Credit Rating- Revision

September 15, 2026 BSE Limited National Stock Exchange of India Limited P. J. Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E), Mumbai - 400001 Mumbai - 400051 Security Code: 532892 Symbol: MOTILALOFS Sub.: Upgrade in Long-term Credit Rating to ‘IND AA+/Stable’ from ‘IND AA/Positive’ by India Ratings & Research Private Limited Dear Sir/Madam, Pursuant to the provisions of Regulation 30 read with Para A of Part A of Schedule III and other applicable provisions, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) (as amended from time to time), we wish to inform the Exchanges that India Ratings & Research Private Limited (“India Ratings”) has upgraded the long-term rating to ‘IND AA+/Stable’ from ‘IND AA/Positive’ for various instrument(s) of Motilal Oswal Financial Services Limited (“the Company” or “MOFSL”) and its Subsidiaries. The instrument-wise details of the ratings assigned to the Company are as under: Amount Instrument Rating Action (Rs. in Crore) Non-Convertible Debentures (“NCDs”) – (Inter-changeable with Principal Protected 271.60 IND AA+/Stable Upgraded Market-Linked Debentures) NCDs 727.00 IND AA+/Stable Upgraded Bank Loan Facilities 400.00 IND AA+/Stable Upgraded Commercial Papers 11,750.00 IND A1+ Affirmed The Credit Rating Upgrade reflects strengthening of MOFSL group’s business profile, driven by scale-up in Asset and Private Wealth Management, rising recurring fee-based income and sustained profitability across segments. Growing Assets Under Management (“AUM”), an expanding customer franchise and improved earnings diversification have reduced dependence on transaction-based income, enhancing overall recurring revenue stability. The rating also factors in continued growth across business segments, supported by a diversified product mix and the group’s ability to cross-sell across its integrated platform. Moreover strong capitalisation, strong liquidity buffers, internal accruals and fungible liquidity across group entities further support financial flexibility. The rating action covers the Company and its key Subsidiaries including Motilal Oswal Home Finance Limited, Motilal Oswal Finvest Limited and Motilal Oswal Wealth Limited. The Rating Letters received from India Ratings for the Company and its Subsidiaries are enclosed herewith. Kindly take the same on record. Thanking you, Yours faithfully, For Motilal Oswal Financial Services Limited Kailash Purohit Company Secretary & Compliance Officer Encl.: As above India Ratings Upgrades Motilal Oswal Financial Services’s NCDs and Bank Loans to ‘IND AA+’/Stable; Affirms CPs at ‘IND A1+’ Sep 15, 2026 | Motilal Oswal Financial Services Limited | Stockbroking & Allied India Ratings and Research (Ind-Ra) has upgraded Motilal Oswal Financial Services Limited’s (MOFSL) non-convertible debentures (NCDs) and bank loan facilities to ‘IND AA+’ from ‘IND AA’ with a Stable Outlook, while affirming the commercial papers (CPs) rating at IND A1+, as follows: Details of Instruments Size of Rating Regulator of Date of Coupon Maturity Rating Instrument Type Issue (INR Assigned with Instrument Issuance Rate Date Action million) Outlook/Watch Non-convertible debenture (interchangeable Refer ISIN IND with principal - - - 2716 Upgraded annexure AA+/Stable protected market-linked debentures)#* Non-convertible Refer ISIN IND - - - 7270 Upgraded debentures # annexure AA+/Stable Bank loan IND RBI - - - 4000 Upgraded facilities AA+/Stable Commercial Up to 365 RBI - - 117500 IND A1+ Affirmed paper days Analytical Approach Ind-Ra continues to fully consolidate MOFSL’s group companies while arriving at the ratings, on account of the strong financial, managerial and operational linkages among them. Detailed Rationale of the Rating Action The upgrade reflects the strengthening of MOFSL group's business profile, supported by the continued scale-up of its asset and wealth management businesses, increasing contribution from recurring fee-based revenue streams and sustained profitability across key operating segments. The group has continued to expand its customer franchise and assets under management (AUM) while maintaining its position across capital market-related businesses. The improvement in earnings diversification has reduced the relative dependence on transaction-based income and enhanced the stability of the group's overall revenue profile. The upgrade also factors in the continued expansion of the group's lending franchise across capital market-linked lending and housing finance, while maintaining a diversified product offering across broking, wealth management, private wealth, asset management, alternative assets and housing finance. The group’s ability to leverage its integrated platform to deepen customer engagement and cross-sell multiple financial products has supported growth across business verticals. Furthermore, the group maintains comfortable capitalisation and liquidity buffers, supported by internal accruals, a sizeable investment portfolio and access to diversified funding sources. The demonstrated fungibility of liquidity across group entities provides additional financial flexibility and supports the group’s ability to manage funding requirements across business cycles. However, the ratings remain constrained by the group's exposure to capital market-linked activities, which could result in earnings volatility during periods of adverse market conditions, as well as the evolving seasoning profile of the housing finance portfolio. List of Key Rating Drivers Strengths Diversified franchise across capital markets and asset management businesses Increasing contribution from recurring fee-based income supports earnings stability Expansion of lending operations while maintaining portfolio diversification Comfortable capitalisation and sizeable investment book Weaknesses Earnings remain susceptible to capital market volatility and evolving regulatory environment Housing finance business yet to achieve scale Detailed Description of Key Rating Drivers Diversified Franchise Across Capital Markets and Asset Management Businesses: MOFSL has evolved from an equity broking franchise established in 1987 into an integrated financial services group with a presence across broking, wealth management, private wealth, asset management, alternatives, investment banking, housing finance and capital market-linked lending businesses. The group has expanded its customer reach across retail, affluent, ultra net-worth Individuals, family office and institutional segments, supported by a customer base of around 15.8 million in 1QFY27 (FY26: 15.6 million; FY25: 14.6 million) in over 2,500 business locations with 7,619 franchise partners and presence across nearly 95% of Indian pin codes. The scale of the franchise is further reflected in an increase in assets under advice to around INR7.9 trillion in 1QFY27 (FY26: INR6.5 trillion; FY25: INR5.5 trillion). The operating profile has witnessed broad-based growth across business verticals over the last three years. During FY23- FY26, operating profit (excluding treasury investment income) grew at a compounded annual growth rate (CAGR) of around 28.4%, driven by growth in capital markets (59.7% CAGR), asset and private wealth management (37.1% CAGR), wealth management (16.1% CAGR) and housing finance (6.2% CAGR). Asset management AUM increased to around INR2.1 trillion in 1QFY27 (FY26: INR1.76 trillion; FY25: INR1.3 trillion), while private wealth AUM increased to around INR2.4 trillion (INR1.96 trillion; INR1.4 trillion), reflecting growth in customer assets, increasing participation across investment products and expansion of advisory relationships. The group maintains a meaningful market position across capital market activities, with a retail cash market share of around 6.8% in 1QFY27 (FY26: 7.0%; FY25: 7.8%), and a future & option p [Showing first 8,000 characters — download PDF for full document]