1. Opening Hook
Markets were volatile, geopolitics was spicy, and Twitter was busy predicting doom—meanwhile 360 ONE WAM calmly dropped its highest-ever quarterly profit. No drama, no “one-off”, no accounting gymnastics. Just old-school compounding wrapped in fancy suits.
While most wealth managers were busy defending margins, 360 ONE casually added ₹47,000 cr of net flows in 9 months, onboarded teams, expanded alternates, and still found time to rebrand B&K Securities. All this without blowing up the cost structure (yet).
The best part? Management didn’t sound euphoric. No “supercycle” nonsense. Just methodical execution, conservative carry booking, and a CEO who still talks in basis points instead of buzzwords.
Read on—because the real story isn’t the quarter. It’s what they’re quietly setting up for the next 3 years.
2. At a Glance
- AUM ₹3,17,906 cr (+28% YoY) – Big money stayed loyal, new money walked in confidently
- Net flows ₹14,758 cr (Q3) – Wallet share + new clients, both showed up
- ARR revenue ₹619 cr (+45%) – Trails doing the heavy lifting
- Total revenue ₹826 cr (+21.8%) – Growth without sugar rush
- PAT ₹331 cr (+20.3%) – Highest ever, no fireworks needed
- Cost-to-income 48.3% – Still fat,
- but management sharpening knives
3. Management’s Key Commentary (Decoded)
“ARR AUM grew 28% YoY to ₹3.18 lakh crore.”
(Clients didn’t leave. In fact, they brought friends.) 😏
“Net flows of ₹47,000 cr in 9M FY26.”
(Yes, even after attrition. Turns out platforms matter.)
“₹2,500 cr commitments in private credit.”
(Yield-hungry money found a home.)
“Carry contribution was ~6 bps this quarter.”
(Relax, we’re not front-loading fantasy profits.)
“Cost-to-income expected to improve gradually.”
(ET Money and HNI will stop burning cash soon.)
“We target 22–24% AUM growth long term.”
(Same boring target. Somehow they keep hitting it.)
“₹1,800–2,100 cr PAT in 3 years.”
(That’s not optimism—that’s math.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| ARR AUM | ₹3.18L cr | Scale is now self-sustaining |
| Net Flows (9M) | ₹46,890 cr | Franchise strength intact |
| ARR Retention | ~81 bps | Sticky clients, stable trails |
| Carry Assumption | 20–25 bps | Conservative, finally realistic |
| ROE (Tangible) | 21% | Capital starting to sweat |
| Cost/Income | 48.3% | Scope for 200–300 bps cleanup |
