360 ONE WAM FY26: ARR AUM ₹311,940 Cr, PAT ₹1,225 Cr

Key takeaways from the earnings commentary

360 ONE WAM described FY26 as a year marked by market volatility and shifting global sentiment, but also one in which it expanded its platform and delivered stronger financial outcomes. Management linked the year’s performance to its ability to stay agile across asset classes and client segments. A notable strategic change during the period was the integration of the institutional equities business formerly known as BNK Securities, now rebranded as 361 Capital.

Alongside the full-year update, management also addressed questions on discretionary PMS outflows, yield expectations in alternate assets, the competition for relationship managers, and operating leverage. The company also revised its quarterly TBR guidance upward following the B&K Capital acquisition.

How FY26 unfolded for the business

Management said FY26 played out against a “complex interplay” of global and domestic factors, with Indian capital markets seeing bouts of volatility. It also pointed to foreign investor withdrawals of roughly $15 billion to $10 billion, which were mitigated by domestic flows through mutual funds. The company positioned its core UHNI client franchise as resilient through these conditions.

The company highlighted that its platform “flywheel” has been strengthened through expansion across wealth, asset management, alternatives, and lending. It also noted ongoing investments in leadership depth and professionalisation, tying these to culture, product selection, and client service.

A key operational change was the consolidation of 361 Capital, which management said adds a more structurally consistent, annuity-like component to broking revenue that historically skewed more transactional.

AUM and ARR AUM: scale and mix

For FY26, total ARR AUM rose to INR 311,940 crore, up 26% year-on-year. Within this, wealth ARR AUM was INR 216,000 crore and asset management ARR AUM was INR 95,000 crore.

Total AUM stood at INR 670,000 crore as of March 2026, and management stated this reflects a 22% CAGR over the last five years. Over the same five-year period, ARR AUM grew at a 26% CAGR, and ARR revenues recorded a 32% CAGR, as per management’s commentary.

Net flows: headline and organic

360 ONE WAM reported ER net flows of INR 55,875 crore for FY26. Excluding acquisition-related outflows, it said organic FY26 net flows rose 36% to INR 35,199 crore, representing 14% of opening AUM.

Within organic net flows, wealth contributed INR 25,900 crore and asset management contributed INR 9,299 crore. Management attributed momentum to the core UHNI franchise, maturing contribution from newly onboarded teams, and demand across asset classes.

Revenue performance: ARR, transaction income, and the Q4 lift

Management said FY26 total revenue increased 18.6% to INR 3,144 crore. For Q4 FY26, revenue was INR 780 crore, up 18.5% year-on-year, driven by growth across wealth and asset verticals, partly offset by lower other income.

In the annuity book, Q4 FY26 ARR revenue was INR 605 crore, up 20.4% year-on-year, and management stated ARR revenue comprised 75% of total revenue from operations. Reported ARR retention was 78 basis points, with wealth at 76 basis points and asset management at 83 basis points.

On transaction-led lines, transaction and broking revenues rose 4.4% to INR 777 crore for FY26. In Q4 FY26, this line was INR 230 crore, up 53.7% year-on-year. The CEO attributed strong transaction income to an ability to “play between asset classes”, supported by increased efforts in both fixed income and equity brokerage.

Profitability, ROE, and dividend

The company reported its highest full-year PAT in FY26 at INR 1,225 crore, up 20.7%. Tangible ROE for the period was 19.3%, with management indicating it expects improvement as capital deployed in lending and alternatives begins to reflect in earnings.

The board approved a first interim dividend of INR 6 per share for FY26. Management framed this as part of disciplined capital allocation, balancing shareholder returns with funding capacity for lending, alternates, and strategic initiatives.

B&K integration, 361 Capital, and revised quarterly guidance

The integration of BNK was stated to be complete, with the institutional equities business rebranded as 361 Capital. Management said the business continues to perform strongly, with over 500 mid and small-cap companies under coverage, over 300 institutional clients, and over 90% cash segment share in broking revenue.

Following the acquisition of B&K Capital, management revised quarterly TBR guidance to INR 175 crore to INR 180 crore, from INR 125 crore to INR 130 crore, and stated an aspiration to exceed INR 200 crore.

Cost and hiring: operating leverage versus competition

On relationship manager hiring, the CEO acknowledged a competitive market for talent but said the company remains confident in attracting top RMs.

For operating efficiency, management commentary included multiple reference points. It said the cost-to-income ratio for core businesses remains around 44% to 45%, and it expects improvement to 45% to 47% through operational leverage and efficiency. Separately, in one quarterly update, the cost-to-income ratio was cited at 48.3%, with a target reduction to 45% to 46% next year.

Discretionary PMS and alternate asset yields

On discretionary PMS, management noted growth has been softer than desired and said it is pivoting the strategy toward active management rather than focusing on relative returns to an index. It said changes have been implemented and improvements are expected in coming months.

On yields excluding carry over the next two to three years, management said it expects stability, with carry contributing about 10 basis points annually. It projected overall yield on alternate assets of about 95 to 100 basis points, including management fees.

Ultra-HNI outlook and consolidation narrative

Management said it remains optimistic on the ultra-HNI business and is targeting 12% to 15% AUM growth annually. It also expects the industry to remain consolidated, with space for a few more large players, and said market share gains would come from expanding the client base and hiring top talent.

It also shared an update on its HNI “reserve program”, which has about 60 relationship managers across 12 locations, managing close to INR 4,000 crore of AUM for 650-plus clients, at ARR retention yields of around 90 basis points.

Snapshot table: key metrics cited by management

Why the numbers matter for investors tracking the stock

The FY26 commentary reinforces the company’s push to increase the share of recurring revenue, with ARR revenue described as a dominant part of revenue from operations. At the same time, management continues to treat transaction income as a meaningful contributor, highlighting diversification across asset classes and the impact of stepped-up fixed income and equity brokerage efforts.

The consolidation and rebranding of 361 Capital is positioned as a structural shift in broking revenue characteristics, adding consistency relative to historical transaction-led volatility. The revised quarterly TBR guidance, specifically linked to the B&K Capital acquisition, is another indicator of how inorganic moves are expected to lift the run rate.

Cost discipline and hiring remain a balancing act. Management’s commentary acknowledges competitive RM hiring while repeatedly pointing to operational leverage as scale benefits flow through, with stated targets for cost-to-income ratios improving over time.

Conclusion

360 ONE WAM closed FY26 with higher ARR AUM, higher full-year PAT, and stronger Q4 transaction and broking revenue, while integrating B&K and completing the 361 Capital rebrand. Management’s near-term agenda includes improving discretionary PMS performance, driving operating leverage, and converting early traction from partnerships and cross-referrals into measurable outcomes over the coming financial year.