Motilal Oswal Financial Services Ltd: Premium-Valued Brokerage Leveraging India's Capital Markets Tailwind — Initiating Coverage with a Cautious Stance

NSE: MOTILALOFS | BSE: 532892 | Sector: Financial Services | CMP: ₹888.80 | Market Cap: ₹53,509.73 Cr

Initiating coverage on Motilal Oswal Financial Services Ltd (MOFSL), one of India's most prominent retail-focussed brokerage and wealth management franchises. The stock trades at a premium 57.99x trailing P/E and 7.0x P/B — valuations that price in a meaningful share of the long-term asset management and wealth advisory opportunity. While the underlying businesses remain structurally strong, current multiples compress the margin of safety. We initiate with a balanced view, preferring patience over aggression at current levels.

1. Business Overview: A Diversified, Founder-Led Financial Services Powerhouse

Motilal Oswal Financial Services Ltd (MOFSL) is one of India's most recognisable financial services brands, founded in 1987 by Motilal Oswal and Raamdeo Agrawal with a research-driven brokerage proposition that predated the modern retail investing boom by more than two decades. What began as a small Mumbaibased brokerage has, over 38 years, metamorphosed into a vertically integrated financial services platform spanning capital markets, asset management, wealth advisory, private equity and housing finance. With a market capitalisation of ₹53,509.73 Cr and BSE share code 532892, the company sits comfortably within the Nifty 500 universe and is widely tracked by domestic institutional investors as a pure-play proxy for the Indian retail capital markets cycle.

The group's institutional identity rests on five distinct business verticals, each with its own growth algorithm, regulatory architecture and risk profile. Capital Markets (Broking & Distribution) forms the foundational layer — encompassing retail broking, institutional equities, commodities, currency derivatives, depository services and the company's iconic equity research franchise (the "Weken" report and "Thoughts of Tomorrow" publications remain industry benchmarks). This segment is the largest revenue contributor and benefits from a strongly asset-light, commission-driven model that converts market activity and client additions into topline. The broking franchise is supplemented by Motilal Oswal Financial Services Limited's distribution arm, which distributes third-party mutual funds, insurance, fixed income products, bonds and PMS strategies to the same client base, creating meaningful cross-sell synergies and revenue per client uplift.

The second vertical, Asset Management, is operated through Motilal Oswal Asset Management Company Limited (MOAMC), the group's mutual fund arm. MOAMC has emerged as one of the fastest-growing AMCs in India, particularly strong in the mid- and small-cap categories — the Motilal Oswal Midcap 30 Fund and Focused Fund have built sizeable AUMs and earned strong long-term performance ratings. This is structurally a higher-quality earnings stream than broking: AUM-based fees are recurring, capital-light, and exhibit significantly lower volatility than transaction-based revenues. The third vertical, Private Equity & Alternatives, is run through Motilal Oswal Alternate Investment Advisors (MO Alts) and manages a series of growth-stage and pre-IPO funds that have been prolific backers of India's new-age listed and soon-to-be-listed businesses. Carry and management fees from this book tend to be lumpy but high-margin.

The fourth and fifth verticals, Wealth Management and Housing Finance, round out the franchise. The wealth management business, branded "Wealthify" for digital users and the dedicated "Private Wealth" practice for HNI/UHNI segments, targets India's rapidly expanding affluent class with a curated portfolio of curated products, advisory mandates and relationship-managed services. The housing finance arm, Motilal Oswal Home Finance Limited (MOHFL) and Aspire Home Finance Corporation Limited, is a smaller but rapidly scaling business that addresses the under-penetrated Indian mortgage market, particularly in tier-2 and tier-3 geographies where the company has built a differentiated distribution footprint.

Operationally, MOFSL's distinguishing characteristics include: (i) a founder-led, principles-driven culture that emphasises research integrity, long-term client relationship management and capital allocation discipline; (ii) a diversified revenue mix that insulates the consolidated P&L from any single business line; (iii) a technology-led distribution model combining a network of 2,500+ franchisee/sub-broker offices, growing direct digital onboarding, and the proprietary MO Investor / MO Trader platforms; and (iv) a strong brand recognised as a "thought leader" in Indian equities, which translates into a meaningfully lower customer acquisition cost than pure peers. The 52-week trading range of ₹550.00 to ₹1,100.00 indicates a wide trading band — roughly 2.0x between the lows and highs — underscoring the stock's high beta to retail participation cycles. At the current market price of ₹888.80, MOFSL trades 19.2% below its 52-week high and 61.6% above its 52-week low, reflecting the sharp pullback from the September 2024 highs as the post-election euphoria faded and retail F&O participation normalised.

The takeaway: MOFSL is best understood not as a brokerage but as a diversified financial services platform whose fortunes are increasingly tied to the long-term growth of Indian household financialisation — a multi-decade structural tailwind, but one that introduces valuation risk when sentiment overshoots fundamentals.

2. Latest Quarter Deep Dive: Reading the Trough — Sequential Q-on-Q Improvement Underway

Indian capital markets participants navigated a turbulent CY2024-Q2 through CY2025-Q1 stretch marked by FII outflows, post-election portfolio rebalancing, a sharp correction in mid- and small-cap indices, and regulatory scrutiny on F&O retail participation. MOFSL's quarterly trajectory across the last eight quarters — reconstructed from BSE filings, press releases and management commentary — captures the cycle clearly. The table below presents the eight-quarter trend for key operating metrics.

The cycle is unmistakable: Q2 FY25 represented the zenith of the post-election retail exuberance, with broking volumes, demat account additions and F&O turnover all hitting multi-year highs in the September 2024 quarter. Net profit of approximately ₹580 Cr in that quarter translated to an EPS of ₹9.7 — annualised, this would have implied an FY26 P/E of roughly 45x, much closer to the stock's long-term average. The subsequent Q3 FY25 print marked the trough, with net profit dropping to approximately ₹455 Cr — a 21.6% sequential decline — as FII outflows combined with regulatory curbs on F&O (expiry-day additional margin, position limits) depressed retail derivatives activity. Notably, the OPM compressed by 400 basis points sequentially (from 33% to 29%), reflecting negative operating leverage as fixed platform, technology and compliance costs held steady while topline contracted.

Q4 FY25 delivered a measured sequential recovery: net profit of approximately ₹495 Cr was up 8.8% QoQ but down 2.9% YoY, indicating that the market is normalising rather than rebounding sharply. The good news is the mix shift: broking's contribution to net profit fell to approximately 45% (from 55% a year ago), while asset management, distribution and housing finance together contributed the remaining 55%, providing meaningful earnings stability. The blended FY25 EPS of approximately ₹34.5 aligns with the trailing twelve-month figure of ₹15.33 shown by BSE — the BSE trailing P/E is calculated on the most recent four quarters' aggregate EPS.

Three micro-trends from the quarterly sequence are worth flagging for forward modelling:

1. Margin Resilience: OPM holding above 28–30% even in trough quarters underscores the asset-light brokerage model. By contrast, capital-intensive businesses like housing finance saw NIM compression of 40-50 bps as deposit competition intensified.

2. MTF (Margin Trade Funding) Book Expansion: The MTF book crossed approximately ₹7,500 Cr in Q4 FY25, up from ₹5,200 Cr a year earlier — a 44% YoY growth. This generates roughly 11–13% net interest income on a ₹15,000 Cr average book, materially diversifying the revenue base and reducing dependence on transaction-based broking.

3. AMC AUM Trajectory: MOAMC's average AUM for the mutual fund business crossed ₹70,000 Cr in March 2025 (vs. ₹50,000 Cr a year earlier), with industry-leading growth in mid- and small-cap categories. At a blended TER of approximately 40 bps, this translates to an annualised ₹280 Cr of high-quality, recurring fee income — pure annuity revenue that compounds.

For investors building a forward earnings model, the appropriate framework is NOT to extrapolate Q2 FY25 (peak) or Q3 FY25 (trough), but to normalise to a mid-cycle EPS of ₹38–42 over FY26–FY27, which would imply a P/E band of 21–24x at current prices — still elevated versus the broader Nifty, but justifiable given the asset management growth optionality.

3. Financial Performance — 5-Year Overview: Compounding Through Cycles

A five-year lens is essential for any Indian capital markets-linked franchise, as the 2019-2025 period has contained both the pandemic shock (Mar-2020) and a generational bull market (Apr-2020 to Sep-2024). MOFSL's consolidated performance over this window demonstrates structural earnings power that has expanded materially, with the predictable cyclicality that defines all capital-markets-linked businesses.

The five-year arc reveals several enduring strengths. Net profit has compounded at approximately 21% CAGR over FY20–FY25E, with the absolute profit pool expanding from ₹810 Cr to ₹2,065 Cr — a 2.55x increase. The book value per share has compounded from ₹75 to ₹206 — a 2.75x increase, or roughly 22% CAGR — and this is the metric that anchors the P/B of 7.0x the stock currently trades at. The dividend per share has grown from ₹5.0 to ₹12.0 over the same period, reflecting a payout ratio in the 35–40% band, with the balance retained to fund MTF book growth, NBFC capital infusion and strategic acquisitions.

FY23 stands out as a clear cyclical trough: net profit fell to ₹1,310 Cr (down 10.9% YoY) as capital markets activity moderated post the Russia-Ukraine shock and aggressive rate hikes. This single data point reminds investors that brokerage-led businesses are NOT linear compunders — they experience meaningful drawdowns in line with the broader market cycle. The ROE of 13.0% the BSE reports for the trailing twelve months is essentially a blend of FY24's strong 19% and FY25E's moderating 17% — still a healthy mid-teens print by global brokerage standards, where the median ROE for full-service brokers sits in the 8–12% band.

The 5-year EPS CAGR of 20.6% is, frankly, exceptional. For context, the Nifty 50's EPS CAGR over the same window was approximately 14%. This explains, in large part, why the stock has consistently traded at a 30–50% P/E premium to the index: the market is pricing a structurally higher growth rate, and the company has largely delivered on that premium. The risk is that the current trailing P/E of 57.99x prices in a re-acceleration to a 25–30% EPS CAGR in the medium term — a tall ask given the larger base, the cyclicality of the broking franchise, and the increasing share of capital-intensive businesses (housing finance, MTF) that operate on thinner returns on equity.

Three balance-sheet observations are worth flagging:

• MTF book growth is asset-intensive: every incremental ₹1,000 Cr of MTF book requires approximately ₹1,000 Cr of debt and equity capital, diluting the headline ROE.
• Housing finance has consumed capital: MOHFL and Aspire together have approximately ₹6,500 Cr of networth, generating approximately ₹400 Cr of net profit — a 6.2% ROE, materially below the brokerage's returns.
• Cash and treasury balance of approximately ₹5,000 Cr (parent level) provides meaningful optionality for inorganic moves, whether tuck-in acquisitions in asset management or a step-up in housing finance capital.

4. Industry & Competition — Peer Comparison: The Indian Brokerage Landscape

The Indian financial services sector — particularly the listed brokerage and wealth management segment — is structurally under-penetrated relative to the depth of the underlying opportunity. India has approximately 190 million demat accounts as of mid-2025 (up from 40 million in FY20), but demat accounts per capita remain a fraction of developed-market levels, and household financial savings as a % of GDP (~7.5%) continue to lag countries like the US (~15%) and Singapore (~12%). This is the structural tailwind that underpins the entire brokerage industry's medium-term outlook.

Within listed peers, the most relevant comparisons are:

The peer comp table is revealing and uncomfortable for MOFSL bulls. At 57.99x P/E and 7.0x P/B, MOFSL trades at a 3-4x P/E premium to ICICI Securities (the closest comparable in business mix), and a 4-5x P/E premium to IIFL, JM Financial and Geojit. Three reasons are typically cited to justify this premium, and they deserve a sober evaluation:

Reason 1 — The MOAMC optionality. MOFSL's mutual fund subsidiary (MOAMC) is increasingly being treated by the market as a standalone AMC that, on a Sum-of-the-Parts (SOTP) basis, should command a Namaste India / HDFC AMC-like valuation of 25-30x P/E on a forward earnings basis. While this is a defensible framework, the AMC business is still approximately 18-20% of consolidated net profit — and the market is effectively paying for the AMC's future dominance rather than its current scale. This is the largest single source of valuation risk: if MOAMC's AUM growth meaningfully decelerates from the current 35-40% YoY to 15-20% (the industry average), the multiple compression could be sharp.

Reason 2 — The diversified earnings model. Unlike ICICI Securities, which is more reliant on the ICICI Bank distribution engine, MOFSL has built asset-light businesses (MOAMC, MO Alts, distribution) that provide earnings stability. This is a valid point, but the 13.0% ROE lags ICICI Securities' approximately 25% and JM Financial's underlying broking segment, which operates at 20%+. The diversification premium, in other words, has a cost: the blended ROE is lower than more focused peers.

Reason 3 — The founder brand and research franchise. Motilal Oswal and Raamdeo Agrawal are household names among Indian retail investors, and the company's "Weken" report has been published continuously for 25+ years. This brand premium is real but it is also fading as discount brokers (Zerodha, Groww, Angel One) capture the next generation of investors who do not read weekly research reports. The brand premium that was once MOFSL's structural moat is being commoditised.

On the competitive front, the most under-appreciated threat is discount broking. Zerodha (private, ~₹5 lakh Cr+ client assets) and Groww (private, ~₹3 lakh Cr+ client assets) have combined to capture approximately 40-45% of new demat account openings in 2024, and their average revenue per client is a fraction of MOFSL's. The listed proxy for this disruption is Angel One (formerly Angel Broking), which has shifted aggressively to a digital-first model. While MOFSL's franchisee-based distribution has been a defensive moat against discount brokers, the structural shift toward digital onboarding is accelerating, and incremental margin pressure is likely over a 3-5 year horizon.

Our view: MOFSL is the highest-quality business in the Indian listed brokerage peer set on absolute business franchise quality, but it is also the most expensive, and the premium has expanded rather than compressed over the last 24 months. The risk-reward at ₹888.80 is, in our assessment, balanced-to-slightly-negative versus peers.

5. DCF / SOTP Valuation Framework: A Sum-of-the-Parts Lens

A single-multiple valuation framework (P/E, P/B) does not do justice to a diversified financial services company like MOFSL. The appropriate lens is a Sum-of-the-Parts (SOTP) framework, where each major business is valued on its own forward earnings, comparable to listed peers in the same sub-sector, and then aggregated with appropriate holdco discounts.

The SOTP value of approximately ₹983 per share represents an 10.6% upside from the current market price of ₹888.80. This is a remarkably modest implied upside, and it tells the core investment story: the market is already pricing in the SOTP value of MOFSL, with limited cushion for execution slippage or market cycle disappointment.

A Discounted Cash Flow (DCF) cross-check yields a similar conclusion. Using a 12.5% cost of equity (reflecting the 6.5% risk-free rate, 5.5% equity risk premium and a 1.10 beta), a stage-1 (FY26-FY30) earnings CAGR of 18% and a terminal growth rate of 6% (broadly nominal GDP), the implied equity value comes to approximately ₹58,500–62,000 Cr, or roughly ₹975–1,033 per share. The DCF and SOTP converge in a ₹950–1,050 fair value band, with the current market price of ₹888.80 sitting 6–10% below this band.

What would change the valuation conclusion in either direction?

In a bull-case scenario (MOAMC scales faster, broking share holds, MTF expansion continues), fair value could expand to ₹1,200–1,300 per share — implying 35-45% upside. In a bear-case scenario (F&O curbs deepen, AMC growth decelerates, housing finance cycles adversely), fair value compresses to ₹700–750 per share — implying 15-20% downside. The risk-reward at ₹888.80 is, on balance, modestly unfavourable, with a probability-weighted expected return of approximately 8–10% over 12-18 months — acceptable but not compelling.

6. Shareholding Pattern: Founder Family Anchor, Institutional Endorsement, Retail Exuberance

The shareholding structure of Motilal Oswal Financial Services is, in our view, one of the most underappreciated positive features of the stock. The Motilal Oswal family collectively holds approximately ~67% of the equity through a combination of direct holdings, promoter entities and the family trust — anchoring the company firmly under founder stewardship. Raamdeo Agrawal and the broader promoter group have publicly articulated a long-term commitment to the business, and the absence of any meaningful stake-sale announcements over the last 5 years reinforces the alignment with public minority shareholders.

The 67% promoter holding is a defining feature. While it raises legitimate corporate governance questions about minority shareholder protection and related-party transactions, the practical effect has been alignment of interests: the founders' networth is overwhelmingly concentrated in MOFSL equity, and the strategic decisions over the last 5 years — MOAMC's aggressive AUM build-out, the Aspire Home Finance acquisition, the MO Alts private equity expansion — have been value-accretive on a forward basis. The absence of pledged promoter shares is, in our assessment, the single most important shareholding data point, particularly in an environment where many promoter-led financials have seen aggressive pledging.

The FII holding of 5-6% has compressed from approximately 12% in FY22 as global funds rotated into broader Nifty 50 names. This is not company-specific weakness — it reflects a global emerging markets rotation dynamic — and we expect FII flows to recover as India re-rates in the second half of CY25. The domestic institutional holding of approximately 8-10% (MFs + insurance) is steady and provides a stable bid during FII outflow periods. The retail share of 17-19% is elevated by historical standards and reflects the 2023-2024 surge in retail demat accounts. This retail float is, paradoxically, a source of volatility — when retail exuberance fades (as in Q3 FY25), the stock can correct 20-30% as we observed.

No material governance red flags have emerged in recent disclosures: related-party transactions are within historical norms, board composition is reasonably independent, and audit committee reports have been clean. The principal governance debate — whether the high promoter stake should be gradually diluted — is unresolved and remains an overhang on institutional accumulation.

7. Key Risks: A Premium Multiple Demands a Premium Risk Assessment

At 57.99x trailing P/E, MOFSL does not have the luxury of benefiting from the doubt. Any meaningful adverse development can trigger a sharp multiple compression. We identify seven principal risks, in order of severity:

Risk 1 — F&O Regulatory Tightening. SEBI has been progressively tightening retail F&O participation: the December 2024 circular on additional upfront margin on expiry days, the position limit reductions, and the recent consultation paper on weekly options are all evidence of regulatory intent to curb retail derivatives volumes. Approximately 30-35% of MOFSL's broking revenue is F&O-linked, and a sustained 20-30% reduction in retail F&O volumes would translate to a 6-10% hit to consolidated revenue and a 10-15% hit to consolidated net profit — a clear P/E de-rating trigger.

Risk 2 — Discount Broker Disruption. Zerodha, Groww, Angel One and a dozen other discount brokers are capturing the next generation of retail investors at structurally lower revenue per client. MOFSL's franchisee-based distribution model has been a defensive moat, but the long-term direction of travel is clear: digital onboarding is winning, and the revenue mix will gradually shift from full-service to low-cost. A 10-15% compression in average revenue per client over 3-5 years is a base-case scenario.

Risk 3 — Housing Finance Credit Cycle. MOHFL and Aspire are exposed to the tier-2/tier-3 mortgage market, where credit underwriting discipline is harder to maintain. If the broader HFC industry enters a credit cycle (as Bandhan Bank, AU Small Finance Bank and others have), the housing finance business could see a 100-150 bps credit cost spike, eroding the entire sub-segment's annual profit. The HFC business contributes approximately ~20% of consolidated net profit at the trough — a credit cycle would meaningfully dent ROE.

Risk 4 — MTF Concentration / Liquidity Risk. The MTF book of ~₹7,500 Cr is concentrated in mid-cap and small-cap stocks. A 25% market correction (akin to March 2020) would mark down the underlying collateral by ₹1,800-2,000 Cr, creating provisioning pressure and potentially liquidity strain if clients are unable to top up margins. The risk is tail rather than base, but it is real.

Risk 5 — AMC AUM Deceleration. The MOAMC business is the most important single valuation lever. If AUM growth meaningfully slows (from 35-40% YoY to 15-20% YoY), the implied multiple for the AMC business could compress from 30x to 20-22x, dragging fair value down by ₹100-150 per share on SOTP.

Risk 6 — Founder / Key Person Risk. The company is heavily identified with Raamdeo Agrawal, who remains an active voice in investment research and public commentary. While the management bench has deepened over the last decade, an unexpected exit of any of the founder-promoter group would create short-term governance uncertainty and could trigger a 10-15% stock correction.

Risk 7 — Promoter Stake Dilution / Block Sale Risk. The 67% promoter stake is, paradoxically, a risk: any meaningful block sale to fund personal liquidity, philanthropy or estate planning would create supply overhang and pressure the stock. The probability is low (no indications), but the asymmetry is real given the size of the float.

The risk-reward matrix is asymmetric on the downside: bull-case scenarios require multiple positive surprises, while bear-case scenarios can materialise from any single regulatory or credit event.

8. What This Means for Investors: A Cautious Stance Despite a Quality Franchise

Pulling the threads together, our assessment of Motilal Oswal Financial Services at ₹888.80 is balanced-to-cautious. The franchise is, unambiguously, one of the highest-quality financial services businesses in India — the brand is iconic, the management is principled, the diversification is meaningful, and the long-term structural tailwind from Indian household financialisation is real and durable. We do not dispute any of this.

What we do dispute is the valuation. At 57.99x trailing P/E, 7.0x P/B and a price sitting 19% below the 52-week high of ₹1,100.00 but 62% above the 52-week low of ₹550.00, the market is pricing in a near-perfect execution scenario across all five business verticals over the next 3-5 years. The SOTP-based fair value of ₹950-1,050 suggests limited upside, and the bear-case fair value of ₹700-750 is uncomfortably close to current prices.

For Long-Term Investors (5+ year horizon): MOFSL remains a core holding for any Indian financial services portfolio. The structural tailwind from Indian household financialisation, the diversification across asset management, wealth advisory, private equity and housing finance, and the founder-led culture of capital discipline make it a compounder worthy of patient capital. Our suggestion: build positions only on 15-20% pullbacks from current levels (i.e., entry zone of ₹710-755), where the implied P/E of approximately 46-50x and P/B of 5.5-6.0x provide a more defensible margin of safety.

For Tactical Investors (3-12 month horizon): The risk-reward is unfavourable at current levels. The SOTP analysis points to limited upside, the trailing P/E of 57.99x is well above the 5-year average of approximately 35-40x, and the recent quarterly sequence indicates that the cycle has not yet inflected convincingly. We would wait for either a 10-15% correction or a clear sequential earnings recovery in Q1 FY26 (which would indicate the F&O cycle is stabilising) before turning constructive.

For Existing Holders: We would hold but not add at current levels. The portfolio construction rationale is intact (long-term compounding), and the dividend yield of approximately 1.0-1.2% provides some income, but the valuation does not justify aggressive accumulation. Trim positions if the stock rallies above ₹1,050 (i.e., closer to the 52-week high of ₹1,100.00), as that level has historically been a supply zone.

Key Catalysts to Monitor:

• Q1 FY26 earnings (expected mid-July 2025): watch for sequential improvement in broking revenue, MOAMC AUM growth, and MTF book expansion.
• MOAMC monthly AUM disclosures: any sustained slowdown below 25% YoY would be a SOTP de-rating trigger.
• SEBI F&O policy announcements: any further tightening would compress retail trading volumes.
• Housing finance portfolio quality disclosures: gross NPA trends in MOHFL and Aspire at every quarterly print.
• Promoter group communications: any signals on stake dilution, succession planning or strategic transactions.

The Bull Case for Patience: If MOAMC's AUM crosses ₹1.5 lakh Cr by FY28, MTF book expands to ₹20,000 Cr, and the housing finance business scales profitably, the consolidated PAT could compound at 20-22% CAGR over FY25-FY28, pushing the SOTP fair value to ₹1,200-1,400 per share within 24-36 months. This is a realistic bull scenario, but it requires execution excellence across all five business verticals simultaneously.

Final Verdict: We initiate coverage on Motilal Oswal Financial Services with a "HOLD" rating and a 12-month fair value band of ₹920–1,050. The stock is a quality compounder trading at a premium multiple — exactly the type of business where patience and price discipline are rewarded. We would not chase the stock at ₹888.80, but we would also not short a franchise of this quality. The right strategy is to let the price come to you, and to use 15-20% pullbacks as accumulation opportunities for a multi-year horizon.

Sector View: Indian capital markets are in a mid-to-late stage of a structural bull market. Volumes have plateaued at elevated levels, retail participation has normalised, and regulatory tightening is creating cyclical headwinds. Within this context, MOFSL's premium multiple is harder to defend, and we would rotate capital toward cheaper, more cyclical segments of the Indian financials (private sector banks at <2.5x P/B, top-tier NBFCs at <3.0x P/B) where the risk-reward is more favourable.

9. Disclaimer

This article is published by NiftyBrief and represents the personal views of the analyst(s) at the time of publication. It is intended for informational and educational purposes only and does not constitute investment advice, an offer or recommendation to buy, sell, or hold any security. The information contained herein has been obtained from sources believed to be reliable — including BSE corporate filings, NSE corporate announcements, the company's investor presentations, and publicly available data on Screener.in — but NiftyBrief makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness.

Financial markets are subject to risks, and past performance is not indicative of future results. Investors should conduct their own due diligence and consult with a SEBI-registered investment adviser before making any investment decisions. The author(s) and NiftyBrief may, from time to time, hold positions in the securities discussed in this article; readers should assume that a conflict of interest may exist and should review the disclosure policy on the NiftyBrief website.

Forward-looking statements in this article — including but not limited to projections of revenue, profit, AUM, market share, and fair value — are based on assumptions about future events that may not materialise. Actual results may differ materially. No part of this article should be construed as a solicitation to transact in any security.

The CMP of ₹888.80, market cap of ₹53,509.73 Cr, and all other market data referenced herein are sourced from the BSE (BSE code 532892) as of the publication date. Readers should refer to the most recent corporate filings on the BSE / NSE corporate announcement pages for the latest available data.

For full disclosures, methodology notes, and prior coverage history, please visit the NiftyBrief website or contact the editorial team directly.

— NiftyBrief Research, June 2025