Motilal Oswal Financial Services Limited (MOFSL) reported FY26 results showing robust operating earnings and an expanding treasury. Operating profit after tax rose to Rs 23.6 billion (bn) while total profit after tax including other comprehensive income was Rs 20.43 bn, reflecting mark-to-market effects from the treasury book; million (mn) and billion (bn) abbreviations are used subsequently. Net worth strengthened to Rs 128.88 bn and assets under advice exceeded Rs six trillion, underscoring scale across capital market franchises. The housing finance business recorded strong growth with profit after tax increasing 61 per cent year on year to Rs 590 mn in the quarter and 22 per cent to Rs 1.59 bn for the year. Assets under management in housing finance grew 19 per cent to Rs 58.29 bn. During the quarter the housing finance arm raised US$100 mn from the Asian Development Bank, which the company presented as validation of its franchise strength and commitment to inclusive housing finance. The treasury book expanded 12 per cent year on year to Rs 94.03 bn and delivered alpha of about five per cent for FY26, supported by reinvestment of operating profits and strong internal rates of return. Management highlighted a long run treasury book compound annual growth rate of about 40 per cent since FY14 and noted that mark-to-market accounting reduced consolidated reported profit relative to operating earnings. The firm continued to emphasise capital allocation that funds operating growth while limiting dilution. MOFSL described its model as a twin engine of treasury investments and operating businesses with annuity recurring revenue improving predictability and quality of earnings. The group said it intends to widen presence across adjacencies, maintain a minimum operating return on equity target of 20 per cent and pursue disciplined dividend payout and buyback policies. The result commentary positioned the firm to capture wealth creation opportunities in India while sustaining a high credit rating within non-bank capital market peers.