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

Executive summary

• Q2 FY26 delivered resilient performance with strong Wealth and Private business growth, despite market volatility and the loss of a large client, supported by platform diversification.

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

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

• Strong new client acquisition and asset recovery, with expansion plans in Singapore and Dubai, and a mutual fund license application in progress.

• Investment of INR 200 crore in rights issue of subsidiary Nuvama Wealth Finance Limited approved to support lending growth.

Financial highlights

• Q2 FY26 consolidated revenue reached INR 772 crore, up 4% year-over-year; H1 FY26 revenue was INR 1,542 crore, up 10% year-over-year.

• PAT for Q2 was INR 254 crore; H1 FY26 operating PAT was INR 518 crore, up 8% year-over-year.

• Return on Equity for H1 FY26 was 28.9%.

• Cost to income ratio increased to 56% in H1 FY26 from 54% in H1 FY25.

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

Outlook and guidance

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

• 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.

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

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

• Investment in NWFL to support business growth in lending against securities.