Nuvama Wealth Management (NUVAMA) Q3 25/26 earnings summary

Executive summary

• Revenues for the nine months grew by 8% year-over-year, with Wealth Management delivering 18% YoY revenue growth and Asset Services up 7% QoQ; Capital Markets revenue moderated, but Fixed Income showed growth.

• Operating profits after tax for nine months reached INR 780 crore, up from INR 253 crore in the prior year period, and Q3 PAT was INR 262 crore, up 4% YoY, excluding one-time statutory impact.

• Client assets reached INR 460,000 crore, up from INR 435,000 crore in the previous quarter, with strong growth in Wealth and Asset Management segments.

• Strategic focus remains on organic growth, segment synergies, expanding product offerings, and offshore expansion.

• Board approved unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Q3 revenue was INR 755 crore, up 4% YoY; nine-month revenue was INR 2,300 crore, up 8% YoY.

• Wealth business contributed 57% of Q3 revenues, growing 18% YoY; Asset Management Q3 revenues grew 33% YoY.

• Consolidated quarterly revenue rose to Rs. 1,105.98 crore and net profit to Rs. 253.62 crore.

• Return on Equity for 9M FY26 was 28.4%, down from 31.8% in 9M FY25.

• Cost-to-income ratio for 9M FY26 was 55%, stable YoY.

Outlook and guidance

• Targeting 20%-25% overall business growth for FY 2027, with a return to 20%+ growth after asset services normalization.

• Strategic focus on doubling RM capacity in 3-5 years and expanding client assets by 2-2.5x over five years in Wealth and Asset Services.

• Asset Management aims to grow AUM 6-8x in five years, targeting a 45-50% CAGR.

• OpEx expected to grow 10%-12% annually, with 5%-6% for business expansion and 4%-5% inflation-linked.

• Company continues to monitor regulatory and legal developments and will make further disclosures as required.