360 One Wam (360ONE) Q2 26/27 earnings summary

Executive summary

• Total AUM reached INR 8,99,481 Cr, up 31.0% YoY; ARR AUM was INR 3,53,382 Cr, up 19.7%, with quarterly ARR net flows of INR 12,482 Cr.

• Revenue from Operations rose 17.5% to INR 896 Cr and ARR revenue increased 27.5% to INR 706 Cr; PAT was INR 302 Cr versus INR 316 Cr a year earlier.

• Wealth-led recurring income, diversified products and a focus on fee-generating assets supported growth; market conditions and lower other income weighed on reported results.

Financial highlights

• Total Revenue was INR 853 Cr, up 4.8% YoY; Other Income was negative INR 44 Cr, mainly reflecting treasury investment mark-to-market.

• Operating PBT rose 19.7% to INR 434 Cr; PBT was INR 391 Cr and PAT was INR 302 Cr. Statutory consolidated PBT was INR 390.59 Cr and PAT was INR 300.11 Cr.

• ARR revenue was INR 706 Cr, up 27.5% YoY, and represented 79% of operating revenue; ARR retention was 79 bps, or 67 bps excluding carry income.

• Transaction and brokerage income fell 9.1% to INR 190 Cr; total costs increased 15.5% to INR 462 Cr, including a one-time INR 9 Cr restructuring charge in employee costs.

• Cost to Operating Income improved to 51.5% from 54.3% in Q1 FY27; tangible RoE was 16.9%.

Outlook and guidance

• Strategy emphasizes ARR-led, capital-efficient growth, fee-based advice, cost discipline, productivity and technology; management expects a 100–250 bps YoY improvement in the cost-to-operating-income measure.

• Longer-term cost-to-operating-income ambition is to move from 48% toward 46%–47%; management aims to double profits over ~3.5 years and target 18%–20% tangible RoE, with 25% a longer-term possibility dependent on operating leverage.

• UBS collaboration flows are expected to reach $600–700 million in FY27; management cited 40–50 bps as a broad retention expectation on flows both ways.

• Asset Management flows are expected to recover after institutional redemptions; priorities include wealth client additions, RM productivity, alternatives and SIFs, ECM pipeline conversion, and cost discipline through technology.