Mid Asset Management

Motilal Oswal Financial Services Ltd.

MOTILALOFS

₹831.35

-2.29% (-19.45)

Market Cap

₹49,824 Cr.

P/E

19.92

Motilal Oswal Financial Services Ltd.
Overview
Financials
Benchmarking
Shareholding
Asset Management

Motilal Oswal Financial Services Ltd.

Motilal Oswal Financial Services Ltd.
Overview
Financials
Benchmarking
Shareholding
Asset Management

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Motilal Oswal Financial Services Ltd. Shareprice

Has the share price of Motilal Oswal Fin grown faster than its competition?

Motilal Oswal Fin has given better returns compared to its competitors.
Motilal Oswal Fin has grown at ~43.31% over the last 4yrs while peers have grown at a median rate of 37.41%

Is Motilal Oswal Fin stock expensive?

Yes, Motilal Oswal Fin is expensive.
Latest PE of Motilal Oswal Fin is 20.38, while 3 year average PE is 11.9.
Also latest EV/EBITDA of Motilal Oswal Fin is 8.89 while 3yr average is 4.45.

View FAQ's On Business

Growth Table

Motilal Oswal Financial Services Ltd.
ICICI Securities
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	24.02	123	63.30	42.49	43.33	30.12	20.80	13.24	29.19	27.62
TTM EPS CAGR	0.04	61.10	24.13	16.44	66.88	42.83	21.16	25.29	33.95	31.68
Sales CAGR	17.43	41.29	24.74	23.15	27.30	22.71	16.48	21.09	25.81	26.92
PAT Margin (Abs Growth)	12.27	4.10	1.42	24.53	23.35	11.95	14.80	19.16	15.97	25.65
PE CAGR	23.97	38.66	31.56	22.37	-14.11	-8.90	-0.30	-9.62	-3.55	-3.08
CFO CAGR	-88.57	—	36.10	—	—	—	-21.94	-14.65	15.21	—

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Motilal Oswal Financial Services Ltd.
ICICI Securities
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	5,206	8,439	10,411	10,339	9,992	14,041	16,860	22,949	31,771	33,987
Non Current Assets	3,649	5,744	2,888	2,889	3,338	4,050	4,876	5,166	6,881	32,760
Net Block	292	290	264	267	333	350	357	466	603	768
Capital Work in Progress	0.00	0.00	0.11	0.11	0.00	0.00	0.00	0.00	0.00	101
Intangible Assets Under Development	—	—	0.11	0.11	—	—	—	—	—	—
Long Term Investments	1,056	1,326	2,519	2,530	2,851	3,693	4,579	4,767	6,501	8,851
Current Assets	1,551	2,658	7,451	7,472	6,746	9,936	11,860	17,634	24,594	1,227
Inventory	0.00	0.18	0.27	—	—	—	—	—	—	—
Accounts Receivable	710	1,260	1,092	1,518	747	912	1,003	1,029	1,918	2,404
Short Term Investments	176	445	288	156	237	229	106	20.00	—	—
Cash & Bank Balances	287	463	454	689	1,378	3,498	5,315	8,837	12,071	10,498
Liabilities	5,206	8,439	10,411	10,339	9,992	14,041	16,860	22,949	31,771	33,987
Shareholders Funds	1,437	1,786	2,886	3,053	3,086	4,461	5,674	6,252	8,732	11,079
Share Capital	14.22	14.45	14.51	14.57	14.81	14.66	14.91	14.79	14.90	59.93
Reserves	1,422	1,771	2,838	2,996	3,028	4,389	5,588	6,143	8,618	11,019
Non Current Liabilities	1,843	3,775	2,372	2,217	1,569	1,854	1,598	1,938	2,701	22,088
Secured Loans	1,535	2,813	1,399	1,491	1,394	1,442	1,145	1,469	2,145	—
Unsecured Loans	165	890	886	745	264	354	325	314	214	—
Current Liabilities	1,911	2,850	5,118	5,028	5,299	7,694	9,561	14,728	20,301	768
Accounts Payable	598	1,022	1,320	1,391	1,798	3,026	3,701	3,502	5,564	5,321
Short Term Loans	675	943	3,038	2,922	2,968	3,897	4,681	8,493	11,387	—

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Motilal Oswal Financial Services Ltd.
ICICI Securities
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	1,058	1,841	2,751	2,534	2,139	3,625	4,297	4,177	7,068	8,339
Operating Expenses	649	915	1,357	1,628	1,327	1,610	2,180	2,302	3,003	3,784
Raw Material	—	—	—	—	—	—	—	—	—	0.00
Material Cost (%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	251	353	492	502	540	644	878	1,008	1,330	1,741
Power & Fuel Cost	8.51	7.88	8.37	8.58	8.96	6.99	8.64	11.34	11.23	—
Operating Profit	409	926	1,393	906	811	2,015	2,117	1,875	4,065	4,555
Other Income	24.41	82.75	1.60	12.49	8.00	9.00	21.96	21.18	63.85	35.67
OPM (%)	38.66	50.29	50.66	35.76	37.94	55.59	49.27	44.89	57.51	54.62
Depreciation and Amortisation	34.94	32.84	37.49	23.95	39.71	47.52	48.26	58.38	82.58	98.77
Interest	174	442	528	517	494	430	475	596	1,014	1,266
Profit Before Tax	225	506	829	378	285	1,458	1,616	1,242	3,032	3,226
Tax	61.22	141	206	92.65	69.79	255	305	309	586	718
Net Profit	169	360	622	294	183	1,260	1,310	932	2,441	2,508
Number of shares(Crs)	14.22	14.45	14.51	14.57	14.81	14.66	14.91	14.79	14.90	—
Dividend Payout Ratio(%)	29.43	10.04	19.82	42.13	32.31	11.63	11.38	15.87	8.55	—

TTM Values as of Mar 2025

Cash Flow

Motilal Oswal Financial Services Ltd.
ICICI Securities
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	-1,242	-1,980	248	195	952	-139	1,011	-3,058	-350	1,215
Profit Before Tax	225	506	829	378	285	1,458	1,616	1,242	3,032	3,226
Adjustments	9.37	-30.47	-21.16	348	341	-626	-415	4.39	-1,293	-1,104
OCF Before Working Capital	234	475	808	726	627	833	1,200	1,247	1,739	2,122
Working Capital Changes	-1,419	-2,323	-376	-350	484	-826	30.68	-4,030	-1,661	-353
Taxes Paid	-56.30	-132	-185	-181	-159	-145	-220	-274	-428	-555
Cash from Investing Activity	-380	-314	-157	14.45	-353	-273	-447	-274	-247	-1,077
Net Fixed Assets Purchased	-35.66	-51.34	-40.31	-26.46	-69.92	-60.78	-54.54	-154	-145	-180
Fixed Assets Purchased	-35.66	-52.12	-40.82	-26.59	-69.92	-64.67	-54.54	-154	-151	-180
Fixed Assets Sold	—	0.78	0.51	0.13	—	3.89	—	—	5.42	—
Investment Purchased	-8,530	-16,119	-14,038	-306	-587	-588	-1,113	-483	-541	-1,878
Investment Sold	8,180	15,853	13,911	346	302	373	616	353	429	1,074
Interest Recieved	0.76	0.07	0.59	0.67	0.33	0.81	1.22	0.64	1.58	0.49
Dividends Recieved	3.85	2.25	10.02	0.37	1.94	1.53	102	8.82	8.58	10.01
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	1,718	2,420	-98.03	-141	-129	861	282	3,770	3,306	745
Proceeds From Shares	36.20	42.84	18.82	18.26	40.39	15.14	33.98	10.34	77.28	—
Net Long Term Borrowings	1,794	2,478	0.00	0.00	0.00	0.00	0.00	0.00	0.00	986
Proceeds From Borrowings	1,794	2,478	—	—	—	—	—	—	—	1,908
Repayment From Borrowings	—	—	—	—	—	—	—	—	—	-922
Interest Paid	-35.67	-48.70	—	—	—	—	—	-4.24	-8.31	—
Dividend Paid	-76.49	-51.75	-109	-125	-130	-28.94	-86.73	-148	-252	-300
Net Cash Flow	96.26	125	-7.12	67.88	470	449	845	439	2,709	882
Opening Cash & Cash Equivalents	92.54	189	313	306	374	844	1,292	2,138	2,576	5,135
Effect of FX	—	—	—	—	—	—	—	—	—	—
Closing Cash & Cash Equivalents	189	314	306	374	844	1,292	2,138	2,576	5,286	6,017
Net Capex (est)	35.66	51.34	40.31	26.46	69.92	60.78	54.54	154	145	180
Free Cash Flow (est)	-1,277	-2,032	207	168	882	-199	956	-3,212	-495	1,034

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Motilal Oswal Financial Services Ltd.
ICICI Securities
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.14	0.89	0.93	1.47	1.49	1.27	1.30	1.25	1.20	1.22
Liquid Assets (Crs)	1,538	1,702	2,658	7,548	7,513	6,747	9,989	11,928	17,679	24,780
Current Liabilities (Crs)	1,344	1,911	2,850	5,118	5,028	5,299	7,694	9,561	14,728	20,301
Current Ratio	1.10	0.81	0.93	1.46	1.49	1.27	1.29	1.24	1.20	1.21
Current Assets (Crs)	1,476	1,551	2,658	7,451	7,472	6,746	9,936	11,860	17,634	24,594
Current Liabilities (Crs)	1,344	1,911	2,850	5,118	5,028	5,299	7,694	9,561	14,728	20,301
Interest Coverage Ratio	7.32	2.29	2.14	2.57	1.73	1.58	4.39	4.40	3.08	3.99
EBIT (Crs)	227	398	976	1,358	895	780	1,977	2,091	1,838	4,046
Interest Expenses (Crs)	30.94	174	442	528	517	494	430	475	596	1,014
Fixed Asset Turnover	1.71	2.22	3.68	5.57	4.88	3.42	5.25	5.77	4.58	6.40
Net Sales (Crs)	769	1,058	1,841	2,751	2,534	2,139	3,625	4,297	4,177	7,068
Fixed Assets (Crs)	450	476	501	494	520	626	690	745	912	1,105
Cash Conversion Cycle	-202	-170	-198	-239	-281	-331	-551	81.34	88.80	76.10
Inventory Days	14.39	0.00	0.02	0.03	0.00	0.00	0.00	0.00	0.00	0.00
Days Receivable	254	224	195	156	188	193	83.51	81.34	88.80	76.10
Days Payable	470	394	394	395	469	525	634	—	—	—
Debt to Equity Ratio	0.61	1.80	2.84	1.84	1.69	1.50	1.28	1.08	1.64	1.57
Total Debt (Crs)	795	2,589	5,067	5,323	5,158	4,627	5,693	6,152	10,276	13,746
Shareholders Equity (Crs)	1,295	1,437	1,786	2,886	3,053	3,086	4,461	5,674	6,252	8,732
Free Cash Flow/Sales (%)	-16.11	-121	-110	7.54	6.64	41.23	-5.50	22.25	-76.89	-7.00
Free Cash Flow(est) (Crs)	-124	-1,277	-2,032	207	168	882	-199	956	-3,212	-495
Net Sales (Crs)	769	1,058	1,841	2,751	2,534	2,139	3,625	4,297	4,177	7,068
Profitability Ratios
Gross Margin (%)	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
Op Profit Margin (%)	32.96	38.66	50.29	50.66	35.76	37.94	55.59	49.27	44.89	57.51
Operating Profit (Crs)	257	433	1,009	1,395	919	819	2,024	2,139	1,896	4,129
Net Sales (Crs)	769	1,058	1,841	2,751	2,534	2,139	3,625	4,297	4,177	7,068
Net Profit Margin (%)	18.67	15.99	19.55	22.62	11.60	8.57	34.77	30.48	22.30	34.54
Net Profit (Crs)	144	169	360	622	294	183	1,260	1,310	932	2,441
Net Sales (Crs)	769	1,058	1,841	2,751	2,534	2,139	3,625	4,297	4,177	7,068
ROCE (%)	12.35	12.09	17.46	25.65	16.85	16.62	31.14	28.64	22.36	35.28
EBIT (Crs)	227	398	976	1,358	895	780	1,977	2,091	1,838	4,046
Capital Employed (Crs)	1,834	3,295	5,589	5,293	5,311	4,692	6,347	7,299	8,221	11,470
Return on Assets (%)	4.52	3.25	4.27	5.98	2.84	1.84	8.98	7.77	4.06	7.68
Net Profit (Crs)	144	169	360	622	294	183	1,260	1,310	932	2,441
Total Assets (Crs)	3,178	5,206	8,439	10,411	10,339	9,992	14,041	16,860	22,949	31,771
ROIC (%)	101	-114	-231	45.45	30.81	106	-179	-63.08	-24.96	-44.77
Op Profit after Taxes (Crs)	163	272	644	1,019	666	583	1,623	1,678	1,364	3,212
Invested Capital (Crs)	162	-239	-278	2,243	2,162	550	-906	-2,660	-5,465	-7,175
ROE (%)	11.09	11.77	20.15	21.56	9.63	5.94	28.25	23.08	14.90	27.96
Net Profit Margin (%)	18.67	15.99	19.55	22.62	11.60	8.57	34.77	30.48	22.30	34.54
Asset Turnover ratio	0.24	0.20	0.22	0.26	0.25	0.21	0.26	0.25	0.18	0.22
Equity Multiplier	2.45	3.62	4.72	3.61	3.39	3.24	3.15	2.97	3.67	3.64
Adjusted EPS	2.56	2.97	6.23	10.72	5.04	3.10	21.49	21.96	15.75	40.96
Valuation Ratios
P/E	27.83	22.88	29.23	23.45	29.74	40.30	7.28	9.90	9.68	10.16
Price to Book	3.09	2.69	5.89	5.12	2.90	2.43	2.08	2.31	1.47	2.87
EV/EBITDA	17.57	14.25	15.00	13.95	14.38	12.98	5.62	6.45	5.52	6.41
Dividend Yield (%)	1.05	1.29	0.34	0.84	1.42	0.80	1.60	1.15	1.64	0.84

Quarterly Results

Motilal Oswal Financial Services Ltd.
ICICI Securities
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	1,076	1,027	1,502	1,655	1,791	2,154	2,312	2,838	1,999	1,190
Operating Expenses	588	584	664	740	703	916	920	1,022	932	911
Increase/Decrease in Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Raw Material	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Cost	261	272	318	310	304	398	397	454	458	433
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	221	203	221	285	283	367	362	389	303	270
Miscellaneous Expenses	10.01	5.34	23.34	10.62	2.69	17.31	14.96	0.53	-8.60	1.79
Operating Profit	488	444	837	915	1,089	1,238	1,393	1,816	1,067	280
Other Income	4.98	6.17	32.04	0.66	6.36	18.09	5.35	8.15	3.88	18.29
Interest	169	190	216	241	262	302	318	347	303	298
PBDT	323	260	653	675	833	954	1,080	1,477	768	-0.44
Depreciation and Amortization	16.70	12.75	17.35	17.26	24.03	23.94	21.84	23.41	27.30	26.22
Profit Before Tax	307	247	636	658	809	930	1,059	1,454	741	-26.66
Tax	81.17	80.52	110	124	147	205	175	332	175	36.53
Profit After Tax	226	167	526	533	661	725	884	1,122	566	-63.19
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	226	165	527	531	660	723	882	1,120	565	-64.77
Quarterly Ratios
EPS	3.83	2.78	8.90	8.96	11.11	12.13	14.77	18.71	9.42	-1.08
Operating Profit Margin	45.37	43.18	55.75	55.31	60.78	57.46	60.23	63.99	53.37	23.50
Net Profit Margin	20.97	16.25	35.04	32.23	36.93	33.64	38.21	39.53	28.32	-5.31

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

26.60%

Implied Growth Rate over a 5 year period*

8.00%

Implied Growth Rate over a 10 year period*

3.00%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Motilal Oswal Financial Services Ltd. Financials

How strong is Motilal Oswal Fin balance sheet?

Balance sheet of Motilal Oswal Fin is moderately strong.

Is the debt of Motilal Oswal Fin increasing or decreasing?

The net debt of Motilal Oswal Fin is decreasing.
Latest net debt of Motilal Oswal Fin is -₹10,497.73 Crs as of Mar-25.
This is less than Mar-24 when it was -₹10,384.12 Crs.

Is the profitablity of Motilal Oswal Fin improving?

Yes, profit is increasing.
The profit of Motilal Oswal Fin is ₹2,508 Crs for TTM, ₹2,441 Crs for Mar 2024 and ₹932 Crs for Mar 2023.

Does Motilal Oswal Fin pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Motilal Oswal Fin latest dividend payout ratio is 8.55% and 3yr average dividend payout ratio is 11.93%

How has Motilal Oswal Fin allocated its funds?

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments, Short Term Loans & Advances

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Motilal Oswal Financial Services Ltd.

Motilal Oswal Financial Services Ltd.

Has the share price of Motilal Oswal Fin grown faster than its competition?

Is Motilal Oswal Fin stock expensive?

How strong is Motilal Oswal Fin balance sheet?

Is the debt of Motilal Oswal Fin increasing or decreasing?

Is the profitablity of Motilal Oswal Fin improving?

Does Motilal Oswal Fin pay decent dividends?

How has Motilal Oswal Fin allocated its funds?

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