Summary
360 ONE WAM LIMITED - Q3 FY26 Earnings Call Summary Thursday, January 15, 2026, 5:30 p.m. IST
Event Participants
Executives 4 Anshuman Maheshwary (COO), Karan Bhagat (MD & CEO), Sanjay Wadhwa (CFO), Yatin Shah (CEO - Wealth Business)
Analysts 7 Abhijit Sakhare, Dipanjan Ghosh, Lalit Deo, Mohit Mangal, Nidhesh Jain, Niranjan Kumar, Siddharth
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Total ARR AUM | ₹3,17,906 crores | +28% YoY; driven by strong net flows and market performance. |
| Wealth ARR AUM | ₹2,18,957 crores | +24.4% YoY; supported by ₹40,000 crores 9M FY26 net flows despite H1 attrition. |
| Asset Mgmt ARR AUM | ₹98,949 crores | +36.8% YoY; strong mobilization in real assets and private credit strategies. |
| Total Net Flows (Q3) | ₹14,758 crores | Significant growth in both Wealth and Asset Management (₹4,400+ crores). |
| Total Revenue | ₹826 crores | +21.8% YoY; led by ARR growth, partially offset by lower other income. |
| ARR Revenue | ₹619 crores | +45.4% YoY; improved retentions and strong asset growth; 77% of total revenue. |
| TBR Revenue | ₹186 crores | +4.2% YoY; includes reclassified institutional equities (360 ONE Capital). |
| Net Profit (PAT) | ₹331 crores | +20.3% YoY; highest ever quarterly PAT for the company. |
| ARR Retention | 81 bps | +5 bps QoQ; includes ~6 bps incremental carry revenue during the quarter. |
| Cost-to-Income Ratio | 48.3% | Flat QoQ; includes ₹7.5 crores impact from new labor code. |
| Tangible ROE | 21.0% | +60 bps QoQ; expected to improve as FY25 capital deployment yields results. |
Geographic & Segment Commentary
Wealth Management: Delivered 9-month organic net flows of ₹19,000 crores (12% of opening ARR AUM). The segment successfully mitigated earlier attrition-related outflows by adding 15-18 new bankers, bringing the total UHNI RM count to 191. Focus remains on deep advice and IPS building for clients with ₹50+ crore portfolios.
Asset Management (Alternates): Total AIF AUM stands at ~₹50,000 crores with strong quarterly mobilization in private credit (₹2,500 crores) and real assets (₹2,000 crores). Management noted that 95% of funds are in the top 90th percentile for performance. Regulatory tailwinds like co-investment vehicles and Large Value Fund (LVF) thresholds are expected to drive future scale.
HNI (RESERVE) Segment: Rapidly scaled from ₹500 crores to ₹3,000+ crores AUM within the current financial year. The business currently employs 60 RMs across 12 locations and targets the ₹5-50 crore client segment. Management expects this segment to break even by mid-FY27.
Company-Specific & Strategic Commentary
UBS Collaboration: Global Collaboration Framework signed in Nov 2025; early traction seen in cross-border referrals with product launches expected by April 2026.
360 ONE Capital: B&K Securities rebranded as 360 ONE Capital, integrating institutional equities to moderate TBR volatility and enhance synergy with UHNI clients.
ET Money Transition: Shifting from a transaction-led app to a comprehensive wealth platform; breakeven expected on a run-rate basis by end of FY27.
Digital & AI: Advancing AI-powered pilots across internal operations and client-facing innovation to drive productivity gains.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Long-term Growth | 22-24% AUM / 22-24% PAT | Targets for 3-year period (April 2025 - April 2028) assuming ~10% MTM. |
| Annual Net Flows | 10-12% of closing AUM | Sustainable target based on maturing teams and new product pipelines. |
| Cost-to-Income | 45-46% (FY27) | Expected improvement from HNI/ET Money breakeven and productivity gains. |
| PAT Target | ₹1,800 - ₹2,100 crores (FY28) | Management aspiration for three-year earnings trajectory. |
Risks & Constraints
| Risk | Context |
|---|---|
| Talent Retention | While the firm added 15-18 RMs, it lost 23 during the period; maintaining a stable RM base is critical for UHNI client stickiness. |
| Carry Revenue Volatility | Carry recognition (6 bps this quarter) is lumpy and dependent on funds crossing hurdles and being within 18 months of maturity. |
| Market Sensitivity | Though diversified, 10% MTM growth is baked into AUM targets; sharp market corrections could impact ARR revenue projections. |
Q&A Highlights
Revenue & Margins
- Question: What are the drivers for the strong TBR performance and its sustainability? (Mohit Mangal)
- Answer: TBR is now diversified across 6-7 lines including brokerage, syndication, and institutional equities. Quality has improved significantly, making it less volatile, though growth will likely be “inflation-linked” as focus remains on ARR. (Karan Bhagat)
Carry & Retentions
- Question: How should we model carry income and overall retentions? (Dipanjan Ghosh)
- Answer: We assume 20-25 bps of carry on Alt AUM (~₹50,000 Cr). Blended retention should normalize around 75-76 bps next quarter after this quarter’s incremental carry recognition. (Karan Bhagat/Anshuman Maheshwary)
Operating Leverage
- Question: When will the cost-to-income ratio start decreasing? (Mohit Mangal)
- Answer: New businesses (ET Money/HNI) currently add 3.5-4% to the C/I ratio. As they trend toward breakeven in FY27, and with core productivity gains, we target a reduction to 45-46%. (Karan Bhagat)
Strategic Partnerships
- Question: What are the unit economics of the UBS referral arrangement? (Lalit Deo)
- Answer: Standard market rates apply for manufacturing/distribution. First-year referral economics are biased toward the introducer, shifting toward the manager over time. (Karan Bhagat)
Key Takeaway
360 ONE WAM delivered a robust Q3 FY26, characterized by its highest-ever quarterly PAT of ₹331 crores and a 28% YoY increase in ARR AUM to ₹3.18 lakh crores. The firm successfully navigated earlier RM attrition by expanding its UHNI banker count to 191 and showing strong organic net flows of ₹19,000 crores in the wealth segment for 9M FY26. Strategic pivots, including the rebranding of B&K to 360 ONE Capital and the scaling of the HNI “RESERVE” segment (₹3,000+ crore AUM), are diversifying revenue streams beyond traditional wealth management. Management maintains a confident three-year outlook, targeting a PAT of ₹1,800-2,100 crores by FY28 through 22-24% annual profit growth. While cost-to-income remains elevated at 48.3%, the path to 45% is clear via the impending breakeven of incubation businesses and synergies from the UBS collaboration. The company appears well-positioned to leverage its leadership in alternates and expanding geographic footprint to sustain its premium market position.
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