360 ONE WAM (ONEW.NS): Solid non-institutional flows into wealth and AMC

Research evidence excerpt

360 ONE WAM (ONEW.NS): Solid non-institutional flows into wealth and AMC

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16 Jul 2026 12:33:59 ET │ 17 pages

360 ONE WAM (ONEW.NS)

Solid non-institutional flows into wealth and AMC

CITI'S TAKE

360 One reported a strong 1Q print with solid (Rs149 bn; 21% of opening

AUM, annualized) non-institutional flows into recurring assets. While

overall net flows was marred, a bit, by a lumpy redemption from an Buy

institutional mandate, overall net flows at 14% of opening AUM is within Price (16 Jul 26 15:30) Rs1,081.30

management’s guidance. Strength in transactional revenues, sustained

new client additions and focus on garnering flows through UBS partnership Target price Rs1,600.00↑

(expectation of cross-asset transfer of US$500-600mn over near term) from Rs1,525.00

remain key near-catalysts. Structurally, 360 One’s niche and dominant Expected share price return 48.0%positioning in the UHNI wealth landscape positions it in a sweet spot to

benefit from gradual formalization of managed wealth and ability to tap into Expected dividend yield 1.9%

newer innovative product structures. Core PBT was +23% YoY (QoQ decline Expected total return 49.9%

of 3% captures elevated transactional revenue in base-tends to be lumpy Market Cap Rs439,749Mand volatile). Largely retain estimates. Roll over to Jun’28E. TP Rs1,600.

US$4,662M

Flows: expect momentum to sustain — 360 One’s flows trajectory (~21% of opening

AUM, annualized; adjusted for lumpy redemption in an institutional mandate)

continues to remain elevated and significantly higher than the flows into equity MF

for the AMC industry (~11% of opening AUM on trailing 12M basis). Flow trajectory is Price Performance

likely to remain elevated over the next few quarters led by (1) revival in primary (RIC: ONEW.NS, BB: 360ONE IN)