360 ONE WAM LTD — Q4 FY26 earnings call
Summary generated by AI from the official transcript 360 ONE WAM LTD filed with BSE on 27 Apr 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 FY26 ARR AUM of Rs 3,11,940 crore, up 26% year-on-year, with total AUM of Rs 6.7 lakh crore. Full-year PAT rose 20.7% to Rs 1,225 crore, and the company reported ARR revenue growth of 34.5% for the year alongside a 53.7% rise in Q4 transaction and broking revenue. Management also disclosed a fresh tax demand order of Rs 336 crore, which it intends to appeal, and announced a first interim dividend of Rs 6 per share.
3 statements from this call are not shown because their supporting quotes 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: 311,940 crores (FY26)
p. 2
“Our total ARR AUM increased to 311,940 crores, up 26% year-on-year, with Wealth ARR AUM at 2,16,000 crores and Asset Management ARR AUM at 95,000 crores.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Total AUM: 6.7 lakh crores (March 2026)
p. 2
“Total AUM stood at 6.7 lakh crores as on March 2026, reflecting a 22% CAGR over the last five years.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
ARR net flows: 55,875 crores (FY26)
p. 2
“ARR net flows for FY26 are at 55,875 crores.”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
Organic FY26 net flows: 35,199 crores, up 36% (FY26)
p. 2
“the organic FY26 net flows rose by 36% to 35,199 crores, representing 14% of our opening AUM”
Sanjay Wadhwa, page 2 of the filed PDF · View the filing
ARR revenue: 2,289 crores, up 34.5% (FY26)
p. 3
“FY26 ARR revenue stood at 2,289 crores, up 34.5% year-over-year, and ARR revenue now comprising 75% of total revenue from operations.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Q4 ARR revenue: 605 crores, up 20.4% (Q4 FY26)
p. 3
“Q4 FY26 ARR revenue was at 605 crores, up 20.4% year-over-year.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
ARR retention: 78 basis points (FY26)
p. 3
“ARR retention was at 78 basis points, with Wealth at 76 basis points and Asset Management at 83 basis points.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Transaction and Broking revenue: 777 crores full year, 230 crores Q4 (FY26 / Q4 FY26)
p. 3
“Transaction and Broking revenues rose 4.4% to 777 crores for the full year and Rs. 230 crores for Q4, up 53.7% year-over-year.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Total revenue: 3,144 crores, up 18.6% (FY26)
p. 3
“Total revenue increased 18.6% to 3,144 crores for FY26.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Q4 revenue: 780 crores, up 18.5% (Q4 FY26)
p. 3
“Q4 revenue was Rs. 780 crores, up 18.5% year-over-year, driven by strong growth across both Wealth and Asset verticals, partially offset by lower other income.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Total costs: 1,568 crores (FY26)
p. 3
“On costs, FY26 total costs stood at 1,568 crores.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Cost-to-income ratio: 49.9% (FY26)
p. 3
“FY26 cost-to-income stood at 49.9%.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Tax demand order: Rs 336 crores
p. 3
“we have received an order today from the tax authorities with an aggregate demand of Rs. 336 crores”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Full-year PAT: 1,225 crores, up 20.7% (FY26)
p. 3
“We are happy to report the company recorded its highest full-year PAT in FY26 of Rs. 1,225 crores, an increase of 20.7%.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Tangible ROE: 19.3% (FY26)
p. 3
“Tangible ROEs stood at 19.3%, and we expect this to improve as capital deployed in our Lending and Alternate businesses begin to reflect in earnings.”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Interim dividend: Rs 6 per share
p. 3
“The Board has approved the first interim dividend of Rs. 6 per share, continuing our disciplined capital allocation philosophy”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
AMC gross flow: 5,200 crores Q4, 19,000 crores full year (Q4 FY26 / FY26)
p. 19
“Yeah, broadly I've got for the portfolio. For AMC, the gross flow for the quarter is around 5,200. And for the full year, it is 19,000.”
Sanjay Wadhwa, page 19 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.
Quarterly TBR run-rate — 175-180 crores
stated conditionally by Karan Bhagat
p. 11
“it would be safe to say that 125-130 crores of quarterly TBR now today looks like closer to the 175-180 crores of TBR for sure.”
Karan Bhagat, page 11 of the filed PDF · View the filing
Wealth Management opening AUM net flows — 12-15% of opening AUM · every year
stated as an aspiration by Karan Bhagat
p. 8
“we really strongly believe we should be able to get to 12-15% of our opening AUM every year as net flows”
Karan Bhagat, page 8 of the filed PDF · View the filing
Cost-to-income ratio — 46 to 48% · over the next 2 to 3 years
stated as an aspiration by Karan Bhagat
p. 8
“it's something which we should be able to get down to 46 to 48%, and over the next 2 to 3 years”
Karan Bhagat, page 8 of the filed PDF · View the filing
Equity and equity-related income — double, if not triple · 3 to 5 years
stated as an aspiration by Karan Bhagat
p. 9
“I see that kind of doubling, if not tripling, over the next 3 to 5 years as we add research.”
Karan Bhagat, page 9 of the filed PDF · View the filing
ET Money profitability — breakeven · near term
stated as an aspiration by Sanjay Wadhwa
p. 4
“we would expect the business to head towards breakeven in the near term”
Sanjay Wadhwa, page 4 of the filed PDF · View the filing
Investment Banking platform contribution — next 12 to 18 months
stated as an aspiration by Sanjay Wadhwa
p. 4
“we expect it to begin meaningful contribution over the next 12 to 18 months”
Sanjay Wadhwa, page 4 of the filed PDF · View the filing
Market share — double market share · 3 to 5 years
stated as an aspiration by Karan Bhagat
p. 10
“we only hope to be able to double our market share over the next 3 to 5 years”
Karan Bhagat, page 10 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 the discretionary PMS strategy had been too benchmark-hugging and is being revised, with a relaunch planned.
Answered by Karan Bhagat
Asked by Mohit Mangal: On discretionary PMS outflows on the AMC side.
p. 11
“We launch it somewhere in the first week of June.”
Karan Bhagat, page 11 of the filed PDF · View the filing
Management said carry accrual varies 5-15 basis points depending on the year, with roughly 10 bps a reasonable modelling assumption.
Answered by Karan Bhagat
Asked by Mohit Mangal: On yield guidance ex-carry over the next 2-3 years.
p. 12
“approximately 10 basis points is the right number to look at”
Karan Bhagat, page 12 of the filed PDF · View the filing
Management said core Wealth and Asset Management cost-to-income remains around 44-46% and they see room to hire more RMs while maintaining operating leverage.
Answered by Karan Bhagat
Asked by Prayesh Jain: Whether AUM growth of 20-25% versus profit growth of 15-25% implies cost-to-income pressure from hiring.
p. 13
“I think our cost-to-income remains in the region of the zip code of 44%, 45%, 46%, which is a superb number.”
Karan Bhagat, page 13 of the filed PDF · View the filing
Management said the impact from yield compression is limited, changing overall numbers by only 2-3%.
Answered by Karan Bhagat
Asked by Prayesh Jain: Whether B&K yield compression from mutual fund commission changes will affect the TBR guidance.
p. 13
“I think it changes by around about 2-3%.”
Karan Bhagat, page 13 of the filed PDF · View the filing
Management said their market share is 8-10% with room to grow toward 12-15% by expanding the client base, and expects the industry to stay fairly consolidated.
Answered by Karan Bhagat
Asked by Abhijit Sakhare: On industry consolidation and risk to the 12-15% opening AUM growth guidance.
p. 15
“our own assessment of our market share is somewhere between the 8-10% number.”
Karan Bhagat, page 15 of the filed PDF · View the filing
Management acknowledged attrition as an ongoing risk but said retention has improved and attracted strong new talent.
Answered by Karan Bhagat
Asked by Abhijit Sakhare: On attrition risk given the strong outlook.
p. 15
“we have to be prepared for 2 to 4% attrition every year”
Karan Bhagat, page 15 of the filed PDF · View the filing
Management said there is minimal margin funding exposure and no stress observed in the loan-against-shares book.
Answered by Karan Bhagat
Asked by Gaurav Jain: On stress in the lending/margin funding book given Q4 volatility.
p. 17
“Our margin funding book is less than 50-60 crores.”
Karan Bhagat, page 17 of the filed PDF · View the filing
Management said the process has been slower than desired due to regulatory approvals but expects progress soon.
Answered by Karan Bhagat
Asked by Dipanjan Ghosh: On progress of the UBS referral collaboration and product platform access.
p. 20
“I think just from a regulatory approval process, both in GIFT and as well as on the UBS platform, I think it's taken slightly longer.”
Karan Bhagat, page 20 of the filed PDF · View the filing
Management said quarterly flow variation is normal due to onboarding cycles and should not be read as a trend.
Answered by Karan Bhagat
Asked by Siddharth: On quarter-on-quarter decline in net flows and whether it reflects attrition or client caution.
p. 22
“So really nothing significant between Q3, Q4 in terms of decline.”
Karan Bhagat, page 22 of the filed PDF · View the filing
Management said the mix has improved qualitatively even though headline team leader counts stayed near 70-75, with plans to scale further.
Answered by Karan Bhagat
Asked by Nidhesh: On team leader and RM headcount stability versus growing client base.
p. 23
“we need to move that 75 number, as I said earlier, to potentially 120-130”
Karan Bhagat, page 23 of the filed PDF · View the filing
Risks flagged
Tax demand order from authorities under appeal
p. 3
“we have received an order today from the tax authorities with an aggregate demand of Rs. 336 crores”
Sanjay Wadhwa, page 3 of the filed PDF · View the filing
Attrition of relationship managers and senior talent
p. 15
“while I hear you on the attrition point, I think that continues to be a risk”
Karan Bhagat, page 15 of the filed PDF · View the filing
Execution risk in scaling the business
p. 10
“I think the biggest risk in India, and that's also the biggest opportunity, is at all points of time, we need to roll up our sleeves and handle execution, and that's most important”
Karan Bhagat, page 10 of the filed PDF · View the filing
Yield compression from mutual fund commission changes affecting B&K transaction revenue
p. 12
“B&K obviously will have the challenge of the yields compression that we will get from the mutual fund companies from 1st April”
Prayesh Jain, page 12 of the filed PDF · View the filing
Weaker discretionary PMS flows on the Asset Management side
p. 11
“I think the growth there has been slightly softer than what we would have wanted.”
Karan Bhagat, page 11 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.