360ONE Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,181 Cr
verified against source
Revenue YoY
21.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
360 ONE WAM delivered a strong Q3 FY26 with total revenue of ₹826 crore (+21.8% YoY) and highest-ever quarterly PAT of ₹331 crore (+20.3% YoY). Total AR AUM grew 28% YoY to ₹3,17,896 crore, driven by robust net flows of ₹14,758 crore in the quarter. The wealth management business saw strong organic flows, while asset management benefited from diversified fund launches across real assets, private credit, and listed strategies. Management guided for 22-24% AUM growth and 20-24% PAT CAGR over the next three years, targeting PAT of ₹1,800-2,100 crore by FY28. Cost-to-income ratio is expected to improve from 48.3% to 45-46% next year as new businesses scale. Key risks include potential market volatility impacting flows and talent attrition in a competitive environment.
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Guidance to track
- 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.
- Management targets reducing cost-to-income ratio from 48.3% to 45-46% in FY27, driven by breakeven of HNI and ET Money businesses and productivity gains.
- Management expects to grow AUM by 22-24% annually, with net flows of 10-12% of opening AUM and 9-10% market appreciation.
- The HNI (Reserve) business, currently at ₹3,000+ crore AUM, is expected to reach breakeven within the next 3-6 months.
Risks flagged
- 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.
- Indian capital markets have seen heightened volatility, which could slow client inflows and reduce market-linked AUM growth, affecting revenue and profitability.
- 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.
- 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.
Key quotes
- We are very happy to report that the company recorded its highest ever quarterly PAT at 331 crores an increase of 20.3% year-on-year.
- I think one of the key objectives we would have for next year is obviously cost optimization.
- We are unlikely to be crazy aggressive. We typically would take our time.
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