360 ONE WAM Ltd Q2 FY26 – ₹813 Cr Revenue, ₹316 Cr PAT, ₹6 Dividend, and ₹6.7 Lakh Crore AUM: The Wealth Managers Who Own Everyone Else’s Money but Borrow Their Own
1. At a Glance
India’s largest pure-play wealth-management firm, 360 ONE WAM Ltd (formerly IIFL Wealth Management), posted Q2 FY26 revenue of ₹813 Cr (+28.9 % YoY) and PAT of ₹316 Cr (+28.5 % YoY) while distributing an interim dividend of ₹6 per share like confetti at a banker’s wedding.
Market-cap? ₹47,151 Cr. Current price ₹1,165. P/E 42 × — because apparently wealth managers value themselves like tech startups they advise against investing in. ROE 20.6 %, ROCE 14.9 %. Debt ₹11,160 Cr (1.6 × D/E). Pledged promoter holding 89.6 %. They manage ₹6.7 lakh crore of client money yet still borrow ₹11,000 crore of their own — the ultimate “mutual fund for the self.”
2. Introduction – Where Everyone Is Rich Except the Promoters
Back in 2008, while the world was collapsing in a sub-prime hangover, IIFL decided to launch a wealth business for people who had none left. Fast-forward to today: 360 ONE WAM has become India’s Rolls-Royce of money management — chauffeured by PMS returns and driven by power-suits that smell of Alpha returns.
Yet beneath the luxury lies a funny truth: the company’s own promoters hold just 6 % and have pledged almost 90 % of that. The clients own the wealth, UBS owns the warrants, and SEBI owns the peace of mind.
The name change to “360 ONE” was supposed to symbolize holistic advice. Ironically, the stock chart has also done a perfect 360° in the last year — back to square one.
3. Business Model – How They Make Money from Your Money
360 ONE WAM operates two main segments:
Wealth Management (85 % of AUM) – Offers discretionary and non-discretionary advisory, lending solutions, estate planning, corporate treasury services and product distribution. Essentially, it tells you what to do with your money and then charges you for doing it.
Asset Management (15 %) – PMS, AIFs, mutual funds across public and private equity, real estate, and private credit. Here, they actually touch your money — with white gloves.
Revenue Mix FY24:
ARR (Advisory Recurring Revenue): 72 %
Transaction / Brokerage: 28 %
The firm serves ≈ 11,000 clients, of which ~2,750 manage over ₹10 Cr each and account for 93 % of AUM. So, it’s basically India’s country club for crorepatis.
They also run a lending arm — 360 ONE Prime Ltd — providing loans against securities, property, and ESOPs. Because why sell your stocks when you can mortgage them to the same people managing them?
4. Financials Overview
Source table
Metric
Latest Qtr (Q2 FY26)
YoY Qtr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue (₹ Cr)
813
631
725
28.9 %
12.1 %
EBITDA (₹ Cr)
520
424
450
22.6 %
15.6 %
PAT (₹ Cr)
316
245
287
28.5 %
10.1 %
EPS (₹)
7.79
6.73
7.04
15.7 %
10.7 %
Commentary: Growth is healthy, margins obese (60 % OPM), and profit growth in line with AUM expansion. They’ve finally found a way to compound your money while leveraging their own.
5. Valuation Discussion – Educational Fair-Value Range
Let’s educate our brains without getting arrested by SEBI.
P/E Method: TTM EPS ≈ ₹ 28.3 ; Industry P/E ≈ 16.7. Assume fair range 28 × – 35 × (because premium brand and recurring cash). → Fair Value Range = ₹ 790 – ₹ 990.
EV/EBITDA Method: EV ₹ 57,219 Cr, EBITDA ₹ 2,165 Cr → ≈ 26.4 ×. Sector average
