Shareholders meeting

June 22, 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.: Annual Report of the Company for the Financial Year 2025-26 along with Notice of the Twenty-First Annual General Meeting Dear Sir/Madam, Pursuant to the provisions of Regulation 30, 34 & 53 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) (as amended from time to time), please find enclosed herewith the copy of the Annual Report including the Business Responsibility & Sustainability Report for the Financial Year 2025-26 along with Notice of the Twenty-First Annual General Meeting (“AGM”) scheduled on Tuesday, July 14, 2026 at 04:00 p.m. (IST) through Video Conferencing (“VC”) / Other Audio Visual Means (“OAVM”). Further, the aforesaid Annual Report along with the Notice of the AGM has also been uploaded on the website of the Company at www.motilaloswal.com. Further, in accordance with the applicable circulars issued by MCA & SEBI, the Annual Report along with Notice of the AGM for the Financial Year 2025-26, is being sent through electronic mode to those Members of the Company whose e-mail addresses are registered with the Company/Depositories. Further, in accordance with the applicable provisions of the Listing Regulations, a letter containing a web-link to the exact location where the complete Annual Report is available, along with a static QR (Quick Response) Code, will be sent to those Security-holders who have not registered their e-mail addresses with the Company/Depositories. Information at glance: Particulars Details Mode VC/OAVM Time and date of AGM Tuesday, July 14, 2026, at 04:00 p.m. Participation through VC/OAVM www.evoting.nsdl.com Helpline number for participation in e-Voting 022 4886 7000 Particulars Details Cut-off date for e-Voting Tuesday, July 07, 2026 Remote e-Voting start time and date 09:00 a.m. (IST) on Friday, July 10, 2026 Remote e-Voting end time and date 05:00 p.m. (IST) on Monday, July 13, 2026 Remote e-Voting website of NSDL www.evoting.nsdl.com 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 Annual Report FY2025-26 People are the core of our strength. Their ideas, integrity People are the core of our strength. Their ideas, integrity and commitment drive our growth. As we grow, so does our and commitment drive our growth. As we grow, so does our ability to give back. ability to give back. This interrelationship between People, Profits and Purpose is the This interrelationship between People, Profit and Purpose is the cornerstone of how we operate at Motilal Oswal cornerstone of how we operate at Motilal Oswal People People At the heart of Motilal Oswal are our people — the thinkers, builders, and At the heart of Motilal Obsewliaevl aerres wouhro p beroinpgle o —ur t hvies itohnin tkoe lrifse, beuvieldrye rdsa, ayn. Tdh rough various initiatives, believers who bring ouwr vei seiomnp toow liefer oeuver rtye admays. tToh rgoruogwh, lveaardio, auns din uitnialoticvke tsh, eir full potential. Built we empower our teamos nto t hgero pwri,n lecaipdle, as nodf Ounwlnoecrks thhipei, rG furollw ptoht,e Lnetaiarnl. iBnugi,l ta nd a People-First on the principles of Owanpeprsrhoiapc, Gh,r tohwetshe, Lineiatirantiinvges, a fonsdt ear P ae ocpullteu-rFeir wsth ere individuals thrive, approach, these initiatcivoelsla fboostreart ea, acunldtu croen wtrhibeurete in mdeivaidnuinaglsfu thllyri vtoe ,o ur shared success, inspiring collaborate, and contritbhuetme m toe BaenMinogrfeu ilnly ltifoe o. ur shared success, inspiring them to BeMore in life. Profit Profit At Motilal Oswal Financial Services, profit is not viewed merely as an accounting outcome but as the natural result of solid research, At Motilal Oswal, profit is not viewed merely as an accounting outcome unwavering integrity, disciplined risk management, and a long-term but as the natural result of solid research, unwavering integrity, investment philosophy. As an integrated capital market player, we strive disciplined risk management, and a long-term investment philosophy. to be a trusted one-stop partner for our clients across the entire capital As an integrated capital market player, we strive to be a trusted one-stop markets ecosystem. Our ability to consistently gain market share across partner for our clients across the entire capital markets ecosystem. businesses reflects the strength of our research-led approach and Our ability to consistently gain market share across businesses reflects client-centric culture. This enduring foundation enables us to build the strength of our research-led approach and client-centric culture. a resilient institution while creating sustainable wealth for our clients, This enduring foundation enables us to build a resilient institution while shareholders, and all stakeholders over the long term. creating sustainable wealth for our clients, shareholders, and all stakeholders over the long term. Purpose Purpose At Motilal Oswal, our purpose extends beyond delivering financial At Motilal Oswal, our pupreprofsoerm exatnecned;s i tb ies yrooontde dde inliv cerreinagti nfign aenncdiuarl ing value for society. For our performance; it is rooteindv iens ctorersa, ttihnigs emnedaunrisn bge vinaglu ae ftorur sstoecdi esttye.w Foarr do uorf their capital and a partner investors, this means bieni nthge air tlrounsgte-tde srmte wfinaardn coifa tlh aesirp ciraaptiiotanls a. Enqdu aa lplya, rgtuniedre d by our founders’ in their long-term finanpchiailol asosppihray toiof n"Gs.i vEiqnuga Wllyh, igleu Lidiveindg b,"y w oeu rb feoluienvdee trhsa’ t wealth creation must be philosophy of "Giving Wahcicleo Lmivpinagn,"ie wde b bye rleiesvpeo tnhsaibt lwe ewaeltahlt chr deeaptiloony mmeunstt . bTeh rough the Motilal Oswal accompanied by respoFnosuibndlea wtieoanl, tthh idse cpolomymmietmnte. Tnht rtoaukgesh sthhae pMeo itnil astl rOastewgaicl philanthropic Foundation, this commiintmitiaetnivt etask aecsr sohsas peed uinc sattriaonte, glivice plihhoiloadnsth, arogpriiccu lture, and institution-building initiatives across educaetffioonrt, sli vdeelsihigonoedds ,t aog srtirceunltgutrhee, na ncdo minmstiutuntitioiens- abnudild eixnpga nd pathways to efforts designed to streonpgptohretnu nciotym. Imn udnoiitniegs s aon, wd ee xsptraivned t po aetnhswuarey sth tao t the success we build in opportunity. In doing som, warek settrsi vise mtoa etnchsuerde b thy atht eth peo ssuitcivcee sims wpaec btu wiled cinr eate beyond them. markets is matched by the positive impact we create beyond them. Contents Contents Corporate SnapC so hr op torate Snapshot 02 02 Chairman's MesC sh aa gi erman's Message 10 08 Managing DirecM toa rn 'sa Mg ein sg s aD gir eector's Message 12 10 Board of DirectoB ro sard of Directors 14 12 Senior ManagemSe en nio t r Management 15 13 Financial HighligFi hn ta sncial Highlights 16 14 5 Years at a GlaP ne cr eformance Across the Years 19 17 Business PerformBu as nin ce ess Performance 20 18 Environment, SoE cn iv ai lr aon ndm Gen ot v, S ro nc ai na cl a end Governa22nce 22 Management DM isca un sa sg ioe nm ae nn dt D Ai ns ac lu ys ss ision and An4a0lysis 46 Board's Report Board's Report 59 63 Report on CorpoR re ap to er Gt oo vn C rno arp no cr ea te Governanc8e2 91 Business ResponB su is bi in lie tys s R Se us sp to an ins aib bi il li it ty & Sustain10a8bility Report 124 Report Standalone Financial Statement176 216 Standalone FinaC no cn iaso Sli td aa tt ee md eF nin tancial Stateme1n80t 324 Consolidated Financial Statement 192 Motilal Oswal Financial Services Limited One of India’s most respected financial services companies. A potent combination of promoter vision and professional competence. Consistent [Showing first 8,000 characters — download PDF for full document]