Nuvama Wealth Management (NUVAMA) Q1 25/26 earnings summary

Executive summary

• Achieved consolidated Q1 FY26 revenue of ₹1,122.65 crore, up from ₹951.00 crore in Q1 FY25, and operating PAT of ₹264 crore, up 19% year-over-year.

• Client assets reached ₹4.6 trillion, growing 19% year-over-year, with strong inflows across wealth and asset management segments.

• Maintained a cost-to-income ratio of 55% and return on equity above 30% for the quarter.

• Board approved consolidated and standalone unaudited financial results for the quarter ended June 30, 2025, and incorporation of new subsidiaries in India and UAE.

• Recognized with multiple industry awards for private banking, digital innovation, and custody services.

Financial highlights

• Wealth management revenue rose to ₹591.21 crore from ₹516.03 crore year-over-year; PBT up 19% to ₹124 crore.

• Asset management management fees rose 37% year-over-year to ₹18 crore; AUM up 54% to ₹11,810 crore.

• Asset services revenues increased 46% year-over-year to ₹193 crore; client assets up 19% to ₹1,27,333 crore.

• Capital markets revenues declined 10% year-over-year to ₹180 crore, but improved 10% sequentially.

• Total costs for Q1 FY26 were ₹421 crore, up 13% year-over-year; employee costs accounted for ₹316 crore.

Outlook and guidance

• Confident in delivering INR 19,000-20,000 crore in net flows for the year, with private and wealth divisions expected to contribute significantly.

• Plans to double relationship manager capacity in 3-5 years and grow client assets at a 15-20% CAGR.

• Asset Management AUM targeted to grow 6-8x over five years, aiming for a 45-50% CAGR.

• Asset services to maintain double-digit growth despite regulatory impacts; capital markets to recover as IPO activity resumes.

• Continued investment in technology, talent, and product innovation to drive growth and client engagement.