This article first appeared on GuruFocus .
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Total ARR AUM:INR311,940 crores, up 26% year-on-year.
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Wealth ARR AUM:INR16,000 crores.
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Asset Management ARR AUM:INR95,000 crores.
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Total AUM:INR6.7 lakh crores as of March 26, reflecting a 22% CAGR over five years.
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ARR Net Flows for FY26:INR55,875 crores; organic net flows rose 36% to INR35,199 crores.
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FY26 ARR Revenue:INR2,289 crores, up 34.5% year-on-year.
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Q4 FY26 ARR Revenue:INR605 crores, up 20.4% year-on-year.
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Transaction and Broking Revenues:INR777 crores for FY26, INR230 crores for Q4, up 53.7% year-on-year.
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Total Revenue for FY26:INR3,144 crores, up 18.6% year-on-year.
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Q4 Revenue:INR780 crores, up 18.5% year-on-year.
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Total Cost for FY26:INR1,568 crores; cost-to-income ratio at 49.9%.
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Full Year PAT for FY26:INR1,225 crores, an increase of 20.7%.
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Tangible ROE:19.3%.
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Interim Dividend:INR6 per share.
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Release Date: April 21, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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360 One Wam Ltd ( BOM:542772 ) reported a significant increase in total ARR AUM to INR311,940 crores, up 26% year-on-year.
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The company achieved a strong ARR revenue growth of 34.5% year-on-year, reaching INR2,289 crores.
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The integration of B&K Securities into 360 One Capital has been completed, enhancing the company's institutional equities business.
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The company recorded its highest full-year PAT in FY26 of INR1,225 crores, marking a 20.7% increase.
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The Board approved an interim dividend of INR6 per share, reflecting a disciplined capital allocation strategy.
Negative Points
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The company received a tax demand of INR336 crores from tax authorities, which it plans to appeal.
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Cost-to-income ratio increased slightly to 49.9%, indicating higher operational costs.
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The discretionary PMS segment has been experiencing outflows for several quarters.
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There is a noted challenge in maintaining competitive yields amidst market pressures.
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The integration and synergy realization from the UBS collaboration and new business initiatives have been slower than anticipated.
Q & A Highlights
Q: What contributed to the strong transaction income in Q4, and is there a revised guidance for TBR? A: Karan Bhagat, CEO, explained that the strong transaction income was due to the ability to play between asset classes, with enhanced efforts in both fixed income and equity brokerage. With the acquisition of B&K Capital, the quarterly TBR guidance has been revised from INR125-130 crores to INR175-180 crores, with aspirations to exceed INR200 crores.
Q: What is the strategy to address outflows in the discretionary PMS segment? A: Karan Bhagat noted that the growth in discretionary PMS has been softer than desired. The strategy is being pivoted to focus more on active management rather than relative returns to the index. Changes have been implemented, and improvements are expected in the coming months.
Q: Can you provide guidance on yields excluding carry over the next two to three years? A: Karan Bhagat stated that the yield is expected to remain stable, with carry contributing approximately 10 basis points annually. The overall yield on alternate assets is projected to be around 95 to 100 basis points, including management fees.
Q: How do you view the competitive environment for relationship manager (RM) hiring, and what is the outlook for cost-to-income ratios? A: Karan Bhagat acknowledged the competitive environment but expressed confidence in the company's ability to attract top talent. The cost-to-income ratio for core businesses remains around 44-45%, with expectations to improve to 45-47% through operational leverage and efficiency.
Q: What is the outlook for the ultra-HNI business, and how does it relate to industry consolidation? A: Karan Bhagat is optimistic about the ultra-HNI business, targeting 12-15% AUM growth annually. He believes the industry will remain consolidated, with room for a few more large players. The company aims to increase its market share by expanding its client base and attracting top talent.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
