Synopsis: 360 ONE WAM Ltd consistently earns higher margins than its peers, with an operating margin of ~61% in Q3FY26, supported by a fee-focused revenue mix, asset-light model, and disciplined cost management, while peers like Nuvama (55%) and Motilal Oswal (52%) lag behind.
360 ONE WAM Ltd is attracting attention in India’s wealth management sector for consistently reporting higher margins than its peers. The company’s latest financials show strong revenue growth, robust fee income, and disciplined cost management, positioning it as a notable performer in a competitive market. Investors and industry watchers are closely monitoring how 360 ONE WAM continues to sustain its margin advantage in a competitive market.
360 ONE WAM Limited, with a market capitalization of Rs. 45,462.20 crore, trading at Rs. 1,119.75 per equity share, down by 1.83 percent from its previous day’s close price of Rs. 1,140.65 per equity share.
360 ONE WAM Limited has delivered returns across multiple timeframes, with a 1-month return of -5.02 percent, a 3-month return of 3.63 percent, and a 6-month return of 4.74 percent The stock has delivered a 8.52 percent return in the past 1 year and in the longer frame of 5 years it has delivered a return of 287.59 percent.
A Distinctive Business Model
360 ONE WAM Ltd has carved out a distinctive position in India’s financial services sector, primarily through its strong focus on wealth and asset management services tailored to high-net-worth and ultra-high-net-worth clients. As of December 2025, the company managed assets worth over Rs. 7.11 lakh crore and served more than 8,500 clients worldwide, giving it a broad yet premium client base on which it earns recurring fees from advisory, portfolio management, and asset administration services.
360 ONE WAM is positioned as one of India’s leading wealth and asset managers, offering a comprehensive suite of services across both Wealth Management and Asset Management. On the Wealth Management side, the firm provides advisory services through its 360 ONE Plus platform, which includes discretionary PMS (Portfolio Management Services) and non-discretionary PMS or RIA (Registered Investment Advisor) solutions. Distribution capabilities encompass mutual funds and alternative investment funds (AIFs) or PMS offerings.
Additionally, 360 ONE WAM offers lending solutions along with brokerage and syndication services, covering equity brokerage for both institutional and non-institutional clients, equity capital markets, fixed income, and other offerings including unlisted securities, real estate, and insurance.
On the Asset Management front, the company operates in both public markets and alternative investments. Public markets services include mutual funds, PMS, AIFs, and global institutional mandates, while alternative investment strategies cover private equity, private credit, real estate, infrastructure, and multi-asset solutions.
The organization’s philosophy is reflected in its name: “360” signifies the holistic perspective it adopts in serving clients, while “ONE” underscores its focus on prioritizing the interests of each individual client. This integrated approach ensures that client interests remain central to every advisory and investment solution provided.
Operating Efficiency and Cost Structure
One of the clearest ways to understand why 360 ONE WAM earns higher margins is through its operating efficiency. The company’s operating margin hovers around ~61 percent, significantly above then other players like Nuvama Wealth Management Ltd has 55 percent, IIFL Capital Services Ltd has 37 percent, Motilal Oswal Financial Services Ltd has 52 percent, Anand Rathi Wealth Ltd has 45 percent.
The company manages this efficiency through an asset-light business model, where the primary costs involve personnel and technology infrastructure, but without the heavy capital expenses associated with banks, insurance firms, or diversified financial services companies like Motilal Oswal Financial Services.
Cost-to-income ratios for 360 ONE have remained competitive recently around -48.6 percent for 9M FY26, indicating that less of its operating income is consumed by expenses, even as it scales its advisory and asset management services.
In contrast, a competitor like Nuvama Wealth has faced higher cost pressures, with cost-to-income ratios reported above 55 percent in the same period, reflecting relatively higher operational burdens. Such differences in internal cost efficiency help explain why 360 ONE’s margins remain more robust despite competitive pressures.
Revenue Mix
A major contributor to margin strength is the underlying revenue mix. 360 ONE’s wealth management segment, which contributes about 70 percent of total revenue, is dominated by advisory and management fees rather than simple distribution income. Because fee-based income does not require incremental costs per unit of revenue, especially once fixed infrastructure and relationships are established, it supports stronger profitability.
By contrast, companies such as Anand Rathi Wealth Ltd and Nuvama Wealth Management Ltd tend to have a greater mix of transactional or capital markets-linked income, which is more variable and often subject to pricing pressure or regulatory impacts.
Financials
360 ONE WAM Ltd reported strong revenue growth in Q3 FY26, reaching Rs. 1,181 crore, up 51 percent YoY from Rs. 780 crore in Q3 FY25 and up 7 percent QoQ from Rs. 1,098 crore in Q2 FY26. The company’s EBITDA surged to Rs. 725 crore, a 63 percent YoY increase from Rs. 444 crore and a 4 percent QoQ rise from Rs. 697 crore, reflecting improved operational efficiency across IT and BPS segments.
Net profit for Q3 FY26 stood at Rs. 327 crore, up 19 percent YoY from Rs. 276 crore in the same quarter last year and 4 percent QoQ from Rs. 315 crore in Q2 FY26. The growth was driven by strong traction in digital transformation services, AI and cloud-based solutions, and business process outsourcing, highlighting Tech Mahindra’s increasing focus on high-value, technology-led solutions across multiple industries globally.
Over the past five years, the company has demonstrated strong growth, achieving a revenue CAGR of 19 percent, a profit CAGR of 40 percent and a price CAGR of 34 percent, reflecting both its operational performance and market confidence.
A return on equity (ROE) of about 20.6 percent and a return on capital employed (ROCE) of about 14.9 percent, and debt to equity ratio at 1.47 demonstrate the company’s financial position. The stock is currently trading at a P/E of 38.6x higher as compared to industry P/E of 20.7x.
360 ONE WAM Ltd’s ability to consistently deliver higher margins relative to peers stems from a purposeful combination of recurring fee-focused revenue, efficient cost management, asset-light operating leverage, and a premium client base that sustains stable advisory income.
These strengths have enabled it to maintain robust operating margins even in a competitive and evolving industry landscape. While regulatory shifts and competitive intensity continue to shape profit dynamics across the sector, 360 ONE’s business model positions it well to defend and grow its margin profile relative to more diversified or transactional competitors.
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