Nuvama Wealth Management (NUVAMA) Q4 24/25 earnings summary

Executive summary

• FY2025 saw client assets rise 24% to ₹4.3 trillion, revenue up 41% to ₹2,901 crore, and PAT up 65% to ₹986 crore, with strong performance across all business segments.

• Return on equity improved to 31.5% from 23.6% year-over-year.

• Board approved consolidated and standalone audited financial results for the year ended March 31, 2025.

• Dividend of ₹69 per share declared in May 2025, maintaining a consistent payout ratio of 48%-49% over two years.

• Diversification and resilience across business lines enabled strong performance despite a tough Q4 market environment.

Financial highlights

• Consolidated client assets reached ₹4.3 trillion, up 24% year-over-year.

• FY25 consolidated total income was ₹4,169.30 crore, up from ₹3,157.73 crore in FY24.

• Q4 revenue was ₹771 crore, up 29% year-over-year; full-year revenue grew 41%.

• FY25 PAT was ₹986 crore, up 65% year-over-year; Q4 PAT was ₹255 crore, up 41%.

• Cost-to-income ratio improved to 55%-56% from 60%-62% in the prior year.

Outlook and guidance

• Targeting 25%-30% net flow growth in private and wealth segments for FY2026.

• Asset management net flows expected at ₹5,000-6,000 crore, with commercial real estate and public markets as key drivers.

• Plans to double relationship manager capacity in 3-5 years and expand client assets by 2-2.5x over five years.

• Asset management AUM targeted to grow 6-8x in five years, focusing on alternatives and public markets.

• Cost-to-income ratio in wealth and private expected to improve by 100 basis points in FY2026.