Ladies and gentlemen, good day and welcome to Motilal Oswal Financial Services Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Manish Kayal. Thank you. Over to you, Sir. Thank you, Michelle. Good afternoon, everyone. I welcome all the participants on behalf of Motilal Oswal Financial Services Limited to take time out to attend our Q4 and full year FY 2026 earnings conference call. We hope that you had an opportunity to go through our investor deck and press release uploaded on the stock exchange and on our website yesterday. We have also uploaded the Excel data book, which has all the operational and financial numbers. Please note that today's discussion may include some forward-looking statements. These forward-looking statements are based on our macro assessment and actual outcome may vary. We have the entire senior leadership management on the call. We will start this call with an opening remark by Navin, and we'll then have a Q&A session. Over to you, Navin. Thank you. Thank you, Manish. Good afternoon, everyone. A warm welcome to all of you to our earnings call for the quarter and the year ended March 2026. Starting with, you know, broad backdrop, Motilal Oswal Financial Services is the largest integrated Capital Markets player with strong and rising rankings across businesses. A rising share of annuity revenues, with each business still offering a strong growth runway. Since our listing back in 2007, we've never diluted our equity while consistently paying out dividends and executing three buybacks. This has only been possible due to our unique twin-engine business model, wherein our large investment book serves as a strong backbone to all the operating businesses, which have seen rising needs of capital over the years due to changing regulations or strong growth in terms of the scale of the businesses. Our operating businesses have delivered a 10-year compounded operating profit after tax growth of 33% per annum, EPS growth of 28% per annum, return on equity of 23%. This strong growth is supported by our investment book, which grew by 40% compounded since inception, led by a combination of strong IRRs, as well as reinvestment of the operating profits post distributions. Our annuity businesses now contribute over 60% of the group's revenues. Have risen in the last 5 years and 10 years, and will continue to rise going forward, resulting in improved quality as well as predictability of our cash flows. This growth is powered by a future-ready tech infrastructure. We have embedded AI in every facet of business processes, improving internal productivity, strengthening execution, and creating a long-term strategic differentiation. We are now ranked among the top 150 companies based on the 2025 calendar year PAT, and among top 200 companies by market cap. We see the next decade offering equally exciting prospects, which should drive further improvement in these rankings. Context, the Capital Markets index is a rising part of NSE 500 index, and its share, the Capital Markets index share in the NSE 500 has grown from mere 0.13%, 10 years ago to 0.84%, five years ago, and now stands at over 2.5%. The number of companies in the Capital Markets segment increased from just three companies, 10 years ago, to 10 companies, five years ago, and now at 18 companies. Motilal Oswal Financial Services has generated alpha for all its shareholders by delivering a 10-year return of 26% versus 17% for NSE 50 and 12% for NSE 500. Strong growth in India's total wealth, from just over INR 10 trillion now to over INR 100 trillion in the centennial year of India. Financialization of these large wealth pool or savings and continued industry consolidation augur well for MOFSL in the decade that is ahead. Turning to FY 2026 performance. Our FY 2026 continues to witness strength in most of the businesses. Growth has been, I repeat, led by annuity businesses, mainly Asset Management and Private Wealth. Our operating profit after tax in the year FY 2026 grew by 16% year-over-year to INR 2,360 crores, led by a 33% growth in the profits of Asset and Private Wealth businesses. These businesses now contribute around 50% of the total operating profit, and we expect their share to continue to rise as these businesses continue to grow at a faster pace. Operating profit after tax for the fourth quarter grew by a strong 25% and also the strongest in the four quarters of the last financial year. We exit the last quarter with an operating PAT run rate of INR 661 crores. Our long-term credit rating was upgraded to AA+ with stable outlook. This is the highest rating ever granted to any non-bank domestic capital market player in India. Our total profit after taxes, including OCI, for the fourth quarter and the full year is impacted due to mark-to-market on our investment book, which currently stands at around INR 9,000 crores. These are unrealized losses, and most of it has already been recouped in the month of April. The strong operating performance has been delivered in the backdrop of headwind external environment, be it weak markets impacting mark-to-market in our AUM in multiple businesses, including Asset Management, Private Wealth, et cetera. This coupled with multiple regulatory changes, like the F&O changes, requirement of higher margins, et cetera, impacted market breadth. FY 2026 was a year of investments on all fronts in the group, be it people, be it brand, or technology. We've not left any stone unturned to maintain our leadership position in our businesses. Turning to segmental performance, Asset and Private Wealth business comprises of the listed public equity, the AMC, the private equity business, the real estate credit business, as well as the Private Wealth Management business. Our Asset Management, P rivate Wealth businesses continued momentum during the year with robust net flows of INR 70,000 crores AUM. Robust net flows of INR 70,000 crores and an AUM of INR 3.7 lakh crores, which is up by 34% year-on-year. The operating leverage from rising AUM has delivered stronger profit growth, and that should continue into the future. Starting with our Asset Management business, our AMC AUM crossed INR 1.5 lakh crores with diversified stream of active mutual funds, passive mutual funds, AIF and PMSs. Unique PAN created by our AMC crossed INR 1 crore in March 2026 versus INR 77 lakhs in March 2025, which shows strong confidence by retail investors in our franchise. This is around 16% client share of all mutual fund investor base. The revival in the April month itself has propelled our average AUM to grow from INR 1.57 lakh crores of last year to INR 1.8 lakh crores now. Our product bouquet is pretty young, as significant flows comes only once product has crossed the 3-year track record. We launched five new mutual fund active products in FY 2026, increasing our presence now to 82% of the industry AUM. Importantly, only six of our funds have a vintage of over three years versus 42 funds, 29 funds and 26 funds with similar vintage in our top three peers in Asset Management business. We expect eight funds to cross the 3-year vintage by March 2027 for us and 16 funds by March 2028. Some of these are best performing funds since inception in mainstream categories. This should help strong flows as well as diversification of our AUM over the next two years. Our SIP flows in FY 2026 crossed INR 16,000 crore mark, up 78% year-over-year with a market share of 4.7%, resulting in a SIP AUM of INR 30,000 crore as of March 2026. Our latest AUM at INR 1.8 lakh crore is already 15% higher than our FY 2026 average of INR 1.57 lakh crore. AUM growth will also be supported by the strong INR 18,000 crore annualized SIP run rate. As I mentioned earlier, more products crossing three-year vintage and proposed collections from the NFOs in the pipeline should help the discretionary flows as well. We are growing via the GIFT City route, targeting inbound and outbound flows. To summarize, the AMC business will be an important growth and ARR driver for MOFSL on the back of four factors: higher net flows market share than the AUM market share, improving market share in net flows led by greater number of products crossing 3-year vintage and launch of new products, SIP run rate of INR 1,500 crores and potential mark-to-market after muted market returns for the last two years. Turning to the alternates or the Private Markets business, FY 2026 was eventful for our alternates business too. We raised our largest growth capital fund, IBEF V, raising close to $1 billion. This leads to a 40% growth in our fee accruing income from average AUM of INR 15,000 crores to a closing AUM of INR 21,000 crores. This AUM will be further supported by a strong launch pipeline with our maiden private credit fund of INR 3,000 crore. The first commercial real estate credit fund that we hope to launch in the second half of this year. Besides the launch of the Series VII of the residential real estate credit fund. Alternates is a high focus segment for us, given the $1 trillion AUM in the developed market, for just, you know, market leader. We have a strong franchise in both capital and real estate and are confident to deliver industry-leading IRRs to our clients in all the products that we offer. With the recent launch of our private credit fund and the forthcoming launch of our commercial credit fund, we'll be offering a more comprehensive range of products in the alternates business. Which is only seeing higher allocations both from the family offices as well as institutions. Here again, to summarize, the alternate Asset Management business will also be a key growth driver and an ARR driver for the group on the back of three factors: larger fundraisers in every subsequent series. I would like to highlight that each of our growth capital funds have doubled in their size from the Series I-II, to III, to IV, to V. Entry into adjacencies and newer categories. Finally, more funds entering carry income recognition threshold, which will boost our carry income run rate from the current INR 250 crores per annum. The Asset Management business now contributes 33% of the group's operating profit after tax versus 26% in the last year. Turning to our Private Wealth Management business, we've made large investments in senior leadership as well as RMs, and we'll continue to do so in a calibrated manner for FY 2027 as well. Our focus is on growing the ARR AUM, which is currently at INR 46,000 crores, through various initiatives, including advisory solutions, centering leverage solutions as a value add for UHNI clients, exclusive co-investments leveraging group synergy, et cetera. Our 440+ RMs will also witness productivity improvement as 32% of them have a vintage of 3+ years. All this will help in revenue growth along with cost to income improvement, driving profitability via operating leverage. Turning to our Wealth Management business, which comprises of retail broking distribution and our retail lending book which generates NII. Led by a sharp focus on growing our distribution income and NII, our broking revenues in the Wealth Management business segment now stand at 35% of the full year revenues compared to 60% five years ago. Distribution book grew by 41% to nearly INR 41,000 crores as of March 26. We are confident that our distribution book will continue to grow meaningfully as we harness the cross-sell potential of our huge client base. Our loan book in this segment rose by over 30%, reaching INR 6,000 crores. Our MTF market share is close to 7% and has headroom to grow further. Our Broking business continues to retain its leadership position as a full-service broker. We're the largest broker in the cash segment on revenue market share. Our overall retail broking equity market share, including commodities, stood at 8.6% as of FY 2026. To summarize, for this business, we expect our ADTO market share to improve as the global uncertainty subsides, as we've also historically witnessed rising market shares in rising markets. The distribution and lending book will continue to drive growth and increase its share in MOFSL's ARR revenue pie. Turning now to our Capital Markets business, which includes both the institutional equities as well as the investment banking business. With $5 trillion market cap and growing, there is a base level of IB activity that the markets will see every year. While there may be huge volatility quarter on quarter because of market conditions, we believe that despite all of this, our IB business has successfully completed 52 deals in FY 2026 with a cumulative raise of nearly INR 83,000 crores. Our fee income delivered a strong 39% growth to INR 309 crores. We are ranked number two in Capital Markets league table and number one in the QIB league table for FY 2026. In the Institutional Equities business, we aspire to take our coverage up from the current 360 to nearly 500 companies. We believe we have built a strong franchise and a diversified product portfolio. We have headroom to grow in some of the areas like advisory as well as M&A in the coming years. Our size per deal is materially higher than in the past. With a strong deal pipeline, we believe this business is also poised for growth in the coming year. Turning to the Housing Finance business, we concluded another year of solid performance, with disbursements rising by 28% to INR 2,300 crores, AUM rising by 25% to INR 6,100 crores. The Housing Finance business raised $100 million from ADB, validating the strong franchise. We expect the Housing Finance business, having formed a strong base, and a very strong leadership team, to witness strong growth over the next two, three years. Our business has a strong capital adequacy ratio, a low leverage, giving us enough growth levers without external equity capital dependency. To conclude, the rise in wealth of the nation to over INR 100 trillion, combined with financialization of savings, powerful tailwinds in terms of the rising weight of Capital Markets within the Indian market cap. All these augur well, you know, for the group. In this space, Motilal Oswal's decadal track record of 33% compounded operating profit growth and an average ROE of 23%, entirely through internal accruals with no dilution, with rising market share in each businesses. Entry into promising adjacencies in nearly each of our businesses, rising share of annuity revenues to over 60%, and finally improving quality and pro-predictability of the cash flows driven by rising share of annuity revenues all augur well. FY 2025 and FY 2026, these two financial years were marked by regulatory tightening combined with weak markets. Despite this, MOFSL delivered an operating PAT growth of 16% in the last year and 25% in the fourth quarter of last year. With regulatory headwinds in the base, continued resilience shown by Indian investors, the future outlook continues to look promising to us. With this, I conclude my opening remarks and open the floor for Q&A. Thank you. Thank you very much, Sir. Ladies and gentlemen, we will now begin with 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 Mahek Shah from Emkay Global. Please go ahead. Hi. Thank you for the opportunity. I have a couple of questions. First, with respect to the AMC business, right? If you look at the SIP + market share, it has dipped a bit during the quarter. Just wanted to know your thoughts on the same and what initiatives are basically being taken to regain that market share? Second would be on the revenue yields. How should we look at the revenue yields going forward with respect to, one, the regulatory change in terms of TER? And second, how are you looking at the alternate yields as well? Because if I look, during the quarter, we have seen some bit of expansion in the yields. I think that would be largely on account of new funds which are being launched. If you can clarify on that. Third question would be on the Private Wealth Management segment. I f we see the lending assets have seen strong inflows during the quarter. What has driven this growth in AUM and secondly, the inflows also? If you can just clarify on these things? Yeah. Thanks for your questions. The first one was on SIP. We are having a SIP run rate of INR 1,400 + crores a month. There is a slight decline in that on two counts. One, our international funds are no longer able to, you know, take in new monies. Second, the micro-cap fund is also locked. That's the primary reason. Yes, on the active side, we have seen a small drop in SIP. SIP book growth is very, very linked to strong performance. As that comes back to us, especially in the main categories, you should again expect SIP books to climb. As we speak, they are, you know, at last year levels itself. Second on fees. Our fees, as a consequence of the TER changes, has continued to be unimpacted. In fact, slightly improved for, you know, our cohort of AUM per category. That hasn't impacted us. On the alternate side also, our retention rates have been maintained. If at all you see a compression in margins for us, it is on account of mix effect. Our fastest-growing part of business, for last quarter, for example, was passives, where our retention is lower than actives. Which is the second fastest-growing part of our business, versus the alternates, where the growth was the slowest, but the yields are the highest. The mix effect, that does result in some downward pressure. On the lending side in Private Wealth, as Navin had mentioned, it's a stated strategy to provide solutions to Ultra HNIs, Family Offices and HNIs to enhance yields. Basically it's a combination of lending against securities, lending against investment assets. This basically contributes to growth in assets as well as ARR revenues. Got it. I had one more last question with respect to the other expenses, which is the admin and the other expenses. We have seen a sequential growth of around 20%. I just wanted to understand whether it is some sort of marketing or investment engagement program-related expense? Or particularly, how should we look at it going forward in FY 2027? Quarter four includes predominant impact of higher marketing brand promotion and also the CSR expenses, bulk of which have actually been incurred in the quarter four. You will see the data slightly higher on a sequential basis. However, for the full year, the overall other expenses are up by about 10% for the full financial year. Bulk of the other expenses includes marketing and tech, where we spend almost about 5.5% of our net revenues for this financial year at 5.6%. That's the larger impact of the other expense. Got it, Sir. Thank you so much. Thank you. The next question is from the line of Deep Vakil from Bandhan AMC. Please go ahead. Hello. Thank you for the opportunity, Sir. Am I audible? Yes. Yes. Yes, Sir. Sir, on a couple of questions. I mean, any guidance on the MTF book? I understand that we had around INR 6,500 crore of MTF book as of nine months FY 2026, which has been slowed down to INR 5,700 crore as on March 2026. Any strategic thing that we are thinking around this? I mean, I understand that our major yield lending vehicle wherein, you know, majorly debt is needed in this book itself. Any guidance, Sir, on the MTF book and how are we looking at it in 2027? Overall, if we look at our MTF book, that has actually grown for the full year at 40%, which is a strong surge, you know. Our cash market share is also about, you know, 7%. MTF market share is also a replica of that. We definitely have a very strong balance sheet to, you know, grow this book. Over last few years, if you look at, there has been a very strong growth of our MTF Assets. We expect, you know, similar strong, you know, growth to recur in the coming periods because we are the largest broker in terms of the cash brokerage revenue pie. That is where we will carry an edge in terms of the higher growth of our MTF book. Okay. Sir, I mean, any quarter-on-quarter impact, sir? I mean, or it is a strategic move that you have taken in this quarter to reduce maybe on a quarterly basis and then again increase once market stabilizes? No, it's more of, you know, market impact, you know, more or less across the industry, the book is marginally lower. It's a very marginal reduction. However, you know, we're very confident of, you know, growing this book ahead. Okay. Sir, any guidance on the broking income piece? I understand there was some degrowth in 2026. for 2027 and half, I mean, 2027, I understand once, you know, market conditions stabilizes, volumes will return to normalcy. Any kind of number that you can put to broking revenues, I mean, over 2027? You're talking of the brokerage line item, right? Yes, Sir. Yes. Broking income, mainly. Broking revenues, if you look at, you know, last entire financial year was, you know, especially starting from January 25, 2025- December 2025, I would say that the revenues were lower, mainly because of the lower volumes and the impact of the, you know, regulatory change, which had come on the F&O segment, especially. And also the lower overall cash volumes in the industry. If you look at, you know, now quarter four, again, the volumes have fully catched up, right? Our market share overall, ADTO market share is also up for the year by almost about 100 basis points. You know, quarter four if you look at the revenue growth is almost 33%, you know, year-over-year. Again, you know, the base is higher now because, even moving to the, you know, current financial year over last financial year, April over April is also, you know, at a very higher base. So we expect, you know, the brokerage line item to, you know, decently catch up for the entire financial year, given that the regulatory impact is behind and the volumes have again caught up to the pre-regulatory change levels. Sure, sir. One last thing, sir. I mean, of the MTM loss that we have had on the treasury book around INR 1,000 odd crores at consolidated level. Sir, I mean, my understanding is that, I mean, post-March 30th, I mean equities have rallied and as you've mentioned in your PPT as well, majority of that loss has already been recouped. Sir, that INR 1,000 crore loss is unrealized, right? We have not booked any realized. There's no realized impact. It's unrealized gain, correct? Unrealized loss. Yes. This is, a notional mark-to-market loss, which is, you know, we have to revalue all our investments at mark-to-market based on the Ind-AS requirements. Okay. That's why, you know, these are notional losses which we, you know, we separately disclose across in terms of our operating performance and treasury performance. As I explained, you know, most of these have been, you know, recouped back in the equity market. Just to add, here, the long-term 10+ year track record is that this investment book has, you know, generated an IRR of 18%. This changes year- to- year because like you had the 31st March where there is a market drawdown, sometimes these compounded returns also look different. Longer term, we've seen returns, you know, at highs were as high as 19%, at lows were as low as 15.5%. Longer term, we've seen the compounding at 18%. To that, when you add the post-buyback in some years or post-dividend free cash flows that are added to this book, this book is actually compounded for the last 10 years at the rate of 40% per annum. That is what I explained upfront in the con call remarks that the rising capital needs of the businesses, both due to scale and regulations, have been internally funded on the back of this book. You will see lot of quarterly, you know, depending on the market's volatility in this book, sometimes you may have unrealized gains, sometimes you may have unrealized losses. That's why we separately call out the operating profit after tax number for each business so that there is no confusion about, you know, this line item with the operating businesses. Sure, Sir. Thank you. All the best. Just to add, you know, all of these investments are actually, you know, collateralized, with the lenders and serve as, you know, very large lines available, for the operating businesses, of the firm. You know, effectively the collateral is also expanding at the rate of 40% per annum. Right, Sir. Got it. Thank you. Thank you. Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Nidhesh Jain from Investec. Please go ahead. Thanks for the opportunity. First question is on Asset Management business. Is there any update on the on the investment team leadership in the investment and on the Asset Management side? Secondly, what is the guidance for net flows in the AMC business for FY 2027? Yeah. Yes. Over the last period, you would be happy to know we have increased the team size on both the alternates and mutual fund in terms of managers and research. Overall, the investment team inclusive of passive is now over 50 members strong. As far as the leadership on the mutual fund side goes, we are evaluating both internal team members and external. We have a shortlist. We will take a decision soon. Now, in terms of net flows, last quarter's numbers, our net flows declined. January was the worst month for our active net flows. In that month, passives, you know, did very well and overall we collected over INR 2,500 crores. February was when overall our numbers was weaker as the gold and silver ETF kind of a product, flows normalized. As we speak into the last quarter, our net flow market share was lower than our AUM market share. As we speak, the trends in April suggest that our net flow market share would be higher than our AUM market share. Just to clarify, net flow, sorry, mutual fund net flow market share may be higher than? Yes. Yes. AUM market share? Yes. For the month of April? Yes. Okay. That's good news. Secondly, if you look at the Capital Market segment, we are seeing advent of digital brokers, and they are now impacting a lot of segments. We are seeing our market share declining in cash and F&O, but they are also equally becoming very strong distributors on the mutual fund side. In that light, how are we planning our businesses from a longer term perspective, and how are we trying to build these businesses so that. Because what we see as a trend that customer is definitely moving towards those platforms. Some of the numbers are quite glaring that 60%-70% of the new SIPs are getting opened by these FinTech platforms. That has a repercussion for all our businesses, from a longer term perspective, and how are we thinking to build business in that light? When it comes to the overall Wealth Management business, which we are building on to, we have always been focusing on the research and advisory models. If you look at our model, whether it is a Franchisee segment, which is our biggest segment within the Broking, and then the direct side, the PCG model and the branch model. We are very well aligned with our research and advisory-led model along with the tech in the overall business. What we have seen is that where we have focusing on the quality of the customer, where we can add value to the customer, and that is where we have been as Navin discussed the overall cash market share of the revenue pie, we are very much higher. We see that we can align our strategy towards that in a big way for the overall broking cum distribution model. As you see, our overall wealth AUM has also been growing consistently and has grown 40% in the last year itself. As we talked, we are at around INR 44,000 crores. That twin model is getting well aligned. At the same time, when you look at the discount model, we feel that the bigger traders are the proposition where the overall revenue pie gets aligned. We are trying to see how we will try to align to the traders which take the bigger pie in the discount market. How do we position ourselves for the bigger traders is something which we are also working on internally to take care of the overall market share from a market perspective. Sure. That's it from my side. Thank you. Thank you. Thank you. The next question is from the line of Dipanjan Ghosh from Citi. Please go ahead. Hi. Good morning, everyone. A few questions from my side. First, on the private wealth business. If you were to look at your clientele base over the past two, three years versus let's say what it was, let's say five, six years back. I just wanted to understand some sense of the clientele quality, both in terms of ticket size and in terms of occupation, business, domain of expertise, et cetera. If you can give some color on that or maybe quantify some of those cohorts. The second question is on the transactional revenues, ex of Broking, in the Private Wealth and maybe to some extent on the wealth business also. How do you see the pipeline going into FY 2027? Given the backdrop of whatever has been going on globally? Also, how do you really, you know, kind of manage your risk prudence in this when you kind of sign a deal for the transactional section versus let's say focus on fees? How do you really manage that? The third question is on the alternate segment. We are seeing some of the large Asset Management companies entering this segment in an aggressive manner, or at least from their commentary, it seems that they will be aggressive. Can you give some color on the white spaces in this segment? I mean, your pipeline is robust in terms of new players, but in terms of the white spaces in this segment, the supply side constraints, you know, some of those, if you can give some color qualitatively? Lastly, one data keeping question. Is there any guidance or expectation around carry income for FY 2027 or 2028? Right. I'm taking the Private Wealth question first. Essentially the way to look at it is, there are broadly three segments in Private Wealth. There is a HNI segment which is b roadly INR 5 crore-INR 100 crore. There is an Ultra HNI segment, which is INR 100+, and then there are the Family Offices. We operate in all three segments, and we've put significant capabilities and resources to improve the value proposition in the Ultra HNI and Family Office segment. Whereas in the HNI segment, we are increasing footprint by having presence in many more locations where we see high growth of HNIs. I think the best lead indicator to see the at least the headline quality of Assets is the AUM per RM. If you see the AUM per RM has been steadily increasing. A couple of years back, it was INR 300 crore, and right now it's about INR 450 crore. This is on an increased base of RMs. Essentially, our penetration across segments is growing. At the back end, I'm just answering your second question, what we've done is we've significantly enhanced the product and investment capabilities within private wealth to cater to all these segments. We have recruited people in equities, in alternates, in multi-asset solutions, as well as certain bespoke transaction strategies. The pipeline of transactions is very, very robust. What happens there is, whilst in the near term, the markets could be cyclical and that could impact a particular asset class. Essentially, right now, we have capabilities across asset classes. There are private debt transactions where we are seeing a lot of flows from family Offices. Similarly, last year, early last year, we saw a lot of flows in unlisted equity transactions. Whilst the sentiment and the mood may impact flows into a particular asset class temporarily, however, given the multi-asset capabilities that we've built. The transaction capabilities are becoming much smoother on a quarter-on-quarter basis. Again, to answer your last question on due diligence, I think we draw a lot from the group capabilities. If you see, we've invested significantly at the group level as well to enhance capabilities in private credit on the real estate front. And we anyway have a very strong private equity capability. Coupled with the capabilities on the Private Wealth side in the investment team and the group capabilities. The underwriting process is very stringent and rigorous. Before a deal would be taken to market or to clients, there is a lot of work that goes on before doing that. Yeah. In terms of AMC, you asked about corporate carry income possibilities. Alternate competition. Okay. Competition, as far as we are concerned, on the alternate side, we have gained market shares. We are amongst the top few in the industry, with, you know, very distinct products with strong storylines. I think a lot of our products are turning into brands are being asked by the investors for investing. We have a very, very differentiated product basket. On top of it, there are unique products where we mix listed with unlisted. Not too many houses have the capability of running that kind of a product. Now, over and above the long-only investing in the alternate side, we also have quant-based investing. There is a strategy where we have some significant amount of monies, which is now looking very, very strong. Overall, the alternate basket for us, we think is very, very relevant for investors. On the mutual fund side, we have expanded our product basket tremendously. When a competition comes in, there is something which happens on year one, there is something which happens after year three. We see as an industry higher traction after a fund crosses three years of existence. For us, from a six product basket, we are now over 17. As we speak, we have a fund launch going on, so a contra fund is on. One by one, these products will start to complete three years. The first one would be a small cap fund, which completes three years in December. A large cap fund will do that next year in January. Every two months, there will be a meaningful product which will complete, three years. We think, in the next leg, of growth versus the last one. Our inflows will be way more diversified versus what we had. As far as the variable additional returns is concerned, we don't give out guidances. However, you know, as explained in our last con call, we have multiple number of funds which has reached in the last cohort of their life, which is last three years, where, you know, our IRRs are well above the hurdles. That is the reason that we expect, you know, meaningful very variable returns to accrue in the coming financial periods. Got it. Maybe just one follow-up, small follow-up on my first question, you know. Y ou are a boutique Wealth Manager, which has gained scale over the years. Now, in terms of, you know, this, increasing clients or kind of, increasing presence in Ultra HNI and Family Offices and your ability to kind of source large deals and execute large deals. I mean, what has changed in terms of, you know, how you're differentiating, compared to, let's say, a small scale wealth manager or some of the bank-based wealth outfits? I mean, what capabilities do you really have to kind of, maintain or gain market share, over medium to long term? Yeah. I mean, while our size has increased over time, I mean, our ambitions have never been boutique. Now the size is reflecting our ambition, but the runway for growth is much, much larger from here. There are a lot of capabilities that help us, you know, bring these boutique transactions to customers. First is, if you look at the group level capabilities, I mean, we have businesses across capital market segments, whether it's alternatives, whether it's institutional equities, and we have significant skin in the game in all our products. This allows us to source very proprietary transactions. Similarly, if you look at some of the group products, whether it is capabilities that we have created in private credit, whether the capabilities that we have built in private equity, and the investment that we have in research across these businesses, that again allows us to, you know, do due diligence on many, many transactions. We see many transactions, and that also helps us source transactions across Asset classes, whether it is real estate, whether it is private credit, whether it is private equity. I guess, you know, this should answer both your questions. No, great. Thanks for the explanation and all the best. On a lighter note, our leadership will be quite offended by the use of the word boutique for any of our businesses. That's just on a lighter note. We have scale ambitions and leadership ambitions in every single business of ours. No, I agree. I mean, the boutique word is more for the fact that, you know, some of the wealth outfits have a banking license. Thank you. The next question is from the line of Lalit Deo from Equirus Securities. Please go ahead. Yeah. Hi, Sir. Good afternoon. Just 2 questions-3 questions. Firstly on the Mutual Fund business side, we have seen that our market share in that, in SIP flows have come down from around 7.5% to around 3%. Any particular channel where we have seen a decline in the flows? Or is it like broadly across the channels over there? While you have indicated that currently it is going above AUM market share, is it around the current levels or it may have improved materially back to earlier levels? Second was on the Private Wealth Management. This quarter we have added a material number of families over there, like more than 9,000. Also could you give us more color, like on within this family count, like how much of these families will be there where we have a material relationship of more than INR 10 crores and where we can potentially increase further relations over there? Lastly, from a 2-year perspective, like given the current business construct, how should we look at from a revenue perspective and for a profitable perspective across different segments? Like what could be the desired mix between different segments? I'll answer the third question first. I, as I explained to you, year- after- year, over the last 10 years, over the last five years, three years, and over the last year, FY 2025 also, our annuity stream of revenues have consistently gone up. They are now at over 60% of the total revenues. The Asset Management, alternates asset, private businesses as well as the Private Wealth businesses share of profitability because of their annuity nature too have consistently gone up. We see that a trend as I called out continuing to rise including in FY 2027 over FY 2026. About your first question about the net flows and Asset Management market share decline channel-wise, we don't split that out channel-wise. [Satish] will still give some color on the contraction in the net flow market share. Yeah. To give you some color, we retained more or less. The drop was there in gross flows as well. We saw some bit, but that was small. We saw heightened redemption pressure in the month of January and February. It reduced in March and it is actually below normal in April. Which is why our net share we think has again come back over AUM market share in April. Of the channels, we thought the wealth channel was where the pressure was the highest. Retail and digital channels held out much better. I think on your quality of clients, just to give you some color, I mean, we work with 9,000 families, of which almost 50% are Ultra HNI potential. The scale of clients, quality of clients is steadily improving. Again, like I said, you know, one of the headline numbers that you should look at that is in spite of the denominator going up, which is the number of RMs, the AUM per RM has been steadily rising. Awesome. Did we answer your questions? Yes, Sir. Just last, one last data keeping question. Like in the Wealth business? Hello? Yes, please proceed, sir. Yes, sir. Thanks for the answers. Just one last data keeping question. In the Wealth business, we have seen, Sir, some pickup in the TDR, transaction income over there, transaction distribution income. What would attribute to the same? March quarter, typically, the transaction income in the Wealth business is higher because of, you know, the Insurance distribution Revenue. You know, quarter four is generally a seasonal very large, you know, Insurance Distribution business. That is the delta coming out of the distribution revenues in quarter four. Thank you so much, Sir. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to the management for closing comments. Thank you and over to you, Sir. On behalf of Motilal Oswal Financial Services, I thank every participant for attending the Q4 FY 2026 phone call. In case of any further queries, please do get in touch with our investor relations desk. Thank you and have a good day. Thank you very much, Sir. Thank you, members of the management. On behalf of Motilal Oswal Financial Services Limited, that concludes this conference. We thank you for joining us and you may now disconnect your lines. Thank you.