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.
Brands
NDTV FY26 loss widens to Rs 323 crore, revenue rises
Q4 loss at Rs 98 crore; FY revenue climbs to Rs 540 crore
MUMBAI: NDTV’s numbers tell a tale where the top line is tuning up but the bottom line is still off-key. New Delhi Television Ltd reported a wider consolidated net loss of Rs 323 crore for FY2025–26, compared to a loss of Rs 218 crore in the previous year, even as revenue showed a steady uptick. Total income for the year rose to Rs 540 crore, up from Rs 472 crore in FY25, driven by higher revenue from operations at Rs 528 crore versus Rs 465 crore a year earlier. However, rising costs across production, marketing and employee expenses weighed heavily on profitability.
For the March quarter, the company posted a net loss of Rs 98.6 crore, compared to Rs 61.9 crore in the same period last year. Quarterly revenue stood at Rs 150.5 crore, up from Rs 128.2 crore year-on-year.
Expenses continued to outpace income. Full-year consolidated expenses surged to Rs 855 crore from Rs 689 crore, led by production costs of Rs 251 crore, employee expenses of Rs 185 crore and marketing spends of Rs 243 crore.
Loss before tax for FY26 came in at Rs 320.7 crore, widening from Rs 217.1 crore in FY25, underscoring persistent margin pressure despite revenue growth.
On the balance sheet front, total assets stood at Rs 704 crore at the end of March 2026, while borrowings both current and non-current remained significant, reflecting ongoing capital and operational requirements.
Cash flow trends offered a mixed picture. While financing activities generated Rs 283.6 crore during the year, operating cash outflows remained substantial at Rs 257.9 crore, highlighting continued strain in core operations.
The performance suggests that while NDTV is managing to grow its revenue base, the cost of keeping the broadcast running and expanding continues to outweigh the gains. In a business where eyeballs are everything, profitability, for now, remains a work in progress.
