MAM
Kerala election ads surged in 2026, with print nearly tripling and TV up 52 per cent
Political parties spent bigger and smarter this cycle, concentrating their firepower in the final weeks before polling day
KERALA: Kerala’s politicians discovered something in 2026 that seasoned marketers have known for years: timing is everything, and when in doubt, spend more. Political advertising during the Kerala Assembly Elections 2026 surged sharply across traditional media compared to the 2021 cycle, with print and television leading the charge, according to the latest analysis by TAM AdEx.
Print was the standout performer, expanding nearly 2.7 times compared to 2021, a striking jump that underlines its continued grip on targeted political communication in a state with some of India’s highest newspaper readership. Television was not far behind, with ad insertions rising 52 per cent, reflecting the enduring appeal of mass-reach platforms for shaping voter sentiment at scale. Radio held steady, mirroring television trends and reinforcing its role as a reliable supporting medium.
The pattern of spending was as revealing as the volumes. More than 85 per cent of all political ad insertions were recorded in the weeks immediately before polling, a concentration that points to a deliberate, last-mile strategy. Ad volumes peaked during weeks four and five in both the 2021 and 2026 cycles, suggesting that parties have settled on a consistent playbook of high-frequency messaging in the home stretch.
The contrast between media types was equally instructive. Print advertising maintained a relatively even spread across the campaign period, serving as a vehicle for sustained, detailed communication. Television and radio, by contrast, displayed sharp spikes in the closing weeks, deployed as blunt instruments for high-impact bursts at the precise moment voters are making up their minds.
What the 2026 cycle signals most clearly is a shift toward more structured, data-driven media planning. The increase in overall volumes, combined with sharper peaks in campaign intensity, suggests that political advertisers are beginning to think less like propagandists and more like performance marketers, balancing broad reach with targeted engagement and watching the returns closely.
Kerala’s election advertising has, in short, grown up. The question for the next cycle is whether digital finally gate-crashes a party that print and television have so far kept firmly to themselves.
Brands
Motilal Oswal posts record PAT of Rs 2,360 crore in FY26
Q4 PAT at Rs 661 crore; AMC and wealth drive strong growth.
MUMBAI: Money may not grow on trees but at Motilal Oswal, it seems to be compounding rather nicely. Motilal Oswal Financial Services (MOFSL) reported its highest-ever quarterly and annual operating profit after tax (PAT), clocking Rs 661 crore in Q4FY26, up 25 per cent year-on-year, and Rs 2,360 crore for the full year, marking a 16 per cent rise. The performance was powered largely by its asset management and private wealth management businesses, both of which delivered strong growth across key metrics.
The asset management business, including alternates, saw Q4 PAT jump 63 per cent YoY to Rs 249 crore, while FY26 PAT rose 55 per cent to Rs 798 crore. Total assets under management (AUM) grew 32 per cent to Rs 1.76 lakh crore, led by a 31 per cent increase in mutual fund AUM and a sharp 104 per cent surge in private alternates. SIP inflows rose 78 per cent to Rs 16,479 crore, with a market share of 4.7 per cent.
Private wealth management also delivered steady gains, with Q4 PAT up 18 per cent YoY to Rs 88 crore and FY26 PAT rising 15 per cent to Rs 368 crore. Net flows grew 66 per cent in Q4 to Rs 5,535 crore and 41 per cent annually to Rs 20,154 crore, while AUM climbed 36 per cent to Rs 1.97 lakh crore.
In the wealth management segment, Q4 PAT increased 7 per cent to Rs 204 crore, although full-year PAT declined 7 per cent to Rs 727 crore. Brokerage revenue grew 33 per cent YoY in Q4, with average daily turnover market share at 9.2 per cent. The distribution book expanded 41 per cent to Rs 40,662 crore, while the loan book rose 32 per cent to Rs 6,094 crore.
The capital markets business reported Q4 PAT of Rs 75 crore, up 12 per cent YoY, and Rs 336 crore for FY26, up 30 per cent. The firm ranked first in QIP deals and second in IPO league tables during the year, covering 366 companies and serving over 900 institutional clients.
Housing finance posted strong momentum, with Q4 PAT rising 61 per cent YoY to Rs 59 crore and FY26 PAT up 22 per cent to Rs 159 crore. AUM grew 19 per cent to Rs 5,829 crore, supported by a $100 million fundraise from the Asian Development Bank.
Meanwhile, the treasury book grew 12 per cent YoY to Rs 9,403 crore, delivering an estimated 5 per cent alpha for FY26. However, total reported PAT, including other comprehensive income, stood lower at Rs 2,043 crore due to mark-to-market accounting impacts.
With a 10-year operating PAT CAGR of 33 per cent and an average return on equity of 23 per cent achieved without equity dilution MOFSL continues to lean on its annuity-driven businesses to build a more predictable earnings engine. In a market riding the twin waves of wealth creation and financialisation, the firm appears well-positioned to keep the compounding story going.
