Please find enclosed herewith the Transcript of the Earnings Conference Call (''Con-Call'') with Investor(s)/Analyst(s) held on Friday, July 24, 2026 to discuss Financial Performance for ....

July 31, 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.: Transcript of Earnings Conference Call with Investor(s)/Analyst(s) Dear Sir/Madam, This is with reference to our earlier letter dated July 17, 2026 regarding Intimation of Earnings Conference Call (“Con-Call”) with Investor(s)/Analyst(s) held on July 24, 2026 to discuss financial performance for Q1 FY 2026-27. In this regard, pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) (as amended from time to time), please find enclosed herewith the Transcript of the said Con-Call for your reference. The aforesaid transcript of the said Con-Call is made available on the Company’s website i.e https://www.motilaloswal.com/content/dam/mofsl-website-adobe/investor-relations/26- 27/q1/mofsl-q1fy27-concall-transcript.pdf Further, we hereby confirm that no Unpublished Price Sensitive Information was shared or discussed during the said Con-Call. 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 Limited Q1FY27 Earnings Call Transcript This document is a transcription of the conference call conducted on 24th July 2026. Click Here to listen to the original audio. For past recordings, transcripts, Investor Presentation and Excel Data Book Click Here For any queries, please contact ir@motilaloswal.com. Manish Kayal- Head Investor Relations Good afternoon, everyone. I welcome all the participants on behalf of Motilal Oswal Financial Services Limited to take time out to attend our Q1FY27 earnings conference call. We hope that you had an opportunity to go through our investor deck and press release, uploaded on stock exchanges and on our website yesterday. We have also uploaded our data book on our website that has all the operational and financial numbers. Please note that today's discussion may include some forward-looking statements. These forward-looking statements are based on our macro assessment outcome of which can vary with respect to our assessment. To represent the group, we have the senior leadership members on this call. We will start this call with an opening remark by Navin Agarwal, Group MD, and then we'll have Q&A session. Navin Agarwal, Group Managing Director Thank you, Manish. Good afternoon, everyone. Group Strengths & Past Decade Operating Performance • In FY26, our operating PAT reported was up by 16% on as YoY basis. On that base, our operating profit after tax grew by 14% on a YoY basis in this quarter to ₹609 crores, led by Asset and Private Wealth business, which grew by 44% YoY. • The Asset and Private Wealth businesses, now contribute 55% of the total operating profit of the group versus 50% in FY26 and 42% in FY25. We have guided that the share of Asset and Private Wealth businesses will continue to rise because of growing share of annuity businesses and the low market share that we have in these businesses allowing a lot of headroom for us to grow. • The AUM of the Asset Management business, including MO alternates, crossed ₹2 lakh crores milestone. This has witnessed a CAGR of 34% since March 2020 with strong market share gains. • Annuity businesses now contribute over 66% of the Group's revenues. As highlighted earlier, the Asset Management and Private Wealth businesses together contributed 55% of the Group's operating PAT during the quarter and also contributes to the annuity revenues. • We expect this share to continue increasing as we have transitioned from a transaction-led to an annuity-led business model, further strengthening the quality and sustainability of our earnings • We have invested a lot in the past couple of years on all the fronts in the group, be it people, be it brand or be it technology. We expect these to bear fruits in the coming years in terms of market share gains and profitability growth. Page 1 of 17 • Motilal Oswal is the largest integrated capital market player with rising share of annuity revenues and each business offering a strong growth runway leveraging the opportunities available in financialization of Indian savings. • Our operating businesses have delivered a decadal 10-year compounded operating profit growth of 33% and an average return on equity of 23%. This growth is supported by our investment book, which grew by 41% compounded since inception, led by strong IRRs and reinvestments of our operating profits after consistent dividend distributions and 3 buybacks since our listing. • We also want to highlight that ever since our listing back in 2007, we have never diluted equity by consistently paying out dividends and buybacks. This has only been possible due to our unique twin engine business model, where we have a strong backbone of our operating businesses and a large investment book that has continued to compound at nearly 18% XIRR. • This strategy has resulted in our rank in profit after tax for FY26, improving to 160th rank among all listed companies in India, and we are now among the top 200 companies in India by market capitalisation. We see the next decade offering equally exciting prospects, which should drive further improvement in these rankings. Turning now to the segmental performance. Asset and Private Wealth Management Business • Our Asset and Private Wealth businesses comprised of AMC (listed), MO alternates (unlisted) and the Private Wealth Management business. Asset Management and Private Wealth businesses continued its momentum during the quarter with robust net flows of ₹10,325 crores. AUM at ₹4.5 lakh crores as on June '26 is up by 34% YoY. • We continue to invest in talent in distribution reach and in marketing. The operating leverage from rising AUM should be a strong driver to our profit growth going forward. Asset Management Business • The AMC business comprises of mutual funds, PMS and AIF. The AUM here grew by 34% CAGR since March 2020 till June 2026 and is very close to another major milestone of ₹2 lakh crores today, led by our strong performance and differentiated product offering to our investors. • Our unique PAN catered by our AMC is more than ₹1 crore as on June '26 versus ₹85 lakhs in June '25, which shows strong confidence by retail investors in our franchise. This is around 16% share of all clients in the Indian mutual fund industry. • Our average AUM grew from ₹1.67 lakh crores in Q4FY26 to ₹1.81 lakh crores in Q1FY27, reflecting the continued momentum in the business and today, we are closer to another milestone of ₹2 lakh crores in this business. • Our product bouquet is pretty young as significant flows comes only from products that have crossed the 3-year track record. We launched 1 new active mutual fund inQ1FY27, increasing our presence now to represent 87% of the industry AUM. • Importantly, only 6 of our funds have a vintage of over 3 years, and these categories contribute a mere 44% of the industry AUM. We expect an additional 2 funds to cross 3-year vintage by March '27 and a further 8 funds to cross the 3-year vintage by March '28. This will improve our 3+ years vintage fund participation to 75% of the industry AUM from 44% now. • Most of these are best-performing funds since inception in the mainstream categories, which should help in strong flows as well as diversification of the AUM over the next 2 years. This will also continue our trend in net mutual fund flows market share improvement, which stands now at 4.2% compared to 3.7% in the previous quarter. • Our flow market share continues to be well above our AUM market share, which is 2.9%. In Q1FY27, our SIP flows were strong at ₹4,064 crores, up by 16% YoY with a market share of 4.3%, resultin [Showing first 8,000 characters — download PDF for full document]