Nuvama Wealth Management (NUVAMA) investor relations material

Executive summary

• Q2 FY27 revenue rose 21% YoY to ₹937 Cr and operating PAT increased 26% to ₹319 Cr; H1 revenue was ₹1,846 Cr and operating PAT ₹625 Cr.

• Client assets reached ₹5,46,964 Cr, up 25% YoY; Wealth and Private MPIS and ARR assets were ₹1.1 lakh Cr, up 27%.

• Wealth, Asset Services and Capital Markets grew, supported by strong Wealth and Private inflows and Asset Services growth.

Financial highlights

• Q2 operating PBT rose 29% YoY to ₹430 Cr; reported PAT was ₹304 Cr, up 19%. H1 operating PBT increased 23% to ₹838 Cr and reported PAT rose 18% to ₹609 Cr.

• Q2 costs rose 16% YoY to ₹507 Cr; H1 costs increased 17% to ₹1,008 Cr, including employee costs of ₹752 Cr, up 18%.

• Wealth and Private quarterly revenue exceeded ₹500 Cr; Asset Services revenue was ₹245 Cr, up 53%, and Capital Markets revenue was ₹175 Cr, up 9%.

• Consolidated total income was ₹1,367.56 Cr in Q2 and ₹2,749.52 Cr in H1; consolidated net profit was ₹303.48 Cr and ₹609.12 Cr, respectively.

• Adjusted operating PAT excludes a ₹16 Cr one-time Venture Debt Fund pre-closure charge.

Outlook and guidance

• Private ARR net-flow guidance remains 22%-25% of opening assets; H1 progress was 11%-12%. ARR assets were ₹60,000 Cr-₹62,000 Cr and contributed 64% of revenue.

• Wealth and Private cost-income ratios are expected to improve 100-200 bps YoY this year, with further improvement targeted over the next couple of years.

• Asset Services expects 20% growth; full-year yields were guided at 2.6%-2.8%, with 2.5%-2.8% expected over the next two years if collateral mix and deposit yields remain broadly stable.

• H2 FY27 launches planned across CRE Prime Fund II, Private Credit and SIF; commercial real estate fund II targets ₹5,000 Cr and Private Credit targets ₹1,500 Cr-₹2,500 Cr.

• Five-year targets: Wealth client and asset growth of 2-2.5x; Asset Management AUM growth of 6-8x; Asset Services client-asset growth of 2-2.5x.