The quarter was impacted by ₹55 crore of mark-to-market (MTM) losses reflected in other income, even as the core operating business remained stable.
Recurring revenue (ARR) declined 2% QoQ, with yields compressing by 5 basis points, largely due to underperformance in the discretionary portfolio management services (PMS) segment.
However, transactional and brokerage revenue saw a strong 24% sequential growth.
The company is targeting a run-rate of ₹160-180 crore per quarter for transaction and brokerage revenue, up from the earlier ₹130-140 crore. It also expects 20-25% overall assets under management (AUM) growth and 15-25% annual profit growth, supported by 12-15% fresh inflows each year.
Separately, the company said it will appeal a ₹336 crore tax demand received on April 21.
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Brokerage firm Citi has a ‘Buy’ rating on the stock with a price target of ₹1,525, citing that performance remained resilient despite a challenging market environment for multi-asset wealth managers.
Core profit before tax (PBT) rose 2% QoQ and 29% YoY in Q4, broadly in line with estimates, while FY26 PBT grew 22% YoY.
The brokerage mentioned robust inflows despite planned redemptions in alternative investment funds (AIFs), treasury drawdowns, and weak equity markets, indicating sustained business momentum. Strong traction in transactional revenues also underscores the company’s diversified, multi-asset model.
Jefferies also maintains a ‘Buy’ rating with a price target of ₹1,300. It said that Q4 profit rose 17% YoY to ₹290 crore, ahead of estimates, supported by higher treasury, brokerage, and carry income.
While net flows normalised, MTM losses led to a 2% QoQ decline in ARR AUM, though AUM grew 26% YoY including acquisitions.
Over FY26-FY29, Jefferies expects revenue to grow at a 15% CAGR, driven by synergies from the integration of Batlivala & Karani Securities (B&K), monetisation of ET Money, and expansion of its high net worth (HNI) franchise.
Shares of 360 ONE WAM ended 0.25% higher on Tuesday at ₹1,112 and are down around 6% so far this year.
