Motilal Oswal Alternates

Mumbai, India Listed
Motilal Oswal Alternates is engaged in alternative investment management.
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About Motilal Oswal Alternates

Motilal Oswal Alternates is a publicly listed company based in Mumbai (India). Motilal Oswal Alternates is engaged in alternative investment management. It operates on a Professional Services and Brokerage / Intermediation model. The company has 7,537 employees. Motilal Oswal Alternates has completed 2 acquisitions, including Megafine and Symbiotec. Its Indian entity Motilal Oswal Financial Services Limited reported revenue of ₹9,423 Cr. Motilal Oswal Alternates offers products and services including Private Equity and Real Estate. Its focus areas include Financials, Asset Management and Alternative Investments.

Company details

Motilal Oswal Alternates is involved in managing alternative investments across multiple asset classes in India. Focus is placed on private equity and real estate sectors. Investment solutions are provided to propel entrepreneurial potential and fuel growth in property development. A deep understanding of Indian markets and businesses is leveraged to deliver superior returns. Sustainability and responsible investment choices are integrated into decision-making processes. Partnerships with developers and businesses are fostered to create long-term value.

Operational Areas
Financial Services → Asset Management
Key Metrics
  • Market Cap
    ₹59,460 Cr

    MOTILALOFS · NSE

  • Share Price
    ₹941.95

    -4.48% today

  • Revenue
    ₹9,381 Cr

    FY 2025-26 · +12.5% YoY

  • EBITDA
    ₹3,877 Cr

    Margin 41.3%

  • Net Profit
    ₹1,860 Cr

    FY 2025-26 · -25.6% YoY

  • P/E (TTM)
    29.5x

    P/B 4.5x

  • ROE
    15.6%

    ROCE 12.7%

  • Debt / Equity
    1.50

    Interest cover 35.5x

  • Employee Count
    7,537
  • Investments & Acquisitions
    Megafine

    & 1 more

Products & Services of Motilal Oswal Alternates

Motilal Oswal Alternates offers a comprehensive portfolio of products and services, including Private Equity and Real Estate.

Private Equity
Investment Services

Private equity investments are managed for growth capital.

Real Estate
Investment Services

Real estate funds are offered for property development.

Board of directors of Motilal Oswal Financial Services Limited (Motilal Oswal Alternates)

Motilal Oswal Financial Services Limited is the primary company behind Motilal Oswal Alternates. The board of Motilal Oswal Financial Services Limited currently have 14 directors; the longest-serving is Raamdeo Ramgopal Agarawal, appointed in 2005. 14 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Raamdeo Ramgopal Agarawal
DIN 00024533
Director18 May 200521 yrs 5 moMotilal Oswal Financial Services Limited
Navin Hariprasad Agarwal
DIN 00024561
Managing Director18 May 200521 yrs 5 moMotilal Oswal Financial Services Limited
Motilal Gopilal Oswal
DIN 00024503
Managing Director18 May 200521 yrs 5 moMotilal Oswal Financial Services Limited
Ajaykumar Sreedhara Menon
DIN 00024589
Whole-time director21 Aug 20188 yrs 2 moMotilal Oswal Financial Services Limited
Pankaj Bhansali
DIN 03154793
Director01 Jul 20206 yrs 4 moMotilal Oswal Financial Services Limited
Divya Sameer Momaya
DIN 00365757
Director01 Jul 20206 yrs 4 moMotilal Oswal Financial Services Limited
Rajat Rajgarhia
DIN 07682114
Whole-time director31 Jul 20206 yrs 3 moMotilal Oswal Financial Services Limited
Swanubhuti Jain
DIN 09006117
Director24 Dec 20205 yrs 10 moMotilal Oswal Financial Services Limited
Pratik Motilal Oswal
DIN 06704419
Director01 Nov 20251 yrMotilal Oswal Financial Services Limited
Vaibhav Raamdeo Agrawal
DIN 06663890
Director01 Nov 20251 yrMotilal Oswal Financial Services Limited
Josephconrad Agnelo Dsouza
DIN 00010576
Director01 Nov 20251 yrMotilal Oswal Financial Services Limited
Ashok Kumar Parasmal Kothari
DIN 11233451
Director01 Nov 20251 yrMotilal Oswal Financial Services Limited
Sunil Badriprasad Goyal
DIN 00503570
Director01 Jul 20264 moMotilal Oswal Financial Services Limited
Smita Bhagat
DIN 08445343
Director01 Jul 20264 moMotilal Oswal Financial Services Limited

People of Motilal Oswal Alternates

3 people are tracked at Motilal Oswal Alternates (2 in leadership, 1 in team); the tracked headcount is 7,537.

NameRoleGroup
Vishal Tulsyan
Chief Executive OfficerLeadership
Anand Lakhotia
Managing Director & Co-head (real Estate Fund)Leadership
Swati Sarda
Investment ProfessionalTeam
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Complete people profiles for Motilal Oswal Alternates

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  • Team structure
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IPO & Listings of Motilal Oswal Alternates

Motilal Oswal Alternates is a publicly listed company on the NSE with ticker symbol MOTILALOFS in India, operating in the Stock/ Commodity Brokers sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • Listed onNSE: MOTILALOFS
  • Listed entityMotilal Oswal Financial Services Limited
  • Exchange sectorStock/ Commodity Brokers

Financials of Motilal Oswal Alternates

Exchange-reported figures of Motilal Oswal Financial Services Limited, the listed company behind Motilal Oswal Alternates (NSE: MOTILALOFS).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹9,381 Cr
+12.5% YoY
EBITDA
₹3,877 Cr
-14.7% YoY
Profit After Tax
₹1,860 Cr
-25.6% YoY
Net Worth
₹12,888 Cr
+16.3% YoY
Total Assets
₹34,207 Cr
+32.3% YoY
Total Debt
₹21,255 Cr
+44.3% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue9,3818,3407,0694,1784,2983,6262,358
Revenue growth+12.5%+18.0%+69.2%-2.8%+18.5%+53.8%-
EBITDA3,8774,5464,0671,8772,1201,928812
EBITDA margin+41.3%+54.5%+57.5%+44.9%+49.3%+53.2%+34.4%
Profit before tax2,4723,2263,0321,2421,6161,458285
Net profit1,8602,5022,4429321,3101,329183
Net profit margin+19.8%+30.0%+34.5%+22.3%+30.5%+36.7%+7.8%
EPS (₹)31.0641.74163.8362.9987.8584.8812.38
Balance sheet
Total assets34,20725,86222,55616,56111,85310,1877,750
Net worth12,88811,0798,7326,2525,6744,4613,086
Total debt21,25514,73213,78710,2786,1525,6934,627
Cash & bank13,48310,49812,0718,8375,3153,4981,378
Net working capital9,6946,1345,7024,2402,0311,449157
Cash flow
Cash from operations(6,071)1,215(350)(3,058)1,011(139)952
Cash from investing(958)(1,077)(247)(274)(447)(273)(353)
Cash from financing6,1547453,3063,770282861(129)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue3,4262,6762,1121,8492,7371,1901,9932,841
Revenue growth (YoY)+25.2%+124.8%+5.9%-34.9%+18.3%---
Other income6.4716.058.5010.767.1218.2925.6515.38
EBITDA1,9702051,1058401,7202801,0611,816
EBITDA margin+57.6%+7.7%+52.9%+45.6%+63.0%+23.7%+53.4%+64.2%
Depreciation27.8927.6529.1127.7726.1426.2227.3023.41
Interest414388336317295298319354
Profit before tax1,534(194)7485061,406(26.66)7411,454
Tax26024.6618214325036.52175332
Net profit1,274(219)5663631,156(63.18)5661,122
EPS (₹)20.77(3.69)9.215.9719.10(1.08)9.2618.44
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue4,7595,3594,5632,6662,5792,1981,270
Revenue growth-11.2%+17.5%+71.1%+3.4%+17.4%+73.1%-
EBITDA1,9402,5092,2509661,0291,014316
EBITDA margin+40.8%+46.8%+49.3%+36.2%+39.9%+46.1%+24.9%
Profit before tax1,1351,7281,792725864876194
Net profit9221,3911,491569707823196
Net profit margin+19.4%+26.0%+32.7%+21.3%+27.4%+37.4%+15.5%
EPS (₹)15.3323.22100.0338.4747.4150.5513.29
Balance sheet
Total assets21,68315,87412,6898,1906,4145,6964,194
Net worth7,9517,1175,9164,4544,2423,6172,764
Total debt13,7328,7576,7733,7372,1722,0801,430
Cash & bank12,2898,6549,5397,1614,1702,7191,203
Net working capital8,4934,8323,2972,457942737(81.60)
Cash flow
Cash from operations(5,527)607(498)(1,332)879(660)784
Cash from investing104(334)(487)29.85(357)111(295)
Cash from financing4,6432,2133,2021,212(53.19)443(70.00)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue1,7769411,2211,0911,5058211,2381,781
Revenue growth (YoY)+18.0%+14.6%-1.3%-38.7%-0.8%---
Other income35.0636.8130.0733.4830.2330.3539.0723.06
Total expenses733758689672701658674803
EBITDA1,042183532420804164564977
EBITDA margin+58.8%+19.5%+43.9%+38.5%+53.5%+20.0%+45.6%+55.2%
Depreciation24.2824.0925.3423.8223.2623.0224.4020.56
Interest271261216184177199210212
Profit before tax782(65.08)321246634(27.87)369768
Tax117(16.15)75.9151.25102(19.72)79.97176

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 01 Nov 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue3,4262,6762,1121,8492,7371,1901,9932,841
Revenue growth (YoY)+25.2%+124.8%+5.9%-34.9%+18.3%---
Other income6.4716.058.5010.767.1218.2925.6515.38
EBITDA1,9702051,1058401,7202801,0611,816
EBITDA margin+57.6%+7.7%+52.9%+45.6%+63.0%+23.7%+53.4%+64.2%
Depreciation27.8927.6529.1127.7726.1426.2227.3023.41
Interest414388336317295298319354
Profit before tax1,534(194)7485061,406(26.66)7411,454
Tax26024.6618214325036.52175332
Net profit1,274(219)5663631,156(63.18)5661,122
EPS (₹)20.77(3.69)9.215.9719.10(1.08)9.2618.44
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue9,3818,3407,0694,1784,2983,6262,358
Revenue growth+12.5%+18.0%+69.2%-2.8%+18.5%+53.8%-
Other income42.0877.6861.1719.3621.788.197.53
Total expenses5,5043,7943,0022,3012,1781,6981,546
Employee cost1,9731,7411,3301,008868644540
EBITDA3,8774,5464,0671,8772,1201,928812
EBITDA margin+41.3%+54.5%+57.5%+44.9%+49.3%+53.2%+34.4%
Depreciation11198.7682.5858.3848.2647.5239.71
Interest1,3361,2981,014596478430494
Profit before tax2,4723,2263,0321,2421,6161,458285
Tax60071858630930525569.79
Net profit1,8602,5022,4429321,3101,329183
Net profit margin+19.8%+30.0%+34.5%+22.3%+30.5%+36.7%+7.8%
EPS (₹)31.0641.74163.8362.9987.8584.8812.38
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital60.1959.9314.9014.7914.9114.8514.81
Reserves & surplus12,82811,0188,7176,2375,6594,4473,071
Shareholders' funds (net worth)12,88811,0798,7326,2525,6744,4613,086
Minority interest64.0551.4436.9730.9426.2832.2736.59
Secured loans10,5797,2657,3804,7802,9983,2283,114
Unsecured loans10,6767,4676,4085,4983,1542,4651,513
Total debt21,25514,73213,78710,2786,1525,6934,627
Total liabilities34,20725,86222,55616,56111,85310,1877,750
Assets
Gross block1,4681,3541,105912745690626
Net block769754603466357350333
Capital work in progress1151150.000.000.000.000.00
Investments10,2998,8516,5014,7874,6853,9223,088
Inventories0.000.000.000.000.000.000.00
Sundry debtors4,0582,4041,9181,0291,003911746
Cash & bank balances13,48310,49812,0718,8375,3153,4981,378
Loans & advances932846631613595839367
Total current assets18,47313,74714,62110,4796,9145,2482,490
Total current liabilities8,7807,6138,9196,2394,8823,7992,334
Net working capital9,6946,1345,7024,2402,0311,449157
Total assets34,20725,86222,55616,56111,85310,1877,750
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash6,0175,1352,5762,1381,292844374
Net cash from operating activities(6,071)1,215(350)(3,058)1,011(139)952
Net cash from investing activities(958)(1,077)(247)(274)(447)(273)(353)
Net cash from financing activities6,1547453,3063,770282861(129)
Net change in cash(875)8822,709439845449470
Closing cash13,48310,49812,0718,8375,3153,4981,378
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+12.5%+18.0%+69.2%-2.8%+18.5%+53.8%-
EBITDA growth-14.7%+11.8%+116.7%-11.5%+10.0%+137.5%-
PBT growth-23.4%+6.4%+144.1%-23.1%+10.8%+411.4%-24.5%
Net income growth-25.6%+2.5%+162.1%-28.9%-1.5%+626.9%-
Revenue CAGR (3Y)+31.0%+24.7%+24.9%+21.0%+20.6%+9.6%+7.0%
EBITDA CAGR (3Y)+27.4%+28.9%+28.3%+32.2%+32.7%+11.4%-6.1%
Profitability & leverage
Net income margin+20.0%+30.1%+34.6%+22.3%+30.5%+33.2%+9.1%
Return on capital employed+12.7%+18.7%+20.7%+13.0%+19.1%+21.1%+9.8%
Return on net worth+15.6%+25.3%+32.6%+15.6%+25.9%+31.9%+7.0%
Debt / equity1.501.441.611.381.171.371.59
Long-term debt / equity0.590.560.620.620.670.921.34
Interest cover35.4829.2025.4532.7623.0822.8864.04
Efficiency & per share
Fixed asset turnover6.686.857.075.076.025.524.01
Inventory turnover0.000.000.000.000.000.000.00
Debtors turnover2.923.904.844.134.514.392.09
EPS (₹)31.0641.74163.8362.9987.8584.8812.38
Dividend per share (₹)6.005.0014.0010.0010.0010.004.00
Book value per share (₹)214.12184.84586.02422.73380.57300.43208.39
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue1,7769411,2211,0911,5058211,2381,781
Revenue growth (YoY)+18.0%+14.6%-1.3%-38.7%-0.8%---
Other income35.0636.8130.0733.4830.2330.3539.0723.06
Total expenses733758689672701658674803
EBITDA1,042183532420804164564977
EBITDA margin+58.8%+19.5%+43.9%+38.5%+53.5%+20.0%+45.6%+55.2%
Depreciation24.2824.0925.3423.8223.2623.0224.4020.56
Interest271261216184177199210212
Profit before tax782(65.08)321246634(27.87)369768
Tax117(16.15)75.9151.25102(19.72)79.97176
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue4,7595,3594,5632,6662,5792,1981,270
Revenue growth-11.2%+17.5%+71.1%+3.4%+17.4%+73.1%-
Other income13011980.9926.4036.1126.5436.80
Total expenses2,8192,8512,3131,7001,5501,184953
Employee cost1,1311,086815611529386312
EBITDA1,9402,5092,2509661,0291,014316
EBITDA margin+40.8%+46.8%+49.3%+36.2%+39.9%+46.1%+24.9%
Depreciation96.5087.3972.0350.0638.7636.7629.84
Interest838812466217162128129
Profit before tax1,1351,7281,792725864876194
Tax213337302156157126(2.70)
Net profit9221,3911,491569707823196
Net profit margin+19.4%+26.0%+32.7%+21.3%+27.4%+37.4%+15.5%
EPS (₹)15.3323.22100.0338.4747.4150.5513.29
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital60.1959.9314.9014.7914.9114.8514.81
Reserves & surplus7,8907,0575,9014,4394,2273,6022,749
Shareholders' funds (net worth)7,9517,1175,9164,4544,2423,6172,764
Secured loans3,8302,3892,2331,038661772429
Unsecured loans9,9026,3684,5412,6991,5111,3071,001
Total debt13,7328,7576,7733,7372,1722,0801,430
Total liabilities21,68315,87412,6898,1906,4145,6964,194
Assets
Gross block1,3231,2291,001810656614559
Net block717716575435330326307
Capital work in progress31.4031.110.000.000.000.000.00
Investments6,8596,4185,4764,0564,3473,9443,780
Inventories0.000.000.000.000.000.000.00
Sundry debtors3,5771,8551,466669666616478
Cash & bank balances12,2898,6549,5397,1614,1702,7191,203
Loans & advances663567327244398716197
Total current assets16,52911,07711,3328,0745,2344,0511,879
Total current liabilities8,0366,2448,0355,6184,2923,3141,960
Net working capital8,4934,8323,2972,457942737(81.60)
Total assets21,68315,87412,6898,1906,4145,6964,194
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash4,7832,29780.661,040570677258
Net cash from operating activities(5,527)607(498)(1,332)879(660)784
Net cash from investing activities104(334)(487)29.85(357)111(295)
Net cash from financing activities4,6432,2133,2021,212(53.19)443(70.00)
Net change in cash(780)2,4862,216(89.97)469(106)419
Closing cash12,2898,6549,5397,1614,1702,7191,203
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-11.2%+17.5%+71.1%+3.4%+17.4%+73.1%-
EBITDA growth-22.7%+11.5%+132.8%-6.1%+1.5%+220.6%-
PBT growth-34.3%-3.6%+147.1%-16.1%-1.4%+351.5%-50.5%
Net income growth-33.7%-6.7%+162.1%-19.5%-14.1%+319.3%-
Revenue CAGR (3Y)+21.3%+27.6%+27.6%+28.1%+28.4%+17.4%+112.6%
EBITDA CAGR (3Y)+26.2%+34.6%+30.4%+45.1%+28.7%+17.7%+48.0%
Profitability & leverage
Net income margin+19.4%+26.0%+32.7%+21.3%+27.4%+34.2%+15.5%
Return on capital employed+10.5%+17.8%+21.6%+12.9%+17.0%+20.3%+7.9%
Return on net worth+12.3%+21.4%+28.8%+13.1%+18.0%+23.5%+7.4%
Debt / equity1.491.191.010.680.540.550.53
Long-term debt / equity0.250.140.110.210.200.200.32
Interest cover45.4833.5421.4223.7216.3813.0745.10
Efficiency & per share
Fixed asset turnover3.834.915.133.674.123.802.46
Inventory turnover0.000.000.000.000.000.000.00
Debtors turnover1.803.304.354.034.084.071.57
EPS (₹)15.3323.22100.0338.4747.4150.5513.29
Dividend per share (₹)6.005.0014.0010.0010.0010.004.00
Book value per share (₹)132.09118.75397.04301.12284.51243.54186.64

Investments & Acquisitions by Motilal Oswal Alternates

Motilal Oswal Alternates has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include Megafine and Symbiotec.

Acquisitions
Company NameDescriptionDomainLocationFoundedAcquiredAmount
Megafine
Company manufacturing its own Active Pharmaceutical Ingredients (APIs) and Advanced Intermediates, and also offering CDMO services for innovator and generic pharma companies
megafine.inMumbai, India1995Feb 2025$53.11M
Symbiotec
Non-sterile steroid hormone-based APIs and intermediates are manufactured.
symbiotec.inIndore, India2002Dec 2018$100M
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Complete acquisition details for Motilal Oswal Alternates

Acquired stakes, deal sources and the complete acquisition history require an active premium plan.

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Timeline of Motilal Oswal Alternates

2 dated milestones of Motilal Oswal Alternates across 7 years, from founding to its latest funding, stage changes and deals.

  1. Acquisition Acquires Symbiotec.
  2. Acquisition Acquires Megafine.

Top companies in Asset Management

3 companies that operate in the same segment as Motilal Oswal Alternates (Asset Management) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
SBI Mutual Fund
Provides mutual funds management and financial advisory services.
1987Mumbai, Maharashtra, India
UTI Mutual Fund
Mutual funds, portfolio management, and retirement planning services are offered.
2001Mumbai, Maharashtra, IndiaUSD 142.4 MUSD 180.76 M1,840
Kotak Securities
Online platform for stock trading, mutual funds, and investment tools.
1994Mumbai, Maharashtra, India
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MOTILALOFS: Q2 EBITDA 18.4B RUPEES VS 8.4B (YOY); Q2 EBITDA MARGIN 60.37% VS 45.42% (YOY)
Exchange Update • 4 days ago
MO Alts scripting over $200-mn portfolio exit
VCCircle • 27 days ago
Motilal Oswal group gets SEBI custodian licence to start operations from Q4 - The Economic Times
Economic Times • 1 month ago
Motilal Oswal Alts scores multi-bagger from portfolio exit move
VCCircle • 1 month ago
UBS targets 13% upside in MOFSL shares; check out key triggers
ZEE Business • 1 month ago
Motilal Oswal Alts scores multi-bagger from portfolio exit move
VCCircle • 1 month ago
Motilal Oswal: Company Approves Issuance of Non-Convertible Debentures Worth Up to ₹900 Crores
Exchange Update • 1 month ago
Motilal Oswal Financial Services: Unit Gets SEBI's Green Light To Operate As Securities Custodian.
Exchange Update • 1 month ago
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Frequently Asked Questions about Motilal Oswal Alternates

Motilal Oswal Alternates is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Motilal Oswal Alternates has 7,537 employees.

The primary company behind Motilal Oswal Alternates, Motilal Oswal Financial Services Limited, reported revenue of ₹9,423 Cr for FY 2026, up 12% year on year.

Motilal Oswal Alternates is involved in managing alternative investments across multiple asset classes in India. Focus is placed on private equity and real estate sectors. Investment solutions are provided to propel entrepreneurial potential and fuel growth in property development. A deep understanding of Indian markets and businesses is leveraged to deliver superior returns. Sustainability and responsible investment choices are integrated into decision-making processes. Partnerships with developers and businesses are fostered to create long-term value.

Motilal Oswal Alternates offers Private Equity and Real Estate.

Yes, Motilal Oswal Alternates is publicly traded on NSE under the ticker symbol MOTILALOFS.

Motilal Oswal Alternates has made 2 acquisitions, including Megafine, and Symbiotec.

Motilal Oswal Alternates operates through Motilal Oswal Financial Services Limited.

The legal entities of Motilal Oswal Alternates currently have 16 directors, including Ajaykumar Sreedhara Menon, Raamdeo Ramgopal Agarawal, Pankaj Bhansali and others.

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