Motilal Oswal Financial Services’ Long-Term Credit Rating Upgraded by Crisil, Reflecting Business Resilience and Diversity

Motilal Oswal Financial Services’ Long-Term Credit Rating Upgraded by Crisil, Reflecting Business Resilience and Diversity​

Motilal Oswal Financial Services Ltd (MOFSL) has received a rating upgrade from Crisil Ratings, which elevated its long-term credit rating to ‘Crisil AA+/Stable’ from ‘Crisil AA/Positive’. This positive assessment extends across the company and several key subsidiaries, highlighting the group's stable financial discipline and diversification across capital market businesses.

The upgraded ratings position MOFSL among the highest rated non-bank domestic capital market players, as acknowledged by the rating agency. The rating action covers MOFSL, Motilal Oswal Home Finance Limited (MOHFL), and Motilal Oswal Finvest Limited (MOFL).

Financial Strength and Operational Highlights of MOFSL​

The upgrade underscores MOFSL’s strong market presence in capital markets, a healthy earnings profile derived from performance through various economic cycles, and comfortable capitalization supported by a significant net worth and low leverage.

Crisil noted the continued growth across all group business verticals and the sustained improvement in the Group's business risk profile. The company has effectively managed to buffer against market volatility and regulatory changes.

In fiscal year 2026 (FY2026), MOFSL reported annual operating profit (PAT) of ₹2,356 crore, a 16% increase year-on-year. The Group reported a consolidated net worth of ₹12,952 crore as of March 31, 2026, with a consolidated gearing ratio at 1.6 times.

The operational shift within the group has seen non-broking businesses achieving stronger growth compared to traditional broking operations. In FY2026, the contribution of brokering and allied services declined to approximately 45% of operating profits, compared to 52% two years prior, signifying strong growth in non-broking segments like Asset Management Company (AMC), Private Wealth Management (PWM), and lending businesses.

Key financial indicators for MOFSL consolidated are detailed below:

Divisional Ratings and Performance​

The rating action encompassed several instruments across the group:

• Motilal Oswal Financial Services Ltd (MOFSL): The long-term rating was upgraded to ‘Crisil AA+/Stable’ from ‘Crisil AA/Positive’, while the short-term rating was reaffirmed at ‘Crisil A1+’.
• Motilal Oswal Home Finance Limited (MOHFL): The long-term rating for MOHFL was also upgraded to ‘Crisil AA+/Stable’ from ‘Crisil AA/Positive’, and its commercial paper programme was reaffirmed at ‘Crisil A1+’.

The strong financial position of the group is further evidenced by various business unit metrics. For instance, the asset management portfolio stood at ₹1,75,644 crore as of March 31, 2026, which accounts for 45% of overall client assets. Private wealth management (PWM) grew to ₹1,96,716 crore (51% of client assets).

Status of Allied Business and Capitalization​

MOFSL remains one of the top 10 equity brokers based on active clients (8.9 lakh as of June 2026), maintaining a market share of 7.0% in the cash segment and 8.1% in the F&O segment for FY2026.

The capital position of MOFSL remains healthy, with networth supported by steady internal accruals. The company maintains a diversified revenue mix derived from non-broking businesses (AMC, PWM, PE, and lending), which contribute to financial risk insulation against cyclical market volatility.

In addition, the group’s ESG profile contributes positively to its credit risk standing, having established a Group-level ESG Vision 2030 and enhanced resource efficiency across office premises.

MOHFL Financial Status Snapshot​

Motilal Oswal Home Finance Limited (MOHFL) reported a net profit of ₹159 crore for FY2026, corresponding to an asset return on managed assets (RoMA) of 2.7%. Key financial indicators for MOHFL demonstrate steady growth:


Crisil Ratings maintains a stable outlook on the group, noting that sustained growth in managed assets and diverse earnings streams provide stability while maintaining healthy capitalization metrics across all segments.

MOTILALOFS Stock Price Movement​

Shares of Motilal Oswal Financial Services Ltd. are climbing in live trading as of 9:45 AM, rising by 0.21% to reach ₹945.05. The stock has seen brisk activity so far into the session, with a traded volume of 47,478 shares.