India's largest listed and independent brokerage firms are expanding beyond trading and stockbroking into wealth management, insurance, lending, asset management and alternative investments as they seek more stable sources of revenue. According to reports from NDTV Profit, Groww, Motilal Oswal Financial Services, Angel One, 360 ONE WAM, Nuvama Wealth and Anand Rathi are building businesses that extend beyond traditional broking. The move comes as firms face regulatory changes, slower futures and options trading activity and pressure on pricing and customer acquisition.
360 ONE WAM has achieved its highest-ever full-year net profit of ₹1,225 crore, up by 20.7% YoY, with operating profit before tax growing by 22% to ₹1,498 crore. The company's overall Assets Under Management grew by 16% year-on-year to reach a record high of ₹6,74,492 crore. Of the total AUM, Wealth Management stands at ₹5,79,286 crore (up 16.5% YoY) and Asset Management at ₹95,206 crore (up 12.8% YoY). The firm's Annual Recurring Revenue (ARR) AUM stands at ₹3,11,940 crore, constituting approximately 46.2% of total AUM, with ARR revenue growing by 34.5% to ₹2,289 crore in FY26, accounting for 74.65% of total revenue. Management aims to grow Wealth Management AUM by 20-25% annually and profits by 15-25% annually, targeting to double its UHNI client base from 4,500 families to 8,000-10,000 families.
Nuvama Wealth manages assets of ₹4,52,548 crore, up 5% YoY, with 35-40% of business originating from beyond Tier 1 and Tier 2 cities. The company's Managed Products and Investment Solutions (MPIS) segment is the primary growth driver, with MPIS revenues growing 38% YoY and contributing to 59% of total wealth revenues. MPIS assets grew 32% to ₹39,227 crore, driven by a 38% increase in net new money to ₹8,920 crore. Nuvama Private manages assets of more than 4,750 UHNI and family offices, with ARR-earning assets growing at an accelerated 22% YoY to ₹54,021 crore. The company has expanded its team of relationship managers and achieved a 25% jump in revenue productivity per RM, with plans to double its RM capacity over the next 3-5 years.
Motilal Oswal's Private Wealth Management segment manages an AUM of ₹1,96,716 crore, up 36% YoY, with 41% YoY increase in net flows during FY26. The segment works with over 9,100 associated families (with an AUM of ₹1 crore or more), including over 400 Hurun UHNI families, managing an average AUM of ₹22 crore per family. ARR accounts for 54.3% of revenue, growing 32.6% to ₹586 crore in FY26, with the remaining revenue of ₹494 crore coming from TBR. Management views AUM per RM as a leading indicator, with this metric increasing from ₹300 crore a couple of years ago to around ₹450 crore currently. The company plans to recruit high-quality RMs throughout FY27 and expand its physical footprint in Tier 2 locations.
According to the Boston Consulting Group's latest report, India is expected to add more than $2 trillion in financial wealth by 2030, the highest among emerging markets. The wealth is highly concentrated, with about 229 individuals collectively controlling $1 trillion in wealth, and the number of billionaires in India is projected to increase by 51%. For wealth management firms, this represents a growing base of affluent and high-net-worth individuals seeking investment advice, portfolio diversification, and financial planning. Despite higher AUM and long-term structural opportunities, wealth management businesses remain cyclical, influenced by equity market performance. However, given India's expanding financial wealth and rising affluent population, these companies are well-positioned to navigate market cycles and sustain growth.
