360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26. This was driven by a 36% YoY growth in ARR income to INR5.1b (7% beat), offset by a 32% YoY decline in TBR income to INR1.5b (8% miss). ARR AUM rose 30% YoY to INR2.9t (10% beat), while TBR AUM grew 36% YoY to INR2.1t (10% beat), taking the total AUM to INR5t (+33% YoY). The cost-to-income ratio at 52.9% improved 880bp YoY (160bp higher than MOFSLe). The 50% beat in other income resulted in a 7% beat in PAT at INR2.9b (+18% YoY) for the quarter.
OutlookWith multiple projects underway—including mid-segment HNI business expansion, ET Money integration, B&K integration, and UBS collaboration—execution will be crucial. We reiterate our BUY rating on the stock with a one-year TP of INR1,450.
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