Motilal Oswal Financial Services Limited (MOTILALOFS) Q4 2026 Earnings Call Transcript

Good afternoon, everyone. I welcome and thank all the participants on behalf of Motilal Oswal Financial Services Limited to attend our Q4FY26 earnings call. We hope that you had an opportunity to go through our investor deck and press release uploaded on stock exchanges & our website yesterday. We have also uploaded our Excel data book, which has all the operational and financial numbers. Please note that today's discussion may include forward-looking statements. These forward-looking statements are based on our macro assessment and the actual outcome may vary. Today, we have our entire Senior Leadership on this conference call. We'll start with an opening remark by Navin Agarwal, Group MD, and then we'll have a Q&A session.

Navin Agarwal, Group Managing Director Thank you, Manish. Good afternoon, everyone. Group Strengths & Past Decade Operating Performance •

Starting with a broad backdrop, Motilal Oswal Financial Services Limited is the largest integrated capital markets player with strong and rising rankings across businesses, rising share of annuity revenues and with each business still offering a strong growth runway.

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Since our listing back in 2007, we have never diluted our equity while consistently paying out dividends and executing 3 buybacks. This has only been possible due to our unique twin engine business model, wherein our large investment book serves as a strong backbone to all the operating businesses, which has seen rising needs of capital over the years due to changing

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regulations or strong growth in terms of the scale of the businesses. Our operating businesses have delivered a 10-year compounded operating profit after tax growth of 33% per annum, EPS growth of 28% per annum, return on equity of 23%. This strong growth is supported by our investment book, which grew by 40% compounded since inception, led by a

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combination of strong IRRs as well as reinvestment of the operating profits post distributions. Annuity businesses contributing over 60% of the group's revenues have risen in the last 5 and 10 years, and will continue to rise going forward, resulting in improved quality as well as predictability of our cash flows.

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This growth is powered by future-ready tech infrastructure. We have embedded AI in every facet of business process, improving internal productivity, strengthening execution and creating a long-term strategic differentiation. We are now ranked among the top 150 companies based on the 2025 calendar year PAT, and among top 200 companies by market capitalisation. We see the next decade offering equally exciting prospects, which should drive further improvement in these rankings.

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Capital Markets index is a rising part of NSE 500 Index and its share in the NSE 500 has grown from near 0.13% 10 years ago to 0.84% 5 years ago and now stands at over 2.5%. The number of companies in the capital market segment increased from just 3, 10 years ago to 10 companies 5 years ago and now at 18 companies.

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Motilal Oswal Financial Services has generated alpha for all its shareholders by delivering a 10year return of 26% versus 17% for NSE Nifty 50 and 12% for NSE 500. Strong growth in India's total wealth from just over $10 trillion now to over $100 trillion in the centennial year of India will lead to increasing financialization of these large wealth pool or savings, and continued industry consolidation augur well for MOFSL in the decade that is ahead.

Turning now to our FY26 performance FY26 Performance Highlights •

FY26 continues to witness strength in most of the businesses. Growth has been led by annuity

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businesses, mainly Asset and Private Wealth Management businesses. Our operating profit after tax in the year FY26 grew by 16% YoY to ₹2,360 crores, led by a 33% growth in the profits of Asset and Private Wealth businesses. These businesses now contribute around 50% of the total operating profit, and we expect their share to continue to rise as these businesses

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continue to grow at a faster pace. Operating profit after tax for the fourth quarter grew by a strong 25%, and was the strongest in the 4 quarters of the last financial year. We exit the last quarter with an operating PAT run rate of ₹661 crores. Our long-term credit rating was upgraded to AA+, with stable outlook. This is the highest

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rating ever granted to any non-bank domestic capital market player in India. Our total profit after taxes, including OCI for the fourth quarter and the full year is impacted due to mark-to-market on our investment book, which currently stands at around ₹9,000 crores. These are unrealized losses and most of it has already been recouped in the month of April 2026.

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The strong operating performance has been delivered in the backdrop of head winded external environment, be it weak markets impacting mark-to-market in our AUM in multiple businesses coupled with multiple regulatory changes, like the F&O changes, requirement of higher margins, etc., impacted market breadth.

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Also, FY26 was a year of investments on all fronts in the group, be it people, brand or technology. We've not left any stone unturned to maintain our leadership position in our businesses.

Turning now to our Segmental Performances Asset and Private Wealth Management Business Our Asset Management and Private Wealth business continued momentum during the year with robust net flows of ₹70,000 crores and an AUM of ₹3.7 lakh crores, which is up by 34% year-on-year. The operating leverage from rising AUM has delivered a stronger profit growth, and should continue into the future. Asset Management Business • Our AMC AUM crossed ₹1.5Lakh Crores with diversified across active, passive, AIF and PMS. Unique PAN catered by our AMC crossed 1 Crs in Mar’26 vs 77 lacs in Mar’25 which shows strong confidence by retail investors in our franchise. This is around 16% client share of the Mutual Fund industry. The revival in the April month itself has propelled our Average AUM to grow from 1.57 Lakh Crs to Rs 1.8 Lakh Crs reflecting the continued momentum in the business. •

Our product bouquet is pretty young as significant flows comes only when a product has 3 years track record. We launched 5 new MF Active Products in FY26 increasing our presence to 82% of Industry AUM. Importantly, only 6 of our funds have a vintage of over 3 years vs 42/29/26 funds

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with similar vintage in the case of top 3 peers. We expect 8 funds to cross 3 years vintage by Mar’27 and 16 funds by Mar’28. Some of these are best performing funds since inception in mainstream categories. This should help in strong flows as well as diversification of the AUM over the next 2 years. •

FY26 SIP flows crossed ₹ 16,000 Cr. mark, up 78% on YoY basis with a market share of 4.7% resulting in a SIP AUM book of ~₹ 30,000 cr as on Mar’26.

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Our latest AUM at ₹1.8 lakh cr is already 15% higher than the FY26 avg. of ₹1.57 lakh Crs. AUM growth will be supported by strong 18,000 cr of annualised SIP run rate. More products crossing 3-year

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vintage and collections from proposed NFOs should help the discretionary flows as well. We are also growing via GIFT City route, targeting inbound and outbound flows. To Summarise – AMC business will be key growth and ARR driver for MOFSL on the back of 4 factors o o

Higher net flow market share than AUM market share Improving market share in net flows led by greater number of products crossing 3-year

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vintage and launch of new products. SIP run-rate of around ₹1,500 Cr. per month.

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Potential MTM after muted market returns for last 2 years

Alternates / Private Markets • FY26 was eventful for our Alternates business too. We raised our largest growth capital fund IBEF V raising close to a billion dollars. This leads to 40% growth in fee accruing AUM from average AUM of ₹15k Crs to closing AUM of ₹21K Crs. This AUM growth will be further supported by a strong launch pipeline with our maiden Private Credit fund of ₹3,000 Crs, first Commercial RE Fund and launch of Series VII of our Residential RE Fund. •

Alternates is a high-focus segment for us given the trillion-dollar AUMs in developed market. We have a strong franchise in growth capital and real estate and are confident to deliver industry leading IRRs to our clients in all the products that we offer. With recent launch of Private Credit and forthcoming launch of our Commercial RE Fund, we will be offering comprehensive product offerings in Alternates which is seeing increasing allocation from family offices as well as institutions.

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To Summarise – Alternates Asset Management Business too will a key growth and ARR driver for MOFS on the back of 3 factors o

Larger fund raises in every subsequent series. Each of our funds have doubled in size from Series I to Series V

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Entry into Adjacencies and newer categories More funds entering Variable additional returns recognition threshold which will boost our revenues run rate.

Asset Management now contributes 33% to Group’s Operating PAT in FY26 vs 26% in FY25. Private Wealth Management • We have made large investment in senior leadership / RMs and we will continue to do so in a calibrated manner in FY27 as well. Focus is now on growing ARR AUM which is currently at ₹46,000 Crs through various initiatives including advisory solutions, strengthening leverage solutions as a •

value add for UHNI clients, exclusive co-investments leveraging group synergy, etc. Our 440+ RMs will also witness productivity improvement as 32% of them have a vintage of 3+ years. All this will help in revenue growth along with cost to income improvement driving profitability via operating leverage.

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Wealth Management Business •

Led by sharp focus on growing our distribution income & NII, our broking revenues in the wealth management segment revenue now stands at 35% compared to 60% 5 years ago.

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Distribution book grew by 41% to ₹40,662 cr as of Mar’26. We are confident that our distribution book will continue to grow meaningfully as we harness the cross-sell potential of our huge client

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base. Our loan book in this segment rose 32% YoY, reaching ₹6,094 cr. Our MTF market share is close to

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7% and is expected to improve going forward. Our broking business continues to retain its leadership position as a full-service broker. We are the largest broker in cash segment on revenue market share. Our overall retail broking equity market share including commodity stood at 8.6% in FY26.

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To Summarise - We expect our ADTO market share to improve as the global uncertainty subsides as we have witnessed historically. The distribution & lending book will continue to drive growth and increase its share in MOFS ARR revenue pie.

Capital Market Business •

With a $5 trillion market cap and growing, there is a base level of IB activity that the markets will see every year. While there may be huge volatility QoQ because of market conditions. Our IB business still has successfully completed 52 deals in FY26 with cumulative raise of ₹ 83,600 cr and our fees income delivered a strong 39% revenue growth YoY basis to ₹ 309 Cr. We are ranked #2

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in the Capital Markets league table and #1 in QIP league table for FY26. In IE, we aspire to take our coverage up from the current 360 to nearly 500 companies. We have built a strong franchise and a diversified product portfolio. We have headroom to grow in some of the products like Advisory and M&A in the coming years. Our size per deal is materially higher than in the past and with strong deal pipe line, we are well poised for growth in the coming year

Housing Finance Business •

In our Housing finance business concluded another solid year of performance. Disbursement (adjusted) grew 28% YoY to ₹2,291 Crores. Consequently, AUM (adjusted) grew by 25% to ₹6,100 Crs. MOHFL raised $100mn from Asian Development Bank (ADB), validating the strong franchise.

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We expect Housing Finance business having formed a strong base and a very strong leadership team to witness strong growth over 2-3 years. Business has a strong Capital Adequacy ratio and low leverage, giving us enough growth levers without external equity capital dependency.

Outlook with concluding remarks •

To conclude, the rise in wealth to over USD 100 Tn combined with financialisation of savings are powerful tailwinds in the rising weight of capital market sector within Indian market cap auguring well for the company. In this space, MOFSL’s decadal track record of 33% compounded Operating PAT growth and average ROE of 23% has been delivered entirely through internal accruals, no dilution, rising market share in each business, entering promising adjacencies in each of our businesses, rising share of annuity revenues to 60% and

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finally improving quality and predictability of our rising cash flows. FY25 & FY26 marked regulatory tightening combined with weak markets. Despite this, MOFSL

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delivered an Operating PAT growth of 16% in FY26 and 25% for Q4F26. With regulatory headwinds in the base, continued resilience shown by Indian investors, future outlook continues to look promising.

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We'll now open the floor for Q&A. Thank you. Moderator: Thank you very much. The first question is from Mahek from Emkay Global. 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 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 are no longer able to take new money and 2) the microcap fund is also locked. On active MF side also, we have seen a small drop in SIP. 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. As we speak, they are at last year levels itself. Our fees as a consequence of the TER changes continued to remain unimpacted. In fact, they have slightly improved for our cohort of AUM as that category did not get impacted. On the alternate side, our retention rates have been maintained. If you see a compression in yields for us, it is on account of mix effect. As our fastest-growing part of business for last quarter was passives, where our retention is lower than actives, which is the second fastest-growing part of our business versus the alternates business where the growth was the slowest, but the yields were the highest. So, the mix effect does result in some downward pressure. Ashish Shanker, CEO, Private Wealth Management: On the lending side in Private Wealth, it's a stated strategy to provide solutions to ultra HNIs, family offices and HNIs to enhance yields. It's a combination of lending against securities & lending against investment assets that contribute to growth in assets as well as ARR revenues. 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:

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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 carry an edge in terms of higher growth for our MTF book. 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

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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 ₹1,000odd 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 changes year-to-year because when there is a market drawdown, these compounded returns also look different. But in longer term, we've seen returns as high as 19% & as low as 15.5%. Whereas, in a longer term, we've seen the compounding at 18%. When you add the post buyback or post dividend free cash flows to this book, it has actually compounded for the last 10 years at a rate of 40% per annum. The rising capital needs of the businesses, both due to scale and regulations have been internally funded on the back of this book. One will see a lot of quarterly volatility in this book depending on the market volatility, unrealized gains / losses. That's why we separately report our operating profit after tax number for each business, causing no confusion about this line item with the operating businesses. All of these investments are actually collateralized with the lenders and serve as very large lines available for the operating businesses of the firm. Effectively, the collateral is also expanding at the rate of 40% per annum. Moderator: The next question is from the line of Nidhesh Jain from Investec. Nidhesh Jain - Participant: First question is on Asset Management business. Is there any update on the investment team leadership on the Asset Management side? Secondly, what is the guidance for net flows in the AMC business for FY '27? Prateek Agrawal, MD and CEO, Asset Management: Over the last period, we have increased the team size on both the alternate and mutual fund in terms of managers and research. Overall, the investment team, inclusive of passive is now over 50 members strong. As far as the leadership on the mutual fund side goes, we are evaluating both internal team members and external members & we will take a decision soon. In terms of net flows, they have declined in Q4FY26. Jan’26 was a bad month for our active net flows but passives did very well. Overall,

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we collected over ₹2,500 crores. Feb’26 was weaker on an overall level, as the gold and silver ETF product flows normalized. For Q4FY26, our net flow market share was higher than the AUM market share. Nidhesh Jain - Participant: So just to clarify, net flow -- mutual fund net flow market share may be higher than AUM market share for the month of April? Prateek Agrawal, MD and CEO, Asset Management: Yes. Nidhesh Jain - Participant: Okay. That's good news. And secondly, so if you look at the capital market segment, we are seeing advent of digital brokers, and they are now impacting a lot of segments. We are seeing our market share declining in cash and F&O, but they are also equally becoming very strong distributors on the mutual fund side. So, in that light, how are we planning our businesses from a longer-term perspective? And how are we trying to build these businesses because what we see as a trend that customer is definitely moving towards those platforms. And some of the numbers are quite clearing that 60%, 70% of the new SIPs are getting opened by these fintech platforms. So that is a repercussion for all our businesses from a longer-term perspective. And how are we thinking to build business in that light? Ajay Menon, CEO, Wealth Management: Our Wealth Management business, that we are building on, have always been focused on the research and advisory model. If you look at our model, whether it is the franchisee segment, the direct side and the branch model, we are very well aligned with our research and advisory-led model, along with technology in the overall business. We are focusing on the quality of the customer, where we can add value. This has helped us to maintain our cash market revenue share of the overall industry revenue pie. We have aligned our strategy in a big way for the overall broking cum distribution model. Our Wealth distribution AUM has also been growing consistently and has gone 40% in the last year itself to ~₹44,000 crores. When one look at the discount model, the high value traders are in higher proposition in their overall revenue pie. We are also working upon to position ourselves for the high value trader which will primarily take care of the overall market share. Moderator: The next question is from the line of Dipanjan Ghosh from Citi Dipanjan Ghosh - Participant: A few questions from my side. First, on the Private Wealth business, if you were to look at your clientele base over the past 2-3 years versus, let's say, what it was, let's say, 5-6 years back. I just wanted to

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understand some sense of the clientele quality, both in terms of ticket size and in terms of occupation, business, domain of expertise, etc. If you can give some colour on that or maybe quantify some of those cohorts? The second question is on the transactional revenues’ ex of broking in the Private Wealth and maybe to some extent on the wealth business also. How do you see the pipeline going into FY 2027 given the backdrop of whatever has been going on globally? And also, how do you really kind of manage your risk prudence in this when you kind of sign a deal for the transactional section versus, let's say, focus on fees, how do you really manage that? The third question is on the alternate segment. We are seeing some of the large Asset Management companies entering this segment in an aggressive manner or at least from their commentary, it seems that they will be aggressive. Can you give some colour on the white spaces in this segment? I mean, your pipeline is robust in terms of new sales, but in terms of the white spaces in the segment, the supply side constraints, some of those -- if you can give some colour qualitatively. And lastly, one data keeping question. Is there any guidance or expectation around carry income for FY27 or FY28? Ashish Shanker, CEO Private Wealth Management Essentially, there are broadly 3 segments in the Private Wealth Management Business; HNI segment (₹50 Crs to ₹100 Crs), UHNI segment (₹100 Crs+) and Family Offices. We operate in all 3 segments & we've put significant capabilities and resources to improve the value proposition in the UHNI and family office segment. Whereas in the HNI segment, we are increasing footprint by having presence in many more locations where we see high growth of HNIs. The best lead indicator to see the headline quality of assets is the AUM per RM. Our AUM per RM has been steadily increasing from ₹300 Crs, couple of years back to ₹450 Crs as on Mar’26. This is on an increased base of RMs. So essentially, our penetration across segments is growing. At the back end, we have significantly enhanced the product and investment capabilities within Private Wealth Business to cater to all these segments. We have recruited people in equities, alternates, multi-asset solutions as well as certain bespoke transaction strategies. The pipeline of transactions is very robust. In the near term, the markets could be cyclical and that could impact a particular asset class. But we have capabilities across asset classes. There are private debt transactions where we are seeing a lot of flows from family offices. Similarly, early last year, we saw a lot of flows in unlisted equity transactions. Whilst the sentiment may impact flows into a particular asset class temporarily, however, given the multi-asset capabilities that we have built, the transaction capabilities are becoming much smoother on a QoQ basis. We draw a lot from the group capabilities. We've invested significantly at the group level as well to enhance capabilities in private credit on the real estate front, and we have a very strong private equity capability. Coupled with the capabilities on the Private Wealth side in the investment team and the group capabilities, the underwriting process is very stringent and rigorous. Before deals would be taken to market or to clients, there is a lot of work that goes on before that. Prateek Agrawal, MD and CEO, Asset Management:

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On the alternate side, we have gained market share. We are amongst the top few in the industry with very distinct products with strong storylines. A lot of our products are turning into brands & are being asked by the investors for investing. We have a very differentiated product basket. On top of it, there are unique products where we mix listed with unlisted. Not too many houses have the capability of running that kind of a product. Over and above the long-only investing in the alternate side, we also have quant-based investing. There is a strategy where we have some significant amount of money, which is now looking very strong. Overall, the alternate basket for us, is very relevant for investors. On the mutual fund side, we have expanded our product basket tremendously. When a competition comes in, there is something which happens on year 1, & there is something which happens after year 3. We see as an industry, higher traction after a fund crosses 3 years of existence. From a fix product basket, we are now over 17. As we speak, we have a contra fund launch going on. Gradually many products will start to complete 3 years which is 1) Small cap fund, which completes 3 years in December, 2) Large cap fund, will complete 3 years in January 2027 & post that every 2 months, there will be a meaningful product, which will complete 3 years. We think in the next leg of growth versus the last one, our inflows will be way more diversified versus what we had. Shalibhadra Shah – CFO: As far as the variable additional return is concerned, so we don't give out guidance. However, as explained in our last con call, we have multiple number of funds, which has reached in the last cohort of their life, where our IRRs are well above the hurdles, and we expect meaningful variable returns to accrue in the coming financial periods. Dipanjan Ghosh - Participant: Got it. Maybe just one small follow-up on my first question. You are a boutique wealth manager, which has gained scale over the years. In terms of this increasing clients or kind of increasing presence in ultra HNI and family offices, and your ability to kind of source large deals and execute large deals, I mean, what has changed in terms of your -- how you're differentiating compared to, let's say, a smallscale wealth manager or some of the bank-based wealth outlets? I mean, what capabilities do you really have to kind of maintain or gain market share over medium to long term? Ashish Shanker, CEO Private Wealth Management: Whilst our size has increased over time, our ambitions have never been boutique. Now, the size is reflecting our ambition, but the runway for growth is much larger from here. There are a lot of capabilities that help us bring these unique transactions to customers. At the group level capabilities, we have businesses across capital market segments, whether it's alternatives or institutional equities. We have significant skin in the game in all our products allowing us to source very proprietary transactions. Similarly, if you look at some of the group products, whether it is capabilities that we have created in private credit or private equity & the investments we have in research across these businesses, allows us to do due diligence on many transactions. We also see many transactions which helps us source transactions across asset classes, whether it is real estate, private credit or private equity. Moderator:

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The next question is from the line of Lalit Mohan Deo from Equirus Securities. Lalit Mohan Deo - Participant: Sir, just two, three questions. So firstly, on the mutual fund business side, so we have seen that our market share in MF flows have come down from 7.5% to around 3%. So, any particular channel where we have seen a decline in the flows or is it broadly across channels over there? And while you have indicated that currently it is moving above AUM market share. So, is it around the current level? Or any other improve materially to the earlier levels? Second was on the Private Wealth Management. So, this quarter, we have added a material number of families over there like more than 9,000. But also, could you give us more colour on within this family count, like how much of these families will be there where we have a material relationship of more than INR10 crores and where we can potentially increase further relations over there? And lastly, from a 2-year perspective, like given the current business construct, how should we look at -- from a revenue perspective and a profitable perspective across different segments? Like what could be the desired mix between different segments? Navin Agarwal, Group Managing Director: Over the last 3/5/10 years, our annuity stream of revenue has consistently gone up. They are now at over 60% of the total revenues. The Asset Management and Private Wealth Management Business share of profitability because of their annuity nature too have consistently gone up, and that trend will continue to rise in FY27. Prateek Agrawal, MD and CEO, Asset Management: We saw drop in the gross flows as well, but that was small. We saw heightened redemption pressure in the month of Jan’26 & Feb’26 that reduced in Mar’26 and is actually below normal in Apr’26. In Wealth channel highest pressure was seen. Retail and digital channels held out much better. Ashish Shanker, CEO Private Wealth Management: On our quality of clients, we work with 9,000 families, of which almost 50% have UHNI potential. The scale and quality of clients is steadily improving. One of the headline numbers that you should look at is, in spite of the denominator going up, which is the number of RMs, the AUM per RM has been steadily rising. Lalit Mohan Deo - Participant: Yes. Sir, just one last data keeping question. So, in the wealth business, we have seen, sir, some pickup in the TDI transaction income transaction distribution income. So, what would attribute to the same? Shalibhadra Shah – CFO: In Q4FY26, the transaction income in the wealth business is higher because of the distribution revenues from Insurance. So, the delta coming out of the transaction revenues in distribution business can be largely attributed to the same.

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Moderator: Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Shalibhadra Shah for closing comments. Thank you, and over to you, sir. Shalibhadra Shah – CFO: On behalf of Motilal Oswal Financial Services, we thank every participant for attending the Q4FY26 con-call. In case you have any further questions or clarifications, please do get in touch with our investor relations desk. Thank you and have a great day. Please contact ir@motilaloswal.com for any queries. Disclaimer: The reader is requested to also refer to audio recording of the call uploaded on company website. Our conference call transcripts are edited to correct any grammatical inaccuracies or inconsistencies of English language that might have occurred inadvertently while speaking.

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