Credit Rating- Revision

July 23, 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.: Revision in Long term Credit Rating - CRISIL Ratings Limited: Upgrade to ‘Crisil AA+/Stable’ from ‘Crisil AA/Positive’ Dear Sir/Madam, Pursuant to the provisions of Regulation 30 read with Para A of Part A of Schedule III and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) (as amended), we wish to inform the Exchange that CRISIL Ratings Limited (“CRISIL”) has Upgraded the long term rating to ‘Crisil AA+/Stable’ from ‘Crisil AA/Positive’ for various instrument(s) of Motilal Oswal Financial Services Limited (“the Company” or “MOFSL”) and its Subsidiaries. The brief rationale for the rating upgrade including instrument-wise rating is provided in the Press Release issued by the Company and the Rating Letters received from CRISIL for the Company and its subsidiaries, which are enclosed herewith. The rating action covers Company and its key subsidiaries including Motilal Oswal Home Finance Limited and Motilal Oswal Finvest Limited. 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 Motilal Oswal Financial Services' long-term credit rating upgraded to Crisil AA+/Stable Highest Rating amongst Non-Bank Domestic Capital Market Players by CRISIL Mumbai, 22 July 2026: Motilal Oswal Financial Services Limited (MOFSL) announced that Crisil Ratings has upgraded its long-term rating to 'Crisil AA+/Stable' from 'Crisil AA/Positive' and reaffirmed the short-term rating at 'Crisil A1+'. With this, MOFSL holds a AA+ long-term rating from both Crisil and ICRA. The upgrade reflects MOFSL's strong market position across capital market businesses, healthy earnings profile with a track record of performance through cycles, and comfortable capitalisation supported by a large net worth and low leverage. Crisil cited the continued growth in the groups’ all business verticals; the sustained improvement in the group's business risk profile, growth and diversity across business segments, and the strengthening of the franchise while upholding financial discipline through market cycles and adapting to changing regulations environment. The rating agency has taken a consolidated view of the Motilal Oswal Group and its subsidiaries, the operational synergies and shared management framework. In FY2026, Motilal Oswal Financial Services Ltd. (MOFSL) reported annual operating PAT of ₹2,360 Cr (grew 16% on YoY basis). Networth as on March’26 stands at ₹12,888 crore, with a low gearing of 1.5 times. Mr. Motilal Oswal, Group CEO & co-founder, Motilal Oswal Financial Services Limited, said, "It is such a pleasure to receive this upgrade on the 39th anniversary of our group’s foundation and reflects strength in our competency as an integrated capital markets company. Crisil ratings upgrade showcases the resilience of our business model, which is modelled on the Berkshire Hathaway philosophy of combining entrepreneurship with disciplined investing. Over the years, we have built a twin-engine structure of operating and investment businesses, with nearly 80% of our cash flows reinvested in our own financial products to drive long-term compounding and proving ‘Skin in the Game’." Mr. Shalibhadra Shah, Chief Financial Officer, Motilal Oswal Financial Services Limited, said, "The upgrade to Crisil AA+ recognises the quality of our balance sheet, the diversity of our earnings, and the consistency of our financial discipline. It strengthens our borrowing capacity, supports a lower cost of funds, and improves access to institutional capital as we fund growth across verticals." Mr Shah said, "Rating of AA+ clearly highlights our strong credit profile to lenders and investors. It establishes us as a well-diversified capital market leader with a notably low risk profile, opening up new opportunities across our businesses." About Motilal Oswal Financial Services MOFSL is a financial services company. Its offerings include Wealth Management, Capital Markets (Institutional broking & Investment banking), Asset & Wealth Management (Asset Management, Alternates & Private Wealth), Housing Finance & Equity based treasury investments. MOFSL employs 12,400+ employees serving to 15.5 mn+ clients via distribution reach in 550+ cities. MOFSL has Assets Under Advice (AUA) of Rs. ~6.6 Lakh Crs. For further details, contact: Mr. Shalibhadra Shah Mr. Manish Kayal Mrs. Rohini Kute Chief Financial Officer Head – Corp Planning & IR Head of Corporate C ommunication shalibhadrashah@motilaloswal.com manish.kayal@motilaloswal.com rohini.kute@motilaloswal.com Rating Rationale July 22, 2026 | Mumbai Motilal Oswal Financial Services Limited Long-term rating upgraded to ‘Crisil AA+/Stable’;short-term rating reaffirmed;‘Crisil AA+/Stable’assigned to Non Convertible Debentures Rating Action Name Of Instrument Rating Outstanding with Outlook Regulator of the instrument Rs.2000 Crore Non Convertible Crisil AA+/Stable (Assigned) SEBI Debentures Non Convertible Debentures Aggregating Crisil AA+/Stable (Upgraded from ‘Crisil SEBI Rs.1927 Crore AA/Positive’) Rs.1750 Crore Commercial Paper Crisil A1+ (Reaffirmed) RBI Non Convertible Debentures Aggregating Withdrawn SEBI Rs.73 Crore Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has upgraded its rating on non-convertible debentures (NCDs) of Motilal Oswal Financial Services Limited (MOFSL; a part of the Motilal Oswal group) to ‘Crisil AA+/Stable’ from ‘Crisil AA/Positive’ and, has reaffirmed its short-term rating on the company’s commercial paper programme at ‘Crisil A1+’. Crisil Ratings has also assigned ‘Crisil AA+/Stable’ to Rs 2000 crore of NCDs. Further,Crisil Ratings has withdrawn its rating on non-convertible debentures (NCDs) aggregating to Rs 73 crore in line with its withdrawal policy (See Annexure 'Details of rating withdrawn' for details). Crisil Ratings has received independent confirmation that these instruments are fully redeemed. The upgrade reflects the sustained improvement in the group’s business risk profile, with enhanced diversification across revenue streams driven by steady growth in non broking businesses[1] of the group, and maintenance of strong position in its flagship broking segment despite regulatory changes and market volatility. Diversification into distribution, margin trade funding (MTF) and other financial services businesses1, is expected to continue imparting greater stability to the earnings profile while risk management practices remain sound. In addition, the ratings continue to factor in the group’s comfortable capital position. These strengths are partially offset by susceptibility to inherent uncertainties of the capital-market-related businesses, and limited, though increasing seasoning, of the lending business. The groups earnings trajectory has remained healthy, with operating profits[2] increasing to Rs 2,356 crore in fiscal 2026 from Rs 2,037 crore in fiscal 2025 and 1,546 crore in fiscal 2024. The overall revenue stream has continued to grow over the last two years with steady diversification across non-broking businesses and this has helped manage overall operating profitability even during challenging external events. This strategic shift has unfolded in two distinct phases. First, the contribution of broking and allied services[3] in overall [Showing first 8,000 characters — download PDF for full document]