Motilal Oswal Home Finance Ltd
Motilal Oswal group's affordable-housing lender: ₹6,100 Cr AUM, ₹159 Cr FY26 profit, AA+ rated and 40% capital adequacy.
Market cap
₹6,321 Cr
602.00 Cr shares
P/E ratio
40.38
Sector average 25
Book value
₹2.72
P/B 3.86
1-year return
-24.13%
52w ₹10 – ₹17
Currently 7% of the way through its 52-week range.
Indicative price history
1Y change
-25.64% ₹14 → ₹11
52-week band in this window: ₹10.50 – ₹14.12. Weekly indicative marks, not exchange-traded prices.
Key highlights
- AUM ₹6,100 Cr in FY26 (+25%) with disbursements of ₹2,291 Cr and NII of ₹393 Cr.
- PAT ₹158.84 Cr in FY26 versus ₹130.26 Cr in FY25; CRAR 40.8% and net leverage 2.3x.
- About 97% owned by Motilal Oswal Financial Services; long-term ratings upgraded to AA+ in 2025.
About MO Home Finance
Motilal Oswal Home Finance Ltd (MOHFL), formerly Aspire Home Finance Corporation, was incorporated on 1 October 2013 and is the housing-finance subsidiary of Motilal Oswal Financial Services (MOFSL), which owns roughly 97% of it. It lends small-ticket home loans (typically ₹10–25 lakh) to self-employed and salaried borrowers in the affordable segment across western, southern and central India through 100-plus branches.
After an asset-quality clean-up between 2018 and 2021, the book has grown steadily: AUM rose from ₹4,878 Cr in FY25 to ₹6,100 Cr in FY26 (+25%), disbursements jumped 28% to ₹2,291 Cr and net interest income rose 15% to ₹393 Cr. Profit after tax was ₹130.3 Cr in FY25 and ₹158.8 Cr in FY26 (+22%). Capital adequacy of 40.8% against a 15% minimum and net leverage of 2.3x leave ample room for growth, and the company's long-term ratings were upgraded to AA+ in 2025.
Sukesh Bhowal is CEO; Motilal Oswal and Raamdeo Agrawal sit on the board with independent directors Divya Momaya and Neha Gada. The shares have a face value of ₹1 and about 602 Cr shares are outstanding, so the unlisted quote of around ₹10–11 values the company near ₹6,300 Cr, or roughly 3.8 times FY26 net worth.
AUM, disbursement, NII and PAT figures are from the company's published results; total income, borrowings and balance-sheet line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Home loans — self-employed55%
Small-ticket loans to informal-income borrowers in tier 2/3 towns
- Home loans — salaried30%
Affordable loans to salaried customers
- LAP & other income15%
Loan against property, fee income and treasury
Products & services
Affordable home loans
Purchase, construction and extension loans of ₹5–35 lakh for self-employed and salaried borrowers.
Loan against property
Secured loans to small businesses against residential property.
Balance transfer & top-up
Refinancing of existing home loans with additional funding.
What works
- • Strong parentage: MOFSL owns ~97% and provides capital, brand and funding access; ratings upgraded to AA+.
- • Capital adequacy of 40.8% and net leverage of only 2.3x support several years of 20%-plus growth without dilution.
- • PAT grew 22% in FY26 with improving operating leverage; disbursements up 57% in Q1 FY26 and 28% for the year.
What to watch
- • Affordable-housing borrowers are informal-income and rate-sensitive; asset quality has been volatile in the past (heavy write-offs in FY19–FY21).
- • At ~3.8x book the unlisted price already discounts strong growth; listed peers trade at 2–4x.
- • No IPO timeline; the parent may prefer to retain the subsidiary, so exits depend on the unlisted market.