Finance - Stock Broking · Founded 2008 · www.360.one · BSE 542772 · NSE 360ONE · ISIN INE466L01038
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Business
360 One Wam Ltd. (formerly known as IIFL Wealth Management Ltd.) is a prominent wealth and asset management company based in India. Its core business involves providing comprehensive financial services, primarily to high-net-worth individuals (HNWIs), ultra-high-net-worth individuals (UHNWIs), and affluent families. The company offers a wide range of services including wealth advisory, investment management (through Portfolio Management Services - PMS, and Alternative Investment Funds - AIFs), estate planning, family office services, and broking services. It makes money primarily through asset-based fees (management fees on Assets Under Management - AUM), performance fees from its investment products, transaction commissions, and advisory fees.
Revenue Mix
While specific revenue contribution data is not provided, 360 One Wam Ltd.'s operations generally encompass:
Wealth Management & Advisory: Providing personalized financial planning and investment advice to HNWIs and UHNWIs. This segment generates recurring fees based on AUM and advisory charges.
Asset Management: Managing various investment products such as Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and mutual funds for clients. This segment earns management and performance fees.
Broking Services: Facilitating equity, derivatives, and other financial instrument transactions for its clientele, generating commissions.
Given the company's name and focus, wealth and asset management components are likely the primary drivers of revenue and profitability.
Industry
The Indian finance sector, particularly wealth and asset management, is a rapidly growing and highly competitive industry. It includes a mix of large private and public sector banks with wealth management arms, global wealth management firms, and other independent financial advisors. 360 One Wam Ltd. positions itself as a leading independent wealth and asset manager in India, catering specifically to the affluent and HNI segments. Its independence from large banking institutions can be a differentiator, allowing for potentially more objective advice and a broader range of product offerings. The industry is characterized by increasing financialization of savings and a growing population of HNWIs.
MOAT
360 One Wam Ltd. likely benefits from several competitive advantages:
Client Relationships & Trust: Long-standing, deep relationships with a loyal base of affluent clients, built on trust and personalized service.
Brand Reputation: An established and recognized brand in the Indian wealth management space, signifying expertise and reliability.
Scale of AUM: A significant amount of Assets Under Management (AUM) provides economies of scale, attracts top talent, and enhances credibility.
Specialized Expertise: A team of experienced relationship managers and investment professionals with specialized knowledge in complex wealth management strategies and products for the HNI segment.
Switching Costs: For HNWIs, moving their entire wealth management relationship can involve high financial, psychological, and logistical switching costs, fostering client stickiness.
Growth Drivers
Financialization of Savings: India's ongoing shift from physical assets (gold, real estate) to financial assets, increasing the pool of investable wealth.
Rising HNI/UHNWI Population: Rapid growth in the number of affluent individuals and families due to economic expansion and entrepreneurship.
Increasing Wealth & Disposable Income: Overall growth in India's economy leading to higher household wealth and demand for professional wealth management.
Untapped Market Potential: Significant scope for penetration in tier 2/3 cities and among emerging wealth creators.
Digital Adoption: Leveraging technology to enhance client experience, expand reach, and improve operational efficiency.
Risks
Market Volatility: The company's performance and AUM are highly susceptible to downturns in equity, debt, and alternative investment markets, directly impacting fees.
Regulatory Changes: Potential tightening of regulations on advisory fees, product distribution, or investment norms could impact profitability and business models.
Intense Competition: Competition from large banks, global wealth managers, and emerging fintech wealth platforms vying for the same client base.
Talent Retention: High reliance on key relationship managers and investment professionals makes talent attraction and retention a critical operational risk.
Reputational Risk: Any service failures, compliance issues, or adverse market events could severely damage client trust and brand image.
Economic Slowdown: A significant deceleration in India's economic growth could reduce wealth creation and client appetite for investments.
Management & Ownership
360 One Wam Ltd. is primarily a promoter-led company, with its founders holding a significant ownership stake. The company is managed by a professional team with extensive experience in the financial services sector, particularly in wealth and asset management. The quality and vision of the management team are crucial for client acquisition, retention, product innovation, and navigating the dynamic regulatory and market landscape. Promoters often play a key role in setting the strategic direction and maintaining the company's culture and client-centric approach.
Outlook
360 One Wam Ltd. is well-positioned to capitalize on the robust growth trajectory of India's wealth management industry, driven by the country's economic expansion and the increasing financialization of savings among its affluent population. Its established brand, specialized focus on HNI clients, and comprehensive product offerings provide a strong foundation for continued AUM growth and market share expansion. However, the company operates in a highly cyclical and competitive environment. It faces inherent risks from market volatility, intense competition from both traditional and new-age financial players, and the constant need to adapt to evolving regulatory landscapes and technological advancements. Its ability to maintain client trust, retain key talent, innovate its product suite, and efficiently manage costs will be crucial for sustained long-term success amidst these dynamic challenges.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 630 | 791 | 849 | 865 | 780 | 876 | 911 | 1115 | 1181 | 1115 |
| Other Income | 41 | 260 | 86 | 28 | 154 | 46 | 69 | -7 | 39 | 54 |
| Total Income | 671 | 1051 | 936 | 893 | 934 | 922 | 980 | 1108 | 1220 | 1170 |
| Total Expenditure | 255 | 505 | 272 | 324 | 336 | 360 | 346 | 401 | 456 | 452 |
| Operating Profit | 416 | 546 | 663 | 569 | 598 | 562 | 634 | 706 | 764 | 717 |
| Interest Expense | 167 | 207 | 214 | 232 | 222 | 218 | 229 | 254 | 296 | 312 |
| Depreciation | 14 | 17 | 16 | 17 | 17 | 20 | 32 | 39 | 41 | 43 |
| Profit Before Tax | 235 | 323 | 345 | 319 | 359 | 324 | 374 | 413 | 427 | 363 |
| Provision for Tax | 43 | 80 | 101 | 74 | 82 | 75 | 89 | 98 | 100 | 74 |
| Profit After Tax | 192 | 243 | 244 | 245 | 276 | 250 | 285 | 315 | 327 | 289 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 192 | 243 | 244 | 245 | 276 | 250 | 285 | 315 | 327 | 289 |
| Adjusted Earnings Per Share | 5.4 | 6.8 | 6.7 | 6.7 | 7.1 | 6.3 | 7 | 7.8 | 8.1 | 7.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue | 452 | 566 | 1049 | 1659 | 1551 | 1470 | 1612 | 1851 | 1903 | 2506 | 3295 | 4322 |
| Other Income | 6 | 51 | 46 | 96 | 44 | 31 | 47 | 243 | 259 | 418 | 520 | 155 |
| Total Income | 457 | 617 | 1095 | 1754 | 1595 | 1501 | 1659 | 2094 | 2162 | 2925 | 3815 | 4478 |
| Total Expenditure | 282 | 367 | 474 | 692 | 605 | 672 | 718 | 931 | 866 | 1216 | 1423 | 1655 |
| Operating Profit | 175 | 251 | 621 | 1062 | 991 | 829 | 941 | 1163 | 1296 | 1709 | 2392 | 2821 |
| Interest Expense | 10 | 21 | 249 | 559 | 431 | 502 | 414 | 370 | 399 | 643 | 887 | 1091 |
| Depreciation | 1 | 3 | 9 | 14 | 22 | 41 | 43 | 42 | 46 | 57 | 71 | 155 |
| Profit Before Tax | 164 | 226 | 363 | 490 | 538 | 286 | 485 | 751 | 850 | 1009 | 1347 | 1577 |
| Provision for Tax | 53 | 57 | 113 | 110 | 163 | 85 | 116 | 174 | 192 | 204 | 332 | 361 |
| Profit After Tax | 112 | 169 | 250 | 380 | 375 | 201 | 369 | 578 | 658 | 804 | 1015 | 1216 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 112 | 169 | 250 | 380 | 375 | 201 | 369 | 578 | 658 | 804 | 1015 | 1216 |
| Adjusted Earnings Per Share | 4.8 | 5.7 | 8 | 11.9 | 11.1 | 5.8 | 10.5 | 16.3 | 18.5 | 22.4 | 25.8 | 30 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 31% | 21% | 18% | 22% |
| Operating Profit CAGR | 40% | 27% | 24% | 30% |
| PAT CAGR | 26% | 21% | 38% | 25% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 7% | 37% | 30% | NA% |
| ROE Average | 20% | 22% | 20% | 24% |
| ROCE Average | 14% | 14% | 13% | 19% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 192 | 1229 | 1524 | 1863 | 2910 | 2992 | 2828 | 3024 | 3122 | 3450 | 7065 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 |
| Borrowings | 52 | 52 | 1983 | 2419 | 4537 | 5952 | 4541 | 3992 | 4196 | 4144 | 3084 |
| Current Liability | 261 | 184 | 4207 | 5142 | 2023 | 3713 | 1239 | 3600 | 3747 | 7322 | 9263 |
| Other Liabilities & Provisions | -5 | 130 | 105 | 125 | 292 | 365 | 131 | 118 | 121 | 199 | 356 |
| Total Liabilities | 500 | 1596 | 7819 | 9550 | 9763 | 13021 | 8739 | 10734 | 11191 | 15114 | 19768 |
| Loans | 0 | 0 | 1264 | 7056 | 4966 | 3632 | 3671 | 3917 | 4910 | 6369 | 8397 |
| Investments | 23 | 40 | 172 | 0 | 1212 | 1096 | 1021 | 620 | 779 | 2159 | 751 |
| Fixed Assets | 41 | 47 | 53 | 31 | 337 | 608 | 837 | 816 | 880 | 940 | 1281 |
| Other Loans | 11 | 138 | 114 | 53 | 57 | 461 | 181 | 286 | 406 | 217 | 274 |
| Other Non Current Assets | 2 | 2 | 10 | 38 | 204 | 78 | 138 | 66 | 142 | 129 | 435 |
| Current Assets | 423 | 1369 | 6207 | 2371 | 2987 | 7146 | 2890 | 5029 | 4074 | 5302 | 8630 |
| Total Assets | 500 | 1596 | 7819 | 9550 | 9763 | 13021 | 8739 | 10734 | 11191 | 15114 | 19768 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 5 | 112 | 218 | 963 | 526 | 124 | 681 | 437 | 489 | 509 | 443 |
| Cash Flow from Operating Activities | 115 | 216 | -3450 | -2772 | 1852 | 1628 | 463 | 929 | -1323 | -470 | -2411 |
| Cash Flow from Investing Activities | -27 | -899 | -1157 | 1073 | -2133 | -3361 | 4128 | -1128 | 777 | -1575 | -1068 |
| Cash Flow from Financing Activities | 21 | 790 | 5350 | 1263 | -80 | 2290 | -4836 | 251 | 556 | 1978 | 3773 |
| Net Cash Inflow / Outflow | 109 | 106 | 743 | -437 | -362 | 557 | -245 | 52 | 10 | -67 | 295 |
| Closing Cash & Cash Equivalent | 113 | 218 | 961 | 526 | 165 | 681 | 437 | 489 | 509 | 443 | 740 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 4.76 | 5.73 | 8.03 | 11.92 | 11.08 | 5.77 | 10.5 | 16.28 | 18.48 | 22.41 | 25.83 |
| CEPS(Rs) | 4.82 | 5.84 | 8.32 | 12.34 | 11.72 | 6.95 | 11.72 | 17.46 | 19.78 | 23.99 | 27.62 |
| DPS(Rs) | 1.1 | 1.19 | 1.43 | 2.25 | 2.5 | 5 | 17.5 | 13.75 | 34.5 | 16.5 | 6 |
| Book NAV/Share(Rs) | 8.19 | 41.55 | 48.87 | 58.16 | 85.84 | 85.09 | 78.62 | 83.09 | 85.1 | 92.68 | 175.22 |
| Net Profit Margin | 24.69 | 29.93 | 23.87 | 22.92 | 24.15 | 13.68 | 22.91 | 31.22 | 34.58 | 32.09 | 30.81 |
| Operating Margin | 38.52 | 43.72 | 58.36 | 63.24 | 62.47 | 53.61 | 55.75 | 60.58 | 65.67 | 65.91 | 67.79 |
| PBT Margin | 36.34 | 40 | 34.6 | 29.55 | 34.68 | 19.48 | 30.09 | 40.6 | 44.69 | 40.24 | 40.87 |
| ROA(%) | 31.31 | 16.16 | 5.32 | 4.38 | 3.88 | 1.77 | 3.39 | 5.93 | 6 | 6.11 | 5.82 |
| ROE(%) | 74.12 | 23.83 | 18.19 | 22.5 | 15.75 | 6.86 | 12.89 | 20.23 | 22.01 | 25.3 | 19.88 |
| ROCE(%) | 69.21 | 28.02 | 14.34 | 13.11 | 10.86 | 7.56 | 9.11 | 13.4 | 13.36 | 14.54 | 14.4 |
| Price/Earnings(x) | 0 | 0 | 0 | 0 | 0 | 42.76 | 29.52 | 25.66 | 23.32 | 30.12 | 36.51 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 2.9 | 3.94 | 5.03 | 5.06 | 7.28 | 5.38 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 2.03 | 5.65 | 3.29 | 8.01 | 2.44 | 0.64 |
| EV/Net Sales(x) | 0.22 | -0.11 | 4.18 | 3.76 | 3.77 | 11.06 | 9.39 | 10.6 | 11.23 | 13.16 | 14.28 |
| EV/Core EBITDA(x) | 0.57 | -0.25 | 7.06 | 5.87 | 5.9 | 19.62 | 16.08 | 16.86 | 16.49 | 19.31 | 19.68 |
| Interest Earned Growth(%) | 88.41 | 25.26 | 85.37 | 58.09 | -6.48 | -5.23 | 9.64 | 14.83 | 2.81 | 31.74 | 31.46 |
| Net Profit Growth | 117.79 | 51.86 | 47.87 | 51.78 | -1.48 | -46.29 | 83.53 | 56.49 | 13.87 | 22.24 | 26.25 |
| EPS Growth(%) | 113.35 | 20.36 | 40.27 | 48.38 | -7 | -47.93 | 81.98 | 55.05 | 13.46 | 21.28 | 15.26 |
| Interest Coverage(x) % | 17.66 | 11.73 | 2.46 | 1.88 | 2.25 | 1.57 | 2.17 | 3.03 | 3.13 | 2.57 | 2.52 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 17.77 | 17.75 | 15.79 | 15.71 | 14.76 | 14.2 | 6.27 | 6.26 | 6.25 | 6.24 |
| FII | 62.48 | 63.22 | 64.56 | 65.58 | 66.15 | 67.22 | 68.54 | 65.87 | 65.52 | 63.33 |
| DII | 8.87 | 8.34 | 8.72 | 8.46 | 9.72 | 8.5 | 7.87 | 10.68 | 10.81 | 12.86 |
| Public | 10.88 | 10.69 | 10.92 | 10.25 | 9.37 | 10.09 | 17.32 | 17.19 | 17.42 | 17.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.37 | 6.37 | 5.73 | 5.73 | 5.73 | 5.58 | 2.53 | 2.53 | 2.53 | 2.53 |
| FII | 22.39 | 22.69 | 23.43 | 23.92 | 25.69 | 26.42 | 27.71 | 26.66 | 26.55 | 25.72 |
| DII | 3.18 | 2.99 | 3.16 | 3.08 | 3.78 | 3.34 | 3.18 | 4.32 | 4.38 | 5.22 |
| Public | 3.9 | 3.84 | 3.96 | 3.74 | 3.64 | 3.96 | 7 | 6.96 | 7.06 | 7.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 35.84 | 35.89 | 36.29 | 36.47 | 38.83 | 39.31 | 40.42 | 40.48 | 40.53 | 40.61 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +31% | +21% | +18% | +22% |
| Operating Profit CAGR | +40% | +27% | +24% | +30% |
| PAT CAGR | +26% | +21% | +38% | +25% |
| Share Price CAGR | +7% | +37% | +30% | — |
| ROE Average | +20% | +22% | +20% | +24% |
| ROCE Average | +14% | +14% | +13% | +19% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 17.77 | 17.75 | 15.79 | 15.71 | 14.76 | 14.2 | 6.27 | 6.26 | 6.25 | 6.24 |
| FII | 62.48 | 63.22 | 64.56 | 65.58 | 66.15 | 67.22 | 68.54 | 65.87 | 65.52 | 63.33 |
| DII | 8.87 | 8.34 | 8.72 | 8.46 | 9.72 | 8.5 | 7.87 | 10.68 | 10.81 | 12.86 |
| Public | 82.23 | 82.25 | 84.21 | 84.29 | 85.24 | 85.8 | 93.73 | 93.74 | 93.75 | 93.76 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.37 | 6.37 | 5.73 | 5.73 | 5.73 | 5.58 | 2.53 | 2.53 | 2.53 | 2.53 |
| FII | 22.39 | 22.69 | 23.43 | 23.92 | 25.69 | 26.42 | 27.71 | 26.66 | 26.55 | 25.72 |
| DII | 3.18 | 2.99 | 3.16 | 3.08 | 3.78 | 3.34 | 3.18 | 4.32 | 4.38 | 5.22 |
| Public | 29.47 | 29.52 | 30.56 | 30.74 | 33.1 | 33.73 | 37.89 | 37.94 | 37.99 | 38.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 35.84 | 35.89 | 36.29 | 36.47 | 38.83 | 39.31 | 40.42 | 40.48 | 40.53 | 40.61 |
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