Broker’s Call: 360 One WAM (Add)

Target: ₹1,240

CMP: ₹1,118.55

We back 360 One WAM (360One)’s possible earnings trajectory to reach close to about ₹1,700 crore PAT in FY28. There has been good recovery in organic annual recurring revenue (ARR) AUM flows and stable transaction brokerage revenue in H2FY26, which continued in Q1FY27. The strategic ambition remains to double market share among client families (above ₹10,000 crore) growing from 4,000 to 8,000-10,000 families over the next three-five years. Key risks include adverse MTM movements and competitive pressure.

We expect an ARR AUM CAGR of 27.5 per cent over FY26-28, driven by net flows of ₹43,700 crore/₹56,300 crore in FY27E/28E. We broadly maintain ARR flows at about 14 per cent of opening AUM and about 15 per cent/12 per cent annual MTM in FY27/28. Transaction-based revenue, including B&K, is factored in at ₹800-830 crore for FY27-28..

We expect the cost-to-income ratio to decline to about 50 per cent/48.4 per cent, resulting in a PAT profile of about ₹1,350-1,670 crore in FY27E/28E. Based on growth opportunities and synergies from B&K acquisition, UBS collaboration and structural opportunities in wealth management, we value 360One at a multiple of 32x FY28E EPS of ₹38.7. Our estimates factor in complete dilution from UBS buying a 4.95 per cent stake and warrants issued to the promoter of B&K. Our TP has been revised to ₹1,240 (earlier ₹1,200) and we maintain Add.

Published on July 21, 2026