar 2015) to 11% (Mar 2026). Working capital days: -295.

Valuation

PE 54.4x with 10.5% ROCE. Price is 530% above book value of ₹132. Dividend yield: 0.72%.

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