Thank you very much. The first question is from Mahek from Emkay Global.

So, I have a couple of questions. So first, with respect to the AMC business, right? So, if we look at the SIP market share, it has dipped a bit during the quarter. So just wanted to know your thoughts on the same and what initiatives are basically being taken to regain that market share? Second would be on the revenue yields. So how should we look at the revenue yields going forward with respect to, one, the regulatory change in terms of TER? And second, how are you looking at the alternate yield as well? Because if I look during the quarter, we have seen some bit of expansion in the yields. I think that would be largely on account of new funds which are being launched. So, if you can clarify on that? And third question would be on the Private Wealth Management segment. So, if we see the lending assets have seen strong inflows during the quarter. So, what has driven this growth in AU M and secondly, the inflows also? So, if you can just clarify on these things?

We are having a SIP run rate of ₹1,400+ crores a month. There is a slight decline in passive MF side due to 1) Our international funds are no longer able to take new mon ey and 2) the microcap fund is also locked. On active MF side also, we have seen a small drop in SIP. SIP book growth is linke d to strong performance & as that comes back to us, especially in the main categories, you should again expect SIP books to climb. As we speak, they are at last year levels itself. Our fees as a consequence of the TER changes continued to remain unimpacted. In fact, they have slightly improved for our cohort of AUM as that category did not get impacted. On the alternate side, our retention rates have been maintained. If you see a compression in yields for us, it is on account of mix effect. As our fastest-growing part of business for last quarter was passives, where our retention is lower than actives, which is the second fastest -growing part of our business versus the alternate s business where the growth was the slowest, but the yields were the highest. So, the mix effect does result in some downward pressure.

On the lending side in Private Wealth, it's a stated strategy to provide solutions to ultra HNIs, family offices and HNIs to enhance yields. It's a combination of lending against securities & lending against investment assets that contribute to growth in assets as well as ARR revenues.

I had one more last question with respect to the other expenses, which is the admin and the other expenses. So, we have seen a sequential growth of around 20%. So, I just wanted to understand whether it is some sort of marketing or investment engagement program related expense or how should we look at it going forward in FY27? Shalibhadra Shah – CFO: Q4FY26 includes a predominant impact of higher marketing , brand promotion and CSR expenses. Bulk of which have actually been incurred in th is quarter resulting in a delta slightly higher on a sequential basis. However, for FY26, the overall other expenses are up about 10% YoY. Most of the other expenses include marketing and technology expense, where we have spent ~5.5% of our net revenues for FY26, which is a large part of the other expenses.

Sir, a couple of questions. I mean, any guidance on the MTF book? I understand that we had around ₹ 6,500 crores of MTF book as of 9 months FY26, which has been slowed down to ₹ 5,700 crores as on March '26. So, any strategic thing that we are thinking around this? I mean, I understand that our major lending -- I mean, this is the major yield lending vehicle wherein majorly debt is needed in this book itself. So, any guidance, sir, on the MTF book and how are we looking at it in FY27? Shalibhadra Shah – CFO: If we look at our MTF book, it has grown by ~ 40% in FY26, indicating a strong surge. Our cash market share is about 7% in FY26 and MTF market share is also a replica of that. We definitely have a very strong balance sheet to grow this book. Over the last few years, there has been a very strong growth of our MTF assets. We expect a similar strong growth in the coming periods because we are the largest broker in terms of Industry cash brokerage revenue pie. Due to this, we will carry an edge in terms of higher growth for our MTF book.

Okay. And sir, I mean, any quarter-on-quarter impact, sir? I mean is it a strategic move that you have taken in this quarter to reduce maybe on a quarterly basis, then there will be an increase on the market stabilizes Shalibhadra Shah – CFO: It's more of a market impact. Across the industry, the book is marginally lower & it's a very marginal reduction in our book as well. We're very confident of growing this book in the future.

Okay. And sir, any guidance on the broking income piece because I understand there was some degrowth in FY26. But for FY27 and half, I mean, FY27 I understand once market conditions stabili ses, volumes will return to normalcy. So, any kind of number that you can put to broking revenues, I mean, over FY27? Shalibhadra Shah – CFO: Broking revenue during FY26, especially starting from Jan '25 to Dec’25 was lower mainly because of the lower volumes and the impact of regulatory changes, which had come on the F&O segment and also the lower overall cash volumes in the industry. However, if you look at Q4FY26, the volumes have rebounded. Our overall ADTO market share is also up for the year by about 100bps. In Q4FY26, brokerage revenue growth is ~33% YoY. Now with a higher base in the current financial year over last financial year, we expect the brokerage line item to catch up for coming periods, given that the regulatory impact is behind and our volumes are up.

Sure, sir. One last thing, sir. I mean, the MTM loss that we have had on the treasury book around ₹1,000- odd crores at consol idated level. So, sir, I mean, my understanding is that, I mean, post March 30, I mean, equities have valued and as you mentioned in your PPT as well, majority of that loss has already been recouped. So, sir, that ₹ 1,000 crores loss is unrealized, right? We have not booked any realized. There's no realized impact. It's unrealized gain, correct? Unrealized loss? Shalibhadra Shah – CFO: It is a notional mark -to-market loss. We revalue all our Long-only investments at mark -to-market based on the Ind AS requirements & that's why these are notional losses . W e disclose Treasury performance and operating performance separately. As explained earlier, most of these MTM losses have been recouped back in the month of April 2026.

The long-term 10-year plus track record is that, this investment book has generated an IRR of 18%. This changes year-to-year because when there is a market drawdown, these compounded returns also look different. But in longer term, we've seen returns as high as 19% & as low as 15.5%. Whereas, in a longer term, we've seen the compounding at 18%. When you add the post buyback or post dividend free cash flows to this book, it has actually compounded for the last 10 years at a rate of 40% per annum. The rising capital needs of the businesses, both due to scale and regulations have been internally funded on the back of this book. One will see a lot of quarterly volatility in this book depending on the market volatility, unrealized gains / losses. That's why we separately report our operating profit after tax number for each business, causing no confusion about this line item with the operating businesses. All of these investments are actually collateralized with the lenders and serve as very large lines available for the operating businesses of the firm. Effectively, the collateral is also expanding at the rate of 40% per annum.

Moderator

The next question is from the line of Nidhesh Jain from Investec.

First question is on Asset Management business. Is there any update on the investment team leadership on the Asset Management side? Secondly, what is the guidance for net flows in the AMC business for FY '27?

Over the last period, we have increased the team size on both the alternate and mutual fund in terms of managers and research. Overall, the investment team, inclusive of passive is now over 50 members strong. As far as the leadership on the mutual fund side goes, we are evaluating both internal team members and external members & w e will take a decision soon . I n terms of net flows, they have declined in Q4FY26. Jan’26 was a bad month for our active net flows but passives did very well. Overall, we collected over ₹2,500 crores. Feb’26 was weaker on an overall leve l, as the gold and silver ETF product flows normalized. For Q4FY26, our net flow market share was higher than the AUM market share.

So just to clarify, net flow -- mutual fund net flow market share may be higher than AUM market share for the month of April?

Yes.

Okay. That's good news. And secondly, so if you look at the capital market segment, we are seeing advent of digital brokers, and they a re now impacting a lot of segments. We are seeing our market share declining in cash and F&O, but they are also equally becoming very strong distributors on the mutual fund side. So, in that light, how are we planning our businesses from a longer -term perspective? And how are we trying to build these businesses because what we see as a trend that customer is definitely moving towards those platforms. And some of the numbers are quite clearing that 60%, 70% of the new SIPs are getting opened by these finte ch platforms. So that is a repercussion for all our businesses from a longer -term perspective. And how are we thinking to build business in that light?

Our Wealth Management business, that we are building on, have always been focus ed on the research and advisory model. If you look at our model, whether it is the franchisee segment, the direct side and the branch model, we are very well aligned with our research and advisory-led model, along with technology in the overall business. We are focusing on the quality of the customer, where we can add value . This has helped us to maintain our cash market revenue share of the overall industry revenue pie. We have aligned our strategy in a big way for the overall broking cum distribution model. Our Wealth distribution AUM has also been growing consistently and has gone 40% in the last year itself to ~₹44,000 crores. When one look at the discount model, the high value traders are in higher proposition in their overall revenue pie. We are also working upon to position ourselves for the high value trader which will primarily take care of the overall market share.

Moderator

The next question is from the line of Dipanjan Ghosh from Citi

A few questions from my side. First, on the Private Wealth business, if you were to look at your clientele base over the past 2 -3 years versus, let's say, what it was, let's say, 5 -6 years back. I just wanted to understand some sense of the clientele quality, both in terms of ticket size and in terms of occupation, business, domain of expertise, etc. If you can give some colour on that or maybe quantify some of those cohorts? The second question is on the transactional revenues’ ex of broking in the Private Wealth and maybe to some extent on the wealth business also. How do you see the pipeline going into FY 2027 given the backdrop of whatever has been going on globally? And also, how do you really kind of manage your risk prudence in this when you kind of sign a deal for the transactional section versus, let's say, focus on fees, how do you really manage that? The third question is on the alternate segment. We are seeing some of the large Asset Management companies entering this segment in an aggressive manner or at least from their commentary, it seems that they will be aggressive. Can you give some colour on the white spaces in this segment? I mean, your pipeline is robust in terms of new sales, but in terms of the white spaces in the segment, the supply side constraints, some of those -- if you can give some colour qualitatively. And lastly, one data keeping question. Is there any guidance or expectation around carry income for FY27 or FY28? Ashish Shanker, CEO Private Wealth Management Essentially, there are broadly 3 segments in the Private Wealth Management Business; HNI segment (₹50 Crs to ₹100 Crs), UHNI segment (₹100 Crs+) and Family Offices. We operate in all 3 segments & we've put significant capabilities and resources to improve the value proposition in the UHNI and family office segment. Whereas in the HNI segment, we are increasing footprint by having presence in many more locations where we see high growth of HNIs. The best lead indicator to see the headline quality of assets is the AUM per RM. Our AUM per RM has been steadily increasing from ₹300 Crs, couple of years back to ₹450 Crs as on Mar’26. This is on an increased base of RMs. So essentially, our penetration across segments is growing. At the back end, we have significantly enhanced the product and investment capabilities within Private Wealth Business to cater to all these segments. We have recruited people in equities, alternates, multi-asset solutions as well as certain bespoke transaction strategies. The pipeline of transactions is very robust. In the near term, the markets could be cyclical and that could impact a particular asset class. But we have capabilities across asset classes. There are private debt transactions where we are seeing a lot of flows from family offices. Similarly, early last year, we saw a lot of flows in unlisted equity transactions. Whilst the sentiment may impact flows into a particular asset class temporarily, however, given the multi-asset capabilities that we have built, the transaction capabilities are becoming much smoother on a QoQ basis. We draw a lot from the group capabilities. We've invested significantly at the group level as well to enhance capabilities in private credit on the real estate front, and we have a very strong private equity capability. Coupled with the capabilities on the Private Wealth side in the investment team and the group capabilities, the underwriting process is very strin gent and rigorous. Before deals would be taken to market or to clients, there is a lot of work that goes on before that.

On the alternate side, we have gained market share. We are amongst the top few in the industry with very distinct products with strong storylines. A lot of our products are turning into brands & are being asked by the investors for investing. We have a very differentiated product basket. On top of it, there are unique products where we mix listed with unlisted. Not too many houses have the capability of running that kind of a product. Over and above the long -only investing in the alternate side, we also have quant -based investing. There is a strategy where we have some significant amount of money, which is now looking very strong. Overall, the alternate basket for us, is very relevant for investors. On the mutual fund side, we have expanded our product basket tremendously. When a competition comes in, there is something which happens on year 1, & there is something which happens after year 3. We see as an industry, higher traction after a fund crosses 3 years of existence. From a fix product basket, we are now over 17. As we speak, we have a contra fund launch going on. Gradually many products will start to complete 3 years which is 1) Small cap fund, which completes 3 years in December , 2) Large cap fund, will complete 3 years in January 2027 & post that every 2 months, there will be a meaningful product, which will complete 3 years. We think in the next leg of growth versus the last one, our inflows will be way more diversified versus what we had. Shalibhadra Shah – CFO: As far as the variable additional return is concerned, so we don't give out guidance. However, as explained in our last con call, we have multiple number of funds, which has reached in the last cohort of their life, where our IRRs are well above the hurdles, and we expect meaningful variable returns to accrue in the coming financial periods.

Got it. Maybe just one small follow-up on my first question. You are a boutique wealth manager, which has gained scale over the years. In terms of this increasing clients or kind of increasing presence in ultra HNI and family offices, and your ability to kind of source large deals and execute large deals, I mean, what has changed in terms of your -- how you're differentiating compared to, let's say, a small- scale wealth manager or some of the bank -based wealth outlets? I mean, what capabilities do you really have to kind of maintain or gain market share over medium to long term?

Whilst our size has increased over time, our ambitions have never been boutique . Now, the size is reflecting our ambition, but the runway for growth is much larger from here. There are a lot of capabilities that help us bring these unique transactions to customers. At the group level capabilities, we have businesses across capital market segments, whether it's alternatives or institutional equities. We have significant skin in the game in all our products allow ing us to source very proprietary transactions. Similarly, if you look at some of the group products, whether it is capabilities th at we have created in private credit or private equity & the investments we have in research across these businesses, allows us to do due diligence on many transactions. We also see many transactions which helps us source transactions across asset classes, whether it is real estate, private credit or private equity.

Moderator

The next question is from the line of Lalit Mohan Deo from Equirus Securities.

Sir, just two, three questions. So firstly, on the mutual fund business side, so we have seen that our market share in MF flows have come down from 7.5% to around 3%. So, any particular channel where we have seen a decline in the flows or is it broadly across channels over there? And while you have indicated that currently it is moving above AUM market share. So, is it around the current level? Or any other improve materially to the earlier levels? Second was on the Private Wealth Management. So, this quarter, we have added a material number of families over there like more than 9,000. But also, could you give us more colour on within this family count, like how much of these families will be there where we have a material relationship of more than INR10 crores and where we can potentially increase further relations over there? And lastly, from a 2-year perspective, like given the current business construct, how should we look at -- from a revenue perspective and a profitable perspective across different segments? Like what could be the desired mix between different segments?

Over the last 3/5/10 years, our annuity stream of revenue has consistently gone up. They are now at over 60% of the total revenues . The Asset Management and Private Wealth Management Business share of profitability because of their annuity nature too have consistently gone up, and that trend will continue to rise in FY27.

We saw drop in the gross flows as well, but that was small. We saw heightened redemption pressure in the month of Jan ’26 & Feb’26 that reduced in Mar ’26 and is actually below normal in Apr ’26. In Wealth channel highest pressure was seen. Retail and digital channels held out much better.

On our quality of clients, we work with 9,000 families, of which almost 50% have UHNI potential. The scale and quality of clients is steadily improving. One of the headline numbers that you should look at is, in spite of the denominator going up, which is the number of RMs, the AUM per RM has been steadily rising.

Yes. Sir, just one last data keeping question. So, in the wealth business, we have seen, sir, some pickup in the TDI transaction income transaction distribution income. So, what would attribute to the same? Shalibhadra Shah – CFO: In Q4FY26, the transaction income in the wealth business is higher because of the distribution revenues from Insurance. So, the delta coming out of the transaction revenues in distribution business can be largely attributed to the same.

Moderator

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Shalibhadra Shah for closing comments. Thank you, and over to you, sir. Shalibhadra Shah – CFO: On behalf of Motilal Oswal Financial Services, we thank every participant for attending the Q 4FY26 con-call. In case you have any further questions or clarifications, please do get in touch with our investor relations desk. Thank you and have a great day. Please contact ir@motilaloswal.com for any queries.

The reader is requested to also refer to audio recording of the call uploaded on company website. Our conference call transcripts are edited to correct any grammatic al inaccuracies or inconsistencies of English language that might have occurred inadvertently while speaking.