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

Executive summary

• Achieved resilient growth in FY26, with operating profit after tax reaching INR 1,050 crore and total revenues up 8% YoY to ₹3,122 crore, despite macroeconomic and geopolitical challenges.

• Wealth, Private, and Asset Services segments showed strong momentum, supported by significant investments in technology, AI, and talent to drive productivity and client solutions.

• Asset Management expanded with new fund launches and leadership hires, while Asset Services rebounded after a key client loss and delivered double-digit profit growth.

• Announced a dividend of ₹14 per share, maintaining a payout ratio near 50% of annual operating profits.

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

Financial highlights

• FY26 consolidated revenue was Rs. 4,649.65 crore, with Q4 revenue at INR 825 crore, up 7% YoY; operating PAT for Q4 at INR 269 crore, up 5% YoY.

• Net profit after tax for FY26 stood at Rs. 1,040.26 crore; basic EPS was Rs. 57.59, diluted EPS Rs. 56.06.

• Cost to income ratio increased to 56% in FY26; return on equity at 28.1%.

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

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

Outlook and guidance

• Expect continued growth in recurring revenue streams, with new asset management strategies and mutual fund license launch anticipated in FY27.

• 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.

• Productivity improvements and selective capacity additions to drive further cost-income ratio compression.

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