Nuvama Wealth Management (NUVAMA) Q2 25/26 earnings summary

Executive summary

• Delivered resilient Q2 FY2026 performance with strong Wealth and Private business growth, despite market volatility and the loss of a large client, demonstrating platform strength and diversification.

• Board approved consolidated and standalone unaudited financial results for the quarter and half year ended September 30, 2025.

• Interim dividend of ₹70 per share declared, with share split from ₹10 to ₹2 face value approved to enhance liquidity.

• Strong new client acquisition and asset recovery, with notable recovery in asset services.

• Investment of ₹200 crore in rights issue of wholly owned subsidiary Nuvama Wealth Finance Limited approved.

Financial highlights

• Q2 consolidated revenue reached ₹772 crore, up 4% year-over-year; H1 FY26 revenue: ₹2,139.54 crore, up from ₹1,718.02 crore in H1 FY25.

• Q2 PAT was ₹254 crore; H1 FY26 net profit: ₹517.85 crore, up from ₹478.08 crore in H1 FY25.

• Wealth and Private business contributed 57% of total revenue in Q2.

• Cost for the quarter was ₹437 crore, up 12%, with 75% being employee-related; cost-to-income ratio increased to 56% in H1 FY26.

• Basic EPS for H1 FY26: ₹143.89; diluted EPS: ₹139.00.

Outlook and guidance

• Expectation to return to a 20%-25% PAT growth trajectory as asset services recover fully in the next 3-5 months.

• Strategy focuses on doubling RM capacity in 3-5 years, leveraging technology, and expanding to NRI clients.

• Asset Management AUM targeted to grow 6-8x over 5 years (45-50% CAGR); Asset Services aims to grow client assets 2-2.5x in 5 years.

• Net new flows guidance for FY2026 maintained at ₹25,000-26,000 crore, with potential upside if new products launch.

• Interim dividend and share split aimed at enhancing shareholder value and liquidity.