360ONE's Q2 FY27 numbers came in soft, with revenue of Rs. 896.00 Cr (+17.40% YoY) and PAT growth of -4.40% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 15, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 896.00 Cr (+17.40% YoY) |
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| PAT (Q2) | Rs. 302.00 Cr (-4.40% YoY) |
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| EBITDA margin | 48.40% (+80 bps YoY) |
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| EPS (Q2) | Rs. 7.37 (-5.50% YoY) |
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| Market cap | Rs. 43,818.16 Cr |
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| CMP | Rs. 1,074.20 |
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Quarter Snapshot
360 ONE delivered Operating PBT growth of 19.6% YoY and 17.4% revenue-from-operations growth, but PAT fell 4.4% YoY as cost-to-income worsened to 54.2% against management's own ~49-50% FY27 target, and group revenue (+4.9%) and profit (-4.4%) growth missed prior guidance of 16-18% and 22-24%. The Wealth Management segment is the central weakness with PBT down 40.2% YoY and margin compressed from 36.7% to 21.8%, while Asset Management more than doubled PBT (+169.6% YoY) at a 58.0% margin as AUM crossed Rs.1,00,000 Cr. Full-year guidance now appears difficult to unreachable, making H2 cost trajectory and WM margin recovery the key watch items.
Key Investment Insights
Key Positives
- Revenue from Operations grew 17.4% YoY to Rs.896 Cr; ARR revenue grew 27.4% YoY to Rs.706 Cr and 15.0% QoQ
- Operating PBT grew 19.6% YoY to Rs.434 Cr, with OPBT margin improving QoQ from 45.7% to 48.4%
- Asset Management segment PBT grew 169.6% YoY to Rs.184.59 Cr with margin expanding from 40.7% to 58.0%; AM AUM crossed Rs.1,00,000 Cr
- Total AUM reached Rs.8,99,481 Cr (from Rs.7,76,755 Cr in Q1); ARR AUM at Rs.3,53,382 Cr
- ARR net flows of Rs.12,482 Cr, higher than Q1's Rs.10,815 Cr; combined ARR retention recovered to 79 bps from 74 bps in Q1
- Transactional revenue of Rs.190 Cr held within the guided Rs.175-200 Cr quarterly run-rate; WM AUM growth of 24.3% YoY within the 20-25% guidance
- Net cash used in operating activities improved to Rs.724.54 Cr in H1 FY27 from Rs.1,541.89 Cr in H1 FY26
- No one-time or exceptional items in the quarter; reported PAT of Rs.302 Cr is clean
Risk Factors
- Wealth Management PBT fell 40.2% YoY to Rs.206 Cr with segment margin compressing from 36.7% to 21.8% — the single biggest driver of the consolidated PAT decline
- Cost-to-income rose to 54.2% (from 51.3% QoQ and 49.2% YoY), missing the full-year FY27 target of ~49-50%; H2 would need ~46-47% average CTI, assessed as unreachable
- PAT declined 4.4% YoY and 8.5% QoQ to Rs.302 Cr despite 17.4% YoY revenue from operations growth
- Finance costs grew 42.3% YoY to Rs.361.34 Cr, outpacing interest income on loans (+36.8%); finance-cost-to-interest-income ratio rose to 88.8%
- Fair value gains fell 31.7% YoY to Rs.123.09 Cr and transactional/brokerage income declined 9.1% YoY to Rs.190 Cr
- FY27 full-year targets (revenue 16-18%, profit 22-24%) require H2 PAT of ~Rs.865-888 Cr against H1's Rs.630.64 Cr — assessed as difficult