Ladies and gentlemen, good day and welcome to Motilal Oswal Financial Services Quarter Three and nine months FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Goyal, Head, IR. Thank you, and over to you, sir. Thank you, Michelle. Good afternoon. I welcome and thank all the participants on behalf of Motilal Oswal Financial Services Limited to attend our Q3 FY26 earnings call. We hope that you had an opportunity to go through our investor deck and press release uploaded on stock exchanges and on our website yesterday. We have also uploaded our Excel data book, which has all the operational and financial numbers. Please note that today's discussion may include forward-looking statements. These forward-looking statements are based on our macro assessment and actual outcome may vary. With that, I'll introduce our management participating on this call. We have Mr. Raamdeo Agrawal, Chairman of the Group; Mr. Motilal Oswal, Managing Director and CEO; Mr. Navin Agarwal, Group Managing Director; Mr. Ajay Menon, CEO, Wealth Management; Mr. Prateek Agrawal, MD and CEO, Asset Management Business; Mr. Ashish Shankar, CEO of Private Wealth Management; Mr. Shivkesh Rahul, CEO, Housing Finance; Mr. Sanchit Suneja, Group Chief Strategy Officer; and Mr. Shailesh Bhatia Shah, Group Chief Financial Officer. We will start this call with an opening remark by Navin, and then we will have a Q&A session. Over to you, Navin. Thanks, Manish. Good afternoon once again, everyone. I'll start by sharing some key highlights. Q3 FY26 continues to witness strength in most of our businesses, with growth being led by our annuity businesses. Our operating profit after tax grew by 16% year-over-year to INR 611 crore, led by asset and private wealth business growing by 32% year-on-year. These businesses now contribute over 50% to the operating profit of the group, and we expect the share of these two businesses, as guided in the past, to continue to rise in the quarters ahead. The current quarter profit number also includes the impact of INR 14.4 crore towards employee benefits under the new labor code. The profit growth adjusted for the labor code expense is 18%. These results form a good base of a year that had virtually no benefit of mark-to-market in either the AMC or the private wealth or the distribution businesses of the group, and also the impact of significant changes in FNO regulations in the wealth management business. For context, versus this 18% growth, our 10-year operating profit growth has been strong at a compounded 31% per annum. Our annual consolidated annual recurring revenue now stands at 65% of the total net net revenues. Once again, we have been guiding that the share of ARR revenues will continue to rise in the years ahead. Based on the strong performance, the board has declared an interim dividend of INR 6 per share, up by 20% versus INR 5 declared in the previous year. Once again, since our listing in 2007, we have never diluted equity while consistently paying out dividends and executing three buybacks. This has only been possible due to our unique, capital allocation model, wherein our large investment book serves as a strong backbone to all our operating businesses. Now, before I deep dive into quarterly performance updates, I want to just once again reiterate that each of our businesses offer huge headroom to grow in the next decade, and the following five points will, corroborate this. Savings invested in equities are at just 5% in India versus 40% in the US. Retail ownership of stocks and participation in broking is at just 10% versus 55% in the US, which augurs well for our wealth management business. Indian mutual fund AUM to GDP is at just 20%. This compares with 120% in the US. Once again, a positive for our asset management business. For our alternate franchise, AUM has grown by 54% in the past decade to reach $400 billion for the industry. This is expected to cross $2 trillion in the next decade, and this number currently, at a global level, stands at $25 trillion and continues to grow strongly. For our private wealth business, investable wealth, which is also the TAM that we are targeting, is expected to grow by 15% over the next five years to reach INR 2.4 trillion or around INR 2.5 trillion. And this augurs well for our private wealth business. So basically, the tailwinds across all the key businesses of the firm continue to be quite robust. Motilal Oswal is the largest integrated capital market player with a promoter holding of 70%. We are ranked among the top 150 companies on, trailing twelve-month profit after taxes and among the top 200 companies by market capitalization. We see improvement in these rankings, given our continued higher earnings growth, potential versus the markets going forward. Turning now to our segmental performance and starting with our asset and private wealth business. These businesses comprise an, AMC business, which invests in listed stocks, a private equity business which invests in unlisted stocks, the real estate funds, and the private wealth business. The asset management business continued its momentum during the year with strong market share gains. Net flows in Q3 were robust at INR 11,600 crore. Our AUM stood at INR 189,000 crore as of thirty-first December, up by 33% year-on-year. We continue to invest in talent, in distribution reach and marketing. The operating leverage from rising AUMs should also be a driver to our profits going forward. Starting with our AMC businesses, the net flow of the AMC business increased to INR 10,700 crore in the third quarter of 2026. We continue to build on our sales team to service expanding distribution network. 91% of our AUM outperformed the respective benchmark in the past three years. The AMC continues to gain market share, with mutual fund AUM market share at 2.7%, which is the highest ever. We believe this is still headroom to increase further, given our net flow market share is much higher than this two point seven percent number and stands at 7.6%. Our quarterly SIP flows have crossed INR 3,500 crore, 1.5 times of the same quarter of previous year, with highest ever market share of 5%, resulting in SIP AUM book of INR 31,800 crore+, as on December 2025. We launched a consumption fund in the third quarter and raised INR 1,100 crore. Our alternate AUM grew to INR 34,284 crore. Our headcount has increased to 620 in December 2025. This was 536 in March 2025, and at 300 in March 2024. So we have more than doubled our manpower in the last 21 months time. Turning to the alternates business, our IDF 15 has cumulatively raised close to INR 8,000 crore and expect the final close in fourth quarter with a target size of INR 8,350 crore, nearly 2 times our fund raise. By context, right from our first fund, when we raised $62.5 million, in Fund 2, we raised $125 million. Fund 3 was $250 million, Fund 4 was $500 million, and Fund 5, $950 million. So we've been doubling our fund sizes for the last 17 years across the 5 series of funds that we have launched. We also launched our private credit fund in January of 2026. This is our entry into the emerging private credit segment. We believe alternative business provides multiple opportunities that we haven't explored yet, and remains a very large TAM to target for us as the wealth of the country rises over the next 10 years' time. With the above fundraisers in alternative segment, it will boost our recurring revenue base of the group. Our private equity business has a fee earning AUM now of nearly INR 18,000 crore across the growth and the real estate funds. During the current quarter, we've recognized accrual income as select funds have progressed to a stage where recognition criteria are met and systematic accruals have commenced. The income is currently accruing from only two mature schemes, indicating significant headroom for scaling up as newer fund vintages advance along their life cycle. As you know, the funds fund sizes have been doubling, with the latest fund being close to $1 billion. Hence, we expect these accruals to be recurring and growing contributor on a quarter-on-quarter and year-over-year basis to our alternates business going forward, as visibility and certainty of realization have materially improved. Based on the substantial outperformance with the funds delivering IRRs of over 20%, way above the hurdle rates, for these funds. Overall, these approvals represent a structural, high-quality ARR income and scalable earnings lever for our group profitability and predictability, as the alternate platform matures. This is in line, with the best practice followed by large global alternate listed platforms. Turning to our private wealth business, which is on a strong growth path. Our AUM grew by 31% to INR 196,000 crore. We have 8,200+ families. This number grew by 41% year-on-year. This is served by a high-quality RM team of over 410. We expect the RM productivity to improve, as only 34% of the RMs have a vintage of over three years. Our revenues at INR 816 crores for nine months are up by 16%. We are second among listed players by revenues in this segment. Profit after tax is INR 280 crores for the nine-month period, up by 14% on a year-on-year basis. Cost to income ratio has improved to 53% in the nine-month FY 2026, and the share of private wealth in the group profit after tax has increased over the years as a result of operating leverage and a comprehensive proposition straddling HNI and UHNI segments. We expect the share to continue to rise going forward. Turning to our wealth management business, which includes retail broking, distribution, and our retail lending book. Our segmental profit after tax in this business stands at INR 181 crore. It's flat year-over-year. Our distribution book grew by 34% to INR 42,800 crore. NII income recorded 21% growth year-over-year, supported by robust book expansion. Our total loan book, AUM, rose 25% to reach INR 6,630 crore. Our MTF market share is close to 7%. Our ARR book grew by 33%. Important to note that our share of broking revenues in the wealth management segment has declined from 60% in FY 2021 to 37% in Q3 FY 2026, led by sharp focus on growing our distribution and NII. Our brokerage revenues grew by 15% quarter-on-quarter. Cash volume market share was robust at 6.9%. F&O premium market share stood at 8.4%. Blended ADTO market share stood at 7.8%. Our broking business continues to retain leadership as a full service broker. We believe we are the largest broker in the cash segment on revenue market share. Turning to the capital markets business, comprising of institutional equities and investment banking business. Here, the profit after tax grew by 15% year-on-year in the third quarter to INR 70 crore. The IE business continues to increase research coverage. We now have crossed 350 stocks under our coverage. Plan to increase this to 400 by the close of this year. With this, we'll be the largest research house in terms of coverage of stocks, with ambition to increase this number materially in the years to come. Within the investment banking business, we have successfully completed 51 deals in the nine-month period, with cumulative issue size of INR 77,000 crore, and our fee income delivered 9% growth on a year-on-year basis to INR 65 crore. We were ranked number one on number of QIPs and IPOs for CY 2025 in the league tables. We've strengthened our team over the past few quarters across both businesses and continue to be positioned as a preferred banker to our clients. Turning to the housing finance business, our disbursements stand at INR 364 crore after adjustments for the one-time change in disbursement recognition. Excluding this adjustment, disbursement has grown by 47% to INR 578 crore on a year-on-year basis. AUM grew 24% year-on-year to INR 5,379 crore. Gross NPA and net NPA stood at 1.4% and 0.9% as of December 25. We expect the housing finance business to witness strong growth over the next 2-3 years. Business has a strong capital adequacy ratio, low leverage, giving us enough growth levers without any external capital dependency. To conclude, we recently published the 30th Wealth Creation Study, which highlighted how India offers multi-decadal trillion-dollar opportunities led by long period of sustained economic growth. The resulting wealth effect will benefit capital market players in general, and more for integrated players like Motilal Oswal. In the past 17 years, our GDP went up from $1 trillion to $4 trillion. Interesting fact is that the market cap CAGR has been higher at 1.5 times the 20-year GDP CAGR. We expect next 17 years will quadruple the GDP to $16 trillion, with cumulative savings of $47 trillion during the same time frame and a multiplier effect of market cap to GDP. Financialization theme should gain further traction, with increasing penetration in multiple products that Motilal Oswal offers. As leaders in each of our business segments, indicate huge headroom to grow at high rates over the next 5 years, we believe that we should continue to perform far higher than the market rate of growth. We'll now open the floor for Q&A. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask questions may please press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press star and one to ask questions. The first question is from the line of Mehak from MK Global. Please go ahead. Yeah, hi. Thank you for the opportunity. So I have two questions. So first, on the distribution income for both, the wealth and the private client management business. So, while it saw a dip, particularly on account of, lower transaction income booked, during the quarter, could you help us, with some color on, your expectations, particularly for the distribution income in, Q4 on a year-over-year basis? So that was my first question. And, secondly, on the asset management business. So while, the net close market share has seen a slight decline on a QOQ basis after gaining, consistent market share in the last few quarters. So, just wanted to know your thoughts on the same. Yeah. Sorry, we don't give quarterly distribution growth guidance, but as we have highlighted, that the TBR part of the revenues, the transaction-based revenues, will see volatility on a quarter-on-quarter basis. The external market conditions at a broader market level have been quite weak, and that has impacted the TBR revenues of most of the players, including us. The good news in the meantime is that our ARR revenues have really scaled up meaningfully. And we see, you know, these revenues further scaling up as the private credit offering of the group also is launched in the fourth quarter, and the revenues for which should come through in the fourth quarter of this financial year. So I think, the focus is to strongly grow, the ARR revenues while opportunistically building on the TBR revenues whenever market offers, an opportunity. On the AMC, flows, as you know, the net sales flow this quarter has been, 7.6%. We have about the AUM, market share, and, 91% of the AUM of the firm continues to outperform the benchmarks on a, three-year basis. There are some interesting facts that I'd like Prateek to share about the asset management company, which will give you some understanding of, what we have done over the course of the last one or two years and how this will play out over the next one or two years. Over to you. Thanks. Thanks, Navin. Good afternoon, everybody. Now, as Navin was saying, you know, our performance on a three-year basis, and three year is important because most distributors and digital channel focuses on three-year performance.... 97% of our MF active AUM is beating the benchmark, and most of our funds bring out the top position in their respective cohorts. On the alternate side, 60% of our AUM beats benchmark on a three years basis. Now, if we look at the gross and net sales, our gross sale quarter on quarter looks similar in terms of market share at over 5% on active side. On passive side, it's been maintained at 4.6%. On net sales, similarly, we are at 7.5%, similar to last quarter. Passives market share may have moved up a tad and around 6%. Yes, in the near term, our peak on the active side was October. After that, we have seen a small dip, but as yet, we continue to get net inflows. For, for this month also, we are positive. Now, on the people side, you know, we have added to the teams very strongly over the past two years. So to give you some sense, in financial 2024, we were 301 people. That increased to 493 in financial 2025, and as we speak, is 620, and this is not counting some 200 people who are outsourced, for us. On the investment side of this, these 26/20 people, on the investment side from 29 in March 2024, we moved to 36 in March 2025, and as we speak, we are 43. You know, we have hired 11 new managers over the last two years and have significantly strengthened and diversified investment capabilities. So, you know, in terms of growth prospects, see, like I said, people look at three years track record towards growth. As of now, we have six schemes. Two schemes are top two in the industry in terms of net flows, and one is in top five for nine months of financial 2026. Now, we believe we have a strong runway for growth with two more products in major categories. You know, so large cap and small cap would complete 3+ years in financial 27, and 9 products will complete 3 years in financial 28. So we have had a very stiff new product launch cycle, and all of that will start to complete 3 years over the next 2-year period. So we believe as more and more products cross the 3-year hurdle, our next two quarters AUM would increase, and our overall market share should then settle at a higher level. I'm happy to have more questions. Thank you so much for the detailed answer. That helps. Thank you. The next question is from the line of Nidesh from Investec. Please go ahead. Thanks for the opportunity. So firstly, on the operating expenses this quarter, we have seen that the OpEx across all businesses have declined on a sequential basis. So, how should we think about this? Is it because our top line has been a bit soft, so we have cut down on cost or there is a variability in OpEx? How should we model it, and how should we think about the trend in operating expenses? Yeah. Hi, Nidesh. So, if you look at this quarter, actually, the transactional revenues across our wealth business, our private wealth business, and even the capital market business, have been lower sequentially. So that is one of the reasons where a lot of our costs are variable, especially the people cost, and that is the reason you see that the variable costs are lower this quarter. So that is the reason that, you know, our margins are intact for the quarter, which flows in line with the transactional revenues. Just to add, Nidesh, you know, we have very strongly added to our aggregate manpower in FY 2024 and 2025. That number is stable to a tad lower in the nine-month period ending December 2025. Yeah, because we see that the headcount has also declined, I think, on a QoQ basis. Yes. As of the nine months, if you look at December over March, it's a tad lower, led by the contraction in the WM revenues and the headcount there. There has been very strong growth in all the other businesses. Sure. Sure. Second is, how much of our distribution AUM, both in wealth management and private, private wealth management, is coming from our own AMC? Very small. As you know, the asset management firm has grown very strongly over a period of time, and so this number has come down to just over 10%. We wish it was higher. Sure. And, lastly, on AMC, so with the change in the, the top leadership at AMC, how should we. How are we planning to, to, stabilize the top leadership? Are we looking for an external candidate or and by, by what time we should see a new, new, CIO at AMC? ... So, as Prateek explained to you, we have significantly augmented our investment team. There are already co-fund managers for those schemes, as you are aware, Nidesh. And so, this will continue business as usual. In terms of additions to the investment team, Prateek also highlighted that we had a very busy schedule of new product launches in the last couple of years, and it's only in FY 2027 and 2028 will we see the benefit of many of these funds crossing three years vintage. We still have important categories that are open. As you know, the hybrid category has become a very large category in the mutual fund industry, and we hardly have any AUM. Less than 0.5% of our AUM today is in the hybrid category versus industry having substantial AUM. So we will continue to add to our investment team, including our leadership, externally, like we have been doing in the past. As you, I mean, Prateek explained that the investment team size has more than doubled and 11 new FMs have been hired. We will need to augment this further just to support the new fund and therefore launch five times that we have filed with SEBI, which are coming up for launches. I also highlighted that a large category, like the financial services, we did not have a fund there, and that fund is getting launched in this year quarter, in fact, in the month of January as we speak. So yeah, augmenting overall investment team as well as leadership through internal, you know, promotions as well as external hiring is something that we'll do, including specifically, you know, your question about the leadership transition that we recently announced. Even there, we will need to add a candidate. Sure. Thank you. That, that's it from my side. Thanks, Nidesh. Thank you. The next question is from the line of Lalit Deo from Equirus Securities. Please go ahead. Yeah, hi, sir. Good afternoon. So just two questions. So firstly, on the net Mr. Deo, your audio is too low, sir. Can you please increase the volume a little bit? Yeah. Is this better? Yes, sir. Please proceed. Yeah. So I have two questions. So once, firstly, on this wealth management and the private wealth management business. So we saw some moderation in the net flow side. So however, on a nine-month basis, it's still strong at around more than 30% of, of their opening AUM. So how should we see the net flow momentum in for FY 2027? That was one, first question. And secondly, on the AMC business, so in this particular quarter, we recognized a carry income of around INR 58 crore. Now, we mentioned, remarked that it will sustain in the coming 3-4 quarters. So what should be the steady number for that carry income, like over the next 12-15 months? Just lastly, on the lending book, like, we have again, like, on a nine months basis, it has grown by more than 30% on the overall lending, both in wealth management as well as private wealth management. So for FY 2027, how should we look at that? First and the third, and I'll let Charlie come in with the second. So as far as the distribution income is concerned, or the, sorry, net sales is concerned for the wealth management, the private wealth management business, fourth quarter should also be strong as we are looking at the first, hopefully the second close also of our private credit fund. That should be a, you know, very strong new addition, and both our private wealth and the wealth management businesses are distributing that product. It's exclusive and it only internal and not third-party distributors, so that should come in. We continue to see, there has been a slowdown, you know, in the overall markets and the overall net flows in the last quarter. However, given the significant ramp-up that we have seen in the private banking size that we have, we would expect many of those RMs to bring in the AUM also. So we would look at continued strong net sales growth in both of these businesses in FY 27 over the number that we will close FY 26 with. So that is the first point. The second is, the third question about the lending book. We have been very underrepresented, you know, both in the MTF segment as well as the NII in the private wealth business and in LAS, all the three segments. And this is a focus area for the group, given the strong credit rating of AA+, the controlled gearing, very strong net worth. For your information, the December 2025 net worth is 24% higher than the March 2025 net worth. One of the highest net worth growth that you would have seen in the industry across all, across our businesses. So the net worth is strong, credit rating is strong, borrowing capability exists at very, very attractive rates because of the strong AA+ rating. We believe that, you know, NII will be a very important growth driver in FY 2027, compared to FY 2026. Turning to accruals, as the funds mature, only two of our funds have crossed the threshold, and because of that, we've reported, you know, this INR 58 crore carry income, this quarter. We believe this is just the beginning. These numbers should at least repeat, if not increase, in the quarters. You can easily, you know, multiply this by four for the next year, and then growth from there year on year in FY 2028 and 2029 as more vintages get into the maturity phase. Yeah. Sure, sir. Thank you. Thank you. The next question is on the line of Dipanjan Ghosh from Citi. Please go ahead. Good morning, sir. Two questions from my side. First, if you can give some color on the carry income fund strategy that we follow- I'm sorry to interrupt you, sir. Your audio is not clear. There is a background noise. I would request you to kindly use your handset. Is this better? Sir, you may try. Please go ahead. Yes. I was just asking that, you know, in terms of your carry income booking strategies, you know, what is the current booking strategy that you follow in terms of how much do you book, in which quarter, prior to the exit? Second question was on the wealth management side, the private wealth side. Can you give some color on the, RM, relationship manager supply side and in terms of competition and attrition, how are the trends for the industry? And third question is in terms of the white spaces available on the alternate side of the business, for the next three to five years, if you can give some color on that. Yeah, hi, Dipanjan. On the first point, in terms of the additional returns accrual, the methodology followed is that for the, you know, equity growth funds, we, as per our policy, if the threshold of the returns is met above the hurdle, we accrue the carry in the last three years of the majority of that fund, and in the credit funds, we accrue the carry in the last two years of the maturity of that fund. So this has been, you know, consistently followed, and every quarter the NAV is trued up to recognize the incremental true up to the returns of the fund returns that we have achieved. To that extent, it will be a recurring line item, as Navin explained, on a quarter-on-quarter basis and even year-over-year basis. That's the method we follow for accruing the additional returns. I'll let Ashish Shankar, CEO for Private Wealth, take the question on the private bankers. So some perspective, over the last three years, our RM strength has gone up almost 2.5x. While th e competitive intensity is extremely high right now, but even at a private banker level, they are choosing platforms which are extremely stable and platforms which help them become productive faster. So given the kind of disruption that we see, we are seeing around us, we are emerging as an employer of choice because of the strong brand institution and the capabilities that we have invested in over the last two to three years. So we continue to see good talent coming in, and we have an extremely robust pipeline of private bankers who are to join in the next couple of quarters. So I'll take the third question regarding the alternative business outlook. So as you know, we started with two products, private equity, and real estate. In January, we've launched the third product, which is private credit. Going forward, we believe that there are at least 10 more categories of products that are left to be launched. And if you benchmark the leading alternatives platforms globally, then almost every year or every other year, you will see us launching a new strategy. Point number one. Point number two, I explained to you that across the 5 fund vintages for our growth fund, our fund sizes have doubled from $62.5 to $125 to $250, $500, and $1 billion. We expect that strong growth to continue, given how much difference there is between a domestic growth fund and a global growth fund right now. So that is something that we expect to continue. And the third important input is that within our funds, the share of offshore raise has been rising fund on fund. IBF 5, we have 40% of our AUM being raised from overseas compared to 35% for the previous fund, 30% for the third series. We expect this to go up in the next series even further because we had substantial unfulfilled demand on the offshore side for the fifth series. So we have many vectors of growth for this business, and this should be one of the faster growing businesses in our portfolio. Oh, thank you. Thank you. Thank you. The next question is from the line of Arvind Ravichandran from Sundaram Alternates. Please go ahead. Hi, team. Thank you so much for the opportunity. So this one I need to understand, like, you know, in wealth and private wealth management, especially distribution income, why are we seeing, you know, such a volatility across quarters? Is it because of, you know, flows volatility in, like, alternates business? Like, how to understand this? Like, if you can help me with that, that is my first question. And second question is on, like, you know, OpEx, especially in wealth and private wealth management. How to, you know, conceive this, like, is it going to be... Is it since we have, you know, hired, you know, ramped up our, like, you know, RM and other bases, especially in the last two years, is it going to be primarily like, you know, getting the, you know, better business out of the existing RMs? Or like, you know, or, or, or is it going to be bit more balanced in terms of, RM hires and other employee hires, as well as, you know, there have been a better productivity from the existing RMs? Yeah, these two questions. Hi, this is Ashish here. So on the flows front, see, last three years, bulk of the inflows have been led by monetization events, whether it is unlocking of promoter stake or ESOP listing. So typically these multi flows are dependent on markets. If you see on a quarter-on-quarter, there will be variability. However, if you see on a year-on-year basis, we've been steadily capturing market share. In fact, if you look at the net flow addition for the last quarter and compare it with some of our competitors, we've gained a lot of market share there as well. So on a quarter-on-quarter basis, you will see some variability in flows, but on a year-on-year basis, we are steadily gaining market share. About distribution revenues, like, you know, why is it volatile, especially in wealth and private management across quarters? Just so, as Ashish just explained, you know, the TBR part of the revenues are volatile, but as far as the flows are concerned, the flow volatility comes out of what happens to the market and the resulting impact on the monetization and resulting deals. So that is how we see it. But on a year-on-year basis, you should continue to see, you know, reasonably strong growth. I also explained to you that sometimes we have very large, you know, captive fund closures. We had our growth capital fund closure in the first quarter of this financial year, where, you know, net flows got really bumped up. Sorry, in Q2 of this financial year. In Q4, we will have the first and the second close of our private credit fund, which is only captive. When you have these very large fundraisers, right, which are completed in a quarter, those are the times when you see spike up in the net flows as well. Also, to add, you know, if you look at the ARR assets in both of these businesses, you know, ARR assets have grown in wealth at 36% annually year-over-year, and in private wealth at 31% annually year-over-year. So if you look at that, but the ARR revenue line item moves in line with the growth in the ARR assets, and the yields have been pretty stable there as well. So ARR revenues are very predictable on the distribution side, and as explained, the impact is only because of the transaction flows. However, even transaction revenues in both the business are up, respectively 35% and 40%, year-over-year, on the distribution business. So that is the way, you know, you should look at the flows and the growth in the revenue for these businesses. Understood, sir. Understood. My question on OpEx, sir, can I touch? Can you repeat that, please? Yeah. So, like, in wealth and private management, you know, how should I, like, you know, view the OpEx growth, especially in the view of, you know, a ramp-up in RMs in the last few years? Is it primarily going to be like, you know, like, you know, productivity increase, or like it's just going to be yearly raises for employees, not much from, you know, addition of employees, or, or is it going to be balanced, in terms of, you know, OpEx growth, especially from the employee expenses side? Sure. So we had discussed this in our earlier call already. Our cost-to-income ratio for this business peaked in FY 2024. FY 2025 was a tad lower than 2024. We've seen some further benefits in the current financial year. So, it's about 100 basis points lower, cost-to-income ratio for this business. I think you should see this trend continue as the RM vintages progress to 3 years now. We have 60% of our RM base at less than 3-year vintage as we speak. Okay. Okay, okay. So focus is going to be there. Just one last question, like, you know, especially in wealth management business, in order to improve, like, you know, our distribution income potential, like, you know, further and further, do we need to, like, you know, invest in any, like, a huge RM or other employee base, to increase the ARR mix, especially the distribution income, especially in wealth management? So, on the overall distribution side, we are surely hiring from the RM perspective, but at the same time, also digitally, we are able to increase the overall pie on the distribution side through a lot of digital initiatives, plus a lot of investments on the tech side, when you look at AI and all that, through for cross-selling. So we are looking at cross-selling in a big way across our network, which is still the penetration is comparatively much lower at around 13%, which we feel that can increase much, much higher going forward. So to that extent, the scope to grow is immense, even further now. Understood. Understood. Thank you. Thank you so much. Thank you. Thank you. The next question is from the line of Sukrit Deep Patel from Eyesight Fintrade Private Limited. Please go ahead. Good afternoon, team. I have two forward-looking questions. My first question is to Mr. Agarwal, Mr. Ramdeo Agrawal. Given the evolving macro outlook, and market volatility and ever-changing client behavior across retail and institutional space, how is Motilal Oswal adapting its business mix and go-to-market tactics to expand client engagement and wallet share across broking, wealth management, and investment banking? In particular, how are you balancing growth with profitability in your initiatives, such as alternate asset management and financing business, while maintaining quality of service and competitive differentiation? That's my first question. I'll ask my second question after this. Thank you. Okay. Yeah, good afternoon. Actually, this is the heart of the entire strategy that Motilal Oswal remains not only the largest capital market company across all the businesses put together, and we have a very strong balance sheet because as of Investment Banking, because- more and more powerful as the market cap goes from $5 trillion to $10 trillion in the next 7-8 years, you'll see emergence of very large banks. And the these sizes will go from $1 billion, which is now becoming quite common, so it'll become more like $5-$10 billion single deals. So in that, you need very large banks with large balance sheet and large profitability also. And so we are trying to make it as a talent powerhouse, because ultimately the talent is gonna make a difference, and your network is gonna make a difference, and your profitability is gonna make a difference. We are seeing that the businesses have tailwinds in one year, say like broking from 2021 to 2024, was one way, you know, kind of a massive tailwinds. Then finally, regulators came and kind of gave some kind of restrictions to the F&O business. So that business which became very large got a setback for last one year. But other businesses, non-broking businesses, that became very large. So that's what if you see today, in this quarter, we have grown this one capital market company, which has grown 16% in terms of operating profit to history highest, INR 611 crore for the quarter. And very high quality profit, despite the fact that broking revenue has been kind of muted in this particular quarter. So I think, as we move forward as, capital market businesses become from 200 million demat accounts to more like 500 million demat accounts in the next 7-8 years, and the market cap goes from $5.5 trillion to $10 trillion, I think we are seeing that, opportunity in every business will be... So there'll be, whatever, businesses, and the current businesses will keep growing vertically up, and horizontally, we'll be seeing a very, what do you call, strategically, one or two businesses, you know, well chosen, like what Navin said, in the alternate business, we have started with the private credit. We'll be looking for other opportunities in the same, same front, where the businesses could be very large as the economy grows. So I think all in all, the relevance of capital market remains center of the economy. And actually, in my belief, if you see by wealth creation study, now the financial wealth will drive the real economy, and in that situation, capital market companies, emergence of capital market companies will be very, very important fact in the stock market. And that's where I think we have positioned ourselves, and we have hedged our bets by putting it across in all the businesses. Thank you. My second question is to Mr. Shah. With financial markets constantly experiencing bouts of volatility and varied liquidity conditions, how are you thinking about margin, say, margin sustainability, capital efficiency, and risk management across the key business verticals? Additionally, can you shed some light on the capital allocation framework and balance sheet priorities as you scale wealth and asset management operations alongside traditional broking and transaction-based system? Thank you. Yeah. On the capital allocation methodology, you know, our network has been very strong at, you know, INR 13,000 crore. And, as we have been, you know, guiding in the past, that we continue to, you know, pay out dividends. Our last decade average dividend payout ratio has been 20%, and the residual cash, you know, continues to invest in the equity investments on our as treasury investments on our balance sheet. So our capital allocation continues to see the treasury investments on the balance sheet, which treasury return has actually been about 18.5% IRR. You know, keeping sufficient cushion for the mark-to-market, we ensure that, you know, our gearing at any point of time remains within the 2x limits. So to that extent, we ensure that there is sufficient cushion of margins and mark-to-market, which can run on the balance sheet in down cycles of equity markets to ensure that our capital, the leverage ratios are intact. And at the same time, this treasury operating capital actually becomes the base for the operating businesses to grow their profits and free cash flow. That is where if you look at our operating ROEs are all about 25%, and blended with the treasury ROE, our overall ROE continues to grow, last decade at, like, 22% and even current financial year at 26% ROE. Thank you, sir, for answering those questions. The participant has left the queue. We'll move on to the next question, which is from the line of Dev Shah from Haitong Securities. Please go ahead. Yeah, hi. Thanks for taking my question, and congratulations on a good set of numbers. Just wanted to ask on the wealth management piece, the cash and F&O premium market share has been declining over the last couple of quarters. Just anything to read into that? And further, the revenue composition in the wealth management section from relationship managers has been steadily declining and external wealth managers has been rising. So just wanted some clarity on that. And secondly, on the alternates piece, are there any further fund launches planned over the next couple of quarters? And what are we thinking about SIPs as a product category? Yeah, those are my two questions. Thanks. ... Yeah, on the, market share front, you know, our F&O market share has actually, gone up now year-over-year basis. It is up by 20 basis points, to now 8.4% from 8.2%, in the last Q3 of last financial year. So that market share is picked. And overall cash market shares, you know, we, cash volumes have been lower. If you look at, you know, year-over-year volumes have been lower by almost 20%. And, in times when, you know, market conditions, are tough, we are on an advisory-driven broking model, we're not discounted model. And, advisors typically, you know, withheld, the cash for investing, and to that extent there would be a marginal impact on the market share. Also, in times when, you know, markets goes up, this market share is always cash up. Because if you look at our trend across last four years, this market share has almost doubled, right? Also, in the market, there is a lot of mix of trading volume which has gone up versus the delivery volume. To that extent also, we have a healthy share on the delivery side, so marginally, the impact of the mix has also come in our cash market shares. So that is the reason. But, we believe that, on a medium to longer term basis, our cash market share continues to rise. And even our F&O market share, as I explained, is up on a year-over-year basis. In the composition of revenues, in the wealth business, so, so again, we have both the channels. One is our, you know, direct channel, which is operating through our own branch, branches, and the second channels are external wealth management. So the mix of this, suddenly you can't control that mix because it's a mix of business across both the channels, and we would like that both the channels continue to grow. So we don't guide on the mix, how it would, you know, span out for each of these channels. In terms of the LFOs for AMC, I'll ask Ashish to, you know, guide that. So on the alternate side, as I highlighted, we launched a private credit fund in January. We are quite underrepresented on the credit side, so we will be launching a few more credit products over the course of the next one and two years. And we will share those details with you as and when we are ready to launch those products. I highlighted to you that, you know, over the next few years, there'll be many more categories that we will be entering, as this business is in the highest nascency compared to all our other businesses today. And so, I think as a consequence, even the growth rates of this business should be higher. Luckily, all of these are ARR revenues with very strong sustainability and predictability. Got it. Got it. That's very clear. Thank you. Thank you. Thanks, Dev. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Shailesh Bhatia Shah for closing comments. Thank you, and over to you, sir. On behalf of Motilal Oswal Financial Services, I would like to thank every participant for attending the Q3 FY 26 con call. In case of any further queries, please do get in touch with our investor relations desk. Thank you and have a great day. Thank you, members of the management. On behalf of Motilal Oswal Financial Services, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.