360 ONE WAM Limited is one of India's preeminent wealth and asset managers, serving a diverse client base that includes over 8,500 ultra-high-net-worth families and corporates. The company's name, '360 ONE', reflects its core philosophy: taking a holistic ('360') view of the client ('ONE'), whose interests are paramount. Publicly listed on the NSE and BSE, the firm has built a formidable brand backed by marquee institutional investors like Bain Capital and a highly esteemed Board of Directors comprising experienced industry veterans. The company operates an integrated platform spanning Wealth Management, Asset Management, and Capital Markets. Its Wealth Management arm offers a full suite of services, including bespoke advisory (360 ONE Plus), product distribution, lending solutions, and brokerage services. The Asset Management division is a pioneer in the Indian alternatives space, with a wide array of products across private equity, private credit, real estate, and infrastructure, complemented by a strong public markets platform that includes mutual funds, PMS, and global institutional mandates. With a team of over 1,700 employees across 32 offices in India and internationally, 360 ONE has demonstrated a consistent growth trajectory, achieving significant milestones such as crossing INR 7 lakh crores in Assets Under Management. The firm's strategy is centered on a client-first, entrepreneurial, and risk-conscious culture, which has enabled it to build deep, long-standing client relationships and win over 175 industry awards, including 'Best Private Bank - India' and 'India’s Best Wealth Manager'.

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

• Q3 FY26 Performance: The company reported a strong quarter with Profit After Tax (PAT) of INR 331 crore, a 20.3% increase year-over-year (YoY). Total Revenues for the quarter stood at INR 826 crore, up 21.8% YoY.

• Revenue Composition: Revenue from Operations grew 33.2% YoY to INR 806 crore. A significant portion of this is Annual Recurring Revenue (ARR), which increased by 45.4% YoY to INR 619 crore, now constituting 77% of total operating revenue. Transactional/Brokerage income showed modest growth of 4.2% YoY to INR 186 crore.

• Profitability and Margins: Operating Profit Before Tax (OPBT) saw a substantial rise of 42.5% YoY to INR 407 crore. The cost-to-income ratio was maintained at 48.3%. The company delivered a Tangible Return on Equity (RoE) of 21.0% for the quarter.

• Assets Under Management (AUM): Overall AUM reached INR 7,11,398 crore as of December 2025, a 22.8% YoY increase. The more stable ARR AUM grew at a faster pace of 28.2% YoY to INR 3,17,906 crore.

• Balance Sheet: The company's tangible net worth stood at INR 6,327 crore. The lending book within the Wealth Management division grew to INR 10,628 crore, up 32.0% YoY.

• Segmental Performance:

• Wealth Management: Revenue from operations was INR 601 crore for the quarter, with ARR AUM growing 34.5% YoY to INR 2,18,957 crore.

• Asset Management: Revenue from operations was INR 205 crore, with ARR AUM increasing 16.1% YoY to INR 98,949 crore.

The company's financial performance in Q3 FY26 highlights robust growth in recurring revenues and profits, driven by strong expansion in assets under management across both its core business segments.

• Integrated Full-Stack Platform: 360 ONE operates a comprehensive, integrated business model covering Wealth Management, Asset Management, and Capital Markets. This allows for significant cross-synergies and provides clients with a single-point solution for advisory, investment, lending, and capital market needs.

• Pioneer in Alternatives: The firm is a market leader in the alternative investments space in India. It offers the largest bouquet of pre-IPO, private equity, and crossover funds, along with strong capabilities in private credit and real assets, providing clients with access to unique, non-traditional investment opportunities.

• Client-Centric Advisory Model: The "360 ONE Plus" proposition is a differentiated, fee-based advisory model focused on transparency and alignment of interest with clients. This approach, which avoids retrocessions and commissions, has been a key driver of trust and AUM growth.

• Focus on Ultra-High-Net-Worth Individuals (UHNIs): The company has deep expertise and a dominant position in servicing UHNIs (clients with INR 50+ crore financial net worth), a segment that requires sophisticated and bespoke financial solutions.

• Strategic Expansion into Adjacent Segments: While anchored in the UHNI space, the firm is strategically expanding its reach. This includes targeting the HNI segment (INR 10-50 crore) and the mass-affluent market through its investment in ET Money, creating a broad-based growth engine.

360 ONE's unique value proposition lies in its integrated platform, leadership in alternative assets, and a transparent, client-first advisory model that caters to the entire wealth spectrum.

• Favorable Regulatory Environment: The management commentary highlights a "constructive and forward-looking regulatory environment." This backdrop is seen as a positive catalyst, enhancing transparency, boosting investor confidence, and promoting long-term capital formation within the industry.

• Alignment with Industry Interests: The current regulatory outcomes are viewed as being firmly aligned with the interests of both investors and the broader wealth and asset management industry, creating a stable foundation for growth.

• Macro Tailwinds: The presentation implicitly points to strong macro tailwinds for India, which fuels growth in the wealth management sector. This includes the increasing financialization of savings and the growing number of high-net-worth individuals seeking professional financial advice.

The wealth management industry is operating within a supportive regulatory framework that encourages investor participation and long-term growth, a trend from which 360 ONE is well-positioned to benefit.

• Profit Growth: PAT has grown at a 29% CAGR from FY21 to FY25. For Q3 FY26, PAT grew 20.3% YoY. Operating PBT has grown even faster, at a 37% CAGR over the same period, with a 42.5% YoY increase in Q3 FY26.

• Revenue Growth: Total revenue has compounded at 26% annually between FY21 and FY25. In Q3 FY26, total revenues were up 21.8% YoY, driven by a 45.4% YoY surge in high-quality Annual Recurring Revenue.

• AUM Growth: Total AUM has grown at a 24% CAGR from FY21 to FY25. As of Q3 FY26, Total AUM was up 22.8% YoY. Critically, the stickier ARR AUM is growing faster, at a 27% CAGR since FY21 and 28.2% YoY in Q3 FY26.

• Segment-Specific AUM Growth (YoY for Q3 FY26):

• Wealth Management ARR AUM: +34.5%

• Asset Management ARR AUM: +16.1%

• 360 ONE Plus Proposition: +41.7%

• Distribution Assets: +30.3%

• Net Flows: The business continues to attract new capital, with ARR net flows of INR 14,758 crore in Q3 FY26.

The company is demonstrating strong, multi-faceted growth across profits, revenues, and assets, with a clear and successful strategic shift towards more predictable, high-growth recurring revenue streams.

• Global Presence and GIFT City: The company is expanding its presence in GIFT City with differentiated strategies. This provides an opportunity to tap into global capital and offer international investment solutions to domestic clients.

• Strategic Collaboration with UBS AG: An exclusive strategic collaboration with global wealth management giant UBS AG is expected to strengthen 360 ONE's wealth proposition and drive significant synergies across business lines, enhancing its product suite and global reach.

• Expansion into Mass Affluent Segment: The entry into the mass affluent segment via ET Money opens up a vast, underpenetrated market. This initiative allows 360 ONE to leverage its expertise and build a trusted brand for a much larger retail investor base.

• Strengthening Capital Markets Platform: The acquisition of B&K Securities enhances the company's capital markets proposition. This provides access to over 600 corporate treasuries and strengthens its institutional equities and Equity Capital Markets (ECM) platform, creating new revenue opportunities.

360 ONE is actively pursuing multiple strategic opportunities, including global expansion, key partnerships, and new market entries, which are set to become significant future growth drivers.

• Scaling HNI and Mass-Affluent Propositions: A key focus is to scale the innovative products and best-in-class services developed for UHNIs to address the rapidly growing HNI and mass-affluent segments where demand for professional wealth management is strengthening.

• Building a Robust Broking and Transactional Platform: The firm plans to continue building out its broking and transactional platform, leveraging the B&K acquisition to establish mid-market leadership in institutional equities and enhance its ECM capabilities.

• Continued Product Innovation: In Asset Management, the focus remains on product innovation, particularly in attractive alternative segments like real estate and infrastructure where the firm has strong experience. The plan includes launching new strategies like a Commodities SIF.

• Deepening Client Partnerships: The overarching plan is to continue leveraging its integrated platform to deliver sustainable growth, deepen client partnerships, and create enduring value for all stakeholders.

The company's future plans are centered on leveraging its core strengths to expand into new client segments, enhance its product capabilities, and solidify its market leadership across the financial services spectrum.

• Cost Efficiency: The consolidated cost-to-income ratio for Q3 FY26 stood at 48.3%, an improvement from 49.2% in the previous quarter (Q2 FY26). The annual trend shows a significant improvement from 53.9% in FY21 to 45.9% in FY25, indicating increasing operating efficiency.

• Segmental Margins:

• Wealth Management: The cost-to-income ratio was 51.6% in Q3 FY26.

• Asset Management: This segment operates at a higher efficiency, with a cost-to-income ratio of just 38.6% in Q3 FY26, down from 45.5% in the prior year.

• Revenue Quality and Retention: The company is improving its revenue quality. Combined ARR retention improved to 81 basis points (bps) in Q3 FY26, up from 70 bps in Q3 FY25. This reflects a better ability to monetize its growing AUM.

• Wealth Management retention was 79 bps.

• Asset Management retention was 85 bps.

360 ONE is successfully managing its cost base while improving its revenue monetization, leading to healthy and improving profitability margins across its business segments.

• Market Leadership Position: 360 ONE positions itself as "one of India’s largest wealth and alternate asset managers." Its scale, with over INR 7 lakh crore in AUM and a presence across 32 offices, establishes it as a dominant player in the Indian market.

• Competitive Landscape: The company competes with a range of entities, including domestic and international private banks, other large non-bank wealth managers, and asset management companies.

• Points of Differentiation: Its key competitive advantages are its integrated platform, pioneering role and deep expertise in the alternative investments space, and a strong, transparent advisory-led model for UHNIs. The strategic collaboration with UBS further strengthens its competitive positioning against global banks operating in India.

The company has carved out a leadership position in the competitive wealth and asset management industry by leveraging its scale, integrated model, and specialized expertise in alternative investments.

• Market Sensitivity: A portion of the company's revenue (Transactional/Brokerage Income) is linked to capital market activity and transaction volumes, making it susceptible to market downturns and volatility. While the shift to ARR mitigates this, 23% of operating revenue in Q3 FY26 was still transactional.

• Dependence on Key Personnel: The wealth management business is relationship-driven. The ability to attract and retain skilled relationship managers and investment professionals is critical to maintaining client trust and AUM.

• Execution Risk: The company has several new strategic initiatives, including the integration of acquisitions (B&K, UBS India wealth business) and the expansion into the mass-affluent segment. Successful execution of these plans is crucial to realizing their anticipated benefits.

• Regulatory Changes: While the current regulatory environment is favorable, the financial services industry is subject to evolving regulations. Any adverse changes could impact business operations or profitability.

While the business model is becoming more resilient, risks related to market cycles, talent retention, and the execution of strategic initiatives remain key factors to monitor.

• Strategic Acquisitions: The company has made key strategic acquisitions to bolster its capabilities. This includes the acquisition of B&K Securities to expand its capital market proposition and the acquisition of UBS AG's India Wealth Management business.

• Capital Raise: The firm successfully raised INR 2,250 crore through a Qualified Institutional Placement (QIP) in 2024, strengthening its capital base for future growth and lending activities.

• Consistent Dividend Payout: 360 ONE has a history of consistent dividend payments. For FY26, it has already paid out INR 12.0 per share in interim dividends.

• Industry Recognition: The company continues to receive prestigious industry awards, reinforcing its brand and leadership position. In 2025, it was named 'India’s Best Wealth Manager' by Euromoney and 'Best Private Bank - India' by Asian Private Banker.

The company has been proactive in strengthening its platform through strategic acquisitions, securing growth capital, and maintaining a shareholder-friendly dividend policy, all while earning consistent industry accolades.