Motilal Oswal Financial Services Limited (MOTILALOFS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+462.9%

₹5,755.52

vs ₹1,022.45 price

Levered DCF

-₹1,378.28

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.79

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.33×	14.4×	10.65×	9.71×	9.76×	7.29×	39.83×	30.68×
P/B	2.95×	3.22×	2.98×	1.45×	2.28×	2.1×	2.42×	3.03×
P/S	4.04×	5.55×	5.02×	2.38×	3.52×	3.46×	3.17×	3.9×
EV / EBITDA	20.95×	9.58×	8.37×	9.01×	8.01×	7.18×	14.01×	15.48×
Gross margin	54.3%	54.7%	54.0%	53.2%	53.3%	53.9%	58.5%	60.9%
Operating margin	27.0%	39.6%	40.0%	38.2%	39.3%	89.2%	33.8%	16.5%
Net margin	19.9%	38.8%	47.2%	24.4%	35.7%	46.7%	7.8%	12.4%
Current ratio	1.22×	4.35×	4.29×	4.91×	0.93×	0.51×	0.88×	0.93×
Debt / equity	1.65×	1.33×	1.57×	1.64×	1.08×	1.28×	1.5×	1.69×
Interest coverage	0×	2.03×	2.07×	2.6×	3.19×	5.88×	1.67×	0.77×
Dividend yield	0.9%	0.8%	1.0%	1.6%	0.7%	0.3%	2.1%	1.6%
Payout ratio	19.3%	12.0%	10.3%	15.9%	6.6%	2.3%	85.1%	51.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.5%	22.6%	28.0%	14.9%	23.1%	28.3%	5.9%	9.6%
Return on invested capital	4.4%	5.1%	4.5%	4.1%	9.3%	19.1%	7.5%	3.5%
Return on assets	4.3%	7.4%	7.7%	4.0%	7.7%	8.9%	1.8%	2.8%
Free cash flow yield	3.8%	2.6%	-1.9%	-35.5%	7.4%	9.2%	11.8%	1.9%
Earnings yield	4.9%	7.0%	9.4%	10.3%	10.1%	13.5%	2.5%	3.2%
Enterprise value	₹541B	₹438.6B	₹344.5B	₹167.7B	₹169.4B	₹137.5B	₹112.5B	₹140.4B
Net debt / EBITDA	6.23×	1.78×	2.06×	4.13×	1.9×	2.3×	4.71×	5.27×
Cash conversion cycle (days)	218	62	-678	888	-109	-572	-155	-2,557