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.
360ONEWAM / bear-case history
Track the concerns that keep returning.
360 One Wam · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Attrition of key relationship managers
Management acknowledged 2-4% annual attrition risk; loss of top performers could impact client relationships and flows.
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.
Market volatility impacting transactional income
Transactional brokerage revenue is partly dependent on market conditions; a prolonged downturn could pressure TBR despite diversification.