Waya PMS Review: Bin73 Sunrise Alpha Small Cap Strategy (2026)
Waya PMS is offered by Waya Financial Technologies Pvt Ltd, a Mumbai-based boutique investment management company registered with SEBI as both a Research Analyst and a portfolio manager. As of 31 August 2026, Waya reported a PMS AUM of ₹47.77 crore across 59 clients and 1 investment approach.
That approach, Bin73 Sunrise Alpha, is a high-conviction small and mid cap strategy launched in November 2024. With less than two years of history, it has only a one-year return on record.
Waya PMS is offered by Waya Financial Technologies Pvt Ltd, a Mumbai-based boutique investment management company registered with SEBI as both a Research Analyst and a portfolio manager. As of 31 August 2026, Waya reported a PMS AUM of ₹47.77 crore across 59 clients and 1 investment approach. That approach, Bin73 Sunrise Alpha, is a high-conviction small and mid cap strategy launched in November 2024. With less than two years of history, it has only a one-year return on record. Key takeaways Waya PMS reports assets under management of ₹47.77 crore across 59 clients as of 31 August 2026. Investment approaches: 1 (Bin73 Sunrise Alpha). Minimum investment ₹50 lakh; reported returns are TWRR, net of fees but before your taxes. Quick Facts: Waya PMS Portfolio Manager Waya Financial Technologies Pvt Ltd SEBI Registration No. INP000008987 PMS AUM ₹47.77 crore (as on 31 August 2026) Number of Clients 59 (as on 31 August 2026) Investment Approaches 1 (Bin73 Sunrise Alpha) Key People Amit Mahendra Vora (Fund Manager) Registered Office Mumbai (Goregaon West) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Waya Waya runs an advisory platform on iOS and Android that it says has more than 100,000 active paid subscribers. Its PMS extends that research into a managed portfolio held in the investor's own demat account. The firm describes Bin73 Sunrise Alpha as a high-conviction fund targeting small cap companies with strong growth potential, designed for investors comfortable with elevated risk. The strategy focuses on stocks with tailwinds, emphasising "quality growth at fair valuations" and risk mitigation by exiting positions with agility. Amit Mahendra Vora , the fund manager, holds a computer science degree from Michigan State University and an MBA from IIM Bangalore. He has 25 years of total work experience, including executive roles at global corporations, and more than a decade in investment analysis and equity research. He launched Waya in 2023 as a quantitative investment platform. His stated principle is to hold winning positions and exit losing ones before small losses become large. Waya PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Bin73 Sunrise Alpha Small & Mid Cap 19.77% NA NA NA Nov 2024 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — Nifty Smallcap 250 (small-cap reference) Index 11.3% 0.6% 15.5% 15.7% — Returns as of 31 August 2026, TWRR, as reported by the portfolio manager; returns over one year are annualised. Index rows are shown for reference only, as of 31 August 2026 (index figures as published in Sundaram Alternates' August 2026 PMS performance disclosure); each strategy's own SEBI category benchmark may differ, so ask the manager for its benchmark comparison. Bin73 Sunrise Alpha Launched in November 2024 and categorised as small and mid cap, Bin73 Sunrise Alpha reported 19.77% over one year as of 31 August 2026. There are no 2-year, 3-year or 5-year figures yet. A single year is too short to judge a high-conviction small cap strategy, which can swing sharply in either direction. The stated approach of exiting losing positions quickly suggests a higher-turnover style than buy-and-hold PMS portfolios. Investors should note that frequent trading in a PMS creates short-term capital gains in their own demat account, which can affect post-tax returns. How to Read These Numbers Strategy returns are most meaningful when compared with the category benchmark over the same period, rather than with a headline index or a cherry-picked window. The 2-year column largely captures the 2024-26 correction in Indian equities, particularly in mid and small caps, so many equity strategies show muted or negative 2-year numbers even where 3-year and 5-year figures look healthier. Reading all periods together gives a fairer picture than any single column. The figures are Time-Weighted Rates of Return (TWRR) for the strategy as a whole. An individual client's experience depends on when money went in, any top-ups or withdrawals, and the fee structure chosen. PMS returns are reported net of fees and expenses as per SEBI norms, but taxes are paid by each investor separately and vary with holding periods and portfolio churn. PMS portfolios are also typically more concentrated than mutual funds, which can widen the gap between good and bad years. Who Waya PMS May Suit Investors with ₹50 lakh or more who explicitly want high-risk, high-conviction small and mid cap exposure. Those comfortable with a quantitative style that cuts losing positions quickly. Existing users of Waya's research platform who want a managed version of its approach. It may not suit conservative investors, those who need a multi-year track record, or investors sensitive to short-term capital gains tax from higher portfolio churn. Fees, Minimum Investment and Taxation The minimum investment in Waya PMS, as in any SEBI-registered PMS, is ₹50 lakh, which can be brought in as cash, as existing securities, or a combination of both. Portfolio managers typically offer a choice of fee structures: a fixed management fee, a hybrid of a lower fixed fee plus a performance share, or a performance-linked fee charged only above a hurdle rate. The exact fee schedule, exit load and other charges are in the Disclosure Document, which investors should read before signing the Client Agreement. In a PMS, the securities sit in a demat account held in the investor's own name, which offers transparency but also means every trade is a taxable event for the investor. For listed equity, short-term capital gains are taxed at 20% and long-term capital gains at 12.5% above the annual ₹1.25 lakh exemption. Debt and other asset classes follow their own rules. For a step-by-step explainer, see how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View Waya brings a technology-led, quantitative approach and a large subscriber base on its advisory platform, and Bin73 Sunrise Alpha has reported 19.77% over its first year to 31 August 2026. What to watch: the strategy is young, with no 2-year data, and the PMS is small at 59 clients. The firm itself describes the strategy as designed for elevated risk. Investors should look at drawdowns, turnover and tax impact, not just the headline return, and should not extrapolate one year of results. See PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) for context, or speak with our team (/contact) . Frequently Asked Questions Is Waya PMS good? Waya's single strategy, Bin73 Sunrise Alpha, reported 19.77% over one year as of 31 August 2026, but it has no longer-term record and is explicitly high risk. It may suit only investors comfortable with small cap volatility. What is the minimum investment in Waya PMS? The minimum investment is ₹50 lakh, the SEBI-mandated minimum, in cash or securities. Which is the best Waya PMS strategy? Waya currently lists one strategy, Bin73 Sunrise Alpha, a small and mid cap approach launched in November 2024, so the decision is whether it fits your risk profile. Who manages Waya PMS? Amit Mahendra Vora, an IIM Bangalore MBA with 25 years of work experience, is the fund manager. He launched Waya in 2023. Is Waya PMS registered with SEBI? Yes. Waya Financial Technologies Pvt Ltd is a SEBI-registered portfolio manager with registration number INP000008987. Related Reading Portfolio Management Services (PMS) in India: the complete 2026 guide (/insights/pms-india) How PMS works: onboarding, funding, taxation, reporting and exit (/insights/how-pms-works-onboarding-funding-taxation-exit) PMS vs mutual funds above ₹1 crore (/insights/pms-vs-mutual-funds-1-crore-investors) PMS players in India by AUM and vintage (/insights/pms-players-in-india-aum-vintage) Axis AMC PMS Review (/insights/axis-asset-management-company-pms-review) Green Lantern Capital PMS Review (/insights/green-lantern-capital-pms-review) Aditya Birla Sun Life AMC PMS Review (/insights/aditya-birla-sun-life-amc-pms-review) HDFC AMC PMS Review (/insights/hdfc-asset-management-company-pms-review) All PMS reviews (/insights/category/pms) Sources SEBI: registered portfolio managers (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10) Association of Portfolio Managers in India (APMI) (https://www.apmiindia.org) Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by Waya in public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.