Nuvama Wealth Management (NUVAMA) Q4 25/26 earnings summary

Executive summary

• Achieved resilient growth in FY26, with total revenues up 8% YoY to ₹3,122 Cr and operating PAT up 6% YoY to ₹1,049 Cr, despite macroeconomic and geopolitical challenges.

• Wealth Management, Private, and Asset Services segments showed strong momentum, with significant growth in managed products and investment solutions.

• Strategic investments in technology, AI, and talent enhanced productivity and client experience.

• Board approved consolidated and standalone audited financial results for FY26, with unmodified audit opinions.

• Announced a dividend of ₹14 per share, with a payout ratio of ~49% of annual operating profits.

Financial highlights

• FY26 consolidated revenue reached Rs. 4,649.65 crore, with net profit after tax at Rs. 1,040.26 crore.

• Q4 FY26 revenue was ₹825 crore, up 7% YoY; operating PAT for Q4 was ₹269 crore, a 5% YoY increase.

• Wealth and Private segments contributed 55% of firm revenue, up from 49% last year.

• Net worth as of March 31, 2026, stood at ₹4,123.15 crore, up 18% YoY.

• Client assets reached ₹4,52,548 Cr, up 5% YoY; Wealth client assets grew 14% YoY, Asset Management AUM up 13% YoY.

Outlook and guidance

• Targeting 15–20% CAGR in client assets for Wealth and Asset Services over the next five years.

• Asset Management aims for 45–50% CAGR in AUM, with expansion into alternatives and public markets.

• Incremental costs anticipated in FY27 due to new asset management strategies and mutual fund license launch.

• Management continues to monitor regulatory and legal developments, especially regarding pending appeals and new labour codes.

• Anticipate further productivity gains and cost-income ratio improvements, with a potential 100 basis point reduction annually.