Competition desk · Listed wealth platforms · Apr–Jun 2026
360 ONE WAM's June-quarter profit rose 16.1% year on year; income rose 29.9%, expenses 40.1%
360 ONE WAM, which manages money for very rich clients, grew its June-quarter profit more slowly than its income because its costs, above all its borrowing cost, rose faster still. It reaches wealthy investors and the firm's shareholders directly, not everyday savers.
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 to Rs 330.53 crore, while its total income rose 29.9% and its total expenses rose 40.1%. The firm says its revenue grew on strong growth in the assets that pay it recurring fees, though it says this of its own management measure of revenue rather than the filed total, and expenses outran that growth, with finance cost up 54.9%. What we don't know is what drove the jump in finance cost: more borrowing, dearer borrowing, or something else booked on that line?
Why we think so3 reasons
On what grounds?
- The first reason is that costs outran income. Total income rose 29.9%, total expenses 40.1% and finance cost 54.9%, so profit after tax rose only 16.1%, little more than half the pace of income.
- The second reason is the income itself. The firm credits strong growth in its recurring-fee assets, though it says so of its own management measure of revenue, not the filed total income. Yet the fee it keeps on those assets fell from 0.79% to 0.74%, which the chief executive puts down to when performance fees were recognised and to more advisory business.
- Both of those are about 360 ONE WAM alone; the third sets it beside its rivals. Anand Rathi Wealth grew profit faster, up 73.6%, but its finance chief says most of its other income was a mark-to-market gain on a holding. 360 ONE WAM's rise, close to Nuvama Wealth's 15.8%, is the plainer read of the quarter.
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, through deferred tax, could explain part of the rise instead: profit after tax grew 16.1% but profit before tax only 13.3%, so tax took a smaller bite, and the filing's tax line would settle how much.
- Treasury gains, or a gain from selling a stake, booked in other income could have lifted income rather than fees; the filing's other income line, set beside fee and commission income, would settle whether the fee business did the work.
- Lower provisions rather than better fee income, or an exceptional item, could also move profit; the chief executive names an exceptional cost for staff share options tied to an acquisition, which weighs on profit, and the filing's provisions and exceptional-items lines would settle both.
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.
Why it moved, in their words
“The wealth business drove the increase contributing strong flows of Rs 13,379 crores as compared to Rs 6,957 crores in Q4. It is a clear reflection of sustained momentum in our core UHNI franchise, amplified by contributions from recently onboarded teams.”
On arr net flows: call transcript page 2 of 19, Sanjay Wadhwa, CFO, prepared remarks. PART ONLY: explains the wealth segment's net flows, not the group total. Call only (source)
“On the asset management side, even as gross flows remained very strong at approximately Rs 4,000 crores, the net flows were negative due to one large outflow in an institutional mandate.”
On arr net flows: call transcript page 2 of 19, Sanjay Wadhwa, CFO, prepared remarks. PART ONLY: explains the asset management segment's negative net flows (deck prints -2,564 with no reason). Call only (source)
“So, close to out of 4 — hundredths of a percentage point , 2 - 2.5 basis points is really a function of carry recognition, largely on the asset management side and partially on the wealth management side. The remaining 2 basis points is largely a function of the mix of business.”
On arr retention: call transcript page 7 of 19, Karan Bhagat, MD and CEO, answering an analyst. Explains the fall in ARR retention (78 to 74 bps) in full: carry recognition plus business mix. Call only (source)
The rest of the quarter
The same figures, with where each was printed
| Figure | Apr–Jun 2025 | Apr–Jun 2026 | Change |
|---|---|---|---|
| Net flows into annual-recurring-revenue (ARR) assets in the quarter | Rs 20,950 crore | Rs 10,815 crore | −48.4% |
| Fee rate on annual-recurring-revenue (ARR) assets in the quarter (ARR retention) | 0.79% | 0.74% | -0.05 percentage points |
| Annual recurring revenue (ARR | Rs 511 crore | Rs 614 crore | +20.2% |
| Total AUM as the wealth firm's own quarterly deck prints it | Rs 663,924 crore | Rs 776,755 crore | +17.0% |
| Transactional and brokerage revenue in the quarter | Rs 152 crore | Rs 208 crore | +36.8% |
What to watch3 things to watch
What happens next, and when would we know?
- Watch finance cost in the next quarterly filing: if it keeps rising faster than total income, the squeeze on profit is lasting rather than a single quarter's bulge.
- Watch the fee rate on recurring assets against the 0.74% of this quarter: a further fall would say the move to advisory business is still thinning what each rupee of client money earns.
- Watch net flows into recurring assets in the asset management arm, which turned negative on one institutional outflow; a return to inflows would say the outflow was a single mandate, not a trend.
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 |
|---|---|---|---|
| Asset managers (AMCs) | ▼ potential riskif large institutional mandates keep leaving as they did this quarter | the finance chief says the asset management arm's net flows were negative because of one large institutional outflow, which shrinks the assets that pay recurring fees | Inferred · one quarter and one mandate |
| Shareholders | ◆ unclearif costs keep growing faster than income, profit growth stays behind the growth in client money; if finance cost settles, the gap closes -- the next quarter's expense lines would settle it | profit after tax is what is left for shareholders, so costs that outrun income decide how much of the growth in client assets reaches them | Measured · the reason finance cost rose is not given |
| Wealth managers & private banks | ▼ potential riskif the shift towards advisory business keeps lowering the fee kept on client money | the chief executive says advisory keeps a slightly lower fee than distribution, so a firm growing assets through advice can earn less on each rupee it looks after | Inferred · the firm's words cover its own wealth arm, not the trade |
Learn: reading 360 ONE WAM Limited's quarter
What 360 ONE WAM is. 360 ONE WAM is a listed firm that looks after the money of very rich families and of institutions. By its own account it runs two businesses: wealth management, which advises very rich clients and places their money, and asset management, which runs funds and mandates such as private equity, credit and real assets. Its clients use it to manage their wealth; its shareholders read its quarterly filing to see what that work earned.
The other words behind these figures
What the quarterly filing is. Every listed firm files its results each quarter with the stock exchange. The figures here are for the three months to 30 June 2026, set against the same three months a year earlier. They are consolidated: the whole group added together, not the parent company alone.
What profit after tax is. Profit after tax is what is left for shareholders once every cost and the tax bill are paid. It rose from Rs 284.67 crore to Rs 330.53 crore, up 16.1%. Profit before tax, the same figure before the tax bill, rose 13.3%.
What total income and total expenses are. Total income is everything the group booked as earned in the quarter: fees, commissions, interest and any other income. Total expenses is everything it spent, including staff pay and the cost of its borrowing. Income rose 29.9%; expenses rose faster, by 40.1%.
What finance cost is. Finance cost is the interest the group paid on money it borrowed. It is part of total expenses, and it rose 54.9%, faster than any other line in the filing's summary.
What recurring assets and the fee rate are. The firm splits client money into assets that pay it a steady yearly fee, which it calls annual recurring revenue (ARR) assets, and business that pays it per transaction. The fee rate is the share of recurring assets it keeps as fees in a year: 0.79% a year earlier, 0.74% now. Net flows are new client money coming in less money leaving.
How the other listed wealth firms moved. Three listed wealth firms file comparable whole-group figures for both quarters: 360 ONE WAM, Nuvama Wealth and Anand Rathi Wealth. All three grew profit sharply and none had an ordinary quarter. Anand Rathi Wealth grew fastest, up 73.6%, about Rs 69 crore more; 360 ONE WAM's rise was the second-largest of the three; Nuvama Wealth rose 15.8%. Edelweiss and Prudent Corporate Advisory report on another basis and are not set beside them.
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