Thank you very much. The first question comes from the line of Sagar Jethwani with Phillip Capital PMS.

Congratulations on a good show given the current environment. Your first question on the Wealth Management segment, your distribution assets and broking assets have increased by 13% and 7%, respectively. On the other hand, distribution revenues have fallen by 50% YoY. So , what went wrong here? Could you please explain?

As we've discussed in the Wealth Management business, we had a high base of TBR last year , particularly in the first quarter. We've highlighted that there will be QoQ volatility in this number. The subsequent quarters in FY26 were muted as far as TBR is concerned . Hence, you will see the distribution income tracking back to growth in line with the distribution assets. Thus, higher share of TBR led by unlisted revenues have caused this decline. Part of the Private Wealth business decline in Q1FY27 with respect to TBR is also led by the same factor. The Wealth Management business and the Private Wealth business have had strong growth in the ARR revenues.

Yes. And in HFC business, the credit costs have seen a sharp increase on a QoQ basis from 10 bps to 1% now. So, what led to that? Shalibhadra Shah – CFO: Credit cost overall for FY26 was 0.5% and also our GNPA & NNPA YoY are down. In Q1, generally 1+ DPD, 30+ DPD, 90+ DPD numbers are marginally up. Thus, in Q1 numbers, the credit cost is usually higher. However, it’ll correct during the course of the entire financial year. Our asset quality has been supreme, because in Q1, last year's GNPA was 1.4%, and currently is at 1.1%. The delta is only because of the seasonal increase from Q4FY26 to Q1FY27.

And what sort of cost of borrowing reduction can we expect from the rating upgrade?

There are two larger forms of borrowings, one is from the capital markets and other is on the bank side. On the capital market side, our spreads have come down relative to the AAA players. Earlier spread was at 75 b ps and now it is at about 30 -35 bps. Also, our bank borrowings cost has c ome down if one looks at last 12 months. Hence, with the recent upgrade from CRISIL we further expect cost to rationalize by 15 to 20 b ps over the course of next 12 to 18 months, considering our AA+ rating improvement.

And in the July month, the volatility has again increased. So, could you comment on how the treasury book performance is as we speak?

A lot can change between 24th July (today) and 30th September. Thus, I would like to reiterate that the long-term compounded growth of treasury book at 40%, led 20% by IRR and the balance led by reinvestments of our operating PAT; this has been going on since March 2014, all the way till June 2026. We can slice and dice smaller time periods of 5 years, 3 years, et c, and still get similar outcomes. However, on a month-to-month basis or a week-to-week basis, these things could be quite volatile.

Absolutely. And we have a strong IPO pipeline going ahead. So how do we see the capital markets segment performing? Some thoughts on that for the rest of the year?

The pipeline is very strong. However, this whole West Asia scenario keeps changing and is quite volatile. Signed mandates very substantial to show a strong growth in revenue on YoY basis. Also, the business is now reconciled to not having a one clean runway of the whole year, but having pockets of 2 months or 3 months, multiple times in a year, maybe 2 or 3 times in a year to be able to execute this signed mandate pipeline. I'd like to guide you that mandate pipeline is very strong. If we get a good window in any quarter, then you will see a lot of execution resulting in a very strong growth. However, if there's a quarter where there's no such window, then this business would be quite volatile for the whole industry including us. Hence, FY27 as a whole, we'll witness growth. However, on a QoQ basis, it really depends on market.

And lastly, the AMC and PWM PAT is up by 45% put together. Could you please give a split of both these segments? How much was AMC PAT higher and PWM as well?

PWM is flattish, up by 2% due to the lower TBR . Hence, the growth is led by the Asset Management businesses, which comprise of both the listed equities and the unlisted equities. I'd just like to highlight that; our average AUM last year was ₹1.57 lakh crores and currently we are tracking at nearly ₹2 lakh crores. So, the increase in base that is driving very strong growth, coupled with operating leverage. Also, multiple funds are crossing the 3 -year vintage and they're best performing in their category along-with strengthening of SIP book. So that's a tailwind that will benefit us. However, importantly, as you may have seen from the Q3FY26, the alternate business in unlisted was also graduated now to having a lot of mature funds and so the accrued variable additional returns has started to build up. That is showing up in the Q1FY27 nos., but not in the Q1FY26 nos., because the income started kicking in only from Q3FY26.

Hence, that income will be higher this year's quarters on YoY basis, but on QoQ basis it will be stable. Even the alternate business AUM has grown strongly and the accrued carry income has started kicking in. All th ese factors are contributing to this abnormally high growth . We are hoping high growth will continue, at least for the current year.

Moderator

The next question comes from the line of Nidhesh with Investec.

The first question is on the Wealth Management business. So there has been a regulatory change on prop trading from 1st of July. So , how are we seeing the impact of that change on our Wealth Management revenue and trading volumes?

There is no much impact because that is mainly impacting the brokers who are heavy on prop trading. From a liquidity perspective, it's very early to assess the impact because of the volatility in the markets. There is no impact for us on the overall business model, except some change on the intraday funding from the banks, which will have minor impact. Otherwise, it's too early to comment.

And what would be the share of top traders in our Wealth Management business?

Our entire treasury book is invested largely in our own funds and very small part in direct equity . We don’t have any material activity in the prop trading, the one which is impacted due to the regulatory changes.. There is an impact on the overall market volume and the exchanges, but not for broking players like Motilal Oswal.

Sure, sure. Helpful. And secondly, in the listed alternate, there has been a soft net flows for this quarter. So, what is the reason for that? Any fund closure that has happened in this quarter, which has led to outflows? What is driving that? And how should we build net flows in alternates business for the full year?

Alternates business itself had a tough quarter, given the overall geopolitical scenario which existed in this quarter. If we just put ourselves in the shoes of ultra -HNI and think about what is going on in the head, it has been a soft quarter . Except one player who continue to do well , I think everybody else consolidated. Our gross inflows were amongst the highest in the street. But because of the AUM which is ₹ 35,000+ crores on the alternate side and some amount of normal redemptions, the net has been negative for the quarter. As we speak from this month, actually, we are tracking net positive.

I’ll add two more points to what Prateek highlighted, first is that the performance of the products is exceptionally good, so that is not an issue at all. But from a market perspective, as you may have also observed, there's a whole plethora of structured debt , private credit, real assets, special opportunity type of funds has taken up a lot of the alternate allocation by private banks, by family offices, by HNI clients.

Hence, I think that is what has also happened in this quarter because of which, as Prateek highlighted, barring one player, no other player has seen any significant inflows. And in terms of the gross sales, we continue to be among the top players in the listed alternate space.

So, are there any funds launch planned through the year on alternate business?

On alternate side, in the listed equities, we don't really believe in launch proliferation of products. I think the headroom in our existing products itself is very large according to us. However, as far as the overall market is concerned, we highlighted to you that a variety of products on the credit side are coming up. You are aware that this quarter also, if you look at the alternate busin ess overall, we had a net ₹800 crore flow on account of our private credit fund. And that credit fund will continue to see the residual flows in this second quarter. We already got the regulatory approval for our commercial real estate fund launch, and that should happen in the second half, as I guided. In market, there is flows in credit products. We are seeing strong flows in our own credit product in Q1FY27 which will continue in the residual 9 months. Further, we are also hopeful of the listed equity side alternates seeing flows in the coming quarter.

Sure, sure. And have we booked any carry income in AMC this quarter? And what is the expected quantum that we will be likely to book through the year in terms of carry income in AMC?

As far as listed equities are concerned, we have not booked any carry income, which is meaningful, some very rounding of error. I think, in Q2 or Q3, you may see us report some number there. It's not something that I'd like to call out because it's all a function of the markets also. On unlisted equities - the number is ₹66 crores accrued as variable additional return for this quarter and will continue to recur around a similar level for the next 3 quarters as well as for the next year because there's a whole pipeline of products which will keep advancing and coming closer to maturity.

Sure, sure. And last question is on Private Wealth. There also ARR net flows have been a bit soft this quarter. I think on a QoQ basis, there is a meaningful decline. On YoY, the net flows are okay. But on a QoQ basis, there is a bit of a decline in the Private Wealth business.

If you look at the net flows over a period of time, they've been quite strong. We've doubled the net flows over the last 3 years, from ₹10,000 crores to ₹20,000 crores. However, QoQ, the flows tend to be a bit more volatile because the preferences of clients in terms of allocation changes. We've seen more flows into direct fixed income assets this quarter. But these things tend to even out over the year.

Sure, sure. And sir, just one last question on private wealth again. So there, actually, your TBR has been a bit volatile. What we have seen some of the peers have built a TBR, which is slightly more stable now, more granular. So how are we planning to bui ld a much less volatile TBR? And if you can give some color on TBR, what is the composition of TBR in terms of unlisted shares, listed shares, structured deal, etc.?

Led by transaction flows and again the preferences also keep changing in terms of asset class. Last year, we had very strong sourcing in unlisted equity however this year is we are seeing very strong flows into fixed income as an asset class. So , over the course of the year, you will see this even out, and we see volumes also compensating for the high base that we had last year.

You will see fixed income and equities balancing out, and that should lend more stability to this. However, as you know that last few years have seen a very strong trend in unlisted paper, both credit and equity which was there in the base of the Q1FY26.

The next question comes from the line of Umang Shah with Kotak Mutual Fund

Congrats on a good quarter. My question is somewhat related to what Nidhesh was asking on the alternates business. In terms of the carry income booking, so I can see that there are a few funds, both on private equity and real estate side, which are likely to get exited in FY27. So , our carry income assumptions are contingent upon the fact that exits get completed in FY27? Or if at all, let' s say, if there is any delay because of market conditions, then there could be a spill over in FY28?

These assumptions have been made on a conservative basis, factoring in delays. The run rate that I articulated, which is ₹66 crores this quarter, will likely have around similar numbers for all of the quarters of this year and also for the next year. Shalibhadra Shah – CFO: Also, only around 70% of the fair value has been recognized. Thus, we are more conservative as remaining is recognized only on realization.

Okay. Okay. Understood. And from a growth perspective as well, obviously, there are a few exits and there are a few funds in the pipeline as well. So , on a net basis, we should not see any lumpiness in terms of AUM, right? I mean we should be able to still deliver reasonable net sales numbers for the year? Or there is a likelihood that there could be some lumpiness for FY27/FY28?

Because of a series of new products that we will launch, the overall income as well as ARR income of the unlisted alternates business on a YoY basis will continue to rise . Whatever number you've seen last year, this year's number would be higher and the next year, it will be higher than this year because of two reasons o The private credit fund will see the its final closure in the Q 2. The commercial credit fund will be launched after that. And then we have a series of products to be launched even after that. Hence, the AUMs will keep rising. o For the same product, the subsequent series is always a higher AUM. So, if there's an outgoing AUM of the previous fund, there will be an incoming AUM, which is larger of the next fund. And unlike in listed alternates, in unlisted alternates, you book fees or you report fees on the amount raised, not on mark-to-market. So, we would like to guide that there should be a steady rise in both the fee income as well as the accrued carry income for this business.

Understood. This is quite helpful. For the mutual fund business as well, I mean, last few years, we have seen a fair amount of additions in the team as well as on the product side. How does the product pipeline look over the next 12 to 18 months in terms of new scheme launches? And also, are there any more additions to the team required? Or we are pretty much done with people hiring?

In terms of mutual fund side, you should expect to see more offering on the passive side. On the active side, there would be fewer, but still over the next 12 months, there can be 4 to 5 new offers from our side. The big thing to focus on the AMC is that over the December’26 - Jan’27, we have 2 large funds, the small and the large cap funds, which will complete 3 years. Hence, it comes into the tracking of more distributors, more wealth platforms, which we believe should help flows. After that, within 3 months, a multi-cap category, which is again a mainline category, will come into the focus. So, lot to look forward from existing funds only over the next period starting December, while we will continue to populate the active side also, but fewer. Like it was told in the initial comments, the coverage that we have today is 87% of the active fund listing and the positions left are few.

Just to summarize, NFOs will be a far smaller contributor, but the vintage products, which are performing, we have a bigger hope of a large growth there. In terms of team addit ion, we keep adding as we are launching more funds as we will need more hands. There is no vacancy to fill. But opportunistically as well as from a longer-term perspective, we are looking to strengthen both the fund manager base as well as the research team on the active side as well as the passive side.

Understood. Understood. And my last question is on the SIP flows. Now I do see that, I mean, there has been a fair amount of improvement in the net sales numbers. Howev er, for SIP, our market shares have remained range bound. This quarter, in fact, not just for yourself, but for most of your peers as well; we have seen a little sort of a mixed performance on the SIP front. Just wanted to understand, how has been your experience when it comes to investors? Is it some sort of a fatigue which is catching up? Or going forward, will it be more driven by returns? And specifically, for Motilal Oswal, I mean, is there a scope for market share improvement, especially on the SIP side?

We saw very strong market share improvement in SIPs. We tracked over ₹1,500 crores at our peak. Today, we are ₹1,350+ crores a month. Hence, our market share on SIPs is significantly higher than our AUM market share and it has been led by primarily mid -cap fund and to some extent, L arge & Mid- Cap fund and passives also. Now as our other categories, especially small cap, complete 3 years, we expect SIP flows to pick up in that category also taking up our overall market share.

As far as the fatigue in the industry is concerned, there are times when you see a spell of 6 to 12 months when there's strong growth, particularly when trailing 12 -month returns look very exciting. But times like this where the trailing 12-month returns don't look that exciting, you do have stagnation.

So, I think, there is not long-term fatigue in this. But there are spells when you have strong growth and spells when you have flattish numbers. Good news is that we are not seeing any meaningful contraction as an industry in this number.

Moderator

The next question comes from the line of Neeraj Toshniwal with UBS.

Congrats on a good set of numbers. So , my question first on wealth management. I think on distribution assets, you've done a good job here steadily increasing the distribution book. So how should one think about -- the yields have also gone up? And the lending is obviously increasing across t he board for the industry and for you guys. So how should one think about the distribution piece going forward? And what are we -- how the mix is changing in that the yields are also improving? Ajay Menon– CEO Wealth Management: The focus on distribution has been there for the last 3, 4 years, and we have got a dedicated team now in place. At the same time, if you look at the overall penetration, it's still very low compared to the overall transaction-related client base which we have got. We have got a dedicated team across the channels, who are working on the distribution across all our client network. We see that this will keep on building up from here across the ARR products where you'll have the consistent trail revenue and there will be some number of products from upfront income side also. Shalibhadra Shah – CFO: As far as the yields are concerned, it is stable at around 70 basis points.

Okay. This is helpful. Second question is on capital markets. I think employee cost has been fairly low for the last 2 quarters. Is this a stable run rate or we can assume that with the activity picking up, there could be some increase here because it has been fairly low? Shalibhadra Shah – CFO: That is because of the variable portion of costs which is linked to the revenues. In Q4FY26 and Q1FY27 overall revenue pie has been fairly a bit volatile. Hence, the variable component actually goes down and the fixed cost remains constant. So, you will see a bit of volatility in the people cost on account of the lower variable cost.

Variable component in the employee cost in that business is higher and so cost-to-income ratio that probably be more stable. But if you look at the absolute number, it will vary depending on how much top line is coming through.

Got it. That is helpful. Then the other bit was, I think, already that has been debated in the call on the flow side. Just wanted some more color on the private wealth and also on the AMC. I think AMC, we have kind of stabilized within the MF side. And as you're mentioning that there's a couple of closing of 3 years of the timelines are there for some schemes. We might see some improvement here. So how do you think about the flow trajectory? Any

guidance in terms of fl ows in terms of opening AUM across the board within AMC and within Private Wealth?

Period by period, we have been tracking higher than our AUM market share in terms of net flows. As our large new schemes complete 3 years, that should increase. Now the second manner of thinking is if the net flows in the industry are lower than SIP, then it constrains a younger AMC like us. We have noticed net flows in the industry are more than SIP flows and if the performance looks competitive, the impact on net flows on us is more positive. It is quite a few variables which are there, which need to interact for the net number to happen. Now lastly, our digital flows continue to track stronger. So there, we continue to m aintain or increase market share. Now digital itself is increasing market share amongst all channels in the industry. In some sense, we believe chances of us sustaining a better than industry growth rate, better than our AUM market share on net flows, is a very good possibility.

Can you quantify, do we have digital market share as of now and maybe a year back.

We would have increased by 110 bps. In Q1FY26, we were getting ~6% market share. From there, we are today ~7%. Our overall net flows market share versus our AUM market share has continued to be higher all through. In terms of what we do on a month, we are between ₹700 crores and ₹1,200 crores net on active equities.

Moderator

The next question comes from the line of Neha with Abakkus Investment Managers.

Most of my questions have been answered. Just one question on the expenses side. So , if you could please explain why the employee expenses have increased substantially this quarter. So QoQ, there's an increase of 16%. So, is there any one-off that is coming? Shalibhadra Shah – CFO: QoQ increase relates to the annual performance appraisal cycle, which has been closed and the increment, which is actually effective from 1st of April of this financial year . So, most of the portion of the increase is on account of the cost increment on the people side.

And on a YoY basis, its headcount led.

Okay. And sir, specifically for the AMC business also, the number has increased almost 2x. So , is that because of the same reason?

In AMC in Q4FY26, there was a one-time reversal of an ESOP line item due to lapse of options , The current quarter is a normalized cost versus last qu arter reversal. So sequentially to that extent it will look higher when compared with Q4FY26.

Okay. So, the number that we have seen in Q1 will be the normalized number going forward?

Not just for AMC, but also for the group.

Okay. And sir, just lastly, on the PBT margins. So, if you can just share some view on where do we see that going forward? So, I think last year, it was about 52.5%. So where do we see that? And if the incremental increase will come, which would be the segments that will drive the expansion going forward? Shalibhadra Shah – CFO: If we look at historically and our last few years , our margins have been around the range of 50% to 52%. Q1 of this year is also around 52%. We expect, historically the margins that we had to sustain over the course of current financial year. Even the bulk of our costs are variable. For eg. in our Wealth Management business, about 70% of the costs are variable. To that extent, the ability to sustain our margins because of the higher portion of variable costs is also strong.

Moderator

The next question comes from the line of Dipanjan Ghosh with Citigroup.

The first two questions on the Wealth Management side or the overall wealth piece. I think in the presentation, you mentioned that the cross -sell ratio is around 18%. Now there are two parts to this question. One is I wanted to understand, do you include, let's say, if a customer is doing broking and let's say, MTF utilizing MTF also, do you -- would you include them as a cross-sell? Or is it like when the customer kind of purchase any distributed products or mutual funds or PMS, then you kind of consider it as cross-sell? I just wanted to understand the definition. And second, in terms of this 18%, let's say, going to 20%, 30%, the other way to look at it is probably trying to understand the share of broking revenues from, let's say, the top 20 % customers or top 30% customers. I mean if you can give some color on that so that we can understand how much this 18% can increase to? The second question is on the MTF book. I think similar to the industry, you have also witnessed a strong increase in t hat book. Just in terms of adoption rates or hit rates amongst your existing customer base, can you give some color and how much this book can further grow in terms of adoption amongst the existing customer base? So those are the two questions on the wealt h side. Now on the -- I have one question on Capital Markets business, if you can give the IB pipeline over the next 12 months... Ajay Menon, CEO of Wealth Management MTF is not considered in distribution . This 18% is without considering MTF. We only cons ider asset products, which are being sold as part of the distribution network.

Regarding the MTF book growth. It's in the line of industry growth. The potential to grow for us is much higher because we have been always into this advisory led HNI business with focus on high-quality clients where our ARPU has always been higher. We see that there's a good scope to penetrate further in the MTF book at an overall level and that this can be a good growth potential going forward.

Any one small follow -up. Any quantification on the current hit rate amongst your existing cash customer base from an MTF perspective? I mean, how much of your cash customers would be utilizing MTF for the product? Ajay Menon, CEO of Wealth Management I don't have this number immediately, but we can share it. I think it will be around in the range of 15%. Shalibhadra Shah – CFO: Also, on the MTF side, we have very healthy yields and spreads because our cost of fund trajectory and our overall low leverage, gives us more delta in the P&L. While book has grown 54% YoY and the average book has also started catching up, which would result in a delta on the absolute NII growth.

Got it. Fair enough. On the Capital Markets business, any color on the pipeline for IB revenues over the next 12 months now that primary markets are kind of improving a little bit?

Basically, the signed mandate pipeline is quite strong. This quarter, we reported a strong growth as well. Markets have been quite volatile because of the West Asian scenario. If we get few windows of deals happening, then I think our segment pipeline is quite substantial for us to be clocking revenues. There's a high probability that we should show a reasonable growth in this business on a YoY basis. But if deals are not happening, then it's all contingent on execution, and not contingent on pipeline. Pipeline is there.

Fair enough. Just two small questions on the Private Wealth business. One is if I look at your recurring assets on the Private Wealth business, it looks like the closing AUM is meaningfully higher than the average AUM. I mean, compared to even the industry numb ers for AUMs of mutual fund industry or something like that as a proxy. So, is it like the flows were more back -ended? Or is it a function of the asset mix in that particular distribution and recurring basket? Some color on that would be useful, the divergence between closing AUM and average AUM on the recurring side. And second, in the Private Wealth also loan book is growing quite fast. I mean we don't get color on the book, whether it's MTF, LAPs, ESOP financing. So yes, some color on that would also be helpful.

In Private Wealth business there is a breakup of custody assets, ARR as well as TBR assets. The ARR assets have been going up quite steadily. Sometimes when we get a transfer in our DP or some promoter assets, the overall AUM tends to get bumped up. But the ARR AUMs are steadier in nature and sequentially, they've been going up gradually.

Closing AUM on the ARR side is up 40% and the average AUM is up 36% which is largely in line. So , it isn’t back-ended

But the absolute number itself is strong because the base is still small. We've added a lot of RMs. They are getting productive. We would like to see this number continuing to grow strongly at similar rates in the future also.

Sure, the loan book mix in the Private Wealth business?

This would be all related to LAS & MTF meaningfully. Very under-indexed if you compare ourselves with the other private wealth players. It's a very, very tiny book as of now. So, the headroom to grow is there and hence, NII forming a part of the recurring revenue base to be greater. That is something that you should see happening over the next 2 to 3 years.

Moderator

The next question comes from the line of Mohit Mangal with Centrum.

My first question is specifically towards the private wealth management. I think we have seen a steady growth in net flows. So, two questions over there that first is basically, have you seen any incre ase in the wallet size of existing clients? And second is, if you can throw some colour on basically the net flows of existing versus new clients, that would be helpful.

If you see even the wallet size per customer has steadily moved up, we are now closer to ₹25 crores. And even the AUM per banker is now closer to ₹550 crores. Thus, that number has steadily moved up. Also, the flows from newer customers in any year would be around 20% and 80% is basically deepening from existing customers.

Yes, yes. So, my second question is towards the RM count. So, we have seen about 25% increase in the overall RM to 441. And you also said that the productivity has also improved for RMs. So, are we going to go that aggressive on hiring RMs? Or are we going to slow down on that?

Last year, obviously, there was a meaningful step up. This year, the composition of RM additions will be fewer in numbers, but much higher in cost, targeted at the family offices. Thus, the cost increase will continue to be there, but headcount increase will be lesser in FY27 compared to FY26.

Understood. My last question is basically on the breakeven. So, I just wanted to know basically a typical RM, how much time does it take to breakeven? And do you also face any attrition issues in that aspect?

Typically, bankers at an aggregate level, breakeven around 2 to 3 years. However, what we are seeing, which is quite encouraging, is some of the senior bankers that we are hiring are breaking even much faster. I guess that's also the function of the kind of platform that we have because the platform enables the bankers to breakeven much faster than what normally happens.

Moderator

The next question comes from the line of Saket Mehrotra with Tusk Investments.

I have a question on your data book. See, for Private Wealth this quarter, we are reporting ₹157 crores as ARR and the distribution is ₹110 crores. And last year, it was ARR was ₹111 crores and distribution was ₹166 crores. So, I'm just trying to understand what is the bridge between the two would be very helpful to understand that. Shalibhadra Shah – CFO: Yes. The bridge between the two is actually the net interest income on the lending book of ₹4,200 crores. And NII earned on that is the bridge because NII is also part of the ARR.

Okay. So, your net interest income this quarter was ₹91 crores. Yes. So, you're saying some part of that is ARR and some part is transactional? Shalibhadra Shah – CFO: The entire Net Interest Income is ARR. There is no transactional in it.

Okay. So, within distribution, there is some element of transaction? Shalibhadra Shah – CFO: Yes, That's right.

Okay. Okay. The second question I have is in your AMC reporting, there's a line on variable additional returns. How does one read into it? Is this the carried interest of your AIF investments or -- I'm sorry, like I'm not aware of how this number should be read. So, could you just help me understand that?

This is not pertaining to the listed equities AIF. This is pertaining to the private equity, unlisted equities, Residential credit and going forward private credit will also have . So , this is a globally accepted practice followed by Blackstone and everybody else. As funds mature, they start kicking in. It started kicking in for us from Q 3FY26. It will gradually rise as Shali explained earlier that we consider only 70% of the fair value while reporting this number. So , there's a buffer. We've reported ₹66 crores this quarter. We expect around similar numbers for the next 3 quarters and a higher number for the next year. Thus, this is consistent and stable that you will see.

Okay. And this is a part of your ARR?

Yes, that's a part of ARR.

Moderator

Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Shalibhadra Shah for the closing remarks. Shalibhadra Shah – CFO: On behalf of Motilal Oswal Financial Services, I would like to thank every participant for attending the Q1 FY27 conference call. In case if there are any further que stions, please do get in touch with our Investor Relations desk. Thank you, and have a good day.

Moderator

Thank you, sir. Ladies and gentlemen, on behalf of Motilal Oswal Financial Services, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines. Please contact ir@motilaloswal.com for any queries. Disclaimer: The reader is requested to also refer to audio recording of the call uploaded on company website. Our conference call transcripts are edited to correct any grammatical inaccuracies or inconsistencies of English language that might have occurre d inadvertently while speaking.