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

Executive summary

• Consolidated client assets reached INR 4,61,954 crore in Q3 FY26, up from INR 435,000 crore in the previous quarter, driven by net new money and mark-to-market gains.

• Wealth business contributed 57% of total revenue, growing 18% year-over-year, with strong segmental performance in Asset and Private Wealth.

• Profits have grown at a 45% CAGR over three years, with PAT for nine months at INR 780 crore, up 7% YoY, and Q3 PAT at INR 262 crore, up 4% YoY, excluding one-time statutory impacts.

• Board approved unaudited financial results for the quarter and nine months ended December 31, 2025, and appointed a new Group Chief Risk Officer.

• Strategic focus remains on organic growth, product innovation, technology investments, and expanding domestic and offshore platforms.

Financial highlights

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

• Consolidated quarterly revenue rose to Rs. 1,105.98 crore, with net profit at Rs. 253.62 crore, and nine-month net profit at Rs. 771.47 crore.

• Cost-to-income ratio improved to 53% for Q3 and 55% for nine months; total costs for Q3 were ₹404 crore, up 4% YoY.

• Return on Equity for nine months was 28.4%, down from 31.8% in the prior year.

• Earnings per share (consolidated, basic): Rs. 14.02 for the quarter; Rs. 42.79 for nine months.

Outlook and guidance

• Targeting 20%-25% overall business growth in FY27, with net flows of INR 25,000-26,000 crore.

• Asset management expects INR 7,000-9,000 crore in net flows for FY27, with AUM targeted to grow 6-8x in five years at a 45-50% CAGR.

• RM headcount to grow 10% annually over the next 2-3 years, with a strategic focus on doubling RM capacity in 3-5 years.

• Ongoing review of business segment organization for enhanced shareholder value.

• Continued investments in technology, product innovation, and expanding distribution channels.