Motilal Oswal Financial Services has set an ambitious target to grow profits tenfold over the next decade, while simultaneously preparing for a leadership transition. According to reports from The Economic Times, the ₹60,000 crore group has already demonstrated strong historical performance with revenue growing at 24% CAGR and PAT at 28% CAGR over the last 20 years. In FY26, the company reported revenue of ₹9,416 crore and profit of ₹1,869 crore. The billionaire co-founder Motilal Oswal attributed this outperformance to financial markets growing 1.5x to 2x nominal GDP growth historically, with the firm's profit growth at 26-27% compared to Nifty's 12-13% earnings growth.
The group has inducted the next generation—Pratik Oswal and Vaibhav Agrawal—onto the board, marking a significant step in succession planning. As reported by The Economic Times, Pratik Oswal now heads the passive and quant funds business at Motilal Oswal Asset Management, while Vaibhav Agrawal oversees assets of over ₹36,000 crore across the alternate investment and PMS platform. The succession plan also elevates Group Managing Director Navin Agarwal as effectively equivalent to a promoter, with Oswal confirming he holds around 5-6% of the company through ESOPs and is the third-largest shareholder. The current board composition includes 4-5 family members and 4 professionals, with Navin among the professionals.
Motilal Oswal has built a ₹9,400 crore treasury engine that has compounded at 40% annually since FY14, drawing inspiration from Warren Buffett's Berkshire Hathaway model. According to The Economic Times, the firm now manages or advises close to ₹7 lakh crore in assets and spans seven business lines—retail broking, institutional broking, asset management, wealth management, private equity, investment banking and housing finance. The company has raised roughly ₹1,000 crore in private equity for unlisted companies over the past decade and operates with roughly 12,500–13,000 employees. Oswal emphasized the firm's deliberate approach to avoid high-risk situations and build its brand independently without backing from a large industrial group.
The jewellery sector has experienced a remarkable 40% surge in just one month, with Indian jewellery stocks leading the charge after strong June quarter business updates. According to ETMarkets, Kalyan Jewellers led the pack with 40% gains, followed by Sky Gold at 25%, Thangamayil Jewellery at 24%, Goldiam International at 21%, PC Jeweller at 15%, Titan Company at 14%, and Senco Gold at 9%. This rally comes despite multiple headwinds including soaring oil prices, rising inflation concerns, and customs duty on gold being raised to 15% from 6%. Titan Company reported a 41% year-on-year rise in consumer businesses during the June quarter, with domestic business growing 37% year-on-year and total store count reaching 3,517. The strong performance is attributed to healthy festive demand and robust growth in international operations, with jewellery continuing as the biggest contributor with 39% growth.
Market experts attribute the recent jewellery sector rally to improving fundamentals rather than sentiment alone, as organised players continue gaining market share from the unorganised segment. According to ETMarkets, Pankaj Kumar from Kotak Securities prefers Titan Company (ADD, Fair Value: ₹4,725) and Bluestone Jewellery (BUY, Target Price: ₹625) as preferred picks over the next 12-18 months. Anil from Choice Institutional Equities believes the growth momentum appears sustainable beyond Q2, with stable gold prices supporting continued healthy growth. Nomura expects Titan to continue outpacing industry growth and raise its market share to 10% by FY28F, driven by expansion into Tier 2, Tier 3 and Tier 4 towns. The second half of the year is typically stronger for the industry, supported by the festive season and peak wedding period, with analysts noting that valuations for some jewellery stocks are no longer inexpensive, making future returns increasingly dependent on earnings delivery.
