360 ONE WAM Ltd.

“360 ONE WAM is India's leading independent UHNI wealth platform — asset-light, founder-aligned, with a genuinely widening moat and a multi-decade structural tailwind from India's wealth creation. The business deserves a premium valuation; the question is how much premium. At 35.7x trailing and 25x forward earnings, the current price embeds flawless execution and delivers only ~13% annualized returns in the base case with no margin of safety. Key-person concentration in Karan Bhagat and SEBI regulatory fee risk are real but low-probability permanent-impairment threats. This is a TRACK — a high-quality franchise to accumulate on weakness (sub-₹800, below 20x forward) but not to chase at today's prices.”