Motilal Oswal Financial Services Limited

₹1,400

on these things? Prateek Agrawal, MD and CEO, Asset Management: We are having a SIP run rate of ₹1,400+ crores a month. There is a slight decline in passive MF side due to 1) Our international funds a

20%

penses, which is the admin and the other expenses. So, we have seen a sequential growth of around 20%. So, I just wanted to understand whether it is some sort of marketing or investment engagement pro

10%

slightly higher on a sequential basis. However, for FY26, the overall other expenses are up about 10% YoY. Most of the other expenses include marketing and technology expense, where we have spent ~5.

5.5%

0% YoY. Most of the other expenses include marketing and technology expense, where we have spent ~5.5% of our net revenues for FY26, which is a large part of the other expenses. Deep Vakil- Participa

₹ 6,500 crore

Sir, a couple of questions. I mean, any guidance on the MTF book? I understand that we had around ₹ 6,500 crores of MTF book as of 9 months FY26, which has been slowed down to ₹ 5,700 crores as on March '26. So

₹ 5,700 crore

that we had around ₹ 6,500 crores of MTF book as of 9 months FY26, which has been slowed down to ₹ 5,700 crores as on March '26. So, any strategic thing that we are thinking around this? I mean, I understand t

40%

we looking at it in FY27? Shalibhadra Shah – CFO: If we look at our MTF book, it has grown by ~ 40% in FY26, indicating a strong surge. Our cash market share is about 7% in FY26 and MTF market shar

7%

TF book, it has grown by ~ 40% in FY26, indicating a strong surge. Our cash market share is about 7% in FY26 and MTF market share is also a replica of that. We definitely have a very strong balance s

rs,

of that. We definitely have a very strong balance sheet to grow this book. Over the last few years, there has been a very strong growth of our MTF assets. We expect a similar strong growth in the co

100bps

4FY26, the volumes have rebounded. Our overall ADTO market share is also up for the year by about 100bps. In Q4FY26, brokerage revenue growth is ~33% YoY. Now with a higher

33%

DTO market share is also up for the year by about 100bps. In Q4FY26, brokerage revenue growth is ~33% YoY. Now with a higher base in the current financial

₹1,000

Sure, sir. One last thing, sir. I mean, the MTM loss that we have had on the treasury book around ₹1,000- odd crores at consolidated level. So, sir, I mean, my understanding is that, I mean, post March 3

“So how should we look at the revenue yields going forward with respect to, one, the regulatory change in terms of TER?”

“SIP book growth is linked to strong performance & as that comes back to us, especially in the main categories, you should again expect SIP books to climb.”

“So, I just wanted to understand whether it is some sort of marketing or investment engagement program related expense or how should we look at it going forward in FY27?”

“However, for FY26, the overall other expenses are up about 10% YoY.”

“Most of the other expenses include marketing and technology expense, where we have spent ~5.5% of our net revenues for FY26, which is a large part of the other expenses.”

“I understand that we had around ₹ 6,500 crores of MTF book as of 9 months FY26, which has been slowed down to ₹ 5,700 crores as on March '26.”

“So, any guidance, sir, on the MTF book and how are we looking at it in FY27?”

“Shalibhadra Shah – CFO: If we look at our MTF book, it has grown by ~ 40% in FY26, indicating a strong surge.”

“Our cash market share is about 7% in FY26 and MTF market share is also a replica of that.”

“We expect a similar strong growth in the coming periods because we are the largest broker in terms of Industry cash brokerage revenue pie.”

Deep Vakil- Participant

4

Moderator

4

Nidhesh Jain - Participant

3

Mahek - Participant

2

Dipanjan Ghosh - Participant

2

Lalit Mohan Deo - Participant

2

Mahek - Participant

So, I have a couple of questions. So first, with respect to the AMC business, right? So, if we look at the SIP market share, it has dipped a bit during the quarter. So just wanted to know your thoughts on the same and what initiatives are basically being taken to regain that market share? Second would be on the revenue yields. So how should we look at the revenue yields going forward with respect to, one, the regulatory change in terms of TER? And second, how are you looking at the alternate yield as well? Because if I look during the quarter, we have seen some bit of expansion in the yields. I think that would be largely on account of new funds which are being launched. So, if you can clarify on that? And third question would be on the Private Wealth Management segment. So, if we see the lending assets have seen strong inflows during the quarter. So, what has driven this growth in AUM and secondly, the inflows also? So, if you can just clarify on these things? Prateek Agrawal, MD and

Mahek - Participant

I had one more last question with respect to the other expenses, which is the admin and the other expenses. So, we have seen a sequential growth of around 20%. So, I just wanted to understand whether it is some sort of marketing or investment engagement program related expense or how should we look at it going forward in FY27? Shalibhadra Shah – CFO: Q4FY26 includes a predominant impact of higher marketing, brand promotion and CSR expenses. Bulk of which have actually been incurred in this quarter resulting in a delta slightly higher on a sequential basis. However, for FY26, the overall other expenses are up about 10% YoY. Most of the other expenses include marketing and technology expense, where we have spent ~5.5% of our net revenues for FY26, which is a large part of the other expenses.

Deep Vakil- Participant

Sir, a couple of questions. I mean, any guidance on the MTF book? I understand that we had around ₹ 6,500 crores of MTF book as of 9 months FY26, which has been slowed down to ₹ 5,700 crores as on March '26. So, any strategic thing that we are thinking around this? I mean, I understand that our major lending -- I mean, this is the major yield lending vehicle wherein majorly debt is needed in this book itself. So, any guidance, sir, on the MTF book and how are we looking at it in FY27? Shalibhadra Shah – CFO: If we look at our MTF book, it has grown by ~ 40% in FY26, indicating a strong surge. Our cash market share is about 7% in FY26 and MTF market share is also a replica of that. We definitely have a very strong balance sheet to grow this book. Over the last few years, there has been a very strong growth of our MTF assets. We expect a similar strong growth in the coming periods because we are the largest broker in terms of Industry cash brokerage revenue pie. Due to this, we will carr

Deep Vakil- Participant

Okay. And sir, I mean, any quarter-on-quarter impact, sir? I mean is it a strategic move that you have taken in this quarter to reduce maybe on a quarterly basis, then there will be an increase on the market stabilizes Shalibhadra Shah – CFO: It's more of a market impact. Across the industry, the book is marginally lower & it's a very marginal reduction in our book as well. We're very confident of growing this book in the future.

Deep Vakil- Participant

Okay. And sir, any guidance on the broking income piece because I understand there was some degrowth in FY26. But for FY27 and half, I mean, FY27 I understand once market conditions stabilises, volumes will return to normalcy. So, any kind of number that you can put to broking revenues, I mean, over FY27? Shalibhadra Shah – CFO: Broking revenue during FY26, especially starting from Jan '25 to Dec’25 was lower mainly because of the lower volumes and the impact of regulatory changes, which had come on the F&O segment and also the lower overall cash volumes in the industry. However, if you look at Q4FY26, the volumes have rebounded. Our overall ADTO market share is also up for the year by about 100bps. In Q4FY26, brokerage revenue growth is ~33% YoY. Now with a higher base in the current financial year over last financial year, we expect the brokerage line item to catch up for coming periods, given that the regulatory impact is behind and our volumes are up.

Deep Vakil- Participant

Sure, sir. One last thing, sir. I mean, the MTM loss that we have had on the treasury book around ₹1,000- odd crores at consolidated level. So, sir, I mean, my understanding is that, I mean, post March 30, I mean, equities have valued and as you mentioned in your PPT as well, majority of that loss has already been recouped. So, sir, that ₹ 1,000 crores loss is unrealized, right? We have not booked any realized. There's no realized impact. It's unrealized gain, correct? Unrealized loss? Shalibhadra Shah – CFO: It is a notional mark-to-market loss. We revalue all our Long-only investments at mark-to-market based on the Ind AS requirements & that's why these are notional losses. We disclose Treasury performance and operating performance separately. As explained earlier, most of these MTM losses have been recouped back in the month of April 2026. Navin Agarwal, Group Managing Director: The long-term 10-year plus track record is that, this investment book has generated an IRR of 18%. This c