• Total AUM reached ₹6.7 lakh crores (22% CAGR over 5 years), with ARR AUM at ₹3.09 lakh crores (+26% YoY) - wealth at ₹2.16 lakh crores and asset management at ₹95,000 crores
• ARR net flows of ₹5,875 crores for FY26, with organic net flows (excluding acquisition-related outflows) rising 36% to ₹5,919 crores, representing 14% of opening AUM
• ARR revenue grew 34.5% YoY to ₹2,028 crores, now comprising 75% of total revenue from operations; Q4 ARR revenue at ₹605 crores (+20.4% YoY)
• Reserve program (HNI segment) now manages ₹4,000 crores for 650+ clients across 60 RMs in 12 locations, with ~90 bps ARR retention and expected significant performance improvement
• 361 Capital (formerly BNK Securities) fully integrated with 500+ mid/small cap companies under coverage, 300+ institutional clients, 90%+ cash segment share in broking revenue, and strong synergies emerging
• Board approved first interim dividend of ₹6 per share, demonstrating disciplined capital allocation while retaining capacity for growth investments
• Tangible ROE at 19.3% with expectation to improve as capital is deployed in lending and alternative businesses
• Received tax demand order of ₹336 crores but management confident of no material impact with adequate legal grounds to appeal

360 One WAM delivered strong FY26 results with 26% YoY AUM growth to ₹3.09 lakh crores and 34.5% ARR revenue growth to ₹2,028 crores, achieving highest-ever PAT of ₹1,205 crores (up 20.7%). Management expressed strong confidence in the platform's competitive positioning, citing brand strength, talent quality, and diversified offerings across wealth, asset management, and institutional equities, with guidance for 20-25% wealth AUM growth and improving operating leverage despite near-term integration costs.

360 One WAM reported robust financial performance for FY26 with total revenue increasing 18.6% to ₹3,144 crores. Q4 revenue stood at ₹780 crores, up 18.5% YoY. ARR revenue, the most critical metric, grew 34.5% YoY to ₹2,028 crores for the full year and ₹605 crores for Q4 (+20.4% YoY). ARR retention remained healthy at 78 bps overall (76 bps wealth, 83 bps asset management). Transaction and broking revenues rose 4.4% to ₹777 crores for FY26 and ₹230 crores for Q4 (+53.7% YoY), with the strong Q4 reflecting full quarter consolidation of 361 Capital. Total costs stood at ₹1,568 crores with cost-to-income at 49.9% (core UHNI wealth and asset management remained stable at 44-45%, with higher ratio reflecting investment phase of newer businesses). The company achieved its highest-ever PAT of ₹1,205 crores, up 20.7% YoY, with tangible ROE at 19.3%. Management noted that gross flows on asset management side were ₹5,200 crores in Q4 (₹19,000 crores for full year), though net flows were lower due to ₹2,600 crores in fund maturities and distributions.

Management displayed high confidence throughout the call, with CEO Karan Bhagat providing extensive strategic commentary emphasizing the company's strongest-ever brand position after 18-19 years. Key themes included: (1) Brand as a critical moat with integrity and fiduciary responsibility at its core, (2) Platform strength in attracting best-in-class talent across investment and relationship management professionals, (3) Successful diversification across asset classes enabling clients to achieve 15.4% CAGR returns over 16 years with reduced volatility through 40-50% listed equities, 25% yield assets, 5% international, and 10-15% alternatives allocation. Management acknowledged execution challenges in newer businesses (HNI segment, ET Money, 361 Capital) but expressed confidence in improvement, targeting cost-to-income ratio reduction from 50% to 45-47% over 2-3 years. Strategic priorities include growing wealth RMs from 200 to 325-330, expanding HNI business meaningfully, building investment banking capabilities, and leveraging AI for productivity. Management emphasized disciplined approach to talent acquisition (staying at 90th-110th percentile compensation) and conservative carry accounting policies. Overall tone was bullish on India's domestic fundamentals and the firm's positioning to capture disproportionate market share growth from current 8-10% to 12-15%.

Key challenges highlighted include: (1) Cost-to-income ratio pressure at 49.9% overall, though management targets improvement to 45-47% as newer businesses scale and operating leverage improves, (2) Discretionary PMS segment showing persistent outflows for several quarters, attributed to overly benchmark-hugging strategies that management is pivoting away from, (3) Competitive intensity for relationship manager talent requiring premium compensation (90th-110th percentile) and risk of 2-4% annual attrition, (4) Integration and scaling challenges in three newer businesses (HNI/Reserve program, ET Money, 361 Capital) that are currently diluting overall profitability, (5) Tax demand order of ₹336 crores received, though management confident of successful appeal, (6) Market volatility with FIIs withdrawing $15-20 billion in FY26, testing client conviction, (7) Execution risk in scaling relationship managers from 200 to 325-330 over 2-3 years while maintaining productivity, (8) UBS collaboration synergies materializing slower than expected due to regulatory approval delays in GIFT and platform integration, (9) Mutual fund trail income compression from April 2026 regulatory changes, though impact estimated at only 2-3% given institutional focus, (10) Investment banking platform still being built with meaningful contribution expected only in 12-18 months. Management acknowledged distribution asset net flows being negative (₹212 crores) due to corporate treasury rebalancing, separate from core UHNI performance.

Revenue Outlook: Expect ARR AUM to grow 12-15% from net flows annually, plus 10-12% mark-to-market benefit, targeting 20-25% overall wealth AUM growth; TBR guidance revised upward to ₹175-180 crores quarterly (from previous ₹125-130 crores) post-361 Capital integration

Margin Outlook: Target cost-to-income improvement to 45-47% over next 2-3 years from current 49.9%, driven by operating leverage in core business and newer businesses reaching breakeven/profitability; core UHNI/AMC to maintain 44-45% range

Key Targets:

• Grow wealth relationship managers from 200 to 325-330 over 2-3 years at 25-30% annual growth
• Scale client base from 4,500 to 8,000-10,000 families, increasing market share from 8-10% to 12-15%
• HNI Reserve program expected to head toward breakeven in near term with improved financial performance
• Investment banking platform to begin meaningful contribution in 12-18 months
• Equity brokerage revenue to double/triple from current ₹85-90 crores annually over 3-5 years
• Asset management carry income expected at 10 bps of carriable AUM (₹35,000 crores) = ₹175-325 crores annually
• Wealth business PAT growth target: 15-25% annually

The Q&A session revealed analyst focus on three main areas: (1) sustainability of strong transactional revenues and integration benefits from 361 Capital, (2) challenges in discretionary PMS flows and strategies to reverse the trend, and (3) understanding margin trajectory amid aggressive RM hiring plans. Analysts probed deeply into the economics of newer businesses (HNI Reserve, ET Money, 361 Capital) and their drag on overall profitability. Management responded confidently, providing detailed operational metrics and emphasizing that core UHNI/AMC business maintains industry-leading 44-45% cost-to-income while newer businesses are in investment phase. Key concerns raised included competitive intensity for talent, execution risk in scaling RMs 60%+ over 2-3 years, and slower-than-expected UBS synergies. Management addressed these by highlighting brand strength (strongest in 18 years), successful recent RM additions in key markets, and conservative financial planning. Analysts were particularly interested in client quality evolution (family office penetration) and carry income visibility, with management providing granular detail on portfolio construction, 15.4% historical client returns, and carry accounting methodology. Overall, management struck a balanced tone - acknowledging near-term margin pressure and execution challenges while expressing strong conviction in multi-year growth trajectory driven by market share gains, platform diversification, and operating leverage. The tax demand order of ₹336 crores was notably underplayed with management confident of appeal success.