Goal: ₹1,070
CMP: ₹1,009.30
360 One WAM had a robust quarter with the recurring AUM rising 41 per cent y-o-y (+10 per cent q-o-q) to ₹2.4 lakh crore, with its 360 One Plus enterprise posting the best progress. The web flows remained sturdy at ₹9,800 crore in Q2-FY25 (₹15,300 crore for H1-FY25) and we improve our FY25 numbers from ₹25,000 crore to ₹28,000 crore.
Yields remained gentle owing to a number of elements and we decrease our yield forecast by 2-3bps over FY25-FY27. Using on a robust AUM progress, PAT grew 33 per cent y-o-y to ₹250 crore at finish Q2 and we due to this fact revise the quantity upwards by 3-4 per cent over FY25-FY27.
The inventory is presently buying and selling at 32x Sep’26 EPS. Factoring in a strong mannequin, sturdy fundamentals and supportive macro elements, we proceed to worth the inventory at an unchanged 33x Sep’26E EPS – at about 10 per cent premium to +1sd from long run imply. This coupled with estimate revision interprets to revised goal value of ₹1,070 (vs ₹1,050).
We preserve Cut back score owing to the inventory run up. Key dangers: slowdown in AUM progress, attrition (TL and consumer), and many others.
