360 One Wam Limited

Financial Services — Asset Management · NSE

₹1,075.00+₹2.00 (+0.19%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of 360 One Wam Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

360 One Wam Limited, together with its subsidiaries, provides wealth and asset management services in India. It operates through the Wealth Management and Asset Management segments.

IndustryAsset Management

SectorFinancial Services

Employees1,780

Annual revenue₹3,138 Cr

How does it make money?

Turns over ₹3,138 Cr a year. Of every ₹100 of sales, about ₹39 reaches shareholders as profit, with ₹58 left at the operating level before interest, tax and depreciation. Each of its 1,780 employees supports ₹1.76 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.76 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

8 analysts covering the stock expect revenue to grow about 18.1% and earnings to grow about 24.4% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+18.1%

Est. earnings growth+24.4%

Analysts8

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +91% while net margin moved -3% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+91%

Margin effect-3%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 36.3x already prices in growth
• P/E is close to its own historical median of 42.8x

Quality vs. Valuation

Company Quality

73/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

37/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

36.3x

3Y Median

42.8x

40 monthly readings · mean 42.5x · range 26.9x–62.5x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 15% below its 3y median of 42.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 114% above the peer median of 17.0x.

vs. its own history

Fair

42.8x median over 40 months · -15%

vs. sector peers

Expensive

17.0x median of 4 peers · +114%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

32.6x

PEG

1.60

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 21.1% to 12.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 21.3% to 13.5% — often a sign of competition or overexpansion.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 114% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 21.1% to 12.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 18% a year✓ 24.0% CAGR
Latest reported year was 13.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 56%✓ 57.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 11%✓ 12.7%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Interest cover stays above 3x✗ 2.5x
How much operating profit can fall before interest stops being comfortably covered.
5Valuation vs its own median of 42.8x✓ 36.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

2 good · 6 neutral · 3 weak

Market Cap

₹43,851 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

36.3x

Fair

Fairly valued against the generic band

P/B Ratio

4.23x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹29.6

Profitable

Profitable on a per-share basis

ROE

12.7%

Moderate

Moderate capital efficiency

ROCE

13.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.67x

High

High leverage

Revenue Growth (YoY)

13.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-6.2%

Falling

Profits are shrinking

Dividend Yield

1.12%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹1,702 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

26.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

6.8%

Average

Average asset productivity

Operating Margin

59.6%

Good

Healthy core-business profitability

Net Margin

25.4%

Good

Strong bottom-line conversion

Current Ratio

15.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.47

Defensive

Steadier than the market

52W Range Position

51%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1062.7 / 1117.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

50.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,647 Cr	₹2,006 Cr	₹2,636 Cr	₹3,138 Cr	+24.0%
EBITDA	₹967 Cr	₹1,001 Cr	₹1,613 Cr	₹1,811 Cr	+23.3%
EBITDA Margin	58.7%	49.9%	61.2%	57.7%	—
PAT (Net Profit)	₹658 Cr	₹804 Cr	₹1,015 Cr	₹1,216 Cr	+22.7%
EPS	₹18.12	₹21.86	₹26.08	₹29.19	+17.2%
ROE	21.1%	23.3%	14.4%	12.4%	—
ROCE	21.3%	21.1%	16.7%	13.5%	—
Total Debt	₹6,781 Cr	₹9,351 Cr	₹11,026 Cr	₹15,800 Cr	+32.6%
Free Cash Flow	-₹1,396 Cr	-₹572 Cr	-₹2,517 Cr	-₹3,019 Cr	—

🟢 Revenue has grown at 24.0% a year over 3 years.

🟢 EBITDA has grown at 23.3% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 57.7% over 3 years.

🟢 PAT (Net Profit) has grown at 22.7% a year over 3 years.

🟢 EPS has grown at 17.2% a year over 3 years.

🔴 ROE has fallen from 21.1% to 12.4% over 3 years (-8.7 pts).

🔴 ROCE has fallen from 21.3% to 13.5% over 3 years (-7.8 pts).

🔴 Total Debt has grown at 32.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹27,201 Cr

Total Liabilities

₹17,366 Cr

Cash & Equivalents

₹569 Cr

Operating Cash Flow

-₹2,921 Cr

Capex

-₹98 Cr

Shareholding (proxy)

Institutional Holding

64.5%

Insider Holding

14.7%

Corporate Actions

Next Earnings

14 Jan 2027

Dividend Rate

₹12

Ex-Dividend Date

23 Oct 2026

Analyst Consensus

Recommendations

10 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹1,316

+22.4% vs CMP

Target Range

₹1,200 – ₹1,425

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 positive3 mixed2 general

360 ONE WAM Q2FY27 results: PAT down 4.4%; ARR AUM up 19.7%

scanx.trade, 18 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Buy 360 ONE WAM; target of Rs 1400: Motilal Oswal

Moneycontrol.com, 16 Oct

360 One Wam share price jumps 4% today on appointment of new CEO | Should you buy or sell?

Livemint, 23 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

360 One Wam Share Price News: Price Fall, Valuation View

Univest, 24 SeptPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

360 ONE WAM Q2 Results: AUM grows 31% to nearly ₹9 lakh crore; Dividend declared

CNBC TV18, 15 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Here's Why 360 One Wam (NSE:360ONE) Has Caught The Eye Of Investors

Simply Wall Street, 01 Sept

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth

MiddlingProfitability · Valuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

1 of 5 tripwires tripped — Interest cover stays above 3x · see Key things to watch ↑