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The market expects 360 ONE WAM to do better than it ever has.
At today’s share price, buyers are assuming 360 ONE WAM earns about 22.4% a year on the money invested in it, from here on. Over the last ten years it actually earned about 17.2% a year. So the share price only makes sense if the business improves on its own track record. If it simply carries on as before, buyers today have paid for something they will not get.
- How it is valued: Excess return — the correct lens for a bank.
- What the price assumes: 22.4% return on equity, against 17.2% the model takes from its own record.
- Ten-year record: Between FY2020 and FY2026, 360 ONE WAM's revenue went from ₹1,503 crore to ₹4,362 crore — it compounded at about 19% a year over 6 years.
- Biggest swing factor: Assets under management. Main risk: Market falls.
01Wealth management for the very rich
360 ONE WAM, renamed from IIFL Wealth Management in 2023, advises and manages money for high-net-worth families and runs mutual funds, alternative-investment funds and portfolio-management services. Bain Capital became a large shareholder in 2023.
It earns recurring fees on assets under management, transaction fees and interest from lending against securities.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the return on equity that price implies for 360 ONE WAM, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03360 ONE WAM's record, in plain numbers
Between FY2020 and FY2026, 360 ONE WAM's revenue went from ₹1,503 crore to ₹4,362 crore — it compounded at about 19% a year over 6 years. Net profit grew from ₹201 crore to ₹1,216 crore, about 35% a year — faster than revenue, so margins widened. In FY2026 it kept 27.9% of revenue as net profit — against a low of 13.4% in FY2020 and a high of 33.3% in FY2023. The latest year added 32.4% to revenue, well ahead of its own long-run pace. FY2021 is missing from the filed series used here, so that year is left out rather than estimated.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2020 | 1,503 | 201 | 13.4% |
| FY2022 | 1,851 | 578 | 31.2% |
| FY2023 | 1,975 | 658 | 33.3% |
| FY2024 | 2,507 | 804 | 32.1% |
| FY2025 | 3,295 | 1,015 | 30.8% |
| FY2026 | 4,362 | 1,216 | 27.9% |
04How 360 ONE WAM gets valued — and why
Excess return — the correct lens for a bank360 ONE is valued on excess return rather than a discounted cash flow. Much of its balance sheet is lending and investments tied to its wealth business, so it is valued on the profit it earns above the cost of the equity funding it.
05What decides 360 ONE WAM's value
Assets under management
Market gains and inflows drive fees.
Recurring revenue
Annual fees are steadier than transaction income.
New clients
India's growing wealthy class.
Cost control
Talent costs affect margins.
06What could go wrong
- Market falls. Lower asset values cut fees.
- Relationship-manager exits. Client relationships can move with staff.
- Regulation. Fee and product rules can change.
07What the full 360 ONE valuation shows
Sign in free to see the complete 360 ONE WAM valuation
- ✓Fair value per share — from the excess-return model used for financial companies
- ✓The workpaper — book value, cost of equity and sustainable return, step by step
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against HDFC AMC, Nuvama and other wealth managers
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about 360 ONE WAM
Is 360 ONE the same as IIFL Wealth?
Yes; IIFL Wealth Management renamed itself 360 ONE WAM in 2023.
How does 360 ONE make money?
Fees on managed assets, transaction fees and lending against securities.
Who are 360 ONE's clients?
Mainly high-net-worth and ultra-high-net-worth families.
Is 360 ONE WAM overvalued?
At ₹1,177 the market is pricing in roughly 22.4% sustained ROE, against the ~17.2% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of 360 ONE WAM?
It is computed from the filed financial statements using the method that fits this business (excess return), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does 360 ONE WAM carry?
Debt to equity stands at 0.24, down from 0.96 at the start of the period — the balance sheet is a core input to the cost of capital used here.