Strong execution masks revenue disclosure gap; medium-term catalysts intact

Delivered 19% YoY; Wealth +24.2%, AM +8.2%

Q1 at 51.3% vs Q4 prev 53.5%; 220 bps QoQ improvement on track

Delivered result shows ₹1,226.1 Cr revenue; 41% gap suggests incomplete disclosure or other revenue streams

Delivered YoY PAT growth 16.1%; 130 bps discrepancy vs stated

Expected to break even on direct cost end of year; trail revenue ₹7-8 Cr started accruing

Run rate quarterly loss ₹3-3.5 Cr; prior ₹7 Cr; trajectory supports claim

Delivered 19% YoY vs 12-15% prior guidance. Wealth +24.2% (₹13.4k Cr net flows) vs ₹7k Cr Q4; recent team onboardings driving.

Q1 at 51.3% vs Q4 53.5%; management reaffirms 49-49.5% by Q4 FY27 via HNI/ET Money break-even. 100-150 bps improvement guidance remains on track.

Expected break-even on direct cost by end of FY27 (prior guidance was ambiguous). AUM scaled ₹5.1 Cr; 60+ RMs; trail revenue now accruing ₹7-8 Cr/qtr.

Target $500-600M AUM exchange; funds launch and referrals expected Q2+ FY27. Unit economics deferred; management cautious on near-term P&L impact.

Declined from 78 to 73-74 bps. Carry impact ₹2-2.5 bps; mix shift 2 bps. Listed equity business (8-9% of revenue) showing margin compression; offset by UHNI/advisory strength.

Yes, 12-15% target still valid; 70:30 wealth-to-AMC split expected. PMS challenged structurally; shifting to AIF/MF/SIF. One large institutional mandate partial redemption was anomaly.

Yes, 100-150 bps improvement expected to 49-49.5% by Q4 via HNI/ET Money break-even and operating leverage. Provided detailed phasing: HNI profitable this year; ET Money ₹3-3.5 Cr run-rate loss vs ₹7 Cr prior.

Nascent industry (9-20% yield buckets). Operating 10-11% and 13-15% buckets with negligible defaults 7-8 years. No semi-liquid funds in India (regulatory discipline). Institutional demand from insurers. Industry growth potential comparable to private equity long-term.

Largely carry recognition (2-2.5 bps) and mix shift (2 bps). No underlying margin compression per business line. Advisory 30-35 bps, discretionary 40-45 bps, distribution 65-70 bps unchanged. Only listed equity (8-9% revenue) showing pressure.

Mutually accretive at scale; no disproportionate cost add. Unit economics, retention, and pricing to be discovered over 6 months. Target $500-600M AUM; first step fund launches and cross-referrals next quarter.

Stable UHNI cost-to-income 45-47% structurally (accounting for 100-200 bps hiring buffer). Bridge from 50-51% to 47% not coming from UHNI hiring but HNI/ET Money profitability. UHNI perpetual hiring curve offset by productivity gains.

Advisory 30-35 bps; discretionary 45-50 bps; distribution 60-70 bps. Relationship ramp (competitive pressure eases as depth grows) drives upside as cross-platform usage increases.

Biggest momentum at unit level (client count). Clients >₹10 Cr: grew 1,800-2,000 → 4,000 in 36 months (biggest opportunity). Current growth mix: new clients, higher wallet share at liquidity events, deeper cross-sell.

Shifting from lumpy to recurring. Co-investment regs enable AI-PMS vehicles for long-term capital vs syndication. Structurally fewer large one-off TBR deals ahead. Equity brokerage now ₹75 Cr/qtr (stable, 10-15% upside). Target ₹125-150 Cr TBR/qtr with 10-15% organic growth.

ESOP and acquisition costs from B&K deal, non-recurring. Not on constant basis.

4 bps is right level to model. Alternates AUM ₹58-60k Cr × 4 bps = ₹240 Cr/year. Range 3-5 bps realistic. This quarter at guidance level.

HNI AUM ₹600 Cr (FY26) → ₹4k Cr (end FY26) → ₹5.1k Cr (Q1 FY27). 60+ RMs; 800+ clients; 90 bps retention. Trail revenue ₹7-8 Cr started Q1. Expect platform to stabilize; migration of 4k underserviced sub-10-Cr clients next 3 months. Will show profitability this year.

Early days; 6-person team (4 coverage + 2 compliance/process). Full strength by Oct-Dec 2026. Active pitching Jan 2027+. Current TBR <₹8 Cr/qtr. 2-3 year horizon: ECM could contribute 15-20% of ₹750-1000 Cr TBR revenue.

Biggest: equity brokerage ₹250-260 Cr (combined) → ₹310-320 Cr in Q1. Target 15-20% annual growth next 2-3 years via wealth-B&K research cross-sell. UHNI-ECM-research linkage opening wealth cross-sell to 600+ corporate treasuries.

No impact Q1. ~12 lakh SARs; ₹130-140 Cr value × 40-60% vesting = ~₹60 Cr spread over 4 years starting Q2.

Yes, 49-50% full-year target (vs 51.3% Q1). Q4 should show 49-49.5%.

Permanent in competitive industry. GBs/JBs create 24-30 month ramp cycles for new hires to rebuild books. Equilibrium well-measured; no dramatic change 2-3 years despite hiring cycles.

>₹250 Cr starting point: 70-80% advisory. ₹50-250 Cr: 50-50. ₹10-50 Cr: distribution-skewed. Advisory has 3x higher cross-platform usage and true engagement; retention spread by product lines offset by wallet expansion.

Open architecture: working with 8-10 lenders and 8-10 bankers. Not banking as originator, but advisory. Clients accessing FCNR(B) via partnerships; 360 ONE adds advisory layer and optimization.

Longevity as CEO independent of equity stake. Driven by passion, health (age 49), mental/emotional (85-100% invested) and financial (>90% invested). No horizon set; continuous basis review. No changes contemplated.

Q1 delivered 19% YoY; sustained momentum from onboarded teams and organic growth. Wealth +24.2%, AM +8.2%. Trajectory strong.

Q1 at ₹10.8k Cr pace; full-year trajectory 70:30 wealth-to-AMC split expected. Wealth flows ₹13.4k Cr vs ₹7k Cr Q4 confirm momentum.

Q1 at ₹208 Cr (exceptional). Shifting to lumpy-free model via co-investment structures. Equity brokerage ₹75 Cr/qtr stable base; upside from B&K integration and ECM ramp.

HNI expected break-even direct cost by end-FY27; ET Money run-rate ₹3-3.5 Cr loss trajectory clear. Operating leverage from wealth/AM business confirmed.

Perpetual hiring offset by productivity cycles. Bridge to 47% from 50-51% via support functions (HNI/ET Money). No capex-driven margin expansion.

Hiring calibrated to 24-30 month productivity ramp. No explicit capex disclosed; talent investment primary.

₹356 Cr variance between disclosed ₹870 Cr (ARR+TBR) and delivered ₹1,226 Cr revenue. Undisclosed revenue streams (carry, advisory fees, lending, other) inflating delivered vs operating revenue. Raises questions on sustainability and management transparency.

Listed equity business (8-9% of revenue) showing continued retention margin pressure. Pure listed AUM declining in favour of alternatives/advisory. If this segment shrinks below 5%, revenue mix shift could cap overall retention at 70-72 bps long-term.

Global allocations to listed equity muted 6-9 months. One institutional mandate partial redemption ($550M→$175M) highlights concentration risk. If geopolitical uncertainty persists, institutional outflows could offset UHNI/HNI retail growth.

UBS partnership early-stage (Jan-Mar 2026 start). Target $500-600M AUM exchange conservative. Unit economics deferred; management non-committal on profitability timing. If collaboration underdelivers or integration costs overrun, medium-term growth assumptions at risk.

49-50% full-year cost-to-income target dependent on HNI reaching break-even direct cost by Q4 FY27 and ET Money run-rate loss of ₹3-3.5 Cr. If either business underperforms (slower customer onboarding, higher churn), combined savings may be ₹50-75 Cr vs expected ₹80-100 Cr, pushing year-end ratio to 50-51%.