Motilal Oswal Financial Services Q2 results: Profit drops 68% on-year; revenue falls 35%

Motilal Oswal Financial Services (MOFSL) saw a sharp fall in its consolidated earnings for the quarter ended September as losses in treasury business and muted broking activity weighed on performance. Consolidated net profit fell nearly 68 per cent on-year to ₹362 crore in the September quarter, compared to ₹1,120 crore a year earlier and 69 per cent sequentially. Revenue from operations declined 35 per cent year-on-year and 32 per cent sequentially to ₹1,849 crore, from ₹2,841 crore in the same period last year and ₹2,737 crore in the June 2025 quarter. The broking business revenue growth slowed down to ₹560 crore in the September quarter from ₹637 crore a year ago due to subdued market volumes. Meanwhile, the treasury investment segment showed a negative revenue of ₹62.29 crore in the September 2025 quarter compared with a positive ₹856.66 crore a year earlier, resulting in a loss of ₹268 crore for the quarter. This was due to mark-to-market valuation losses on its sizable treasury book of ₹8,957 crore. Total expenses came in at ₹1,354 crore, lower than ₹1,338 crore in the June quarter and ₹1,402 crore in the year-ago period. The company said the operating profit was at ₹554 crore. MOFSL also announced appointments of promoter-group members Pratik Oswal and Vaibhav Agrawal into the board. Industry veterans Conrad D’Souza, formerly with HDFC Group, and Ashok Kumar P Kothari, a senior IRS officer, joined as independent directors, subject to shareholder and regulatory approvals. Published on October 30, 2025