This article first appeared on GuruFocus .
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Total ARR AUM:Increased by 19% to INR3,42,000 crore.
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Wealth AUM:Grew by 24.2% to INR2,42,000 crore.
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Asset Management AUM:Increased by 8.2% to INR1,00,000 crore.
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Overall AUM:Grew by 17% to 7.8 lakh crore as of June 30, 2026.
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ARR Net Flows:INR10,815 crore in Q1 FY27, up from INR8,985 crore in the previous quarter.
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Wealth Business Flows:INR13,379 crore, compared to INR6,957 crore in Q4.
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Q1 FY27 ARR Revenue:INR614 crore, up 20.3% year-on-year.
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Total Revenue:Increased by 80% to INR870 crore.
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Total Cost:INR446 crore with a cost to income ratio of 51.3%.
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Profit After Tax:INR330 crore, an increase of 14.8%.
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Tangible ROE:19.4%.
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Release Date: July 16, 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 19% increase in total ARR AUM, reaching INR3,42,000 crore, with significant growth in both wealth and asset management segments.
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The company achieved a 20.3% year-on-year increase in ARR revenue, now comprising 75% of total revenue from operations.
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Profit after tax increased by 14.8% to INR330 crore, with a tangible ROE of 19.4%, indicating strong financial performance.
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The company's UHNI franchise continues to perform well, with a focus on deepening wallet share and expanding beyond top cities.
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360 One Wam Ltd ( BOM:542772 ) is making strategic investments in technology, portfolio analytics, and client data security to enhance its service offerings.
Negative Points
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The company experienced negative net flows due to a large outflow in an institutional mandate, impacting overall performance.
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There is pressure on retentions across the board, with a noted decline in retention rates for both AMC and wealth management segments.
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The cost to income ratio remains high at 51.3%, with expectations for gradual improvement as businesses scale up.
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The asset management business is facing challenges with PMS structures, which are being overshadowed by alternative investment platforms.
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The company is experiencing competitive pressure in the market, which may impact margins and retention rates in the future.
Q & A Highlights
Q: Can you provide insights on the net flows and whether they are more skewed towards wealth due to outflows in AMC, particularly in PMS? A: Karan Bhagat, CEO, explained that while there was a significant outflow from one institutional mandate, the overall flows remained strong. He anticipates that net flows will be split 70/30 or 75/25 in favor of the wealth business. The PMS structure faces challenges, and future flows may favor alternative structures like AIFs or mutual funds.
Q: What are your expectations for the cost-to-income ratio, and how do you see the private credit industry evolving? A: Bhagat expects the cost-to-income ratio to improve by 100-150 basis points due to strategic initiatives and business scaling. He sees the private credit industry as promising, with opportunities in various segments, and expects it to grow rapidly, similar to the private equity industry.
Q: Can you elaborate on the retention pressures and the impact of the UBS collaboration on operating leverage? A: Retentions have decreased slightly due to business mix changes. The UBS collaboration is expected to bring significant operating leverage without substantial cost increases, with an anticipated asset exchange of $500-600 million between the firms.
Q: How do you plan to achieve the target of 400 RMs, and what impact will this have on the cost-to-income ratio? A: Bhagat aims to add 30-40 RMs annually to reach the target, with the cost-to-income ratio expected to stabilize around 46-47% for the ultra-HNI segment. The hiring process is designed to maintain productivity and operating leverage.
Q: What is the contribution of new teams to the wealth segment's growth, and how do you see transactional revenues evolving? A: The growth in the wealth segment is driven by an increase in the number of clients and higher wallet share. Transactional revenues are expected to stabilize, with a focus on consistent income rather than lumpy transactions, and a target of INR125-150 crore per quarter.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
