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Emkay Global Financial's research report on Motilal Oswal Financial Services

MOFS continued its steady performance in Q4FY25 amid volatile markets and despite impact of the new F&O regulations, with operating PAT at Rs5.2bn (+4% YoY; -1% QoQ). However, treasury loss of Rs7.43bn resulted in reported consolidated loss (including OCI) of Rs2.2bn. While regulatory changes and volatile markets impacted the broking business, increased opportunities in distribution income resulted in ~5% QoQ revenue growth in the Wealth Management segment. The Asset and Private Wealth Management businesses saw some impact on AUM, resulting in sequential decline in PAT. Robust disbursements in the Housing Finance business resulted in healthy PAT growth on YoY basis. Going forward, the management remains confident of the growth opportunity in the Wealth, Asset, and Private Wealth Management businesses.

Outlook

The management continues to focus on the distribution business, given the low cross-sell ratio leaving headroom for growth. We cut FY26-27E PAT by 3-5% and reiterate BUY on MOFS, while cutting Mar-26E TP by ~6% to Rs 850, given its established track record of thriving in volatile market conditions.

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Motilal Oswal Financial Services - 29042025 - emkay

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