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• India is witnessing a transformation with a rapidly expanding HNI population and rising adoption of financial products through advisory-driven wealth platforms. This expanding opportunity pool provides a long runway of doubledigit AUM growth for scaled players like 360 ONE WAM (360 ONE).
• 360 ONE has built one of India’s strongest UHNI platforms, with wealth ARR AUM growing from ~INR580b in FY21 to ~INR2t currently, backed by continued efforts to enhance engagement and capture wallet share. The improving ARR revenue mix (70%+) and stable flow momentum at 12-13% of opening AUM is likely to lead to ~1.5x growth in ARR AUM by FY28.
• Acquisitions of B&K and ET Money, along with the UBS collaboration, have turned 360 ONE into a full-stack wealth ecosystem, strengthening client stickiness, diversifying revenue pools, and expanding addressable markets. B&K provides the opportunity to cater to clients’ fundraising requirements, while UBS materially enhances the offshore proposition. ET Money provides the firm with a scalable digital funnel to acquire younger and HNI clients at a low cost.
• 360 ONE’s AMC is one of the most sophisticated alternative manufacturers in India, spanning PE, private credit, PMS, and institutional mandates. Alternates AUM has scaled from INR325b in FY22 to INR455b currently, and is structurally positioned to benefit from India’s deepening private-market ecosystem. We expect AMC AUM to reach ~INR1.3t by FY28 from INR844b in FY25.
• Short-term cost pressures from new RM hiring and the integration of B&K/UBS/ET Money will keep CI elevated at around 49% in FY26. However, ramp-up in RM productivity and operating leverage are expected to bring CI back to 46-47%. On a consolidated basis, we expect 360 ONE to report a revenue/PAT CAGR of 20%/21% over FY25-28. We adopt an SOTP approach, valuing ARR at 40x Dec’27 and TBR/other income at 20x Dec’27 to arrive at a fair value of INR1,350. Reiterate BUY.

Wealth management industry in India experiencing a boom

• The wealth management industry is undergoing a foundational shift, driven by evolving client relationships, assets in motion, heightened competition, the rise of big tech, regulatory changes, and increasing pressure to improve financial performance while strengthening client trust and value.
• Shifts in household balance sheets (higher financial savings and a rising number of millionaires/HNWIs), rising incomes, and urbanization are increasing the pool of investible assets. At the same time, smart regulation and a growing institutional product shelf are enabling wealth managers to offer more solutions, driving both demand and higher-margin supply.
• Knight Frank's Wealth Report 2025 highlights India's booming wealth, with the HNI count (net worth above USD10m) growing 6% to 85,698 in 2024, ranking fourth globally. The billionaire count hit 191, and the report projects India's HNIs to reach ~93,753 by 2028, driven by strong economic growth and investment. India ranks third globally in total billionaire wealth at USD950b, following the US and China.
• Deloitte places a ~USD1.6t incremental AUM opportunity for wealth managers between FY24 and FY29, underlining that India’s shift from savings to investable financial assets is only partially complete and should support multi-year growth for established wealth franchises.
• Client behavior is also maturing rapidly, with younger investors shifting from FDs to market-linked products, adopting asset-allocation frameworks, and increasingly allocating to PMS/AIFs and private-market strategies. This steady move from transactional investing to advisory-led, long-term portfolios is structurally expanding the need for organized wealth managers and fee-based solutions.
• On the other hand, rising income, digital KYC, seamless onboarding, and SIP adoption have expanded the investor base beyond HNIs, with participation from Tier-2/3 cities. Digital platforms, AI, and machine learning are transforming wealth management by improving client engagement and operational efficiency.
• Recently, the industry has witnessed heightened attrition, as new entrants adopt aggressive models to attract RMs. Senior RMs are also exploring opportunities to establish independent wealth management firms.

UHNI business: Structural growth, evolving behavior, and rising wallet share

• 360 ONE has seen a complete transformation from a distribution-led model to a strong advisory proposition (40% of wealth management AUM). Recurring revenue (ARR) as a % of overall revenue has increased to over 70%, indicating improving earnings quality.
• The company has built a solid proposition, becoming one of India’s leading players in the UHNI segment, with ARR AUM scaling to ~INR2t by the end of 1HFY26 (from INR582.8b in FY21), serving over 8,500 families.
• Initiatives are being undertaken to enhance engagement with youngergeneration family members, aiming to reduce the risk of wallet share loss during succession. Early engagement provides an opportunity to expand wallet share among higher-vintage families, as the new generation is more open to financial products.
• The diversified portfolio allocation approach of 360 ONE (40% equity; 35-40% fixed income/credit; 20% alternates) reduces the impact of volatile equity market movement and helps in keeping flow momentum stable. ARR net flows as a % of opening AUM have been in the range of 15-20% for the past three years, and management has guided for flows to be at 12-15% of opening AUM in FY26. We expect the flow momentum to be stable at 12-13% of opening AUM.
• 360 ONE’s revenue from distribution posted a CAGR of 30% over FY22-25, with assets growing from INR518b in FY22 to ~INR1.2t by the end of 1HFY26 (including INR200b from the B&K acquisition). While the commission earned is largely similar to peers, the company also benefits from carry income, supported by its overall commitment and strong underwriting, which contributes further to top-line growth.
• Advisory revenue posted a CAGR of 23% over FY22-25, with assets growing from INR266b in FY22 to INR741b by the end of 1HFY26. The retention of this segment has been in the range of 30-35bp.
• The lending business was initiated to cater to the liquidity needs of UHNI clients as well as enhance engagement. The book has grown from INR43b in FY22 to INR103b at the end of 1HFY26, and the company has further allocated moneyraised from QIP towards lending book expansion. The NIM for lending book has been in the range of 5-5.5%.
• In terms of attrition, 360 ONE has witnessed one of the lowest RM attritions in the industry over the years (4-5% at the senior RM level), owing to: 1) the recurring revenue model, and 2) ESOPs for RMs. The recent exit of two large teams resulted in a nominal loss of 6-7% of the AUM managed by those RMs. Three teams have already joined as replacements, with one more team underway, gearing 360 ONE for continued growth.
• Going forward, the core UHNI ARR proposition is expected to maintain growth momentum, driven by: 1) strong client flows at 12-13% of opening AUM, 2) improving wallet share, 3) higher advisory penetration, and 4) stable retention at 73-76bp. We expect ARR AUM to double by FY28 to INR3.2t, resulting in an ARR CAGR of 25% over FY25-28. The transactional revenue is expected to grow in double digits (FY25-28 CAGR of 13%), supported by the B&K acquisition.
• On the cost front, we expect some impact in the short term, owing to the hiring of RMs and integration of B&K/UBS acquisition, resulting in the CI ratio of 51.5% in FY26 (47% in FY25). With RM productivity improving, we expect the CI ratio to fall back to 48-49% levels, resulting in an operating PBT CAGR of 21% over FY25-28 for the wealth management space.

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