Motilal Oswal Q2 FY27: Board Clears ₹3,000 Crore NCDs

Board meeting concludes on October 29

Motilal Oswal Financial Services Ltd held its board meeting on Thursday, October 29, 2026, to consider its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The company had informed stock exchanges about the meeting on October 22 under the Listing Obligations and Disclosure Requirements framework. The board agenda also included a proposal to raise funds through non-convertible debentures, or NCDs.

According to the company’s later board-meeting outcome, the board approved the Q2 and H1 FY27 results. It also approved NCD issuance of up to ₹3,000 crore through a public issue or private placement, in one or more tranches. The information provided does not include detailed numerical financial results for the September quarter. Therefore, the available update confirms the approval of the results but does not establish Q2 revenue, profit, margin, or earnings-per-share figures.

NCD plan forms part of the board agenda

The proposed NCD issuance was specifically listed in the October 22 board-meeting intimation. The company said it would consider issuing non-convertible debentures through public issue or private placement in one or more tranches. The board outcome now records approval for issuance up to ₹3,000 crore.

NCDs are debt instruments and differ from equity fundraising because they do not involve issuing new shares. The filing does not state the coupon rate, maturity, timing of tranches, investor category, or final method of placement. It also does not specify the end use of the proposed proceeds. Those details would need to come through subsequent company disclosures, if announced.

Q1 FY27 offers the latest detailed financial reference

The latest detailed quarterly figures available in the supplied information relate to the June 2026 quarter, or Q1 FY27. On a consolidated basis, Motilal Oswal reported revenue of ₹3,426 crore, compared with ₹2,737 crore in the June 2025 quarter. This represented year-on-year growth of 25%.

Profit before tax stood at ₹1,534 crore in Q1 FY27, compared with ₹1,406 crore a year earlier, an increase of 9%. Consolidated net profit was ₹1,274 crore, up 10% from ₹1,163 crore in Q1 FY26. Earnings per share rose 9% year-on-year to ₹21.15 from ₹19.39.

The comparison with the immediately preceding March 2026 quarter is affected by the reported loss in that period. The company’s consolidated profit before tax for March 2026 was a loss of ₹194 crore, while net profit was a loss of ₹219 crore. Q1 FY27 therefore marked a return to positive quarterly earnings based on the figures supplied.

June quarter revenue rose from March level

Revenue in the June 2026 quarter was also higher than the ₹2,676 crore reported in March 2026. The reported sequential increase was about 28%. The quarterly operating-profit data shows operating profit of ₹1,970 crore in June 2026, compared with ₹205 crore in March 2026.

The June-quarter expense figure was ₹1,456 crore, lower than ₹2,471 crore in the March quarter. The supplied historical table also shows that revenue can vary materially across quarters. Sales were ₹2,737 crore in June 2025, ₹1,849 crore in September 2025, ₹2,112 crore in December 2025, and ₹2,676 crore in March 2026 before increasing to ₹3,426 crore in June 2026.

Key reported figures

The June-quarter numbers provide context for the September-quarter board meeting, but they should not be treated as a proxy for Q2 FY27 performance. The company’s Q2 results were approved on October 29, though detailed figures are not included in the information available here.

Investor call scheduled after the results meeting

Motilal Oswal has scheduled an earnings conference call with investors and analysts for Friday, October 30, 2026, at 12:00 noon. The stated purpose is to discuss financial performance for Q2 and H1 FY27. The call follows the board meeting and the approval of unaudited results.

Such calls typically offer management’s discussion of the period’s financial performance and operating conditions. However, no management comments, outlook, or analyst responses were provided in the available material. Investors will look to the company’s results documents and call disclosures for further detail on the September-quarter numbers and the approved fundraising proposal.

Trading window remained closed ahead of results

The company also announced the closure of its trading window for dealing in its securities from October 1, 2026. The closure was linked to the consideration and approval of unaudited financial results for the September quarter and half year. The stated closure period runs until 48 hours after the declaration of the financial results.

Trading-window closures are a routine compliance measure around unpublished price-sensitive information. In this case, the relevant information included the Q2 and H1 FY27 financial results and the board’s consideration of an NCD issuance. The supplied material does not provide any separate update on when the window will reopen.

Why the funding decision matters

The NCD approval adds a financing decision to a results-day agenda that was already significant for the company’s investors. The authorised amount of up to ₹3,000 crore is substantial relative to the company’s reported quarterly revenue of ₹3,426 crore in Q1 FY27. But it is an approval limit, not confirmation that the full amount has already been raised.

The eventual market relevance will depend on the terms, timing, tranche structure, pricing, and use of proceeds, none of which are disclosed in the supplied information. The company’s next filings will be important for assessing these details. For now, the confirmed facts are that the board has approved Q2 and H1 FY27 results and permitted NCD issuance up to ₹3,000 crore.

What investors can watch next

The October 30 earnings call is the next scheduled event mentioned by the company. It is expected to cover Q2 and H1 FY27 financial performance following the October 29 board meeting. Investors may also watch for the complete unaudited results filing and any subsequent disclosures on the NCD programme.

Motilal Oswal entered the September quarter after reporting ₹3,426 crore in consolidated revenue and ₹1,274 crore in net profit for Q1 FY27. The approved NCD plan creates an additional disclosure point alongside the September-quarter financial update. Further clarity will depend on the detailed results and announcements issued by the company.