$360ONE

$360ONE 360 ONE WAM (formerly IIFL Wealth) is one of India's leading wealth and asset management companies, catering primarily to HNIs and UHNIs. Its business model is asset-light, generates recurring fee income, and benefits from the long-term growth in financialization of Indian savings. Positives ✅ Strong industry tailwind: India's HNI/UHNI population continues to grow, increasing demand for wealth management. Consistent earnings growth: The company has delivered healthy growth in revenue and profit over the last few years. FY26 revenue and PAT both showed strong double-digit growth. High recurring revenue: A large portion of income comes from recurring advisory and asset management fees, improving earnings visibility. Strategic UBS partnership: The acquisition of UBS India's wealth business and UBS taking a stake strengthens credibility, international reach, and access to affluent clients. Strong balance sheet and liquidity: Credit agencies continue to view the company positively, citing experienced management, strong market position, and comfortable capitalization. Risks ⚠️ Premium valuation compared to many traditional financial companies. Revenue can be affected by prolonged weakness in equity markets since AUM growth depends partly on market performance. Regulatory changes in wealth management or capital markets may impact profitability. Fundamental Snapshot Healthy revenue growth Improving profitability Asset-light business model High institutional ownership Moderate dividend yield Valuation remains on the expensive side compared with the broader market.