360 ONE WAM Limited – FY26 Results & Key Developments

1. Financial Highlights

• Profit After Tax (PAT): Rs1,225 cr (+20.7% YoY) for FY26; Rs292 cr (+16.8% YoY) in Q4.
• Total Revenue: Rs3,144 cr (+18.6% YoY) for FY26; Rs780 cr (+18.5% YoY) in Q4.
• Operating Profit (EBIT): Rs1,498 cr (+22% YoY).
• Assets Under Management (AUM): Rs6,74,492 cr as of 31‑Mar‑2026.
• Annual Recurring Revenue (ARR) AUM: Rs3,11,940 cr (+26.4% YoY).
• ARR Net Flows: Rs55,875 cr (excluding inorganic flows).
• Tangible Net Worth: Rs6,722 cr; Tangible ROE: 19.3%.
• Earnings per Share (Basic): Rs30.16 for FY26 (up from Rs27.14 FY25).

2. Dividend Announcement

• Interim Dividend: Rs6.00 per equity share (face value Rs1).
• Record Date: 27‑Apr‑2026.
• Payment Date: On or before 20‑May‑2026 (subject to tax).

3. Strategic & Corporate Actions

• Internal Auditor Re‑appointment: B B S R & Associates (FY26‑27).
• Management Change: Mr. Anshuman Maheshwary moves from COO to CEO of the Alternates Asset Management business.
• Warrant Issuances:
  • 3.33 mn warrants to Mr. Sahil Murarka (₹97.89 cr received).
  • 20.5 mn warrants to UBS AG (₹527.95 cr received).
• Acquisitions & Business Transfers:
  • Loan portfolio of UBS Finance (₹943.52 cr).
  • Slump‑sale of CSS India’s broking business to DSL (₹174.32 cr).
  • Slump‑sale of CSS India’s portfolio management business to PML (₹131.56 cr).
  • Planned transfer of AIF & PMS business to 360 ONE Asset Management.
  • Acquisition of Quark Solar Pvt Ltd by 360 ONE Alternates Asset Management (₹9.39 cr).
• Contingent Tax Liability: Order for ₹336.14 cr (including surcharge) pending; disclosed as contingent liability.
• Regulatory Compliance: Adoption of new Labour Codes; employee benefit provisions adjusted per Ind AS‑19.

4. Risk Factors

• Tax Contingency: Potential cash outflow of over ₹300 cr if the tax order is upheld.
• Regulatory Changes: New Labour Codes may increase employee cost base.
• Integration Risk: Ongoing acquisitions and business transfers could face execution or synergy challenges.
• Market Conditions: AUM growth is partly dependent on market performance and net inflows.

5. Opportunities

• AUM Expansion: Strong ARR growth and high retention rates (78 bps) suggest continued fee‑based income.
• Cross‑Sell Potential: Integrated wealth, asset‑management, and capital‑markets platform can drive higher per‑client revenue.
• Warrant Capital: Substantial cash raised from warrant issuances enhances liquidity for strategic investments.
• Dividend Yield: The Rs6 interim dividend offers an attractive short‑term return to shareholders.

6. Outlook

The company’s solid earnings momentum, expanding AUM, and proactive acquisition strategy underpin a moderately positive outlook (score 7/10). While the tax contingency and regulatory cost pressures pose downside risk, the dividend payout and strong balance‑sheet position provide confidence in near‑term cash generation and shareholder returns.

Prepared on 21‑Apr‑2026 based on the Board‑approved FY26 results and accompanying disclosures.