1. At a Glance
India’s top-tier wealth management play with a Rs. 48,000+ Cr market cap, 360 ONE has built its fortune pampering India’s top 1%—but can it maintain alpha while promoter holding melts faster than a kulfi in May?
2. Introduction with Hook
Imagine a concierge service for your crores. That’s basically 360 ONE. It’s like a Gucci-wearing, jargon-spewing family office that serves the Ambanis of tomorrow. With Assets Under Management (AUM) at a jaw-dropping ₹6.64 Lakh Crores, a 20.6% ROE, and a net profit CAGR of 39.9% over five years, this is India’s luxe wealth factory. But what happens when the promoter almost exits stage left (holding now just 7%) and pledges 86.6% of what little is left? Hmm.
3. Business Model (WTF Do They Even Do?)
360 ONE isn’t your average brokerage. It’s an elite club of wealth managers who offer:
- Discretionary/Non-discretionary portfolio advisory
- Lending solutions (think margin money for millionaires)
- Corporate treasury management
- Estate planning for rich uncles
- Financial products distribution (MFs, AIFs, PMS, etc.)
Clientele: ~7,200 clients (many sitting on crores), primarily HNIs and UHNIs. Average ticket size? Likely bigger than your apartment block.
4. Financials Overview
TTM Revenue: ₹3,357 Cr
TTM PAT: ₹1,056 Cr
TTM EPS: ₹27.24
5Y Sales CAGR: 17%
5Y Profit CAGR: 40%
ROE (FY25): 21%
Operating Margin: 59%
Borrowings: ₹11,160 Cr
Cash Flow from Ops (FY25): -₹2,411 Cr (yikes!)
Key Point: High ROE and consistent profitability, but erratic cash flows and rising borrowings.
5. Valuation
Current Price: ₹1,206
P/E (TTM): 46x
Book Value: ₹180
Price/Book: 6.7x
Valuation feels steep, especially vs. peers like Angel One (P/E ~25) and IIFL Capital (P/E ~14). Even if we factor premium for high ROE and brand moat, it’s expensive.
Fair Value Range (EduModel): ₹850 – ₹1,050
Anything above ₹1,200 assumes perfect execution, low rate environment, and no hiccups in the promoter drama.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 PAT up 18% YoY: Strong but not blowout
- ESOS 2025 launched: A talent-retention or stock dilution cocktail?
- Promoter stake down to 7.08%: Red flag alert
- Pledge level at 86.6%: Basically all-in on margin
- FIIs now own 66.78%: Global big boys are in deep
- New Director appointed: Management shakeup continues
7. Balance Sheet
| FY | Total Assets | Borrowings | Reserves | Networth |
|---|---|---|---|---|
| FY23 | ₹11,191 Cr | ₹6,784 Cr | ₹3,086 Cr | ₹3,122 Cr |
| FY24 | ₹15,114 Cr | ₹9,472 Cr | ₹3,414 Cr | ₹3,450 Cr |
| FY25 | ₹19,769 Cr | ₹11,160 Cr | ₹7,026 Cr | ₹7,065 Cr |
Key Points:
- Borrowings rising faster than Sensex
- Net worth doubling in 2 years—solid growth
- Balance sheet heavy, but still manageable due to high profitability
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | -₹1,323 Cr | ₹788 Cr | ₹556 Cr | ₹21 Cr |
| FY24 | -₹470 Cr | -₹1,574 Cr | ₹1,978 Cr | -₹67 Cr |
| FY25 | -₹2,411 Cr | -₹1,068 Cr | ₹3,773 Cr | ₹295 Cr |
Key Points:
- Poor operational cash generation
- Heavy reliance on financing activities
- Needs improved working capital discipline
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | 13% | 14% | 15% |
| ROE | 18.48% | 22.41% | 27.24% |
| Debt/Equity | 2.1x | 2.7x | 1.6x |
| OPM | 63% | 58% | 59% |
Verdict: ROE and OPM are lit. But rising leverage = mild indigestion.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | Expenses | PAT | EPS |
|---|---|---|---|---|
| FY22 | ₹2,072 Cr | ₹915 Cr | ₹578 Cr | ₹16.28 |
| FY23 | ₹2,057 Cr | ₹766 Cr | ₹658 Cr | ₹18.48 |
| FY24 | ₹2,921 Cr | ₹1,216 Cr | ₹804 Cr | ₹22.41 |
| FY25 | ₹3,295 Cr | ₹1,292 Cr | ₹1,015 Cr | ₹25.83 |
Key Points:
- Revenue nearly doubled in 3 years
- Costs well-managed, high margin business
- EPS consistently compounding
11. Peer Comparison
| Company | CMP | P/E | ROE | PAT (TTM) | OPM | Promoter Holding |
|---|---|---|---|---|---|---|
| 360 ONE | ₹1,206 | 46.1x | 20.6% | ₹1,056 Cr | 59.3% | 7.08% |
| Motilal Oswal | ₹931 | 22.3x | 25.3% | ₹2,501 Cr | 54.5% | 70%+ |
| Nuvama | ₹7,818 | 28.6x | 30.9% | ₹985 Cr | 53.3% | 45%+ |
| Angel One | ₹2,740 | 25x | 27.1% | ₹993 Cr | 35.9% | 44% |
| IIFL Capital | ₹323 | 14x | 33.2% | ₹712 Cr | 41.5% | 21.5% |
Insight:
360 ONE has premium margins but the lowest promoter skin in the game—brag-worthy EPS but eyebrow-raising control dilution.
12. Miscellaneous – Shareholding, Promoters
- Promoter stake erosion: 23.2% → 7.08% in 8 quarters
- 86.6% promoter holding pledged: That’s… basically the Titanic of pledges
- FII holding: 66.78% – the foreign boys love the story
- ESOP 2025: Talent magnet or dilution red flag? TBD
- Dividend payout 157%: Better than FD, at least!
13. EduInvesting Verdict™
360 ONE is the ultimate premium play on India’s rising HNI/UHNI class. With luxury margins, elite clientele, and strong ROE, it’s a swanky compounder. But don’t ignore the shady promoter exit and their pledge-heavy goodbye wave. You’re betting more on institutional trust than family-led skin.
It’s a baller business. But remember—style without substance can trip on its own Gucci loafers.
Metadata
– Written by EduInvesting Analyst Team | 18 July 2025
– Tags: 360 ONE WAM, Wealth Management, Financial Services, HNI, Premium Research, IIFL Wealth, Multibagger Logic, Promoter Drama
