360ONE - 360 ONE

📊 NSE: 360ONE 🏢 Finance & Investments 📅 Last Updated: 12/13/2025 17:26

💰 Financial Performance

Revenue Growth by Segment

Wealth Management revenue grew 35.5% to INR 1,845 Cr in FY25, with H1 FY26 revenue reaching INR 1,057 Cr (up 19.9% YoY). Asset Management revenue for H1 FY26 stood at INR 368 Cr, representing a 45.6% YoY increase from INR 253 Cr in H1 FY25.

Geographic Revenue Split

100% of revenue is derived from India-based operations, focusing on the domestic UHNI, HNI, and mass affluent segments.

Profitability Margins

Operating PBT margin stood at 44.6% in Q2 FY26 (INR 363 Cr PBT on INR 813 Cr revenue). Tangible RoE was 24.3% in FY25, down from 30.1% in FY24 due to the equity base expansion following the INR 2,250 Cr QIP.

EBITDA Margin

Operating PBT margin was 44.6% in Q2 FY26, reflecting core profitability after accounting for a 33.7% YoY increase in total costs to INR 400 Cr.

Capital Expenditure

INR 2,250 Cr was raised via QIP in October 2024, with INR 1,200 Cr deployed to strengthen the lending base of 360 ONE Prime and INR 800 Cr infused into the alternates asset management business.

Credit Rating & Borrowing

The company maintains an [ICRA]A1+ rating for its commercial paper programme, with borrowing costs for recent placements ranging between 7.00% and 7.10%.

⚙️ Operational Drivers

Raw Materials

Not applicable for financial services; however, employee compensation represents the largest operational cost at 71.25% of total costs (INR 285 Cr out of INR 400 Cr) in Q2 FY26.

Import Sources

Not applicable (Service Sector).

Key Suppliers

Not applicable (Service Sector).

Capacity Expansion

Current capacity includes 90 team leaders and over 128 relationship managers (RMs) as of March 2025. Expansion is driven by onboarding new RM teams to compensate for recent exits and support the HNI segment build-out.

Raw Material Costs

Employee costs rose 27.1% YoY to INR 285 Cr in Q2 FY26, driven by the integration of B&K Securities and ET Money teams.

Manufacturing Efficiency

Cost-to-income ratio stood at 49.2% in Q2 FY26; management targets a long-term reduction to 45-46% as new business initiatives like ET Money and the HNI segment turn productive.

Logistics & Distribution

Not applicable (Service Sector).

📈 Strategic Growth

Expected Growth Rate

21.70%

Growth Strategy

Growth is targeted through the integration of B&K Securities for equity advisory, the acquisition of UBS AG's India wealth business to expand the UHNI footprint, and leveraging ET Money to capture the mass affluent market.

Products & Services

Wealth advisory, Alternative Investment Funds (AIFs), Portfolio Management Services (PMS), Mutual Funds, Managed Accounts, and lending products including Loan Against Shares (LAS) and Loan Against Property (LAP).

Brand Portfolio

360 ONE, ET Money, B&K Securities.

New Products/Services

360 ONE Plus proposition and expansion into the HNI segment, which saw ARR AUM growth of 32.4% YoY in Q2 FY26.

Market Expansion

Expansion into the mass affluent segment via ET Money and the mid-market HNI segment to diversify the client base beyond the core UHNI segment.

Market Share & Ranking

Maintains a leading market position in the Indian wealth management industry, supported by INR 6,71,625 Cr in total AUM.

Strategic Alliances

Strategic collaboration with UBS AG for the transfer of its India wealth management business, completed in September 2025.

🌍 External Factors

Industry Trends

The industry is shifting from a broker-led model to an advisory-led model to reduce regulatory uncertainty; growth is driven by India's aspiration to become a developed economy by 2047.

Competitive Landscape

Faces competition from private banks and boutique wealth managers; differentiates through its '360 ONE Plus' advisory proposition and alternates platform.

Competitive Moat

Brand equity and a base of 8,500+ UHNI families create high switching costs, evidenced by a low 1.1% client attrition rate in FY25. This moat is sustainable due to the common senior management team and strong financial synergies.

Macro Economic Sensitivity

Highly sensitive to capital market movements; transaction-based income (36% of FY25 revenue) fluctuates directly with market sentiment and trading activity.

Consumer Behavior

Rising demand for seamless digital engagements and professional wealth management among the expanding affluent population.

Geopolitical Risks

Global market volatility can adversely impact AUM valuations and institutional mandates, affecting the 0.81% ARR retention in Asset Management.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI NBFC regulations for 360 ONE Prime, which maintained a capital-to-risk weighted assets ratio of 29.6% as of June 2025, well above regulatory minimums.

Environmental Compliance

Service-oriented model limits direct environmental risk; the company has adopted a Board-approved ESG policy to manage indirect credit risks.

Taxation Policy Impact

Standard corporate tax rates apply; management has guided toward lower dividend payouts to retain capital for the growth of 360 ONE Prime and 360 ONE AAM.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes in distribution fees and RM attrition (loss of key teams) could impact AUM by 1-2% and increase periodic revenue volatility.

Geographic Concentration Risk

100% of revenue is concentrated in the Indian market, making the firm highly dependent on domestic economic growth and local capital market performance.