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 INR 3,122 crore, supported by strong performance in wealth management, private banking, asset management, and asset services despite macroeconomic and geopolitical challenges.

• Maintained a diversified platform, with wealth and private banking segments showing strong momentum and asset management expanding through new fund launches and strengthened leadership.

• Continued investments in technology and AI drove significant productivity gains, including a 25% increase in revenue per relationship manager.

• Announced a dividend of INR 14 per share, with a payout ratio of 49–50% of annual operating profits.

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

Financial highlights

• Q4 FY26 revenue was INR 825 crore, up 7% YoY; full-year revenue (excluding IE & IB) grew 17%.

• Operating PAT for Q4 was INR 269 crore, a 5% YoY increase; full-year ROE stood at 28%.

• Consolidated total income for FY26 was Rs. 4,649.65 crore, with net profit after tax at Rs. 1,040.26 crore.

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

• Client assets reached Rs. 4,52,548 crore, up 5% YoY; net worth as of March 31, 2026, stood at Rs. 4,123.15 crore.

Outlook and guidance

• Targeting 15–20% CAGR in client assets for Wealth and Asset Services over the next five years, with asset management aiming for 45–50% CAGR in AUM and expansion into alternatives and public markets.

• Expect continued growth in recurring revenue streams as wealth, private, and asset services now comprise 80% of revenue.

• Plans to double RM capacity in Wealth and Private segments in 3–5 years and expand offshore capabilities.

• Asset management to see incremental costs as new strategies and mutual fund business scale up.

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