Motilal Oswal Financial Services Limited

MOTILALOFS.NS

Financial - Capital Markets · Financial Services

Price

₹1016.00

-26.90 (-2.58%)

Market Cap

₹611.78B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 1, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+3.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 594.4M (2022) → 613.7M (2026)

Winston Score History

The full picture

Motilal Oswal Financial Services is one of India's well-known financial services firms. It offers stock broking, wealth management, asset management, investment banking, and housing finance. Its customers range from everyday retail investors to large institutions looking to invest in Indian markets.

The company earns money through brokerage commissions, fund management fees, interest income from lending, and advisory fees. It operates primarily in India with a growing network of branches and digital platforms. Motilal Oswal has built a strong brand in Indian capital markets over several decades, supported by a respected equity research team. Growth is closely tied to the expansion of India's retail investor base and rising participation in mutual funds, but the business remains sensitive to stock market cycles and regulatory changes that could affect trading volumes or fee structures.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+156.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-241.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

73.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹381.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Motilal Oswal Financial Services Limited grew revenue 156% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

66.4%

Premium pricing power — 66.4% gross margin

Profit after running costs

Operating Margin

45.6%

Excellent — 45.6% operating margin

Return on the money invested

ROCE

8.2%

Below par — 8.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+53.8%

Fast-growing sales (+53.8% YoY)

Profit growth

EPS YoY

-29.2%

Earnings shrinking (-29.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-118%

Weak — only -118% of profit becomes cash

Spare cash per sale

FCF Margin

-24.0%

Burning cash (-24.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.51

Elevated debt (1.51)

Covers its interest

Interest Cover

8.85x

Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

30.9x

Pricey — P/E 30.9

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.9 → 19.3)

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Dividends

Dividend

Dividend Yield

1.18%

Small dividend — 1.18% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+27.3%

Dividend growing fast (27.3% YoY)

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