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    360 ONE

    360ONE
    Financial Services·24 Oct 2025
    Management Summary

    360 ONE delivered a strong Q2 FY26, reporting its highest-ever quarterly PAT of 316 crores, a 28% YoY increase, alongside robust revenue growth of 32% to 813 crores. Total ARR AUM expanded 22% YoY to 2,95,000 crores, supported by significant net flows of 8,734 crores from core businesses. Strategic initiatives like the UBS integration and HNI segment expansion are progressing well, with management optimistic about future growth and cost efficiency improvements.

    Highlights

    8

    • Total ARR AUM increased to 2,95,000 crores, up 22% year-on-year, with Wealth ARR AUM crossing 2 lakh crores.

    • Strong net flows of 32,132 crores in H1 FY26, with Q2 net flows from core wealth and asset businesses at 8,734 crores (excluding UBS).

    • ARR revenue for the quarter grew 39.4% year-on-year to 554 crores, with ARR retention at 76 basis points (67 bps excluding carry).

    • Total revenue stood at 813 crores, an increase of 32%, driven by strong growth in both Wealth and Asset verticals.

    • Total costs rose by 13.9% to 400 crores, including full quarter expense for B&K Securities and investments in HNI and ET Money.

    • Highest ever quarterly PAT at 316 crores, an increase of 28% year-on-year, with tangible ROE at 20.6%.

    • The Board approved a second interim dividend of Rs 6 per share.

    • HNI business ramp-up is on track with over 50 RMs and 380+ clients across 10 locations onboarded in H1 FY26, growing AUM to 2,300-2,400 crores.

    Key financials

    Metrics

    9

    Periods

    2

    Headline

    8
    • Total ARR AUM
      ₹2.95L Cr
      YoY+22%
    • H1 FY26 Net Flows
      ₹32,132 Cr
    • ARR Revenue
      ₹554 Cr
      YoY+39.4%
    • Total Revenue
      ₹813 Cr
      YoY+32%
    • PAT
      ₹316 Cr
      YoY+28.0%

    Q2

    1
    • Net Flows (ex-UBS)
      ₹8,734 Cr

    Segment breakdown

    Wealth Management
    ₹2.0L Cr Wealth ARR AUM₹2,300 Cr HNI Segment AUM
    Institutional Equities (B&K)
    ₹40 Cr Quarterly Revenue
    List

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Dividend

    ₹6/share (interim)

    M&A

    UBS India Business

    acquisition · integrated · AUM ₹5,200 crores

    M&A

    B&K Securities

    acquisition · integrated

    Guidance & targets

    12
    CategoryTargetPriority
    Net Flows
    Net flows as % of opening AUM
    10-12%
    		High
    Profitability
    Cost to Income Ratio (consolidated)
    47-48%
    		Medium
    Profitability
    Cost to Income Ratio (core businesses standalone)
    45-46%
    		High
    HNI Business
    HNI segment breakeven
    Breakeven
    		Medium
    RM Hiring
    New RM teams
    7-10 teams (60-80 RMs)
    		High
    RM Hiring
    Total RMs
    280-340 RMs
    		Medium
    Transaction Income
    Transaction income growth rate
    10-15%
    		Medium
    Transaction Income
    Total transaction income
    1,000-1,200 crores
    		Medium
    Brokerage Income
    Brokerage income
    500-550 crores
    		Medium
    Revenue Mix
    ARR revenue as % of overall revenues
    75-80%
    		High
    Mutual Fund
    Mutual Fund distribution yield (long-term retention)
    45-47 bps
    		High
    UBS Integration
    UBS strategic tie-ups P&L contribution clarity
    Clarity on P&L contribution
    		Medium

    What to watch in Q2 FY26

    5

    Cost to Income Ratio (core businesses)

    next couple of quarters
    Current49.2% (consolidated)
    Target45-46% (standalone core businesses)

    Why it matters

    Improvement in core business efficiency is a key driver for overall profitability.

    But obviously, if I just look at the standalone numbers on the core businesses, which is the UHNI business, the Alternate business and the Listed businesses, there we'll definitely be at 45-46 standalone within the next couple of quarters itself.

    Risks & concerns

    3
    RiskSeverity

    Geopolitical uncertainties and valuation-related sentiments

    Broader Indian equity indices witnessed volatility in Q2 amidst these factors, though domestic appetite remains strong. — Management acknowledged

    medium

    Attrition-related outflows

    Q2 saw strong net flows, highlighting a lower impact of attrition-related outflows in this quarter. — Management acknowledged

    low

    NIM compression

    Lending yields came down slightly due to a 25-50 bps reduction for high-value clients and the transfer of the UBS loan book with lower pricing. — Analyst acknowledged

    low

    Q&A highlights

    8

    “I think net flows continue to remain strong. I think, generally speaking, capital markets have been super strong, and obviously both deal activity as well as primary market as well as secondary markets fairly active. Our market share continues to be fairly strong in these segments. A large number of teams still have just about joined and will kind of contribute in a meaningful way over the next 6-12 months. So, we're all continuing to believe the 10 to 12% number will kind of flow through with great degree of confidence.”

    Analyst sought confirmation on the 12-15% net flow guidance, and management reaffirmed confidence in 10-12% driven by strong market activity and new teams.

    asked by Mr. Mohit Mangal

    2 min read6 chapters

    Detailed Narrative

    01

    Q2 FY26 Performance Overview

    360 ONE reported its highest-ever quarterly PAT of 316 crores, marking a 28% year-on-year increase. Total revenue grew 32% to 813 crores, driven by strong performance in both Wealth and Asset verticals. The company's total ARR AUM reached 2,95,000 crores, up 22% YoY, with Wealth ARR AUM exceeding 2 lakh crores. The cost-to-income ratio stood at 49.2%, with a tangible ROE of 20.6% for the quarter.

    02

    AUM Growth and Net Flows

    The company achieved strong net flows of 32,132 crores in H1 FY26. In Q2 alone, net flows from core wealth and asset businesses (excluding UBS) were 8,734 crores, indicating a lower impact from attrition-related outflows. Management expressed confidence in maintaining a 10-12% net flow guidance for the entire year, with 75% expected from wealth and 25% from asset management.

    03

    Revenue and Profitability Drivers

    ARR revenue increased 39.4% YoY to 554 crores, representing 73% of total revenue from operations, with strong retentions at 76 basis points (67 bps excluding carry). The integration of the Institutional Equities (B&K) business, contributing 40-45 crores quarterly, is improving the sustainability and quality of earnings by reducing periodic volatilities. Transaction income is targeted to grow 10-15% annually to 1,000-1,200 crores in the next 2-3 years, diversified across multi-asset classes.

    04

    Strategic Initiatives: UBS, B&K, and HNI Segment

    The UBS India business transfer is complete, adding over 5,200 crores of relevant AUM and paving the way for global collaboration. The B&K acquisition is performing well, with its financials fully reflected this quarter and synergies emerging. The HNI business is ramping up, onboarding over 50 RMs and 380+ clients in H1 FY26, growing AUM to 2,300-2,400 crores, and is expected to show early signs of breakeven by Q3-Q4 of next year.

    05

    Talent Acquisition and Technology Investments

    360 ONE continues to be an employer of choice, having onboarded multiple senior high-quality teams. The company plans to add 7-10 new RM teams (60-80 RMs) in the next 12-18 months, aiming for 280-340 RMs over the next 3-4 years to manage a projected 8,000-10,000 families. Technology remains a significant investment area, with pilots initiated for AI in internal use cases and a rollout across the firm planned.

    06

    Capital Allocation and Shareholder Returns

    The Board approved a second interim dividend of Rs 6 per share, reflecting confidence in the company's performance. Capital from the UBS warrants and QIP raise is being strategically deployed, with approximately 55-60% allocated to NBFC capital and 35-40% to the Alternate Asset side for sponsor capital, aiming to enhance overall earnings.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.