Competition desk · Listed wealth platforms · Apr–Jun 2026
360 ONE WAM's June-quarter group profit rose 16.1% year on year; Anand Rathi Wealth's 73.6%, Nuvama Wealth's 15.8%
360 ONE WAM, a wealth manager for very rich clients, grew its June-quarter profit about as fast as Nuvama Wealth and far slower than Anand Rathi Wealth. At 360 ONE WAM, costs, above all borrowing costs, rose faster than income; Anand Rathi Wealth's June-quarter profit includes a mark-to-market gain on a holding, by its finance chief's account. It reaches wealth firms and their shareholders directly; for savers it is background.
From the firm's own quarterly filing; every figure covers the whole group, in both years. The firm's filing.
360 ONE WAM's June-quarter profit rose 16.1% year on year, against 15.8% at Nuvama Wealth and 73.6% at Anand Rathi Wealth, all on group figures. At 360 ONE WAM costs outran income, with total expenses up 40.1% and finance cost up 54.9% against income up 29.9%, while Anand Rathi Wealth's group finance chief says Rs 96 crore of its other income was a mark-to-market gain on its holding in Anand Rathi Global Finance, a gain inside this quarter's profit that was not earned from clients. What we don't know is what the extra Rs 125.45 crore of finance cost paid for at 360 ONE WAM: borrowing that will earn its keep in later quarters, or dearer money that will keep squeezing profit?
Why we think so3 reasons
On what grounds?
- The first reason is 360 ONE WAM's own costs. On group figures its total income rose 29.9%, but total expenses rose 40.1% and finance cost, the interest it pays on borrowed money, rose 54.9%, adding Rs 125.45 crore, so profit before tax rose only 13.3%. The chart below sets how fast income, expenses and the cost of borrowing grew side by side.
- The second point is what sits inside Anand Rathi Wealth's June-quarter profit. Its group finance chief says that of about Rs 110 crore of other income, Rs 96 crore was a mark-to-market gain on its holding in Anand Rathi Global Finance, and the rest interest on surplus cash: a gain on a holding, not fee income. The firm does not say how large such gains were a year earlier, so how much of its 73.6% rise this gain explains is not known. Nuvama Wealth, on group figures, grew profit 15.8% on income up 22.9%, close to 360 ONE WAM.
- Both of those are about profit and costs; the third is about what 360 ONE WAM earns on client money. Its fee rate on recurring assets fell from 0.79% a year earlier to 0.74%, as the firm prints it. Speaking of a fall from 78 to 74 — hundredths of a percentage point , its chief executive puts about half of it down to carry recognition, largely on the asset management side, and the rest to the mix of business, saying advisory has a slightly lower retention than distribution.
What would prove us wrong3 trip-wires
What would we have to see to drop that read?
- A tax write-back or a lower tax rate could explain part of the move instead: profit after tax rose 16.1% while profit before tax rose 13.3%, so the tax line in the filing would show how much a smaller tax charge helped.
- Treasury gains or a stake-sale gain in other income, or lower provisions rather than better fee income, could also be doing the work; the filing's other income and provisions lines for both quarters would settle whether either lifted profit.
- An exceptional item booked in the quarter could distort the read; the chief executive names about Rs 12-13 crore of exceptional cost, which pulls profit down, and a larger item elsewhere in the filing would change the picture.
How 360 ONE WAM Limited moved beside the other listed wealth platforms we hold
What our read rests on
How the quarter adds up
Against the same quarter a year earlier, which of 360 ONE WAM Limited's own lines moved, and by how much?
| Line | Apr–Jun 2026 | Apr–Jun 2025 | Change |
|---|---|---|---|
| Total income | Rs 1,273 crore | Rs 980 crore | +Rs 293 crore (+29.9%) |
| Finance cost (quarterly filing) | Rs 354 crore | Rs 229 crore | +Rs 125 crore (+54.9%) |
| Total expenses (quarterly filing) | Rs 850 crore | Rs 606 crore | +Rs 243 crore (+40.1%) |
| Profit before tax | Rs 424 crore | Rs 374 crore | +Rs 50 crore (+13.3%) |
| Profit | Rs 331 crore | Rs 285 crore | +Rs 46 crore (+16.1%) |
Rs crore, the whole group, as the firm printed them. Each change is arithmetic against a year earlier, not a cause.
Why the chart above is a side-by-side, not a ranking
Too few listed wealth platforms publish both quarters for a median, so the chart sets 360 ONE WAM Limited beside each one we hold, and this page reads 360 ONE WAM Limited against its own quarter a year earlier.
What to watch3 things to watch
What happens next, and when would we know?
- Next quarter's finance cost against total income: if borrowing costs again rise faster than income, the squeeze on profit is lasting rather than a single quarter's.
- The fee rate on recurring assets, now 0.74% against 0.79% a year earlier, and whether the chief executive's account of performance income and business mix holds.
- Net new money into recurring assets, which was Rs 10,815 crore this quarter against Rs 20,950 crore a year earlier, since it feeds the fee income that has to outrun costs.
Who this touches
Who could benefit and who is at risk, and on what condition?
Opinion · adds no figures the Facts do not hold · every effect is potential and states its condition
| Who | Potential effect | How it reaches them | How sure |
|---|---|---|---|
| Wealth managers & private banks | ◆ unclearpulls both ways: the firm says advisory keeps a lower fee than distribution; the next quarters' fee rate would show whether that mix is shifting | a large wealth firm says advice keeps less per rupee than distribution, which shows what advice earns | Unresolved · the chief executive's words cover mix only in the wealth business |
| Savers & depositors | ◆ unclearpulls both ways: a lower fee rate could mean clients pay less, or only that less performance income was booked; the firm's split of the fall would settle it | the fee rate is what the firm keeps on each rupee of client money it looks after | Unresolved · the chief executive ties part of the fall to booking timing, not to price |
| Shareholders | ▼ potential riskif costs, and above all the cost of borrowing, keep rising faster than income | profit grows more slowly than the business, so each rupee of new income adds less to what shareholders earn | Inferred · one quarter, and the firm gives no reason for the finance cost rise |
Learn: reading 360 ONE WAM Limited's quarter
What 360 ONE WAM is. 360 ONE WAM is a listed Indian firm that looks after money for wealthy clients. It runs two businesses, one managing clients' wealth and one managing investment funds, and its finance chief calls very rich individuals its core clients. The figures on this page are for its shareholders and for anyone weighing it against other wealth firms.
The other words behind these figures
What a quarterly filing is. Every listed firm files its results for each three months with the stock exchange. The figures here come from the filings for the quarter to 30 June 2026 and the same quarter a year earlier, so each change is a like-for-like quarter a year apart.
Group figures and single-company figures. A firm can report for the whole group, parent and subsidiaries together (called consolidated), or for the parent company alone (called standalone). The filed figures for 360 ONE WAM, Anand Rathi Wealth and Nuvama Wealth on this page are all for the whole group, in both years. Growth rates on the same basis can be read side by side; rupee amounts show how different in size the firms are.
Total income, total expenses and profit. Total income is everything the group earned in the quarter. Total expenses is everything it spent. Finance cost is the interest it paid on money it borrowed. What is left after expenses is profit before tax; what is left after tax is profit after tax, the figure the headline uses.
Recurring assets and the fee rate. The firm splits client money into recurring assets, which earn it a fee every year they stay (it calls these ARR), and transactional business, which earns on each deal. Retention is the fee it keeps each year as a share of recurring assets, measured in basis points. Net new money is fresh client money coming in, less money going out.
Carry. Carry is a share of the profits a fund manager earns when its funds do well, booked when those profits are recognised rather than evenly each quarter. So the fee rate in a quarter can move with how much carry happened to be booked.
The firm's own revenue measure. In its results deck and on its call, the firm speaks of a Total Revenue of Rs 870 crore, up 20%. That is its own management measure, not the filed total income of Rs 1,273.12 crore, and the two should not be mixed up.
Exceptional cost. The firm's chief executive used this label on the call for about Rs 12-13 crore of cost tied to employee share awards given in an acquisition. It is the firm's own label for a cost booked in the quarter.
A mark-to-market gain. This is a gain booked because something the firm owns has risen in market value, without the firm selling it. It lifts profit in the quarter, but it is not money earned from clients.
The firms beside it. 360 ONE WAM is set here beside other listed wealth firms by our own judgement; no official register names them as one set. Three of them report group figures for both quarters: 360 ONE WAM, Anand Rathi Wealth and Nuvama Wealth. All three grew profit, and none had an ordinary quarter: 360 ONE WAM and Nuvama Wealth rose by similar amounts, while Anand Rathi Wealth rose sharply. Edelweiss Financial Services and Prudent Corporate Advisory Services report on a different basis and are left out.
Anand Rathi Wealth's client money. Its joint chief executive says client money grew 21% to Rs 1,06,300 crore, supported by net inflows of Rs 2,743 crore.
Size and fee rates. Nuvama Wealth is the largest of the three by income, at Rs 1,381.96 crore, against Rs 1,273.12 crore for 360 ONE WAM and Rs 432.26 crore for Anand Rathi Wealth. Fee rates come from each firm's deck: 360 ONE WAM's, for the whole group, fell from 0.79% to 0.74%; Nuvama Wealth's, for its private-client business only, fell from 0.87% to 0.83%; Anand Rathi Wealth prints none.
Go deeper
The figures and where they came from
| Figure | Apr–Jun 2026 | Against a year earlier | Where from |
|---|---|---|---|
| Total income | Rs 1,273 crore | +29.9% | Firm's quarterly filing, the whole group · filing |
| Finance cost (quarterly filing) | Rs 354 crore | +54.9% | Firm's quarterly filing, the whole group · filing |
| Total expenses (quarterly filing) | Rs 850 crore | +40.1% | Firm's quarterly filing, the whole group · filing |
| Profit before tax | Rs 424 crore | +13.3% | Firm's quarterly filing, the whole group · filing |
| Profit | Rs 331 crore | +16.1% | Firm's quarterly filing, the whole group · filing |
| 360 ONE WAM (whole group): recurring (ARR) revenue as a share of recurring plus transactional revenue, quarter to 30 Jun 2025 | 77.1% | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): retention on recurring (ARR) assets, quarter to 30 Jun 2025 | 0.79% | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): total client assets, 30 Jun 2025 | Rs 663,924.00 crore | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2025 | Rs 20,950.00 crore | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): recurring (ARR) revenue as a share of recurring plus transactional revenue, quarter to 30 Jun 2026 | 74.7% | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): retention on recurring (ARR) assets, quarter to 30 Jun 2026 | 0.74% | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): total client assets, 30 Jun 2026 | Rs 776,755.00 crore | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2026 | Rs 10,815.00 crore | Our calculation, not printed by any publisher | |
| 360 ONE WAM (whole group): growth in total client assets, 30 Jun 2025 to 30 Jun 2026 | 17.0% | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): recurring (ARR) revenue as a share of revenue, quarter to 30 Jun 2025 | 66.0% | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): yield on recurring (ARR) assets, quarter to 30 Jun 2025 | 0.87% | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): client assets, 30 Jun 2025 | Rs 217,868.00 crore | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2025 | Rs 2,884.00 crore | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): recurring (ARR) revenue as a share of revenue, quarter to 30 Jun 2026 | 59.0% | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): yield on recurring (ARR) assets, quarter to 30 Jun 2026 | 0.83% | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): client assets, 30 Jun 2026 | Rs 240,197.00 crore | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2026 | Rs 1,083.00 crore | Our calculation, not printed by any publisher | |
| Nuvama Wealth (Private segment only): growth in client assets, 30 Jun 2025 to 30 Jun 2026 | 10.2% | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): nearest available measure, not a recurring-fee share: mutual fund distribution revenue as a share of product revenue, quarter to 30 Jun 2025 | 41.5% | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): client money it manages, 30 Jun 2025 | Rs 87,797.00 crore | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): net new client money in the quarter, quarter to 30 Jun 2025 | Rs 3,824.00 crore | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): nearest available measure, not a recurring-fee share: mutual fund distribution revenue as a share of product revenue, quarter to 30 Jun 2026 | 41.1% | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): client money it manages, 30 Jun 2026 | Rs 106,300.00 crore | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): net new client money in the quarter, quarter to 30 Jun 2026 | Rs 2,743.00 crore | Our calculation, not printed by any publisher | |
| Anand Rathi Wealth (whole firm): growth in client money it manages, 30 Jun 2025 to 30 Jun 2026 | 21.1% | Our calculation, not printed by any publisher |
How unusual, and said before
Profit after tax (quarterly filing) changed up 16.1% year on year, against the same quarter a year earlier on the same consolidated basis; compared with its own past, not with peers: only 3 of its listed peers report comparable quarters, too few to rank it against (FinLens's own judgement of its peers, not a regulator's list).
Of 4 other year-on-year comparisons of Profit after tax (quarterly filing) for firms in Listed wealth platforms with a quarter in 2026, 1 moved the same way by at least Rs 45.86 crore, and 2 by at least 16.1% of the prior-year figure.
Audit trail: how this card was checked, and the store's own notes
Status: Clear. the quarter is filed and every figure is addressed
Only 3 of the 5 listed wealth platforms we track hold both quarters. The group is FinLens's own grouping, not a regulator's list.
Computed by us, from the published figures:
- Change in Profit after tax (quarterly filing): Rs 45.86 crore, from Profit after tax (quarterly filing) at 30 Jun 2026, less the same figure at 30 Jun 2025
- 360 ONE WAM (whole group): recurring (ARR) revenue as a share of recurring plus transactional revenue, quarter to 30 Jun 2025: 77.1%, from computed by us, not printed: recurring revenue (Rs 511.00 crore) divided by recurring plus transactional revenue (Rs 663.00 crore), quarter to 2025-06-30, both as printed in the firm's investor presentation for the whole group
- 360 ONE WAM (whole group): retention on recurring (ARR) assets, quarter to 30 Jun 2025: 0.79%, from printed by the firm in its investor presentation, for the whole group, quarter to 2025-06-30 (percent a year: 0.79% is 79 basis points)
- 360 ONE WAM (whole group): total client assets, 30 Jun 2025: Rs 663,924.00 crore, from printed by the firm in its investor presentation, for the whole group
- 360 ONE WAM (whole group): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2025: Rs 20,950.00 crore, from printed by the firm in its investor presentation, for the whole group
- 360 ONE WAM (whole group): recurring (ARR) revenue as a share of recurring plus transactional revenue, quarter to 30 Jun 2026: 74.7%, from computed by us, not printed: recurring revenue (Rs 614.00 crore) divided by recurring plus transactional revenue (Rs 822.00 crore), quarter to 2026-06-30, both as printed in the firm's investor presentation for the whole group
- 360 ONE WAM (whole group): retention on recurring (ARR) assets, quarter to 30 Jun 2026: 0.74%, from printed by the firm in its investor presentation, for the whole group, quarter to 2026-06-30 (percent a year: 0.74% is 74 basis points)
- 360 ONE WAM (whole group): total client assets, 30 Jun 2026: Rs 776,755.00 crore, from printed by the firm in its investor presentation, for the whole group
- 360 ONE WAM (whole group): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2026: Rs 10,815.00 crore, from printed by the firm in its investor presentation, for the whole group
- 360 ONE WAM (whole group): growth in total client assets, 30 Jun 2025 to 30 Jun 2026: 17.0%, from computed by us: Rs 776,755.00 crore at 2026-06-30 divided by Rs 663,924.00 crore at 2025-06-30, less one, both whole group
- Nuvama Wealth (Private segment only): recurring (ARR) revenue as a share of revenue, quarter to 30 Jun 2025: 66.0%, from printed by the firm in its investor presentation, for the Private segment only, quarter to 2025-06-30
- Nuvama Wealth (Private segment only): yield on recurring (ARR) assets, quarter to 30 Jun 2025: 0.87%, from printed by the firm in its investor presentation, for the Private segment only, quarter to 2025-06-30 (percent a year: 0.87% is 87 basis points)
- Nuvama Wealth (Private segment only): client assets, 30 Jun 2025: Rs 217,868.00 crore, from printed by the firm in its investor presentation, for the Private segment only
- Nuvama Wealth (Private segment only): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2025: Rs 2,884.00 crore, from printed by the firm in its investor presentation, for the Private segment only
- Nuvama Wealth (Private segment only): recurring (ARR) revenue as a share of revenue, quarter to 30 Jun 2026: 59.0%, from printed by the firm in its investor presentation, for the Private segment only, quarter to 2026-06-30
- Nuvama Wealth (Private segment only): yield on recurring (ARR) assets, quarter to 30 Jun 2026: 0.83%, from printed by the firm in its investor presentation, for the Private segment only, quarter to 2026-06-30 (percent a year: 0.83% is 83 basis points)
- Nuvama Wealth (Private segment only): client assets, 30 Jun 2026: Rs 240,197.00 crore, from printed by the firm in its investor presentation, for the Private segment only
- Nuvama Wealth (Private segment only): net new money into recurring (ARR) assets in the quarter, quarter to 30 Jun 2026: Rs 1,083.00 crore, from printed by the firm in its investor presentation, for the Private segment only
- Nuvama Wealth (Private segment only): growth in client assets, 30 Jun 2025 to 30 Jun 2026: 10.2%, from computed by us: Rs 240,197.00 crore at 2026-06-30 divided by Rs 217,868.00 crore at 2025-06-30, less one, both Private segment only
- Anand Rathi Wealth (whole firm): nearest available measure, not a recurring-fee share: mutual fund distribution revenue as a share of product revenue, quarter to 30 Jun 2025: 41.5%, from computed by us, not printed: revenue from mutual fund distribution (Rs 113.10 crore) divided by that plus revenue from other financial products (Rs 272.40 crore), quarter to 2025-06-30, whole firm; the firm prints no recurring/transactional split, so this is the nearest measure it prints and not the same one
- Anand Rathi Wealth (whole firm): client money it manages, 30 Jun 2025: Rs 87,797.00 crore, from printed by the firm in its investor presentation, for the whole firm
- Anand Rathi Wealth (whole firm): net new client money in the quarter, quarter to 30 Jun 2025: Rs 3,824.00 crore, from printed by the firm in its investor presentation, for the whole firm
- Anand Rathi Wealth (whole firm): nearest available measure, not a recurring-fee share: mutual fund distribution revenue as a share of product revenue, quarter to 30 Jun 2026: 41.1%, from computed by us, not printed: revenue from mutual fund distribution (Rs 131.50 crore) divided by that plus revenue from other financial products (Rs 320.30 crore), quarter to 2026-06-30, whole firm; the firm prints no recurring/transactional split, so this is the nearest measure it prints and not the same one
- Anand Rathi Wealth (whole firm): client money it manages, 30 Jun 2026: Rs 106,300.00 crore, from printed by the firm in its investor presentation, for the whole firm
- Anand Rathi Wealth (whole firm): net new client money in the quarter, quarter to 30 Jun 2026: Rs 2,743.00 crore, from printed by the firm in its investor presentation, for the whole firm
- Anand Rathi Wealth (whole firm): growth in client money it manages, 30 Jun 2025 to 30 Jun 2026: 21.1%, from computed by us: Rs 106,300.00 crore at 2026-06-30 divided by Rs 87,797.00 crore at 2025-06-30, less one, both whole firm
Exact figures: Total income (quarterly filing) Rs 1,273.12 crore (consolidated), Rs 293.08 crore (+29.9%) against 30 Jun 2025; Finance cost (quarterly filing) Rs 353.99 crore (consolidated), Rs 125.45 crore (+54.9%) against 30 Jun 2025; Total expenses (quarterly filing) Rs 849.61 crore (consolidated), Rs 243.37 crore (+40.1%) against 30 Jun 2025; Profit before tax (quarterly filing) Rs 423.51 crore (consolidated), Rs 49.71 crore (+13.3%) against 30 Jun 2025; Profit after tax (quarterly filing) Rs 330.53 crore (consolidated), Rs 45.86 crore (+16.1%) against 30 Jun 2025.
What the source itself warns about
- Total income (quarterly filing). This peer group is FinLens's own judgement, not a regulator's list: no official register names these firms as one set. peer group declared by FinLens, not a regulator.
- Finance cost (quarterly filing). This peer group is FinLens's own judgement, not a regulator's list: no official register names these firms as one set. peer group declared by FinLens, not a regulator.
- Total expenses (quarterly filing). This peer group is FinLens's own judgement, not a regulator's list: no official register names these firms as one set. peer group declared by FinLens, not a regulator.
- Profit before tax (quarterly filing). This peer group is FinLens's own judgement, not a regulator's list: no official register names these firms as one set. peer group declared by FinLens, not a regulator.
- Profit after tax (quarterly filing). This peer group is FinLens's own judgement, not a regulator's list: no official register names these firms as one set. peer group declared by FinLens, not a regulator.
Words used on this page, in plain English
- basis points
- hundredths of a percentage point