360 ONE WAM LTD — Q1 FY27 earnings call
Summary generated by AI from the official transcript 360 ONE WAM LTD filed with BSE on 21 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
360 ONE WAM reported Q1 FY27 total ARR AUM growth of 19% to Rs 3,42,000 crores and overall AUM growth of 17% to Rs 7.8 lakh crores, with ARR revenues up 20.3% year on year to Rs 614 crores. Profit after tax rose 14.8% to Rs 330 crores, while the cost to income ratio improved to 51.3% from 53.5% in Q4 FY26. Management attributed the asset management business's negative net flows to one large outflow in an institutional mandate, even as wealth business flows rose sharply on strong UHNI momentum and newly onboarded teams.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total ARR AUM: Rs 3,42,000 crores (Q1 FY27)
p. 2
“Our total ARR AUM increased by 19% to Rs 3,42,000 crores, with wealth AUM at Rs 2,42,000 crores, a growth of 24.2%, and asset management AUM at Rs 1,00,000 crores, an increase of 8.2%.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Overall AUM: Rs 7.8 lakh crores (as on June 30, 2026)
p. 2
“Overall, AUM rose by 17% to Rs 7.8 lakh crores as on June 30, 2026.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
ARR net flows: Rs 10,815 crores (Q1 FY27)
p. 2
“We garnered the ARR net flows of Rs 10,815 crores in this quarter as compared to Rs 8,985 crores in the previous quarter.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Wealth business flows: Rs 13,379 crores (Q1 FY27)
p. 2
“The wealth business drove the increase contributing strong flows of Rs 13,379 crores as compared to Rs 6,957 crores in Q4.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
ARR revenue: Rs 614 crores (Q1 FY27)
p. 2
“Q1 FY27 ARR revenues stood at Rs 614 crores, up 20.3% year on year, with ARR revenue now comprising 75% of total revenue from operations.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
ARR retention: 74 basis points (Q1 FY27)
p. 2
“ARR retention was at 74 basis points, with wealth at 71 and asset management at 83 basis points.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
TBR: Rs 208 crores (Q1 FY27)
p. 2
“TBR rose by 37.3% year on year to Rs 208 crores during the quarter.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Total revenue: Rs 870 crores (Q1 FY27)
p. 2
“Total revenue increased 20% to Rs 870 crores driven by strong growth across both wealth and asset verticals.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Cost to income ratio: 51.3% (Q1 FY27)
p. 2
“Total cost stood at Rs 446 crores with a cost to income ratio of 51.3% as compared to 53.5% in Q4 FY26.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Profit after tax: Rs 330 crores (Q1 FY27)
p. 3
“We are very happy to report a profit after tax of Rs 330 crores an increase of 14.8%.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Tangible ROE: 19.4% (Q1 FY27)
p. 3
“Tangible ROE stood at 19.4% and we expect this to improve as capital deployed in our lending and asset businesses begin to reflect in earnings.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
HNI AUM: Rs 5,000 crores (Q1 FY27)
p. 3
“The program now spans approximately 60+ relationship managers across 12 locations, managing in excess of Rs 5,000 crores of AUM for 800+ clients at ARR retention yield of around 90 basis points.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cost to income ratio — 49-49.5% · Q4 FY27
stated conditionally by Karan Bhagat
p. 6
“a little bit of operating leverage, both on the alternates' side of the business as well as on the wealth management side of the business should hopefully take us on Q4 basis from 51% to about 49 - 49.5% and potentially for the full year, approximately 100 - 150 basis points from where we are today.”
Karan Bhagat, page 6 of the filed PDF · View the filing
HNI business break-even — break even on direct cost · by end of this year
stated firmly by Sanjay Wadhwa
p. 3
“As business momentum continues and productivity builds through the year, we expect the business to break even on direct cost by end of this year.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
ET Money business — break-even level · this year
stated firmly by Sanjay Wadhwa
p. 3
“We expect the business to reach break-even level this year.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
UBS collaboration AUM exchange — $500 - 600 million · over a period of time
stated as an aspiration by Karan Bhagat
p. 8
“I think we've got a certain AUM number, a fairly conservative number, but in the region of $500 - 600 million, hopefully to get kind of exchanged between both the organizations over a period of time.”
Karan Bhagat, page 8 of the filed PDF · View the filing
RM count — 350 - 400 RMs · three-year time period
stated as an aspiration by Karan Bhagat
p. 8
“On the RM count, we currently obviously wanted to add about, as you rightly said, move towards a 350 - 400 RM target number.”
Karan Bhagat, page 8 of the filed PDF · View the filing
Transaction and brokerage revenue — Rs 125-150-160 crores a quarter, increasing 15-20% a year · next two to three years
stated as an aspiration by Karan Bhagat
p. 13
“I think all these four things put together should end up somewhere in that ballpark number of Rs "125-"150-"160 crores a quarter. And hopefully, we can kind of keep pushing that up by organically by 15 - 20% a year.”
Karan Bhagat, page 13 of the filed PDF · View the filing
Equity brokerage from listed side — 10-15% of revenues · as we go along
stated as an aspiration by Karan Bhagat
p. 12
“I would like to believe this should be around about 10 - 15% of our revenues as we go along.”
Karan Bhagat, page 12 of the filed PDF · View the filing
Full year cost to income ratio — 49-50% · FY27
stated as an aspiration by Karan Bhagat
p. 17
“That's the desire, yes.”
Karan Bhagat, page 17 of the filed PDF · View the filing
ECM revenue contribution to TBR — 15% to 20% of TBR revenue · over a period of 2-3 years
stated as an aspiration by Karan Bhagat
p. 15
“But over a period of 2 - 3 years, if the transaction brokerage revenue number was to be somewhere between the Rs 750 - 1,000 crores, I would expect 15 odd percent, 15% to 20% to come out of the ECM side.”
Karan Bhagat, page 15 of the filed PDF · View the filing
ECM full-strength team — full-strength team · October or December
stated conditionally by Karan Bhagat
p. 15
“I think it's fair to say somewhere between October or December, we will be a full-strength team on the ECM side.”
Karan Bhagat, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said net flows would broadly remain 70:30 or 75:25 in favour of wealth, with the AMC lopsidedness this quarter due to one institutional redemption, and expects upcoming product launches to balance flows.
Answered by Karan Bhagat
Asked by Mohit Mangal: Will net flows be more skewed towards wealth given AMC/PMS outflows?
p. 5
“I think I would like to still believe our net flows will be broadly broken up as 70:30 or 75:25, broadly in the split being in the favour of the wealth business.”
Karan Bhagat, page 5 of the filed PDF · View the filing
Management expects the HNI business and ET Money improvements to help reduce cost to income by about 100-150 bps, taking Q4 to roughly 49-49.5%.
Answered by Karan Bhagat
Asked by Mohit Mangal: Will cost-to-income improve through FY27?
p. 6
“So, ET money together with the HNI piece should definitely help us retract the cost to income by around about a give or take 100-150 odd basis points.”
Karan Bhagat, page 6 of the filed PDF · View the filing
Management explained about half the four basis point decline was due to carry recognition timing and the rest was due to business mix, with no reduction in margins on any specific business line.
Answered by Karan Bhagat
Asked by Prayesh Jain: What is driving the decline in retentions this quarter?
p. 7
“So, I think broadly, retentions are kind of down approximately from 78 to approximately 73 - 74 basis points.”
Karan Bhagat, page 7 of the filed PDF · View the filing
Management said they aim to add 30-40 RMs a year over three years to reach 350-400 RMs, and that the UHNI cost-to-income would remain around 46-47% including hiring costs.
Answered by Karan Bhagat
Asked by Prayesh Jain: What is the RM addition plan and its effect on cost to income?
p. 8
“Today, potentially that means we add around about 30 - 40 RMs a year over the next three odd years.”
Karan Bhagat, page 8 of the filed PDF · View the filing
Management reiterated carry guidance of around 4 basis points on alternates AUM, translating to roughly Rs 240 crores for the year.
Answered by Karan Bhagat
Asked by Dipanjan Ghosh: What is the outlook for carry as a percentage of recurring yield for FY27/FY28?
p. 13
“I mean, Rs 60,000 crores into around about 4 basis points, Rs 240 odd crores for the year are broadly what I would look at.”
Karan Bhagat, page 13 of the filed PDF · View the filing
Management confirmed the exceptional cost related to ESOPs tied to the B&K acquisition.
Answered by Karan Bhagat
Asked by Dipanjan Ghosh: Is there an exceptional cost of Rs 12-13 crore this quarter?
p. 13
“I think that Rs 12-13 crores is exceptional cost is just related to ESOPs relative to the acquisition.”
Karan Bhagat, page 13 of the filed PDF · View the filing
Management described HNI distribution AUM growth from Rs 500-600 crores to Rs 5,100-5,200 crores, ECM still in early stage with a full team expected by year-end, and equity brokerage synergy from B&K already growing to Rs 310-320 crores.
Answered by Karan Bhagat
Asked by Siddharth: How is the HNI and ECM business developing and what synergies are coming from B&K?
p. 14
“I think just looking at the team itself out of the 60 relationship managers, we've been able to grow distribution assets from a measly number of Rs 500 - 600 crores all the way to Rs 4,000 crores last year.”
Karan Bhagat, page 14 of the filed PDF · View the filing
Management said the SAR cost would only begin next quarter once approved and allotted, spread over four years at about Rs 60 crores.
Answered by Karan Bhagat
Asked by Abhijeet Sakhare: Is there a cost impact from the new SARs announced this quarter?
p. 16
“So that is approximately 12 lakh SARs. So, 12 lakhs would be approximately 130-"140 odd crores into around 40-60 odd crores. So, it will be around about Rs 60 odd crores spread over 3 years.”
Karan Bhagat, page 16 of the filed PDF · View the filing
Management said incremental flows would be more advisory-led on the UHNI side, roughly 60-40 in favour of advisory, though overall client retention is not dramatically different due to cross-platform usage.
Answered by Karan Bhagat
Asked by Abhijeet Sakhare: How should the mix of advisory versus distribution flows evolve as the UHNI client base doubles?
p. 17
“No, more advisory, more advisory led on the Ultra HNI side. So, it's I think, safe to say it would be 60-40.”
Karan Bhagat, page 17 of the filed PDF · View the filing
Risks flagged
Global institutional allocations to listed equity have been muted, affecting AMC net flows
p. 5
“But generally speaking, global allocations to listed equity has been fairly muted over the last six to nine months.”
Karan Bhagat, page 5 of the filed PDF · View the filing
One large institutional mandate reduced its allocation significantly
p. 5
“So outside of one institutional mandate kind of reducing its allocation from around about $550 - 600 million to about $175 - 180 million, the rest of the mandates have stayed quite strong.”
Karan Bhagat, page 5 of the filed PDF · View the filing
PMS structure faces challenges relative to AIF, mutual fund and SIF alternatives
p. 5
“PMS as a structure, obviously is a little challenged because I think purely, purely PMS versus let's say today doing the same product on the AIF side or potentially on the mutual fund side or even on the SIF side.”
Karan Bhagat, page 5 of the filed PDF · View the filing
Ongoing margin pressure on the listed side of the asset management business
p. 8
“I think that business kind of will continuously see a little bit of margin pressure.”
Karan Bhagat, page 8 of the filed PDF · View the filing
Costs from hiring cycles and GB/JB payouts add to cost-to-income when onboarding new teams
p. 17
“So typically, anybody kind of coming into the system or exiting from the system has some bonuses, which he is leaving behind and potentially has built a book in the current organization, which is potentially worth something.”
Karan Bhagat, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.