Motilal Oswal Financial Services (MOFSL) has received an upgrade in its long-term credit rating from India Ratings and Research. According to the latest press release from India Ratings, the company's long-term credit rating has been upgraded to 'IND AA+/Stable', representing an improvement from the previous rating of 'IND AA/Positive'. The upgrade was announced on September 16, 2026, as part of the company's continued transformation into an integrated wealth creation platform.
The rating upgrade applies to multiple financial instruments across Motilal Oswal's group companies. As reported in the latest press release, the upgrade covers non-convertible debentures (NCDs) and bank loan facilities of both MOFSL and Motilal Oswal Home Finance (MOHFL). Additionally, the rating applies to NCDs of Motilal Oswal Finvest (MOFL). The upgrade extends to MOHFL and MOFL, with the rating now 'IND AA+/Stable' across all three companies.
Beyond the long-term debt instruments, India Ratings and Research has also affirmed the 'IND A1+' rating on the commercial paper programmes of multiple group companies. According to the latest press release, the affirmed ratings cover commercial paper programmes of MOFSL, MOFL, and Motilal Oswal Wealth (MOWL). The 'IND A1+' rating has been affirmed across all these entities, providing comprehensive coverage of the group's short-term funding instruments.
The credit rating upgrade reflects Motilal Oswal's strategic transformation into an integrated wealth creation platform. As noted in the rating rationale, the upgrade is driven by continued scale-up of asset management and private wealth businesses, rising recurring fee-based revenue, and sustained profitability growth visibility across key operating segments. The company has deliberately shifted revenue towards fee-based, annuity-like streams while keeping balance sheet conservative, with two-thirds of revenue now being recurring and asset and wealth management businesses leading profits.
The credit rating upgrade strengthens Motilal Oswal's position as an integrated capital market player. According to Mr. Shalibhadra Shah, Group Chief Financial Officer, the company is now 'rated AA+ from all the three leading rating agencies in India', providing enhanced access to diversified funding and greater efficiency in borrowing costs as the company scales its lending, housing finance and wealth businesses. Mr. Motilal Oswal, Managing Director and CEO & co-founder, emphasized that this upgrade belongs to the more than 15 million clients who trust the company, strengthening their resolve to build an institution that compounds trust as patiently as it compounds wealth.
