NSE: 360ONE · BSE: 542772
360 ONE WAM LIMITED
Operates a wealth and asset management business that charges recurring fees on assets under management (AUM) for advisory, distribution, and fund management services to high-net-worth and ultra-high-net-worth Indian families, institutions, and intermediaries. Wealth Management contributed Rs 3,458.38 cr (77.2% of segment revenue) in FY26 with EBIT of Rs 1,038.74 cr, distributing financial products and providing advisory to wealthy families. Asset Management contributed Rs 1,016.35 cr (22.7% of segment revenue) with EBIT of Rs 535.61 cr, running mutual fund and alternate investment products internally. The largest cost line is employee expense at 26% of revenue, reflecting a relationship-manager-driven model — the UHNI franchise covers ~4,100 families and the HNI franchise uses 60+ RMs across 12 locations serving 800+ clients with Rs 5,000+ cr AUM. The institutional equity brokerage business (acquired as B&K Securities) covers 550+ mid/small-cap stocks and serves 300+ clients, with over 85% of broking revenue from the cash segment. As of Q1 FY27, total AUM stood at Rs 7.77 lakh cr, of which Rs 3.42 lakh cr is annuity-style (ARR) AUM generating recurring fees; cost-to-income ratio was 51.3%, with management guiding to 49–50% for FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wealth Management (77%), Asset Management (23%). Asset-light, fee-driven wealth and asset management franchise with a recurring ARR AUM base of Rs 3.42 lakh cr.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,851 | 1,975 | 2,507 | 3,295 | 4,362 |
| EBITDA (ex other income) | 936 | 1,208 | 1,291 | 1,915 | 2,707 |
| margin % | 50.6 | 61.2 | 51.5 | 58.1 | 62.1 |
| Owners' profit | 0 | 658 | 804 | 1,015 | 1,216 |
| EPS, as reported (₹) | 65.41 | 18.51 | 22.48 | 27.14 | 30.16 |
| ROE % · ROCE % | 19.3 · — | 21.0 · — | 23.3 · — | 14.4 · — | 12.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 929 | (1,345) | (470) | (2,411) | (2,921) |
| Capex | (16) | (71) | (102) | (55) | (98) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 863 | 760 | 821 | 911 | 1,115 | 1,181 | 1,115 | 1,226 |
| Profit before tax | 319 | 359 | 324 | 374 | 413 | 427 | 363 | 424 |
| Net profit | 245 | 276 | 250 | 285 | 315 | 327 | 289 | 331 |
| EPS (₹) | 6.75 | 7.26 | 6.38 | 7.16 | 7.80 | 8.08 | 7.12 | 8.13 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Wealth Management | 3,458 | 77.2 |
| Asset Management | 1,016 | 22.7 |
| Unallocated | 3 | 0.1 |
| Total, before eliminations | 4,477 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BILLIONBRAINS GARAGE VN L | 1,16,321 | 46.8 | 12.05 | 39.5 | 21.6 | 28.9 | — | 67.8 |
| MOTILAL OSWAL FIN LTD | 58,348 | 29.4 | 4.50 | — | 14.5 | — | 20.9 | 57.7 |
| 360 ONE WAM LIMITED ◆ | 39,572 | 31.3 | 4.02 | — | 12.4 | — | 22.0 | 66.8 |
| NUVAMA WEALTH MANAGE LTD | 30,763 | 14.5 | 7.46 | — | 25.2 | — | — | 53.0 |
| ANGEL ONE LIMITED | 26,419 | 4.9 | 4.30 | — | 14.9 | — | 32.4 | 34.2 |
| IIFL CAPITAL SERVICES LTD | 10,720 | 18.6 | 3.49 | — | 18.4 | — | 25.1 | 50.0 |
| SHARE IND. SECURITIES LTD | 3,868 | 10.7 | 1.46 | — | 12.2 | — | 26.8 | 45.5 |
| ANAND RATHI SH N STK BR L | 2,955 | 18.6 | 2.19 | 9.7 | 9.6 | 11.5 | — | 31.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.3 | 15.1 | 28 of 33 | 16% |
| P/B | 4.0 | 1.7 | 33 of 40 | 18% |
| ROE | 12.4 | 9.6 | 14 of 40 | 67% |
| EBITDA margin | 66.8 | 31.2 | 6 of 39 | 87% |
| Revenue growth | 34.5 | 22.4 | 8 of 35 | 79% |
| Profit growth | 16.1 | 13.4 | 18 of 38 | 54% |
| Market cap | 39572 | 409 | 3 of 42 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · 360 ONE WAM schedules four institutional investor meetings in November | board shareholder meetings | low | — | — |
| 26 Oct 2026 · 360 ONE WAM to hold four institutional investor meetings in November | board shareholder meetings | low | — | — |
| 26 Oct 2026 · 360 ONE WAM schedules four investor and analyst meetings in November | board shareholder meetings | low | — | — |
| 26 Oct 2026 · 360 ONE WAM schedules November investor and analyst meetings | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Allotment of 461,384 equity shares under employee stock options | capital market events | low | — | — |
| 22 Oct 2026 · UBS AG converts warrants into 20,502,939 equity shares | fund raising | high | — | — |
| 22 Oct 2026 · UBS AG converts warrants, picks 4.8% stake in 360 ONE WAM at Rs 1,030/share | fund raising | high | — | — |
| 21 Oct 2026 · 360 ONE WAM Q2 FY27: PAT at ₹302 cr, AUM up 31%, cost ratio improves | investor communications | medium | — | — |
| 16 Oct 2026 · 360 ONE WAM declares 2nd interim dividend Rs 7.5 per share, TDS details shared | corporate actions | medium | — | — |
| 15 Oct 2026 · Earnings call recordings for Q2 FY26 now available on website | investor communications | low | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.