360ONE WAM is a compelling structural growth story says Motilal Oswal
Posted: Sat Jul 19, 2025 7:55 pm
360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26. This was driven by a 36% YoY growth in ARR income to INR5.1b (7% beat), offset by a 32% YoY decline in TBR income to INR1.5b (8% miss).
ARR AUM rose 30% YoY to INR2.9t (10% beat), while TBR AUM grew 36% YoY to INR2.1t (10% beat), taking the total AUM to INR5t (+33% YoY).
The cost-to-income ratio at 52.9% improved 880bp YoY (160bp higher than MOFSLe). The 50% beat in other income resulted in a 7% beat in PAT at INR2.9b (+18% YoY) for the quarter.
For FY26, total gross flows are likely to be INR600-650b, including INR100b from UBS, INR150-200b from B&K, and the remaining INR300- 350b from organic initiatives.
We adopt an SoTP approach to build in the optionality of UBS collaboration. Additionally, we have integrated B&K’s performance with the core performance of 360ONE, resulting in a 7%/12% rise in our PAT estimates for FY26/FY27. Earnings from funds raised via UBS warrants forecasted for FY29 have been discounted to FY27 at 13%. We reiterate our BUY rating on the stock with a one-year TP of INR1,450.
Valuation and view
360ONE offers a compelling structural growth story anchored in India’s expanding wealth and asset management market. The company continues to drive strong gross flows across both wealth and asset management, with a temporary blip due to RM attrition, which is likely to be offset by the onboarding of new teams. The recent acquisition of B&K and the UBS collaboration enhance the company’s international footprint, broaden client access, and strengthen its transactional platform. Operating leverage and cost synergies from integrations are expected to improve profitability as new businesses scale.
We adopt an SoTP approach to build in the optionality of UBS collaboration. Additionally, we have integrated B&K’s performance with the core performance of 360 ONE, resulting in a 7%/12% rise in PAT estimates for FY27/FY27. Earnings from funds raised via UBS warrants forecasted for FY29 have been discounted to FY27 at 13%. With multiple projects underway—including mid-segment HNI business expansion, ET Money integration, B&K integration, and UBS collaboration— execution will be crucial. We reiterate our BUY rating on the stock with a one-year TP of INR1,450.
ARR AUM rose 30% YoY to INR2.9t (10% beat), while TBR AUM grew 36% YoY to INR2.1t (10% beat), taking the total AUM to INR5t (+33% YoY).
The cost-to-income ratio at 52.9% improved 880bp YoY (160bp higher than MOFSLe). The 50% beat in other income resulted in a 7% beat in PAT at INR2.9b (+18% YoY) for the quarter.
For FY26, total gross flows are likely to be INR600-650b, including INR100b from UBS, INR150-200b from B&K, and the remaining INR300- 350b from organic initiatives.
We adopt an SoTP approach to build in the optionality of UBS collaboration. Additionally, we have integrated B&K’s performance with the core performance of 360ONE, resulting in a 7%/12% rise in our PAT estimates for FY26/FY27. Earnings from funds raised via UBS warrants forecasted for FY29 have been discounted to FY27 at 13%. We reiterate our BUY rating on the stock with a one-year TP of INR1,450.
Valuation and view
360ONE offers a compelling structural growth story anchored in India’s expanding wealth and asset management market. The company continues to drive strong gross flows across both wealth and asset management, with a temporary blip due to RM attrition, which is likely to be offset by the onboarding of new teams. The recent acquisition of B&K and the UBS collaboration enhance the company’s international footprint, broaden client access, and strengthen its transactional platform. Operating leverage and cost synergies from integrations are expected to improve profitability as new businesses scale.
We adopt an SoTP approach to build in the optionality of UBS collaboration. Additionally, we have integrated B&K’s performance with the core performance of 360 ONE, resulting in a 7%/12% rise in PAT estimates for FY27/FY27. Earnings from funds raised via UBS warrants forecasted for FY29 have been discounted to FY27 at 13%. With multiple projects underway—including mid-segment HNI business expansion, ET Money integration, B&K integration, and UBS collaboration— execution will be crucial. We reiterate our BUY rating on the stock with a one-year TP of INR1,450.