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

Executive summary

• FY2025 saw breakout growth with client assets up 24% to ₹4,30,651 Cr, revenue up 41% to ₹2,901 Cr, and profits up 65% to ₹986 Cr, with all business segments contributing.

• Return on Equity improved to 31.5% in FY25 from 23.6% in FY24.

• Board approved consolidated and standalone audited financial results for FY25, with interim and final dividends totaling up to ₹132 per share.

• Despite a tough Q4 market, diversified business lines and strong execution drove resilient performance.

• Listed on BSE and NSE in September 2023, with multiple awards for digital innovation and ESG initiatives.

Financial highlights

• Consolidated client assets reached ₹4,30,651 Cr, up 24% YoY; Q4 revenue was ₹771 Cr, up 29% YoY; full-year revenue grew 41%.

• FY25 net profit after tax was ₹985.06 Cr, up from ₹624.84 Cr in FY24; Q4 PAT was ₹255 Cr, up 41% YoY.

• Cost-to-income ratio improved to 55%-56% in FY25 from 60%-62% in FY24.

• Net worth as of March 2025 stood at ₹3,490 Cr, up 21% YoY.

• Dividend payout maintained at 48%-49% of profits, with interim and final dividends declared.

Outlook and guidance

• Targeting 25%-30% net flow growth in private and wealth segments for FY2026, with AUM growth of 20%+ and net flows of ₹23,000-24,000 Cr.

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

• Asset management AUM targeted to grow 6-8x in five years, with break-even expected by FY2027 as AUM approaches ₹20,000 Cr.

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

• Management expects favorable outcomes in ongoing legal matters, with no adjustments to financials.