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View Promises →360 One Wam Ltd — Q4 FY26
360 One Wam delivered a strong FY26 with total revenue of ₹3,144 crore (+18.6% YoY) and PAT of ₹1,225 crore (+20.7% YoY), driven by robust net flows of ₹55,875 crore (organic +36%) and ARR revenue growth of 34.5%.
bullish
high
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2-Minute Summary
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360 One Wam delivered a strong FY26 with total revenue of ₹3,144 crore (+18.6% YoY) and PAT of ₹1,225 crore (+20.7% YoY), driven by robust net flows of ₹55,875 crore (organic +36%) and ARR revenue growth of 34.5%. The wealth and asset management flywheel is gaining traction, with UHNI franchise contributing 12-15% opening AUM net flows annually. Management guided for 20-25% AUM growth and 15-25% PAT growth in wealth, while targeting cost-to-income improvement from ~50% to 46-48% over 2-3 years. Key risks include execution on scaling relationship managers from 200 to 330 and potential attrition in a competitive talent market.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Execution risk in scaling relationship managers
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Read Transcript →Quarter Snapshot
Total ARR AUM
₹3,11,940 Cr
+26% YoY
Total annualized recurring revenue AUM grew 26% year-on-year to ₹3.12 lakh crore.
Net Flows (Organic)
₹35,199 Cr
+36% YoY
Organic net flows excluding acquisition-related outflows rose 36% to ₹35,199 crore.
ARR Revenue Retention
78 bps
flat YoY
Overall ARR revenue retention was 78 bps, with wealth at 76 bps and asset management at 83 bps.
Quarterly TBR (Q4)
₹230 Cr
+53.7% YoY
Transaction and broking revenue for Q4 was ₹230 crore, up 53.7% YoY, partly due to BNK consolidation.
What Changed vs Last Quarter
NEW
Wealth AUM growth of 20-25% annually
Management expects wealth management AUM to grow 20-25% per year, driven by 12-15% opening AUM net flows and 10-14% market-to-market gains.
NEW
Wealth PAT growth of 15-25%
Wealth management profit after tax is expected to grow 15-25% annually over the next 3-4 years.
NEW
Quarterly TBR run-rate of ₹160-180 crore
Management revised the sustainable quarterly transaction brokerage revenue run-rate from ₹125-130 crore to ₹160-180 crore, with potential to reach ₹200 crore.
UPDATED
Cost-to-income ratio improvement to 46-48%
Overall cost-to-income ratio, currently ~50%, is targeted to improve to 46-48% over the next 2-3 years through operational leverage.
DROPPED
PAT target of ₹1,800-2,100 crore by FY28
Management expects to achieve PAT of ₹1,800-2,100 crore in three years (by FY28), implying a 22-24% CAGR from the ₹1,000 crore base in FY25.
DROPPED
AUM growth of 22-24% per annum
Management expects to grow AUM by 22-24% annually, with net flows of 10-12% of opening AUM and 9-10% market appreciation.
DROPPED
HNI business to break even in 3-6 months
The HNI (Reserve) business, currently at ₹3,000+ crore AUM, is expected to reach breakeven within the next 3-6 months.
NEW RISK
Execution risk in scaling relationship managers
Scaling senior RMs from ~200 to 330 over 12-18 months is challenging; attrition and competition for talent could slow progress.
NEW RISK
Attrition of key relationship managers
Management acknowledged 2-4% annual attrition risk; loss of top performers could impact client relationships and flows.
NEW RISK
Regulatory/tax demand of ₹336 crore
Company received a tax demand of ₹336 crore; while management believes it has strong grounds to appeal, an adverse outcome could impact earnings.
RISK GONE
Talent attrition in wealth management
The company experienced attrition of 22-23 relationship managers in key locations, though new hires have offset the losses. Continued talent poaching could impact client relationships and flows.
RISK GONE
Carry income recognition dependency
Carry income is recognized conservatively and can be lumpy; a slowdown in fund exits or market corrections could reduce carry contributions below the assumed 20-25 bps.
RISK GONE
Slow ramp-up of new businesses (ET Money, HNI)
ET Money's monetization model is still being discovered, and the HNI business is scaling cautiously. Delays in achieving scale could pressure cost-to-income targets.
Fast read
Guidance and risk preview
Management expects wealth management AUM to grow 20-25% per year, driven by 12-15% opening AUM net flows and 10-14% market-to-market gains.
Scaling senior RMs from ~200 to 330 over 12-18 months is challenging; attrition and competition for talent could slow progress.
View Risks →