# India Wealth Management: Operating Metrics, Growth and Company Rankings

Research cut-off: 2026-08-08

A live, source-linked comparison of flows, recurring assets, adviser productivity, fee yield, cost efficiency, management targets and the reasons those targets may or may not be reached.

## Core companies

- Anand Rathi Wealth (ANANDRATHI): operating rank #1, score 87/100 at 90% evidence coverage. Primary managed AUM: ₹103774 crore (Q1 FY27); AUM growth: 21.03053346% (Q1 FY27); Flows: ₹2743 crore (Q1 FY27); Revenue growth: 18.4% (Q1 FY27); Company PAT growth: 23.5% (Q1 FY27); ROE: not available; Cost / income: not available; AUM attrition: 0.09% (Q1 FY27). Main risk: AUM and fee income remain sensitive to markets, while hiring must keep pace with client growth.
- 360 ONE WAM (360ONE): operating rank #2, score 85/100 at 100% evidence coverage. Primary managed AUM: ₹342035 crore (Q1 FY27); AUM growth: 19% (Q1 FY27); Flows: ₹10815 crore (Q1 FY27); Revenue growth: 24.2% (Q1 FY27); Company PAT growth: 14.8% (Q1 FY27); ROE: 13.3% (Q1 FY27); Cost / income: 51.3% (Q1 FY27); AUM attrition: not available. Main risk: Cost-to-income remains above the stated exit target and acquired businesses must deliver productivity.
- Nuvama Wealth Management (NUVAMA): operating rank #3, score 84/100 at 100% evidence coverage. Primary managed AUM: ₹101316 crore (Q1 FY27); AUM growth: 25.51691671% (Q1 FY27); Flows: ₹4127 crore (Q1 FY27); Revenue growth: 18% (Q1 FY27); Company PAT growth: 16% (Q1 FY27); ROE: 29.5% (Q1 FY27); Cost / income: 55% (Q1 FY27); AUM attrition: not available. Main risk: Private-wealth flows need a sharp acceleration, and asset management is still loss-making.
- Prudent Corporate Advisory Services (PRUDENT): operating rank #4, score 80/100 at 80% evidence coverage. Primary managed AUM: ₹140000 crore (27 Jul 2026 call); AUM growth: 20.8% (Q1 FY27 average); Flows: ₹3790 crore (Q1 FY27 equity); Revenue growth: 18.3% (Q1 FY27); Company PAT growth: 44.4% (Q1 FY27); ROE: 25.2% (FY26); Cost / income: not available; AUM attrition: not available. Main risk: AUM can rise mainly because markets rise; fee-yield resets and employee costs can slow margin gains.
- Wealth First Portfolio Managers (WEALTH): operating rank withheld for insufficient evidence. Primary managed AUM: not available; AUM growth: not available; Flows: not available; Revenue growth: not available; Company PAT growth: not available; ROE: not available; Cost / income: not available; AUM attrition: not available. Main risk: Small scale, limited quarterly operating disclosure and no earnings-call archive.

## Why the numbers may change

- PRUDENT: Prudent is turning regulation into faster partner growth, but Q1 AUM was heavily market-led. Why: More advisers on one platform widen distribution. SIPs and trail fees recur, while the new commission structure slowed payout-cost growth. Next proof: Q2 net sales, gross and net yield, SIP book, partner additions and operating-profit growth. Sources: https://files.tijorifinance.com/insight/india/45022/Conference%20Call/CC-Jul26.pdf
- NUVAMA: Nuvama has the highest upside velocity, but Private Wealth must accelerate sharply. Why: Senior-RM additions and higher productivity can lift private flows, while Asset Services already grew revenue 34%. Next proof: Q2 Private ARR NNM above ₹2,500 crore, Asset Services revenue above ₹200 crore and fee-paying AM AUM growth. Sources: https://www.nuvama.com/wp-content/uploads/2026/07/Nuvama_Investor-Presentation_Q1-FY-26-27.pdf, https://www.nuvama.com/wp-content/uploads/2026/08/Earnings-Call-Transcript_Q1-FY-26-27.pdf
- 360ONE: 360 ONE has the largest dependable flow engine, but the cost target still needs proof. Why: A larger recurring asset base and 75% recurring revenue provide visibility; HNI and acquired platforms widen the client funnel. Next proof: Q2 flows above ₹8,000 crore and cost-to-income moving below 51%. Sources: https://s3.ap-south-1.amazonaws.com/x-web-s3.360.one/360_ONE_Q1_FY_27_Investor_Presentation_59d95b0321.pdf, https://s3.ap-south-1.amazonaws.com/x-web-s3.360.one/360_ONE_WAM_Q1_FY_27_transcript_bf26ee21eb.pdf
- ANANDRATHI: Anand Rathi has the cleanest visible path from client growth to adjusted profit. Why: Low attrition protects recurring fees. A 417-RM network serves only 33 families per RM, leaving stated capacity for more clients. Next proof: Q2 adjusted revenue above ₹340 crore, adjusted PAT near ₹115 crore, attrition below 0.5% and rising RM/family counts. Sources: https://www.anandrathiwealth.in/wealthpdf/09july2026/InvestorPresentationSD.pdf, https://files.tijorifinance.com/insight/india/7048/Conference%20Call/CC-Jul26.pdf
- SECTOR: India is moving from product selling to organised, recurring wealth platforms. Why: Rising household financial savings increase the pool of assets; regulation and technology favour scaled platforms that can support advisers. Next proof: Watch net flows as a share of opening AUM, recurring revenue, revenue per adviser and cash conversion each quarter. Sources: https://www.amfiindia.com/articles/indian-mutual, https://www.sebi.gov.in/statistics/assets-managed.html

## Management targets and Sector Alpha scenarios

- ANANDRATHI · management target · FY27 Company PAT: ₹460 crore. Why: Q1 adjusted PAT was ₹115.86 crore, already 25.2% of the full-year target, and grew faster than adjusted revenue.. Source: https://www.anandrathiwealth.in/wealthpdf/09july2026/InvestorPresentationSD.pdf (p10)
- ANANDRATHI · management target · FY27 Primary managed AUM: ₹120000 crore. Why: Total AUM was about ₹1.063 lakh crore after Q1, leaving a ₹13,700 crore gap. Low 0.09% AUM attrition and spare RM capacity support the path, but markets still matter.. Source: https://www.anandrathiwealth.in/wealthpdf/09july2026/InvestorPresentationSD.pdf (p10)
- ANANDRATHI · management target · FY27 Operating revenue: ₹1415 crore. Why: Q1 delivered ₹336.4 crore, or 23.77% of the target. The remaining three quarters need ₹359.5 crore each, only 6.9% above the Q1 run-rate.. Source: https://www.anandrathiwealth.in/wealthpdf/09july2026/InvestorPresentationSD.pdf (p10)
- 360ONE · management target · Q4 FY27 Cost / income: 49% to 49.5%. Why: The ratio improved from 53.5% in Q4 FY26 to 51.3% in Q1 FY27, but another 180–230 basis points are still required by Q4.. Source: https://s3.ap-south-1.amazonaws.com/x-web-s3.360.one/360_ONE_WAM_Q1_FY_27_transcript_bf26ee21eb.pdf (p5)
- 360ONE · management target · FY27 Flows: ₹35000 crore to ₹40000 crore. Why: Q1 already delivered ₹10,815 crore. The remaining three quarters need ₹8,062–₹9,728 crore each, below Q1 and close to Q4 FY26.. Source: https://s3.ap-south-1.amazonaws.com/x-web-s3.360.one/360_ONE_WAM_Q1_FY_27_transcript_bf26ee21eb.pdf (p4)
- NUVAMA · management target · FY27 Asset Management Company PAT: ₹-40 crore to ₹-35 crore. Why: This is a loss envelope, not profit guidance. Fund launches create future fee potential, but the business is not expected to break even in FY27.. Source: https://www.nuvama.com/wp-content/uploads/2026/08/Earnings-Call-Transcript_Q1-FY-26-27.pdf (p6)
- NUVAMA · management target · FY27 Private ARR Flows: ₹10804 crore to ₹11885 crore. Why: Q1 delivered ₹1,083 crore, only 9%–10% of the full-year target. The final three quarters must average ₹3,240–₹3,601 crore, roughly three times Q1.. Source: https://www.nuvama.com/wp-content/uploads/2026/08/Earnings-Call-Transcript_Q1-FY-26-27.pdf (p4)
- NUVAMA · management target · FY27 Asset Services Revenue growth: 20% to 25%. Why: Q1 Asset Services revenue was ₹259 crore, up 34%. The remaining quarters need about ₹207–₹220 crore on average to land in the guidance range.. Source: https://www.nuvama.com/wp-content/uploads/2026/08/Earnings-Call-Transcript_Q1-FY-26-27.pdf (p6 and 11)
- PRUDENT · management target · Q2–Q4 FY27 Gross trail yield: 88. Why: The regulatory reset already reduced gross yield from 91.2 to 88.4 basis points. Management expects the new level to hold, but sees another 1–2 basis points of possible pressure over the medium term.. Source: https://files.tijorifinance.com/insight/india/45022/Conference%20Call/CC-Jul26.pdf (p9 and 13)
- NUVAMA · Sector Alpha scenario · FY27 Private ARR Flows: ₹10000 crore. Why: Our base case assumes a strong acceleration but still lands below management’s ₹10,804–₹11,885 crore range.. Source: https://www.nuvama.com/wp-content/uploads/2026/08/Earnings-Call-Transcript_Q1-FY-26-27.pdf (p4)
- ANANDRATHI · Sector Alpha scenario · FY27 Company PAT: ₹463.44 crore. Why: A flat quarterly run-rate produces ₹463.44 crore, already close to the ₹460 crore management target.. Source: https://www.anandrathiwealth.in/wealthpdf/09july2026/InvestorPresentationSD.pdf (p6 and 19)
- PRUDENT · Sector Alpha scenario · Q2–Q4 FY27 Gross trail yield: 88. Why: The scenario assumes no rebound and no second regulatory shock. It keeps the reset Q1 level broadly flat.. Source: https://files.tijorifinance.com/insight/india/45022/Conference%20Call/CC-Jul26.pdf (p4 and 9)
- 360ONE · Sector Alpha scenario · FY27 Flows: ₹37500 crore. Why: The base case does not assume Q1 repeats. It assumes the last three quarters average ₹8,895 crore, slightly below Q4 FY26.. Source: https://s3.ap-south-1.amazonaws.com/x-web-s3.360.one/360_ONE_WAM_Q1_FY_27_transcript_bf26ee21eb.pdf (p4)

## Data quality

118 exact-page operating observations, 13 guidance/scenario cards and 18 qualitative sections are visible. Missing data stays missing; it is never replaced with zero.

## Methodology

Operating metrics publish only after source tracing, an independent review and deterministic code checks all pass.

Default skill weights: 25% revenue growth and visibility, 25% operating-driver momentum, 20% margin and unit economics, 15% cash conversion and balance-sheet strength, and 15% guidance delivery and evidence quality. Scores are normalized only when weighted evidence coverage is at least 70%. Valuation and stock-price setup are excluded.

Financial statements refresh quarterly. Prices refresh weekly. Operating metrics refresh after each result and earnings call.

Educational research only. Not investment advice. Sector Alpha is not SEBI registered.