360 ONE WAM LIMITED is a premier wealth and asset management firm in India, established in 2008. The company has built a formidable brand over 18 years, positioning itself as a trusted fiduciary partner for India's wealthiest individuals and families. It operates across three primary verticals: Wealth Management, Asset Management, and the recently integrated Institutional Equities and Capital Markets business. The Wealth Management division is the cornerstone, catering to Ultra-High-Net-Worth Individuals (UHNIs) and, more recently, extending its services to the High-Net-Worth Individual (HNI) segment. The firm's advisory model is rooted in integrity, discretion, and a long-term, portfolio-based approach, emphasizing diversified asset allocation across equities, fixed income, and alternative investments to deliver sustained, low-volatility returns.

The Asset Management arm is a leader in the alternatives space, offering a range of innovative products in private equity, private credit, and real assets, alongside a growing mutual fund business. This allows clients access to unique, curated investment opportunities. The firm's strategic acquisition of B&K Securities, now rebranded as 360 ONE Capital, has added a robust institutional equities and investment banking platform, creating significant synergies with its existing wealth and asset management ecosystem. A disciplined lending business, focused exclusively on providing loans against securities to its wealth clients, further complements its integrated service offering and has operated without a single non-performing asset since its inception. With a deep commitment to a compliance-first culture and a platform designed to attract and retain the industry's best talent, 360 ONE is strategically positioned to capitalize on India's expanding wealth landscape.

Official Website: http://www.360.one/

• Assets Under Management (AUM):

• Total Annual Recurring Revenue (ARR) AUM grew 26% year-over-year (YoY) to ₹311,940 crores in FY26.

• Wealth Management ARR AUM stands at ₹2,16,000 crores.

• Asset Management ARR AUM is at ₹95,000 crores.

• Total AUM reached ₹6.7 lakh crores as of March 2026, reflecting a 22% Compound Annual Growth Rate (CAGR) over the last five years.

• Net Flows:

• Total ARR net flows for FY26 were strong at ₹55,875 crores.

• Excluding acquisition-related flows, organic net flows for FY26 grew by 36% to ₹35,199 crores, which represents 14% of the opening AUM.

• Revenue Performance:

• FY26 ARR revenue increased by 34.5% YoY to ₹2,289 crores, now comprising 75% of total revenue from operations.

• Q4 FY26 ARR revenue was ₹605 crores, up 20.4% YoY.

• Transaction and Broking (TBR) revenues for FY26 stood at ₹777 crores. Q4 FY26 saw a significant 53.7% YoY increase to ₹230 crores, partly driven by the consolidation of 360 ONE Capital.

• Total revenue for FY26 grew 18.6% to ₹3,144 crores.

• Profitability and Returns:

• The company recorded its highest-ever full-year Profit After Tax (PAT) in FY26 at ₹1,225 crores, an increase of 20.7% YoY.

• Tangible Return on Equity (ROE) for FY26 was 19.3%. Management expects this to improve as capital deployed in newer businesses matures.

• Capital Allocation:

• The Board approved a first interim dividend of ₹6 per share for FY26, continuing its policy of returning surplus capital to shareholders while retaining funds for growth initiatives.

• Contingent Liabilities:

• The company received a tax demand order for an aggregate of ₹336 crores. Management is confident in its legal position and is pursuing appeals, not expecting any material financial impact.

The company delivered a landmark performance in FY26 with robust growth in AUM, revenues, and its highest-ever profit, demonstrating strong operational execution and the successful integration of new business lines.

• Dominant Brand: The 360 ONE brand is a core asset, synonymous with integrity, long-term thinking, and fiduciary responsibility. This trust, built over 18 years, acts as a significant competitive moat.

• Talent Magnet: The firm has established itself as a platform of choice for the industry's top talent. Its Relationship Managers are positioned as trusted advisors with deep product and sector knowledge, not just salespeople.

• Diversified, All-Weather Model: The business is not dependent on a single product or asset class. Client portfolios are strategically diversified with allocations across listed equity (40-50%), yield assets (20-25%), international assets (5%), safe debt (5-10%), and alternates (10-15%), ensuring portfolio resilience through market cycles.

• Disciplined Lending Arm: The lending business, operational since 2016, has a perfect track record with zero NPAs or losses. This is a direct result of its strict focus on Lombard lending (loan against shares) exclusively to its own wealth management clients with conservative collateralization.

• Curated Partner Ecosystem: 360 ONE is the partner of first choice for global investment firms, domestic private equity funds, and large Indian operators. This provides its clients with exclusive access to best-in-class, highly curated investment opportunities.

The firm's unique combination of a powerful brand, top-tier talent, a resilient diversified model, and a disciplined approach to lending gives it a distinct competitive advantage in the Indian financial services landscape.

• Supportive Macro Environment: Despite a challenging FY26 for Indian equity markets with foreign outflows, India's domestic fundamentals remain exceptionally strong. The current market presents attractive entry points for long-term investors across multiple asset classes.

• Favorable Regulatory Tailwinds: Recent regulatory changes by SEBI in the alternatives, mutual fund, and wealth advisory spaces have created a more transparent and institutionalized market. These changes, including new guidelines for co-investment and accredited investors, directly benefit a compliance-first organization like 360 ONE.

• Expanding Addressable Market: India is at an inflection point, with the addressable market for wealth management, asset management, and lending expanding at an unprecedented pace. This provides a massive runway for growth.

• Industry Consolidation: The wealth management industry remains fairly consolidated, with size begetting size. While there is room for a few more large players, the barriers to entry are high, which benefits established leaders like 360 ONE.

The Indian wealth management industry is supported by strong domestic fundamentals and a favorable regulatory environment, creating a highly conducive outlook for growth and consolidation among leading players.

• Wealth Management AUM Growth: The firm is confident in its ability to grow its Wealth Management AUM by 20-25% annually. This growth is expected to be driven by a combination of 12-15% net new flows on opening AUM and a 10-12% mark-to-market appreciation over time.

• Team Expansion: A key growth lever is the expansion of its advisory team. The company plans to grow its Relationship Manager count by 25-30% annually over the next 3-4 years.

• Profit Growth: The target for profit growth in the core Wealth Management business is set at 15-25% annually, driven by operating leverage and AUM expansion.

• New Business Scaling:

• The HNI segment ("reserve program") is gaining strong traction, now managing nearly ₹4,000 crores for over 650 clients and serving as a powerful pipeline for the core UHNI business.

• The institutional equities business, 360 ONE Capital, is fully integrated and expected to become a meaningful contributor, especially with the build-out of its investment banking platform.

The company has outlined a clear, multi-pronged growth strategy focused on aggressive but measured expansion of its client assets and advisory teams, alongside the scaling of its newer business ventures.

• Technology and AI: Management views technology and AI not as a threat but as a significant opportunity to enhance productivity. AI can be leveraged for advanced portfolio analytics, personalized client reporting, and streamlining operational workflows, freeing up advisors and fund managers to focus on high-value tasks.

• Increasing Equity Brokerage Share: The firm's historical equity-related income from wealth clients has been modest (₹85-90 crores annually). There is a substantial opportunity to double or triple this revenue stream over the next 3-5 years by leveraging the research capabilities of the newly integrated 360 ONE Capital team.

• Building the Investment Banking Platform: The acquisition of B&K provides a launchpad to build a formidable investment banking business. The firm's deep relationships with over 10,000 promoter families provide a natural and synergistic client base for capital markets advisory.

• Doubling Market Share: Given India's economic trajectory and the expanding wealth pool, the company aims to leverage its brand, platform, and talent to double its market share over the next 3-5 years.

Key opportunities lie in leveraging technology, deepening wallet share with existing clients through enhanced equity services, and building out a synergistic investment banking franchise to capitalize on India's growth story.

• Enhance Operational Efficiency: A primary focus is to improve the overall cost-to-income ratio from the current 49.9% towards the 46-48% range. This will be achieved through gaining operating leverage in the core businesses and achieving scale in the newer, investment-phase businesses.

• Build Out Investment Banking: The company will focus on building its investment banking team for 360 ONE Capital over the next 12-18 months in a measured and careful manner, hiring top-tier professionals to ensure success.

• Pivot Discretionary PMS Strategy: To reignite growth in the discretionary Portfolio Management Services (PMS) segment, the firm is pivoting its strategy towards more active management. A new offering is planned for launch in June.

• Deepen UBS Collaboration: The firm plans to convert the early positive traction from its cross-referral programs with UBS into meaningful client relationships and leverage UBS's global distribution network to raise offshore capital for its asset management strategies.

The company's future plans are centered on disciplined execution, focusing on improving efficiency, strategically building out its new capital markets business, and capitalizing on key partnerships.

• ARR Retention (Yields):

• Overall ARR retention stands at 78 basis points (bps).

• The Wealth Management business has a retention of 76 bps, while the Asset Management business commands a higher 83 bps.

• The newer HNI business is operating at an attractive ARR retention yield of around 90 bps.

• Cost-to-Income Ratio:

• The consolidated cost-to-income ratio for FY26 was 49.9%, elevated due to investments in new businesses like ET Money and 360 ONE Capital.

• The mature, core UHNI Wealth and Asset Management businesses operate at a highly efficient and stable cost-to-income ratio of 44-45%.

• Return on Equity:

• Tangible ROE was 19.3% for FY26. This is expected to improve as earnings from capital-intensive businesses like Lending and Alternates fully materialize.

• Carry Income Outlook:

• Carry income is modeled conservatively. On a base of carry-eligible AUM of around ₹30,000-35,000 crores, the firm expects to accrue 10 bps on average annually, translating to a range of ₹150-175 crores in a moderate year and up to ₹300-325 crores in a strong year.

The firm maintains healthy and stable margins in its core operations, with a clear path to improving overall profitability as its new, high-potential businesses achieve scale.

• Competitive Landscape: The UHNI wealth management industry in India is characterized by a high degree of consolidation. While the market is large enough to support a few more major players, significant barriers to entry related to brand, trust, and scale exist, favoring established incumbents.

• War for Talent: The primary competitive pressure is the "war for talent" for high-quality Relationship Managers. 360 ONE navigates this by offering compensation in the 90th-110th percentile of the industry and, more importantly, by differentiating itself through its superior platform, culture, and long-term business-building opportunities for its advisors.

While the competitive environment for talent is intense, the consolidated market structure and the company's strong platform provide a durable competitive advantage.

• Execution Risk: As a rapidly growing organization with 1,800 professionals, maintaining a high standard of execution, attention to detail, and client service is the most critical risk. This is being mitigated by investing in middle-management depth and reinforcing the company's culture.

• Talent Attrition: In a competitive market, the potential attrition of key personnel is an ongoing risk. The firm is prepared for an annual attrition rate of 2-4% and believes its strong culture and the long tenure of its senior team (over 65% have been with the firm for 8+ years) help manage this risk effectively.

• Transactional Revenue Volatility: Transactional and broking revenues are inherently more volatile and less predictable than recurring revenues. This risk is managed by the firm's diversified asset class focus and the addition of the more stable institutional equities business from 360 ONE Capital.

• Tax Litigation: The outstanding tax demand of ₹336 crores represents a contingent risk. However, management has expressed strong confidence in its position and does not anticipate a material adverse impact.

The primary risks are operational and talent-related, which management is actively addressing through investments in people, culture, and organizational structure.

• 360 ONE Capital Integration: The integration of B&K Securities is complete, and the business has been successfully rebranded to 360 ONE Capital. Early synergies are already visible, including an uplift in brokerage revenues from UHNI clients and access to over 600 corporate treasuries for distribution and lending.

• ET Money Progress: FY26 was a year of strategic transformation for the ET Money platform. Following disciplined execution on multiple initiatives, the business is now on a clear path toward breaking even in the near term.

• UBS Collaboration Traction: The strategic collaboration with UBS is showing positive early results. Cross-referral programs are gaining traction, and the partnership is opening pathways for 360 ONE's asset management strategies to access offshore capital through UBS's global distribution channels.

• Lending Book Resilience: The firm’s lending book, which is primarily composed of loans against diversified portfolios for its wealth clients, showed no signs of stress despite market volatility in Q4. The business continues to operate with a zero NPA track record.

The successful integration of strategic acquisitions and the positive initial results from key partnerships are validating the company's inorganic growth strategy and expanding its capabilities.