Please note this conference is being recorded. On the call today we have with us Mr. Karan Bhagat, MD and CEO, Mr. Yatin Shah, CEO of the Wealth Business, Mr. Sanjay Wadhwa, CFO, and Mr. Anshuman Maheshwary. I now hand it over to Mr. Sanjay Wadhwa to take this call forward. Thank you. Thank you, Anil. A very good evening to all the participants, thank you for joining us on our Q1 FY 2027 earnings call. Before turning to the financial performance, a brief word on macro backdrop. Indian equity indices staged a broad-based recovery over the quarter, navigating a period of geopolitical uncertainty with characteristic resilience. The resilience was equally visible in flows into the domestic asset and wealth management ecosystem, reaffirming our conviction in the industry's structural growth story. India's wealth market remains deeply under-penetrated and represents a significant growth opportunity. For a franchise like ours that is positioned at a premium end of the market, this represents an opportunity to compound our leadership over the coming years. Let me turn to the num bers. Our total ARR AUM increased by 19% to INR 342,000 crores, with wealth AUM at INR 242,000 crore, a growth of 24.2%, asset management AUM at INR 100,000 crore, an increase of 8.2%. Overall, AUM grows by 17% to INR 708,000 crores as on June 30th, 2026. We garnered the ARR net flows at INR 10,815 crores in this quarter as compared to INR 8,985 crores in the previous quarter. The wealth business drove the increase, contributing strong flows of INR 13,379 crores as compared to INR 6,957 crores in Q4. It is a clear reflection of sustained momentum in our core UHNI franchise, amplified by contributions from recently onboarded teams. On the asset management side, even as gross flows remained very strong at approximately INR 4,000 crores. The net flows were negative due to one large outflow in an institutional mandate. Q1 FY 2027 ARR revenue stood at INR 614 crores, up 20.3% year-on-year, with ARR revenue now comprising 75% of total revenue from operations. ARR retention was at 74 basis points, with wealth at 71 asset management at 83 basis points. Our TBR rose by 37.3% year-on-year to INR 208 crores during the quarter. Total revenue increased 20% to INR 870 crores, driven by strong growth across both wealth and asset verticals. Total costs stood at INR 446 crores with a cost-to-income ratio of 51.3% as compared to 53.5% in Q4 FY 2026. We expect gradual improvement in this metric as these businesses scale up, we drive synergies from strategic initiatives, incoming wealth teams reach full productivity. We are very happy to report a profit after tax of INR 330 crores, an increase of 14.8%. Tangible ROE stood at 19.4%, and we expect this to improve as capital deployed in our lending and asset businesses begin to reflect in earnings. Before turning to a brief update on our individual businesses and strategic initiatives, let me reiterate the structural backdrop underpinning our confidence. Acceptance of professional wealth management continues to rise, and wealth creation at the top of the pyramid is outpacing the broader economy. For a full stack platform spanning across wealth and asset management, this is a long and durable runway, and our strategy remains centered on being the manager of choice for our clients' core portfolios. Our UHNI franchise remains an anchor of the firm and continues to perform very well. The addressable market spans 40,000 to 45,000 households, and our focus is consistent across three vectors: deepening wallet share of existing clients, extending beyond the top cities, and being the manager of first choice post monetization events. Our advisory-led proposition continues to gain traction as clients migrate from transactional product-driven engagement to portfolio level solution oriented mandates, enabling more comprehensive services across the platform and relationships that endure across cycles and generations. We continue to invest ahead of the curve across RM capabilities, technology, portfolio analytics, and client data security. Our HNI proposition is scaling well and is a natural extension of the UHNI franchise. The program now spans approximately 60 plus relationship managers across 12 locations, managing in excess of INR 5,000 crores of AUM for 800 plus clients at ARR retention yield of around 90 basis points. What makes this segment strategically important is not just the 200,000 plus household opportunity it opens up, but that it acts as a powerful feeder pipeline into our core proposition, supported by a digital first scalable operating model, a state-of-the-art client and RM app, and referrals from our existing client and RM base. As business momentum continues and productivity build through the year, we expect the business to break even on direct cost by end of this year. FY 2026 was a year of deliberate strategic transformation of the ET Money business, resetting the business model towards profitability. We expect the business to reach break-even level this year. In the institutional business, the institutional equities franchise continues to perform strongly with 550 plus mid and small cap companies under coverage. 300 plus institutional clients, and over 85% of broking revenue from the cash segment. More importantly, the synergies envisaged at acquisition are coming to life. Broking income from UHNI clients is seeing an uplift, and access to 600 plus corporate treasuries is opening meaningful cross-sell into wealth Treasury advisory and lending. Our ECM-focused IB capabilities, while still building out, are showing strong early traction. We expect the broking mix to turn steadily more annuity-like as institution scales up and UHNI participation rises. Our asset management business continues to be a structural growth engine, and its quality is reflected in a rising ERR contribution and improving cost efficiencies. AUM has now crossed key milestone of INR 100,000 crore with strong momentum across our alternates platform. A c omprising of private equity, private credit, real estate, infrastructure, renewables, and multi-asset, as well as listed strategies. Our product engine remains active and extremely effective. We continue to broaden the shelf across AIF, PMS and MF platforms, including SIFs. The offshore opportunity is building steadily, aided by global institutional mandates and the distribution reach that our collaboration with UBS opens up. We continue to see steady progress across the various components of our UBS collaboration, cross-referral programs across NRI, resident, and global mandates are showing early traction. We expect these to convert into meaningful flows over the medium term. UBS's global distribution is also expected to open up offshore capital access for our alternates and listed strategies during this year. Taken together, these businesses reinforce the 360 ONE flywheel as a single integrated platform across wealth and asset management, in which each business strengthens the other and deepens our relationship with the client. I would like to thank all our stakeholders who have been with us. With that, I'll hand it over to Karan for his comments. Thank you, Sanjay. The floor is now open. We have Karan join us. In case you wish to ask questions, I request you to kindly click on the raise hand icon. We'll give it a minute for the questions to queue up. I request Mohit Mangal kindly unmute yourself and ask your question. Right. Thanks for the opportunity and congratulations on a good set of numbers. I've got three questions. My first question is basically on the net flows. I think we are on the target to achieve that 12%-15% of opening net flows. Do you think it would be more lopsided towards wealth as AMCs kind of seeing outflow, specifically in the PMS over the last two to three quarters? Mohit, do you want to do all three questions? I can answer it. Okay. My second question is on the cost-to-income ratio. I think we have this kind of mandate to go at least 150-200 basis point decline, but this quarter also, it was more than 51%. Should we expect the remainder of FY 2027 to have that operating leverage and decline in cost-to-income? Lastly, an industry question wherein we are a significant player in the private credit industry. Just wanted to know how do you see the future for this segment, and how are we positioned to increase our dominant position for it? Thank you, Mohit. Thank you everybody for joining in. Very quickly starting on the net flows, I think last quarter, generally speaking, FI flows into India as well as large institutional mandates have been a little tepid. Outside of one institutional mandate kind of reducing its allocation from INR 550 million-INR 600 million to INR 175 million-INR 180 million, the rest of the mandates have stayed quite strong. Generally speaking, global allocations to listed equity has been fairly muted over the last six to nine months. Outside of that, obviously on the alternate side, we've had good flows over the last six to nine months. I think, honestly, from an AMC perspective also, I think when I look at our net flows of, give or take, INR 40,000 crore, which is 12-15% of the number we've kind of started out with. We started out with INR 240,000 crore of ARR AUM, INR 35,000 crore-INR 40,000 crore of net flows. I think I would like to still believe our net flows will be broadly broken up as 70/30, 75/25 broadly in the split being in the favor of the wealth business. Last quarter, obviously the asset management business slightly lopsided because of one partial redemption on the institutional mandate side. We have a lot of product launches kind of planned out for the next six to nine months, which should average out the flows between the wealth and the asset management side. PMS as a structure obviously is a little challenged because I think a purely portfolio management scheme versus, let's say, today doing the same product on the AIF side or potentially on the mutual fund side or even on the SIF side. Those three structurally present slightly better platforms to launch the same product from the purely on the equity PMS side. While the strategy is alive, while the same set of clients for the same set of reasons they used to come into the PMS will come in, most likely it will find its way into these three pool structures as opposed to coming into a PMS. On the cost to income side, I think we've taken two or three steps. I think number one, HNI business has kind of come to fold fairly well. I think we moved our AUM from around about 600 odd close to 4,000, 3,900, 4,000 close last year. Current quarter has moved from 4,000 close to around about INR 5,100, INR 5,200 crores. Systems are stable, execution is happening, onboarding is fully digital. Outside of us launching the execution platform on that platform, the platform is extremely stable. We are in a position where today, I think with 65, 70 people, we feel fairly confident. We will, over the period of next two to three months, also move our small amount of clients who are between the INR one to two to nine crore segment or INR 2 to 10 crore segment into the HNI piece. I think together with that and the constant organic growth which has happened in the HNI business, I feel the HNI piece will also kind of not only break even, but may move into a little bit of profitability this year itself. ET Money, we kind of restructured quite a bit over the last quarter. I think on a run rate basis, if I exclude the costs associated with exits, we are now down to around about a INR three and a half, four crore quarterly loss per quarter. We've seen INR 7 crores last quarter, potentially see another INR 6, INR 7 crores for the current quarter. Post that, by the end of quarter four, we will be close to break even on the ET Money side. ET Money together with the HNI piece should definitely help us retract the cost to income by around about, give or take, 100, 150 basis points. A little bit of operating leverage, both on the alternate side of the business as well as on the wealth management side of the business, should hopefully take us on Q4 basis from 51 to around about 49 and a half, and potentially for the full year, approximately 100, 150 basis points from where we are today. That's the picture on the cost to income. On the industry side, I think private credit, real assets, private equity, as well as the renewables, all four remain a very promising landscape for alternates. I think we've obviously done a lot of work on the first three, which is the private equity side, the real asset side, as well as the private credit side. I think private credit in India is in a very interesting threshold. It is obviously a very vast industry. It starts out all the way from instruments between 9%-10%, all the way ranging from 13%-15%, and also moving into some kind of special situation opportunities with 18%-20%. Then potentially some structured credit opportunities with a bit of fixed income as well as equity linkage, which could be higher. From our perspective, we've really been operating more on the first two buckets, which is really the 10%-11% and the 13%-15% bucket. The good news there is accidents are practically, not practically, they have been negligible to zero over the last seven to eight years. We've had a fairly stellar track record in that. Having said that, obviously, we've not ventured into the deep private credit side. Two or three things which have happened in India where the regulator's been super cautious, and rightly, and allowed the industry to do extremely well, are two things. One, obviously, unlike the rest of the world, I think we really don't have semi-liquid or kind of partial liquid funds. There's really no schemes which have gated redemption pressure. In that sense, that's kept the private credit industry going quite well. Secondly, I think just the pure nature of, we've seen a lot of institutional demand from insurance companies as well as other domestic institutions to participate on the private credit side. Just given the long tenure of the money they have to manage, the ability to generate that extra 250, 300 basis points over a longer time period is extremely interesting to them. Overall, if you ask me, I think the private credit industry is in a very nascent stage in our country. I think it's, over a period of time, I think I would not be surprised if it continues to grow as fast as the private equity industry itself. All right. This is very helpful and clear. Thanks, and wish you all the best. Thank you. Thank you, Mohit. Thank you. May I request you, in case you wish to ask a question, kindly click on the Raise Hand icon. Next in line, we have Prayesh Jain. Kindly unmute and ask your question. Hi, thank you for the opportunity. Karan, three questions. Firstly, a broad look at your retentions in this quarter. It's been kind of down across the board. Even if I exclude the carry, I think there seems to be some pressure on retentions, whether it's in AMC or whether it's in wealth management. There seems to be some kind of pressure. If you could allude as to what are the factors that are kind of driving that. Second question is on UBS. You spoke about ET Money and the HNI segment breaking even. I would presume that incremental flows coming in from UBS can be a big operating leverage, because I don't think there could be a large element of cost associated with UBS mandates. Lastly on your, in your previous call, you had mentioned about the RM addition target of taking the RM count to about 400 in the medium term. Would that mean that your cost to income kind of stays elevated? You kind of guided for it to improve by 100 basis points, 150 basis points from the point where we are today. Structurally, how should we think about the cost to income, that it stabilizes at the levels that we see in the current year? Do we see further improvement going ahead? Those would be my question. Thanks. Thank you. I'll quickly start with the question of the retention. I think broadly retentions are kind of down approximately from 78 to approximately 73, 74 basis points. I think largely out of the four basis points, half of that is broadly attributed to carry. Close to out of four basis points to two and a half basis points is really a function of carry recognition, largely on the asset management side and partially on the wealth management side. The remaining two basis points is largely a function of the mix of business. I think on the wealth management side, I think the advisory business has a slightly lower retention than the distribution business. Also the TBR, typically speaking, for no specific reason, but typically slightly lower in Q1, Q2 as compared to Q3, Q4. Those are two things kind of impacting the retention a bit. On the ARR side, purely on the wealth side, it is just one or two basis points, is largely a function of the mix. Similarly, on the asset management side, it is really nothing much outside of the mix of the business. I cannot, for any specific business line itself, we have not seen any reduction in margins. I think advisory continues to be broadly in that ballpark of 30 odd basis points, 30-35 basis points on an average, 25-27 basis points for large mandates, and 30-35 basis points on an average. Discretion continues to be in the region of 40-45 basis points, and distribution largely in the region of 65-70 basis points. It is really largely a function of mix. Round about, give or take 1, 1.25 basis points on the only place where we see a little bit of retention pressure, which we will kind of keep playing out, is on the pure listed side of the asset management business. I think that business kind of will continuously see a little bit of margin pressure. For us, obviously, it contributes around about 8%-9% of our revenue. That is the only place where I feel there will be a headline decline in retentions. Otherwise, it will broadly continue. I would give or take, not hazard a guess more accurately than between 70-75 basis points on the ARR. I think there might be quarters where it goes towards the 70-71, and there will be certain quarters where it is towards the 74-75. But it will be between that 70-75 basis points. I think on the UBS side, obviously, I think we started the process of onboarding our funds mutually and referring clients from January-March of the current year. I think we made super progress. Would be fairly certain to say that in the coming quarter, we should have some funds launched in both ways. UBS potentially launching some of our funds and we launching some of UBS's funds in India and simultaneously also referring clients to each other. I think we have got a certain AUM number, a fairly conservative number, but in the region of $500 million-$600 million, hopefully to get kind of exchange between both the organizations over a period of time. That is really what we are going to use as a measure of collaboration. I think that is really the first step rather than trying to look at cost to income and trying to see profitability numbers out of it. I think if both the organizations can add value from the collaboration and ensure that we are able to kind of add value to our platforms, that is really where our step is. We are fairly confident over the next three months, we will start some money actually changing and similarly, by the end of maybe a year from the time we started, which is January-March, we will definitely be close to some of the internal targets we have kind of set out for ourselves. On the RM count, we currently obviously wanting to add around about, as you rightly said, move towards the 350-400 RM target number. I think we broadly got a target number of 9,000-10,000 families as compared to the 4,100 families we have today over a three-year time period. All things being equal, 10,000 families would need around about 300-350 RMs to manage. Today, potentially that means we add around about 30-40 RMs a year over the next three odd years. Obviously, some internal junior RMs will also keep escalating and kind of move up to become senior RMs. 350-400 senior RMs over a period of time would need around about 30-40 RMs to get added. I think, to be honest, that's one part of our business on the wealth management and ultra-high net worth wealth management side, which typically kind of RMs, relationship managers are able to kind of work within the system extremely well and potentially break even in our system substantially faster than most other platforms. In our core cost to income, if I look at our core stable ultra-high net cost to income, typically it tends to be in the region of 45% odd. We always assume 100-200 basis points for expansion and for new people to come in and productivity to kind of get settled in. There we are fairly convinced about being at the 44-45 mark long-term and 46-47 mark, depending on how recruitments pretty much happen. That amount of operating leverage is built in because every year there are a cycle of people who joined last year who are becoming productive this year. In some senses, it's a perpetual hiring curve. I think on the ultra HNI side, really, I think the cost to income remains in that 46-47 zip code, including some of the hiring we have to do. The bridge between the 50-51 to the 47 number is really not coming out of the, or not getting subtracted out of the hiring on the ultra-high net worth side. Just one follow-up, Karan, on the UBS thing. If you can delve some bit on the unit economics of the business that you would have in mind if you kind of reach the $500 million-$600 million asset transfer between the two entities. What kind of revenue potential, or does it operate at a similar cost structure what we have today? How should we think about this if it gets added to your AUM in the next? Yeah. Honestly, I wouldn't want to just go absolutely deep down from a user economics perspective, but I think at a very headline level, it's fair to say that it's mutually very accretive for both firms at whatever retention we are able to do business. Honestly, I think from an India perspective, we have a very strong platform already built out. I think UBS, from our collaboration perspective, already has a large platform built out. Obviously doesn't disproportionately add to our costs. Obviously, I think, from a retention perspective and a pricing perspective, the market will discover it. I definitely see it being fairly accretive to the P&L. Exact terms of retentions and unit economics, I would want to wait and see how it plays out over the next six months. Thank you, and all the best. Thank you. Next in line, we have Aejas Lakhani. Aejas, kindly unmute and ask your question. Yeah. Hi, Karan. Congrats on the numbers. Karan, just one question. I wanted to understand the yield that your net new inflows typically have. Again, Aejas, depends on the kind of net flows. Obviously, if it's pure advisory, then obviously it'll be in the region of 30-35 basis points. If it's discretionary, it will be 45-50 basis points. If it's pure distribution, it would be 60-70 basis points. Okay. Since you're dealing with very large clients here, is there any element that probably it's a little more subsidized upfront and then it sort of builds out, or there's nothing of that? I think relationships definitely build out, I think. Needless to say, like in most businesses, I think at a starting point, we are always facing a little bit of competitive pressure. That competitive pressure eases out as the relationship goes deeper. Obviously, our own ability to offer the entire platform to the client becomes larger and larger. Obviously, I think our clients end up doing a lot of work with us on the overseas platform, on the lending platform, sometimes on the banking side. Obviously, I think the ability to go deeper, both vertically and horizontally with the client, becomes larger and larger. Sometimes, if there are large mandates, obviously we have to be slightly flexible on the fee. I think we've done a fairly decent job, and I think at scale to build an advisory practice with this retention has not been that easy. Because obviously I think building out a product model is relatively sometimes easier. Scaling that is tougher. On the advisory side, the flip is obviously, I think it's tougher to build out the service model and even tougher to charge fees. I think you have to combine both of that, and obviously it has a lot of benefits because it has the ability to scale up faster. Got it. Thanks, and all the best. Thank you. Thank you. May I remind you, in case you have any question, kindly click on the Raise Hand icon. Next in line, we have Dipanjan Ghosh. Kindly unmute and ask your question. Hey. Hi, Karan. Good evening. A few questions from my side. First, we are obviously seeing a very strong flow number in the 360 ONE Plus segment. I mean, basically the overall wealth segment, and not for this quarter specifically, but if I look at the past few quarters after the attrition-related issues got sorted. I think at the start of the call you mentioned that a lot of it had to actually do with the new teams that have been onboarded. I just wanted to get some sense of, incrementally, what is the contribution of flows coming in from these large teams which you have onboarded and, because you have aspirations of scaling up the RM franchisee and the client franchisee to that 9,000, 10,000 levels. Do you expect the contribution from new clients or new wallets to actually be a relatively higher portion of your flows in the wealth segment compared to, let's say, what you used to see on a run rate basis? That is the first question. The second is on the core transactional revenues, which is X of B&K. On that part of the business, despite being a relatively weak and volatile quarter, you are still clocking around that INR 140 crore-INR 150 crore, which historically used to be towards the upper end of your guidance of INR 150 crore per quarter. Just from the core part. In terms of the pipeline on the TBR side, do you see any large transactions? Like last quarter, you mentioned there were some high-yielding debt-related transactions. Do you see any large transactions in the pipeline over the next, let's say, 3-9 months, be it on the real asset side or on the private credit or something out there. Two data keeping questions. A query on the cost part. Is there around an INR 12 crore-INR 13 crore of exceptional cost that is setting out in this quarter? Because if I look at your wealth overall expense, it is around INR 354 crore. In the presentation, you have mentioned that your operating PBT, excluding some exceptional cost items is. In that case, the cost is like INR 342 crore. This difference of INR 12 crore-INR 13 crore, is it some initial payouts to acquire some teams or build up the IB business? T hose were my questions. I have a small question which I can ask at the end. I will start off with the color of flow. That is a great question. To be honest, what gives us the highest amount of encouragement is that we are seeing the color of flows really do well at the absolute base level, unit level, which is number of clients. Honestly, for us, that is the acid test. What gives me the most amount of excitement is if I just go back maybe 36 months back, a number of clients with more than INR 10 crore with us would be a number somewhere in the 1,800, 1,900, 2,000 kind of number. That number obviously today is just above that 4,000 kind of number. That's the biggest opportunity. I think eventually, that's what really adds the AUM, because if this 4,000 becomes 8,000-10,000, because most of these clients at INR 10-20 crores would be maybe 15%-20% wallet share with us. Obviously what happens is the ability for us to, as a full-fledged wealth platform, the ability to really seep in and kind of increase our wallet share is the highest. The ability to really kind of canvas these clients from 4,000 to 5,000 to 6,000 to 8,000 is going to be one defining big number for us from a wallet share perspective. If I was to specifically look at last three, four quarters, I think it's kind of the same. It's, A, I would say number of clients. B, obviously, a slightly higher wallet share or slightly higher market share at the point of the client having a liquidity event. Thirdly, I think our own ability, together with the help of all our relationship managers, the advisory team, and as well as the product team, to be able to kind of increase our wallet share with the client as time goes by. I think the third one is really, really important because most of the clients we end up dealing with eventually end up with two or two and a half advisors. I like to call it two and a half because there are two advisors the client is dealing with on a day-to-day basis, and another half advisor is always kind of lurking around. Initially, most clients start with four to sometimes even five advisors. Our ability to really be part of that, too, as opposed to kind of starting as one out of the four or five is really what has been very distinguishing. I would say it's going to be a combination of both. At the base level, we have to have the right number of families. As we scale up, I think we have to ensure that we have the right quantum of wallet share. The transaction quotient is also great. I think, to be honest, we've been trying to improve that over a large period of time. We've come off from a place of having a lot of kind of lumpy transactions, sometimes on the fixed income side, sometimes on the private equity side. With the co-investment regulations in place and our ability to raise money in the AIF PMS and in the CIV vehicle for co-investment, for standalone transactions, it really kind of gives us a better vehicle to be able to collect long-term money, even for single instruments, rather than going out and doing syndication and those kind of transactions. That necessarily means a lot of those assets will get converted to ARR assets rather than come in the form of transaction brokerage assets. Obviously, it reduces the upfront revenue, but from a business perspective, adds a lot of good color over the next five, 10 years because it allows us to be able to potentially charge a fee as well as charge carry over a longer period of time. I think just the inherent ability to have individually large transactions on the TBR side is becoming lower and lower. I think if I was to look back over the last four quarters, maybe we had one transaction like this in Q4 last year. Going forward, these lumpy transactions will become lower and lower. We've, at the same time, worked very hard, like you rightly said, to ensure that while our transaction brokerage income doesn't have lumpy transactions, yet from a number perspective, doesn't change dramatically. I think we've worked hard to try and kind of get it to a consistent INR 125 crore-INR 150 crore number, with the hope and ability to potentially increase it by a modest 10%-15% as you go along over the next two to three years. In that regard, actually, I think the biggest line items to look at in that sense obviously will be our own ability to do two or three things. One, obviously, I think we've built the equity brokerage franchise substantially better than what we had built earlier. I think together with B&K, together with our ultra high net worth brokerage practice, today it's safe to say roundabout, I think, give or take, some number be tween INR 23 crore-INR 25 crore a month, effectively INR 75 crore a quarter of equity brokerage on the listed side is something which we can definitely look at. Obviously, this number can go down ±10% depending on the markets. It has no lumpy nature where that INR 300 crore-INR 325 crore becomes zero. It can go down ±5%, 10%, or it can go up +10%, but it definitely doesn't have that kind of lumpy nature. With the integration of the B&K research into our high net worth fold, we are fairly confident of being able to make this one of the highest growing kind of segment line items within the transaction and within the TBR business. I think just given the size of our business at INR 325 crore, this broadly represents less than 7%-8% of our revenues. For any wealth business across the world, there are always clients who like to buy stocks directly. I would like to believe this should be around about 10%-15% of our revenues as we go along. Overall, TBR will continue to still be below the 25% number, but this should definitely see an increase from 8%-10% to 12%-15%. Obviously we've got brokerage on fixed income, brokerage on unlisted equity, a little bit of brokerage on real estate, insurance, and finally, we'll have a little bit of income on the merchant banking side. I think all these four things put together should end up somewhere in that ballpark number of INR 125 crore-INR 160 crore a quarter. Hopefully we can kind of keep pushing that up organically by 15%-20% a year. In that sense, as the overall ARR AUM grows at a slightly higher clip than the TBR revenue, the TBR revenue stays in that zip code of 15%-20%, 25%, or maybe 20% of overall revenues. Without actually increasing dramatically in absolute terms, but definitely increasing in terms of quality. The last part on exceptional cost, I think that INR 12 crore is exceptional cost is just related to ESOPs relative to the acquisition. That's the reason it's put out there. That's really, in some senses, not necessarily on a constant basis, but it's related to the B&K acquisition. That's about it. Got it. Karan, just one small question. Historically, you mentioned that the carry will stabilize around that four to six basis points of recurring gains on a more structural basis. Even if you look at for this quarter, it seems a little bit higher up towards the higher end or maybe a little bit higher than the higher end of the guidance. In terms of visibility over the at least for the fiscal year 2027 or 2028, how do you see that shaping up? I think it still is around four basis points is the right number to look at. I think just if I look at the entire Alternates AUM, we are approximately at INR 58,000, INR 59,000 crores, or just let's round it off to INR 60,000 crores, for lack of a better word. I think INR 60,000 crores into around about four basis points, INR 240 odd crores for the year is broadly what I wo uld look at. Sanjay, are the numbers right? Yeah, correct. Impact is about 4 basis points in this quarter. 3-5 basis points is really what you can look at. Of the AIF alternates. AIF. Yes, that's true. Okay. Thank you, Karan, and the team, and all the best. Thank you. Thank you. In case you have any questions, I request you kindly click on the Raise Hand icon. Next in line, we have Siddharth. Siddharth, kindly unmute and ask your question. Hi, team. Thanks for the opportunity and congrats on a good quarter. Just wanted to understand three things. One, could you give some color on the trajectory that you're seeing on HNI and how much of the distribution AUM growth is coming from HNI flows? You also mentioned about ECM mandates sort of becoming meaningful. If you could give some color around how that is shaping up and how that team build-up is coming in, and how much of that TBR revenue is coming from ECM, and how should we think of that going forward? The third one was on the synergies alluded to from the B&K acquisition, if you could give some quantification and some color on the nature of those synergies. Yeah, those were my three questions. Thank you. On the HNI side, as I said earlier, I think that's a portion which from a new initiatives perspective, seems to have stabilized the most. I think good early shoots, in terms of both the stability of the platform as well as the stability of the team. I think just looking at the team itself, out of the 60 relationship managers, we've been able to grow distribution assets from a measly number of INR 500, INR 600 crores all the way to INR 4,000 crores last year. The INR 4,000 crores now belong to around about INR 5,100, INR 5,200 crores. Needless to say, like we've discussed earlier, the revenue recognition of all of these assets start with a 12-month lag. For the last quarter, finally, we've started accruing revenue for the assets we had moved in the same quarter last year. Around about INR 7-8 crores of trail revenue has started. We are also now fairly confident of the platform and system where we have around about 4,000, I would say, idle clients who can be substantially serviced better, who in our system are between the one to nine crore number. Today, potentially, they contribute around about INR 17,000, INR 18,000 crores of AUM. A relatively small revenue number of INR 10-15 crores a quarter. Those accounts can definitely be serviced substantially better. Very soon, over the course of next three odd months, we'll migrate those set of clients to the HNI team. Doesn't require a very large employee migration, less than 10 to 12 people from the ultra high net worth side to the high net worth side. I honestly see the high net worth side business really taking full shape towards this financial year. It will, in some senses, really serve the purpose of us getting in and addressing the right set of clients between the INR 10-50 crore client segment extremely quickly. On the ECM side, it's still in the early days. As I said earlier, we've got a good set of six people. Four people on the coverage side and a couple of more strategic important people both on the process compliance side who joined us. Some of them are serving notice period, some of them have already joined us. I think we will definitely start pitching for ECM mandates in a very, very active way. Starting somewhere in October or December or potentially from January next year. Having said that, obviously, we have the distribution strength as well as promoter connects and a lot of mandates. You'll already see us in a lot of mandates. Those are really, in some senses, connects and relationships and our distribution capability, which is already there in some of those relationships. I think it's fair to say, somewhere between October or December, we will be a full-strength team on the ECM side. Potentially from January next year, hopefully we can have a certain target number in mind to attach to that business. Currently, obviously, as I said earlier, it's a very small business. I think revenue from that business for the last quarter would be less than INR 8 odd crores. In that sense, it's not really meaningfully contributing to the transaction and brokerage side. Over a period of two to three years, if the transaction brokerage revenue number was to be somewhere between the INR 750-1,000 crores, I would expect 15-odd%, 15%-20% to come out of the ECM side. On the synergies with B&K, as I discussed earlier, I think the biggest synergy in the immediate short term is on the equity brokerage side. I think both the platforms put together at the point of coming together, were doing around about INR 250 crore-INR 260 crore of listed equity brokerage. I think today that number is already close to give or take INR 310-INR 320. I think that's the number I honestly see increasing potentially at a healthy clip of 15%-20% every year for the next 2-3 years. With our ability to match our wealth management clients together with the right set of research, I think will lead to its own kind of expansion. Obviously, on the wealth management side, we have a lot of promoter connects and people we manage money for, and the ability to connect them, at the right point of time to the ECM banking team and research team on the B&K side will also be helpful from a synergy perspective. Thanks. This is very clear. Just a small follow-up. Assuming that the broad retention range that you alluded on the distribution side of 60-70 basis points will be pretty much the case for HNI AUM also once the revenue starts kicking in. Is that a fair? HNI would be higher. HNI obviously would be higher. I think on the ultra HNI side, everything has a slab by structure. If you look at the lowest slab, everything's at around about 90-100 basis points and goes all the way down to 60 basis points. I think even today on the ultra HNI side, our distribution would be slightly higher. It would be 71, 72, 73 basis points. On the pure HNI side, I think it'll be closer to 85-90 basis points. That's helpful. Thank you. Thank you. Thank you. Next in line, we have Abhijeet Sakhare. Abhijeet, kindly unmute and ask your question. Thank you. Hey, am I audible? Hi Abhijeet. Yes, you are on. Hi. Hi, Karan. First one is a data question. The new SARs that have been announced, is there a cost component that is built into the current quarter numbers? For the current SARs which is announced? Yeah. No, that will only start at the point of next quarter, once it is approved and allotted. That is approximately 12 lakh SARs w ould be approximately INR 130- 140 odd crores into INR 40- 60 odd crores. Yeah, it'll be around about INR 60- odd crore spread over three years. Yeah. Okay. Got it. Just going back. Spread over four years. Yeah. Going back to your comment on cost-income ratio. Looks like we are kind of indicating somewhere close to 49%-50% sort of full year cost-income ratio. Just wanted to get that number. Yeah, that's the desire. Yes. Understood. Just from a cost point of view, again, Karan, during periods when we have fairly elevated transacti onal revenues or carry revenues, when we use some of these revenues to build out and spend towards the teams, is it more of a variable nature or do they actually sit as more permanent type of costs? Because while the environment is favorable for the last few years. It's a great question. It's a constant debate which I have with the team. I can give you three kinds of answers, but I'll give you one. No, honestly, I think the industry, both on the wealth management side and asset management side, is relatively quite competitive. I think what kind of really makes it take its own time and moves it to the 24, 30-month cycle as opposed to a 12, 18-month cycle is the GBs and JBs, right? Typically, anybody kind of coming into the system or exiting fr om the system has some bonuses which he's leaving behind and potentially has built a book in the current organization, which is potentially worth something. As he's changing the organization, he's going to take some time to build that book. I think that kind of adds a bit to the cost to income. Otherwise, I think it's fairly well measured, and I think it's a good equilibrium, honestly, between all stakeholders. I think from an industry perspective, we've not really seen a dramatic change over the last two, three years. Obviously, I think once you're hiring people a little bit, the equilibrium changes because of the time period taken to kind of reach that book back again. Last question is, just this goal to double the UHNI client base. In terms of where most of that incremental flows will sit in the wealth book, should we assume that advisory would be the place where most of that gets added to, or it would get spread across? It's a little bit of the starting point of clients. I would say today to get a client starting with more than INR 250 crores, not on the advisory side, is less than three out of 10 or less than two out of 10. Okay? I think it's fair to say 70% or 80% of the clients above INR 250 crores would be on the advisory side. I would say if it's INR 50-INR 250 or INR 100-INR 250, it will become a 50/50 kind of number. If the number is somewhere between starting off with a INR 10-INR 50 crore check, it still might be a little bit more skewed towards the distribution side. Okay. Assuming that we would have captured the top of the pyramid, so incrementally the mix in terms of advisory to distribution, should we assume it's more distribution-led? No, more advisory-led. More advisory-led on the ultra high net worth side. I think safe to say it would be 60/40. The only caveat I have is the ability to use the full platform with advisory clients is substantially higher. Okay? For a distribution client to set up a trust with you to do GIFT City investments, to borrow from you, to do equity brokerage from you, the cross-selling and the cross-pollination of the platform for an advisory client would be 3x of that of a distribution client. While the headline retention looks lower on the advisory side, I think we did this exercise once. I haven't done it for a couple of maybe two, three quarters. Actually, the overall retention between advisory client and distribution client is not dramatically different. Because he's much more engaged with the platform. His ability to do multiple things with the platform is substantially higher than that of a distribution client. Got it. That is super helpful. Thank you so much. Thank you. Next in line, we have Prakhar Sharma. Prakhar, kindly unmute and ask your question. Thank you. Karan, congratulations to you and the team on a great set of numbers. First thing I just wanted to ask with you, now that you have this partnership with UBS quite well set, is there an opportunity for 360 ONE to market the FCNRB related products on these lines, especially when you have some of the smaller banks offering very attractive IRRs but don't have relationships on the leveraging side? Is that a product that 360 ONE can do? Obviously, I don't want to comment on the individual products which UBS is doing, but overall, I don't think UBS has still launched a FCNR program, at least in my knowledge. From a 360 ONE perspective, obviously, we are absolutely open architecture and we are helping our clients on the advisory side. In some senses, we've kind of worked with at least eight or 10 prime lenders as well as eight or 10 bankers to ensure our clients are able to access the FCNRB platform on the right side. We continuously work with clients, and I think we will end up building out a large number of trades for FCNRB, not necessarily with us as a bank or us as a lender, but us acting as an advisor on an open architecture basis. Got it. The other one is a slightly tricky question, but I'll still take a shot at it. Karan, over the last couple of months, there have been a lot of murmurs about when Bain, as an investor, steps back, you as the CEO might also take a back seat. You have been very active with all the acquisitions, integrations that you are running. If you won't mind to share how you think yourself at, from a three to five-year perspective, running 360 ONE. A lot of us would love to hear your thoughts around it. Thank you. I'm sure they take a crack at it, I should start off by telling you it's not a very tricky question. I've answered it at least 125 times, it's not that tricky. I actually answered it first in 2008, three months after starting the company. I've been answering it for 18 years. No, very quickly, I think, obviously my longevity or my desire to continue as CEO of the firm has nothing and nothing at all to do with the Bain equity shareholding. Both of those things are not linked in any way, manner, and form. That's the first thing. Number two, obviously, our own ability to continue as CEO of the business is a function of two or three things. Obviously, it's my own desire to kind of do what I'm doing, what I like, and what I'm passionate about, which is, I think, safe to say, for the last 25 years, pretty much this is what I'm doing. I will continue to be equally excited about the business. Second, obviously, age and health has to support. Fortunately, I'm all of 49 and hopefully have a long, long, long time to go. Third, I think, as long as all other things continue to be equal, I think today it is fair to say mentally and emotionally we are all 85%, 90%, 95%, 100% invested in the business and financially more than 90% invested in the business. I think that's really where it is. Baki, as things go by, there's no real definition of three years, five years, seven years, 10 years. I think whatever it is is what we take. Typically, I like to look at things on a continuous basis. Today, if you ask me, there's nothing really at all which is really even making me think differently from what I'm doing today. Perfect, thank you for sharing the details. Best of luck. Thank you. Thank you. Thank you, Karan, for taking all these questions. This brings us to the end of the earnings call. Thank you, ladies and gentlemen, for joining us. Have a pleasant evening. Thank you.