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HomeMarket NewsMotilal Oswal pares early losses after MTM-hit Q4; market share gains
Motilal Oswal Financial Services reported an MTM loss of ₹716 crore in Q4, compared to a gain of ₹197 crore in Q3, leading to a net loss of ₹219 crore for the quarter. Management indicated that a major portion of the MTM losses has already been recovered in April.
By Meghna Sen April 30, 2026, 9:20:15 AM IST (Published)
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Shares of Motilal Oswal Financial Services Ltd. opened lower on Thursday, April 30, after the company reported a weak Q4FY26, with mark-to-market (MTM) losses dragging it into a net loss despite stable core operations. However, the stock erased its early losses and are now trading about 2% higher.
The company reported an MTM loss of ₹716 crore in Q4, compared to a gain of ₹197 crore in Q3, leading to a net loss of ₹219 crore for the quarter.
However, underlying operations remained largely stable. Adjusting for treasury-related volatility and the commodities trading line item, revenue rose about 4% sequentially, while operating profit increased 3% QoQ.
The home financing segment stood out, delivering a strong 47% QoQ growth in profit, albeit on a smaller base.
Management indicated that a major portion of the MTM losses has already been recovered in April.
The company's annuity revenue (ARR) remained steady at 64% of total income, providing earnings visibility.
Reported revenue rose 27% QoQ, aided by the addition of a commodities trading line contributing ₹1,408 crore. However, this also led to higher expenses, with commodity purchases adding ₹1,425 crore to costs.
Excluding these one-offs, the core business performance remained steady.
Market share improved from 8.3% in Q3 to 9.2% in Q4, led by a sharp expansion in the commodities segment.
For FY26, the company reported a 22% YoY rise in PAT to ₹159 crore, slightly below management’s guidance of 25–30% growth.
Recent developments
Motilal Oswal Alternates raised ₹1,700 crore for its maiden private credit fund, with a target corpus of ₹3,000 crore including a greenshoe option.
The company also closed its largest private equity fund to date, garnering inflows of ₹8,500 crore.
Additionally, it raised $100 million from the Asian Development Bank to support its housing finance business, with a focus on expanding affordable housing for women and promoting green-certified homes.
Motilal Oswal Financial Services shares ended 0.29% higher on Wednesday at ₹785. The stock has climbed over 15% in the last one month.
