Motilal Oswal shares surge 7% after wealth, AMC biz lead growth, margin expansion

Shares of Motilal Oswal Financial Services Ltd. were trading as much as 7% higher on Wednesday, January 28, following strong December quarter results for financial year 2026, driven primarily by the wealth and asset management businesses.

The company reported revenue of ₹2,112 crore for the quarter, up 14.2% year-on-year, led by growth in its wealth and asset management businesses.

The contribution from recurring revenue streams improved to 65% of net revenue, while transaction-based revenue declined to 35%.

EBITDA rose 30% to ₹1,113 crore, with margins expanding to 52.7% from 46.3% in the previous quarter, supported by operating leverage.

Net profit increased 56.2% to ₹566 crore.

Capital markets (ie. Institutional equities and IB) biz down 18% QoQ with margin pressure in the biz

Cons.	Q3FY26	Q2FY26	% QoQ
Net Gain on Fair Value Change	196.6	17.97	994.0%
% of FV change in rev.	9.31%	0.97%	834
Revenue	2111.66	1849.11	14.2%
EBITDA	1112.78	855.69	30.0%
EBITDA Margin	52.70%	46.28%	642
Net Profit	565.97	362.42	56.2%

The net gain on fair value change (mark-to-market) recovered during the quarter, although it remained well below the first-quarter highs of ₹1,068 crore.

Segment performance

The wealth and asset management and home finance businesses delivered improved profitability, supported by better margins.

In contrast, the capital markets segment, which includes institutional equities and investment banking, saw revenue decline 18% quarter-on-quarter and faced continued margin pressure.