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Journalism of Courage
Five years ago, 360 ONE WAM was just another niche wealth manager, its stock trading near Rs 200.
Today, it is India’s largest homegrown private wealth and alternatives platform, managing a staggering Rs 6.6 lakh crore for over 8,000 families and corporates. The stock has surged more than 6x in that time, recently touching Rs 1,200 before cooling off.
In the last quarter alone, the company attracted Rs 20,950 crore in Annual Recurring Revenue (ARR) net flows. This is fresh client money that goes into long-term, fee-earning products such as portfolio management, advisory mandates, and alternatives. Unlike one-off transactions, these flows generate predictable revenue year after year.
It also posted its highest-ever profit of Rs 287 crore, with 77% of revenue now coming from these stable, recurring sources. Alongside, it sealed an exclusive partnership with UBS, integrated B&K Securities, and sharply reduced losses at its digital arm ET Money.
For investors, the big question is: after such a meteoric rise in both business scale and share price, is this still an early innings compounding story, or is the market already pricing in the next chapter?
Business dynamics: How 360 ONE WAM makes its money
Think of 360 ONE WAM as running three interconnected businesses under one roof: Wealth Management, Asset Management, and Transaction & Lending Services.
Each one feeds the other, making the overall model stronger and stickier.
1. Wealth Management: The core engine
This is the biggest piece, managing Rs 5.71 lakh crore, or about 86% of total AUM.
The clients here are mostly ultra high net worth families and corporates — 4,200+ of them having portfolios above Rs 10 crore each, accounting for 95% of wealth AUM.
The goal is simple: win the trust of these clients, manage more of their wealth each year, and keep them for the long haul.
And they have done just that, with 82% of AUM coming from relationships older than 5 years.
In Q1 FY26:
Essentially, think of ARR in wealth like a salary; you get it every month, without having to “find” new income. As long as clients keep their money parked here, fees keep coming for the company.
2. Asset Management: The scalable growth play
This segment runs in-house funds and portfolio management strategies across equities, alternatives, and multi-asset portfolios.
Total AUM here is Rs 92,544 crore (14% of the group total), up 16% YoY.
The sweet spot is alternatives that are private equity, private credit, and other high yield strategies, which bring in 85-90 bps in fees (including performance-linked carry).
Listed portfolios and mutual fund products bring in slightly lower yields (60-62 bps), but they add scale and credibility.
In Q1 FY26:
For investors, this is like owning a portfolio of rental properties with some premium assets bringing high rents (alternates), while others offer steady but slightly lower yields (listed equities).
3. Transaction & Lending Services: The complementary layer
This is where B&K Securities and the NBFC lending arm come in.
B&K Securities: Institutional broking, investment banking, and corporate treasury services. Brought in ~Rs 18,200 crore in AUM via corporate mutual fund distribution in just one quarter post acquisition.
Lending: Loans against securities for HNIs and corporates. Yield range: 350-400 bps.
Goal: Keep transaction income steady at ~20% of total revenues, growing from the current Rs 550-600 crore annual run rate to Rs 1,000 crore in 2-3 years.
Lending deepens client relationships, while broking services bring more touchpoints with corporate and UHNI clients.
Why this model works
1. Recurring first, cyclical second
The backbone of 360 ONE WAM is recurring revenue.
In Q1 FY26, 77% of total operating revenue came from ARR fees, that is predictable money earned from managing client portfolios, regardless of how many trades or deals happen that month.
This acts like a monthly salary for the company. You know it is coming, and it covers your core expenses.
The other 23% comes from transactional income like investment banking fees, brokerage, or one-time structuring. This is more like an annual bonus – great when it comes, but not something to depend on every month.
By keeping this balance, the business stays steady even if capital markets slow down.
2. Deep, sticky client relationships
Managing wealth for ultra-rich families is not about running ads, it’s about relationships and trust.
Over 82% of AUM comes from clients who have been with 360 ONE for more than five years.
For a wealth manager, that is the equivalent of a shopkeeper having customers who not only buy from you every month but also bring their friends and family along.
This loyalty matters because wealthy clients tend to consolidate assets with managers they trust, which means a bigger wallet share without huge marketing spends.
3. Talent as a moat
In wealth management, your relationship managers are your product.
360 ONE has retained over 90% of its senior sales force, a big reason for its consistent net inflows.
4. Multiple engines of growth
Wealth management is the core, but asset management and lending provide new ways to grow revenue without reinventing the wheel.
An existing UHNI client can be offered a lending facility.
That same client can be introduced to in-house alternate funds.
The corporate treasury they control can use B&K’s institutional broking desk.
One client, multiple touchpoints, making the relationship harder for competitors to break.
Strategic moves and growth catalysts
360 ONE WAM is not just adding clients, but it is building platforms and partnerships that can multiply growth over the next few years.
1. UBS tie up: Global gateway for Indian wealth
In Q1 FY26, 360 ONE secured an exclusive collaboration with UBS, one of the world’s largest wealth managers.
This opens doors for both sides:
2. B&K Securities: Institutional muscle
The acquisition of B&K Securities was completed in May 2025.
In just one month of inclusion, it added ~Rs 18,200 crore to ARR AUM, primarily from corporate mutual fund distribution and treasury mandates.
B&K brings:
3. ET Money: Digital mass affluent funnel
Acquired in late 2024, ET Money is 360 ONE’s play for the mass affluent and tech-savvy investor base.
Before acquisition, ET Money was losing Rs 15 crore per quarter. Within 2 to 3 quarters, 360 ONE cut losses to Rs 6-7 crore per quarter (~Rs 25 crore annualised).
Its strengths:
The plan:
In other words, ET Money is the wide funnel that feeds the high-margin private wealth business.
Financial strength meets high market expectations
360 ONE WAM’s latest numbers show a business that is scaling fast while keeping a tight grip on discipline.
In Q1 FY26, revenue touched Rs 725 crore, with the most encouraging part being the Rs 511 crore earned from ARR fees. This is the predictable, salary-like income the firm earns from long-term wealth and asset management mandates.
It now makes up 77% of operating revenue, meaning most of the company’s top line is steady rather than one-off.
Profits matched the revenue quality.
The firm posted its highest-ever quarterly profit of Rs 287 crore, up 18% year on year, with a tangible return on equity of 19.6%. Even more telling, it improved its cost-to-income ratio to 48.4% from 50.7% last quarter, despite absorbing the full quarter cost of ET Money and part quarter cost of B&K Securities. That is like taking on new monthly expenses but still saving more than before, a clear sign that operating leverage is kicking in.
Money is flowing in strongly, too. ARR assets under management stand at Rs 2.87 lakh crore, up 30% in a year.
Fresh inflows in Q1 were Rs 20,950 crore, largely from the B&K acquisition but also backed by healthy organic flows. Management’s target is to bring in new client assets equal to 12-15% of starting AUM every year, which for FY26 means Rs 27,000-35,000 crore in fresh money.
The only hitch for potential investors is the price tag. At around Rs 40,000 crore market value and roughly 40 times forward earnings, the stock is not cheap.
The market is paying up for leadership in the ultra-rich wealth segment, sticky clients, and multiple growth engines that are wealth management, asset management, lending, transactions, and digital. But this also means expectations are high.
If flows slow, margins slip, or integration takes longer than planned, the share price could react quickly. On the other hand, if the company keeps delivering as it has, the premium may be justified.
Three Competitive and Structural Risks to Watch
In short, the fundamentals are solid, the growth story is intact, and the business model is built for compounding. But for new investors, it is like buying into a champion cricket team after it has already won several trophies, as you need to be confident they can keep winning before paying top dollar for a seat in the stands.
For long-term holders, this could remain a wealth compounding machine for years, provided management keeps executing with the same discipline that has brought it this far and navigates the talent, regulatory, and competitive challenges that will inevitably test it.
Note: This article relies on data from annual and industry reports. We have used our assumptions for forecasting.
Parth Parikh has over a decade of experience in finance and research and currently heads the growth and content vertical at Finsire. He holds an FRM Charter and an MBA in Finance from Narsee Monjee Institute of Management Studies.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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