HDFC Bank Limited
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Research updated
360 One Wam Ltd.
NSE: 360ONEFinancial ServicesAsset Management
- Last close
- ₹997.10
- Day change
- −₹49.90 (−4.77%)vs
- Market cap
- ₹43,769 crIndian rupees
- Research updated
- 3 reports
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About 360 One Wam
360 One Wam Ltd. is a prominent financial services company engaged in offering an array of wealth and asset management solutions. At its core, the company strives to meet the diverse investment needs of high-net-worth individuals and institutional clients. Playing a vital role in financial markets, 360 One Wam Ltd. specializes in portfolio management, investment advisory, and comprehensive wealth planning. It extends its influence across various sectors, including real estate, equity investments, fixed income, and alternative assets. As a multifaceted player in the financial arena, 360 One Wam Ltd. leverages its expertise to cater to the dynamic economic environment, delivering tailored investment strategies and innovative solutions. Through a strategic blend of research-driven insights and client-centric services, the company significantly impacts capital market dynamics and contributes to the broader financial ecosystem, offering clients enhanced value and robust wealth solutions.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: 360ONE
- Chief executive
- Mr. Yatin Shah
- Employees
- 1,780
- Headquarters
- Mumbai, India
- ISIN
- INE466L01038
- Website
- 360.one
Public research · Report of
Business model & financial foundation
360 ONE (NSE: 360ONE), Wealth and asset management with lending and capital markets: revenue of ₹4,362 crore in FY26 (+29.4% on FY25), an EBITDA margin of 41.5% and net profit of ₹1,216 crore.
- Revenue, FY26 (₹ crore)
- 4,362
- consolidated
- Revenue growth, FY26
- +29.4%
- on FY25
- EBITDA margin, FY26
- 41.5%
- EBITDA (vendor classification) / revenue
- Net profit, FY26 (₹ crore)
- 1,216
- to owners
- Return on equity, FY26
- 14.4%
- on average equity
- Market capitalisation (₹ crore)
- 43,769
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | 360 ONE WAM LIMITED (formerly IIFL Wealth Management Limited) |
| Exchange and ticker | NSE: 360ONE; BSE: 542772 |
| ISIN | INE466L01038 |
| CIN | L74140MH2008PLC177884 |
| Sector | Financial Services |
| Industry | Wealth and asset management with lending and capital markets |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP (since 2025-09-05) |
| Market capitalisation | ₹43,769 crore (15 Oct 2026) |
| Shares outstanding | 40.61 crore shares (FY26) |
| Price | ₹1,063 (close, 15 Oct 2026) |
| 52-week range | ₹906.0 - ₹1,236 (to 15 Oct 2026) |
| Website | https://www.360.one |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| 360 ONE Prime | 100% | NBFC lending and client financing |
| 360 ONE Distribution Services | 100% | Product distribution and wealth services |
| 360 ONE Asset Management | 100% | Public-market asset management |
| 360 ONE Portfolio Managers | 100% | Portfolio management and advice |
| 360 ONE Alternates Asset Management | 100% | Private equity, credit and real assets |
| Moneygoals Solutions | 100% | ET Money digital investing platform |
| 360 ONE Capital Market | 100% | Institutional securities, research and capital markets; former B&K |
| 360 ONE Treasury Services | 100% | Corporate treasury solutions; renamed July 2026 |
FY26 annual report lists 20 wholly owned subsidiaries at 31 March 2026, 21 at report date; includes wealth, asset management, lending, brokerage and ET Money platforms. Subsidiary-level detail to be completed from note AOC-1.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 6.26% | 6.25% | 6.24% | 6.20% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 65.87% | 65.52% | 63.33% | 58.55% |
| Domestic institutions | 10.68% | 10.82% | 12.75% | 18.71% |
| of which mutual funds | 8.34% | 8.03% | 10.00% | 14.55% |
| Retail | 4.91% | |||
| Other | 12.76% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
360 ONE WAM combines wealth advisory/distribution, client financing, capital-markets activity and alternatives/public-market asset management. Total AUM includes transactional/custody assets; ARR AUM is the more relevant recurring-fee base. Lending increases interest income but also creates funding and capital needs. Q2 FY27 total AUM was INR899,481cr and ARR AUM INR353,382cr.
| Segment | net operating revenue, FY26 (₹ crore) | Share | reclassified cost, FY26 (₹ crore) | Share | operating pbt, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Wealth Management - reclassified NET operating basis | 2,284 | 74.5% | 1,240 | 79.1% | 1,045 | 69.7% |
| Asset management | 781.0 | 25.5% | 328.0 | 20.9% | 454.0 | 30.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Nuvama Wealth Management (NUVAMA) | Closest diversified wealth, asset management and institutional capital-markets platform. |
| Anand Rathi Wealth (ANANDRATHI) | HNI wealth and distribution economics, without an equivalent lending balance sheet. |
| Prudent Corporate Advisory Services (PRUDENT) | Retail trail-fee distribution; useful recurring-fee economics comparator. |
| HDFC Asset Management Company (HDFCAMC) | Public-market management-fee franchise and asset-light return benchmark. |
| Nippon Life India Asset Management (NAM-INDIA) | Public-market asset management with alternatives and distribution exposure. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (statutory gross, Ind AS) | 1,495 | 1,647 | 2,506 | 3,371 | 4,362 |
| Cost of revenue (vendor classification) * | 731.9 | 546.8 | 887.0 | 971.3 | 1,091 |
| Other operating costs (vendor classification) * | 136.2 | 159.9 | 232.9 | 443.1 | 349.4 |
| EBITDA (vendor classification) * | 726.4 | 966.5 | 1,001 | 1,902 | 1,811 |
| EBIT * | 1,114 | 1,242 | 1,643 | 2,234 | 2,659 |
| Finance costs | 362.9 | 391.5 | 643.5 | 887.0 | 1,090 |
| Profit before tax (after exceptional item) | 751.3 | 850.3 | 1,009 | 1,347 | 1,577 |
| Total tax expense (current + deferred) | 173.6 | 192.4 | 204.3 | 331.5 | 360.7 |
| Profit for the period (incl. any non-controlling share) | 577.7 | 657.9 | 804.2 | 1,015 | 1,216 |
| Diluted EPS after exceptional item (₹) | 16.02 | 18.12 | 21.86 | 26.08 | 29.19 |
| Other income (statutory) | 418.3 | 313.8 | 115.6 | ||
| Total income (revenue from operations + other income) | 2,925 | 3,685 | 4,477 | ||
| Fees and commission expense | 114.5 | 86.9 | 87.1 | ||
| Impairment on financial instruments | 3.37 | 11.0 | 7.58 | ||
| Purchases of stock-in-trade | 150.0 | n.d. | n.d. | ||
| Employee benefits expenses | 686.7 | 884.4 | 1,133 | ||
| Depreciation and amortisation | 56.6 | 70.5 | 155.2 | ||
| Other expenses | 261.5 | 310.2 | 427.6 | ||
| Total expenses (statutory, incl. finance cost and depreciation) | 1,916 | 2,250 | 2,900 | ||
| Profit before exceptional item and tax | 1,009 | 1,434 | 1,577 | ||
| Exceptional item (signed; negative = charge; issuer labels it net of taxes) | n.d. | -87.6 | n.a. | ||
| Profit attributable to non-controlling interest | n.a. | n.a. | n.a. | ||
| Share of profit of associates/JVs | n.a. | n.a. | n.a. | ||
| Profit attributable to owners of the company | 804.2 | 1,015 | 1,216 | ||
| EBITDA | n.d. | n.d. | n.d. | ||
| Interest income on loans (statutory, within revenue from operations) | 578.3 | 830.6 | 1,035 | ||
| Interest income other than loans (investments, bank deposits, other) | 188.1 | 233.3 | 255.8 | ||
| Dividend & distribution income (revenue from operations) | 1.27 | 0.11 | 8.84 | ||
| Fees and commission income | 1,278 | 1,805 | 2,103 | ||
| Net gain on fair value changes (revenue from operations) | 311.0 | 501.5 | 958.9 | ||
| Sale of products (stock-in-trade) | 150.2 | n.a. | n.a. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,024 | 3,126 | 3,450 | 7,065 | 9,836 |
| Borrowings: debt securities + other borrowings + subordinated (ex leases) | 5,571 | 6,781 | 9,411 | 11,095 | 15,452 |
| Cash and cash equivalents | 488.6 | 509.5 | 442.7 | 740.2 | 569.2 |
| Trade receivables | 268.2 | 302.8 | 328.2 | 443.1 | 503.6 |
| Trade payables (MSME row dash) | 176.3 | 135.6 | 160.6 | 202.6 | 250.6 |
| Property, plant and equipment | 5.97 | 6.14 | 300.2 | 290.2 | 363.1 |
| Total assets | 10,744 | 11,192 | 15,119 | 19,769 | 27,201 |
| Capital work-in-progress | 0.27 | 0.04 | n.a. | n.a. | n.d. |
| Inventories | 0.00 | n.d. | n.d. | n.d. | |
| Debt securities | 6,834 | 7,910 | 12,962 | ||
| Borrowings (other than debt securities) | 2,456 | 3,050 | 2,358 | ||
| Subordinated liabilities | 120.8 | 134.7 | 131.7 | ||
| Lease liabilities | 60.9 | 65.5 | 479.4 | ||
| Bank balances other than cash and cash equivalents | 195.4 | 351.4 | 912.4 | ||
| Investments (aggregate; liquid/strategic split not disclosed) | 5,948 | 7,608 | 8,842 | ||
| Loans (lending book, net) | 6,369 | 8,411 | 11,126 | ||
| Net debt (company-stated; incl. liquidity investments) | n.d. | n.d. | n.d. | ||
| Other receivables | 95.0 | 99.1 | 314.1 | ||
| Other payables (MSME row dash) | 408.8 | 412.5 | 753.2 | ||
| Paid-up equity share capital (face value INR 1) | 35.9 | 39.3 | 40.6 | ||
| Investments - mutual funds (NOT all confirmed liquid) | 95.7 | 211.8 | 609.5 | ||
| Investments - debt securities (liquidity eligibility unknown) | 338.7 | 1,416 | 3,091 | ||
| Investments - government securities | 2,300 | 2,595 | 1,176 | ||
| Investments - equity instruments | 1,318 | 648.2 | 520.4 | ||
| Investments - alternative investment funds | 1,886 | 2,320 | 3,224 | ||
| Investments - other (InvIT REIT PTC preference shares) | 8.93 | 416.6 | 222.5 | ||
| Investments pledged as collateral against borrowings | 1,774 | 2,292 | 772.5 | ||
| Government securities less disclosed pledge (liquidity candidate) | 526.2 | 303.1 | 403.1 | ||
| Confirmed eligible liquid investments for net debt | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from/(used in) operating activities (incl. loan disbursements) | 1,227 | -635.4 | -470.1 | -2,462 | -2,921 |
| Free cash flow (vendor definition) * | 912.4 | -1,396 | -572.2 | -2,517 | -3,019 |
| Dividends paid (the provider's sign: an outflow is negative) | -485.8 | -613.1 | -590.0 | -216.7 | -479.2 |
| Purchase of PPE incl. intangibles (outflow negative) | -16.4 | -73.0 | -102.1 | -55.2 | -97.7 |
| Net increase in loans (within CFO; outflow negative) | -1,433 | -1,961 | -2,647 | ||
| Cash generated from operations before loan deployment and tax | 1,227 | -195.3 | 216.7 | ||
| Net income tax paid (outflow negative) | -264.1 | -305.5 | -490.8 | ||
| Cash proceeds from issue of shares (incl. securities premium) | 66.1 | 2,472 | 90.0 | ||
| Money received against share warrants (cash) | 625.8 | ||||
| Share issue expenses (cash outflow negative) | -37.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (issued, period end, exact) | 35.33 | 35.54 | 35.89 | 39.31 | 40.61 |
| Management total net revenue (reclassified; not statutory) | 1,965 | 2,652 | 3,144 | ||
| Management net revenue from operations (reclassified) | 1,846 | 2,446 | 3,066 | ||
| Weighted-average diluted shares (Ind AS 33) | 36.31 | 36.78 | 38.93 | 41.67 | |
| Weighted-average basic shares (Ind AS 33) | 35.54 | 35.77 | 37.40 | 40.32 | |
| Statutory total income less finance, fee costs and stock purchases | 2,017 | 2,711 | 3,300 | ||
| Remaining gross-to-management-net revenue difference (unidentified) | 51.7 | 58.6 | 155.9 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (statutory gross, Ind AS) | 780.0 | 876.2 | 966.6 | 1,098 | 1,181 | 1,115 | 1,226 | |
| Cost of revenue (vendor classification) * | 251.0 | 269.7 | 266.0 | 342.9 | 318.6 | 340.6 | ||
| Other operating costs (vendor classification) * | 81.4 | 84.8 | 80.5 | 110.7 | 134.0 | 112.9 | ||
| EBITDA (vendor classification) * | 462.6 | 473.6 | 387.7 | 472.6 | 478.0 | 552.5 | ||
| EBIT * | 581.0 | 542.5 | 602.3 | 723.0 | 674.5 | 777.5 | ||
| Finance costs | 222.2 | 218.2 | 228.5 | 253.9 | 296.0 | 311.9 | 354.0 | |
| Profit before tax | 358.8 | 324.3 | 373.8 | 413.4 | 427.1 | 362.6 | 423.5 | 391.0 |
| Tax expense | 82.3 | 74.7 | 89.1 | 97.9 | 99.8 | 73.9 | 93.0 | 90.5 |
| Profit after tax | 276.5 | 249.6 | 284.7 | 315.5 | 327.3 | 288.7 | 330.5 | 302.0 |
| Diluted EPS after exceptional item (not annualised) (₹) | 6.96 | 6.17 | 6.95 | 7.56 | 7.82 | 6.85 | 7.84 | |
| Other income (statutory) | 154.3 | 45.7 | 13.5 | 9.46 | 38.5 | 54.2 | 47.0 | |
| Total income | 934.3 | 921.8 | 980.0 | 1,108 | 1,220 | 1,170 | 1,273 | |
| Fees and commission expense | 19.4 | 23.0 | 19.6 | 19.7 | 28.8 | 19.1 | 14.5 | 17.8 |
| Impairment on financial instruments | 3.72 | 5.09 | -0.96 | 6.39 | 2.49 | -0.34 | 0.07 | |
| Employee benefits expenses | 231.7 | 246.7 | 246.5 | 272.5 | 314.1 | 299.5 | 326.0 | |
| Depreciation and amortisation | 17.2 | 19.7 | 32.1 | 39.2 | 40.9 | 43.0 | 42.1 | 42.8 |
| Other expenses | 81.4 | 84.8 | 80.5 | 102.5 | 110.7 | 134.0 | 112.9 | |
| Total expenses (statutory) | 575.5 | 597.5 | 606.2 | 694.1 | 792.9 | 807.1 | 849.6 | |
| Profit before exceptional item and tax | 358.8 | 324.3 | 373.8 | 413.4 | 427.1 | 362.6 | 423.5 | |
| Exceptional item (signed; negative = charge) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.d. | |
| Profit attributable to non-controlling interest | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Share of profit of associates/JVs | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Profit attributable to owners | 276.5 | 249.6 | 284.7 | 315.5 | 327.3 | 288.7 | 330.5 | 302.0 |
| Purchases of stock-in-trade | n.a. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| EBITDA | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | |
| Interest income on loans (within revenue from operations) | 207.4 | 237.3 | 230.6 | 243.1 | 277.5 | 283.0 | 318.5 | |
| Interest income other than loans (within revenue from operations) | 54.2 | 61.4 | 57.2 | 60.6 | 76.8 | 62.2 | 60.4 | |
| Dividend & distribution income (within revenue from operations) | 0.03 | 0.02 | 0.80 | 1.67 | 2.98 | 3.39 | 0.15 | |
| Fees and commission income | 379.0 | 483.8 | 432.2 | 612.6 | 530.5 | 527.7 | 579.9 | |
| Net gain on fair value changes (within revenue from operations) | 139.4 | 93.6 | 245.9 | 180.1 | 293.8 | 239.2 | 267.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 30.4% | 10.2% | 52.2% | 34.5% | 29.4% |
| EBITDA margin | 48.6% | 58.7% | 39.9% | 56.4% | 41.5% |
| Net margin | 32.1% | 30.1% | 27.9% | ||
| Return on equity | 24.5% | 19.3% | 14.4% | ||
| Return on capital employed | 13.0% | 13.4% | 14.4% | 14.4% | 12.2% |
| Return on assets | 6.1% | 5.8% | 5.2% | ||
| Borrowings less cash (₹ crore) | 5,082 | 6,272 | 8,968 | 10,355 | 14,883 |
| Borrowings less cash / EBITDA | 7.00x | 6.49x | 8.96x | 5.45x | 8.22x |
| Interest cover | 3.07x | 3.17x | 2.55x | 2.52x | 2.44x |
| Asset turnover | 0.14x | 0.15x | 0.19x | 0.19x | 0.19x |
| Receivable days | 65 | 67 | 48 | 48 | 42 |
| Inventory days (on revenue) | 0 | ||||
| Payable days (on revenue) | 43 | 30 | 23 | 22 | 21 |
| Cash conversion | -0.58x | -2.43x | -2.40x | ||
| Capex intensity | 1.1% | 4.4% | 4.1% | 1.6% | 2.2% |
| Free cash flow (₹ crore) | 1,211 | -708.3 | -572.2 | -2,517 | -3,019 |
| Dividend payout | 73.4% | 21.3% | 39.4% | ||
| EPS, diluted (₹) | 16.02 | 18.12 | 21.86 | 26.08 | 29.19 |
| Book value per share (₹) | 85.58 | 87.96 | 96.13 | 179.7 | 242.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (vendor classification) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (vendor classification).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after exceptional item).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on 360 One Wam includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Reports on 360 One Wam
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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