NUVAMA - Nuvama Wealth
📢 Recent Corporate Announcements
Nuvama Wealth Management's material subsidiary, Nuvama Wealth and Investment Limited (NWIL), has received a penalty of ₹1,00,000 from the National Stock Exchange (NSE). The penalty stems from a limited purpose inspection conducted in September 2024, covering the period from August 2023 to July 2024. The observations were related to client complaint processes and specific operational procedures. The company has clarified that this fine has no material impact on its financials or operations and is currently seeking a waiver through a review application.
- NSE imposed a penalty of ₹1,00,000 on wholly owned subsidiary Nuvama Wealth and Investment Limited.
- The penalty is based on a limited purpose inspection for the period August 1, 2023, to July 31, 2024.
- Observations specifically concerned non-compliance in client complaint handling and processes.
- Management confirms no impact on the company's financials, operations, or other activities.
- Nuvama is in the process of filing a review application with the NSE to seek a waiver of the penalty.
Nuvama Wealth Management has scheduled a non-deal roadshow from March 9 to March 13, 2026, targeting institutional investors in Singapore and Hong Kong. The event, hosted by Citi, will involve in-person group and one-on-one meetings to discuss the company's performance for the quarter and nine months ended December 31, 2025. No unpublished price-sensitive information will be shared, as the discussions will be based on existing public disclosures. This move indicates a proactive approach to engaging with international institutional capital.
- Non-deal roadshow scheduled for a 5-day period from March 9 to March 13, 2026
- Meetings hosted by Citi in major financial hubs including Singapore and Hong Kong
- Focus on investor presentation for the quarter and nine months ended December 31, 2025
- Format includes both in-person group sessions and one-on-one institutional meetings
- Compliance confirmed with no sharing of unpublished price-sensitive information (UPSI)
Nuvama Wealth Management's material subsidiary, NWIL, received a warning letter from the National Stock Exchange (NSE) on February 20, 2026. The letter follows a Limited Purpose Inspection conducted in July 2025 regarding the subsidiary's operational submissions. The NSE has advised the company to be more careful and avoid such recurrences in the future. The company has explicitly stated that there is no financial or operational impact resulting from this regulatory communication.
- NSE issued a warning letter to NWIL, a wholly owned material subsidiary, on February 20, 2026
- The warning is based on a Limited Purpose Inspection conducted in July 2025
- Observations pertain specifically to operational submissions made by the subsidiary
- Company confirms zero impact on financials, operations, or other activities
Nuvama Wealth Management has outlined a robust 10-year growth roadmap, projecting India's organized wealth managed assets to grow from ₹25-30 tn today to ₹250 tn by 2035. For 9M FY26, the company reported revenues of ₹2,297 Cr and a PAT of ₹780 Cr, reflecting significant scaling from FY21 levels. The company has successfully reduced its cost-to-income ratio from 73% in FY21 to 55% in 9M FY26 while improving RoE to 28.4%. Strategic priorities include doubling relationship manager capacity in the next 3-5 years and expanding into private credit and infrastructure asset classes.
- Organized wealth managed assets in India projected to grow 10x to ₹250 tn over the next decade.
- 9M FY26 PAT reached ₹780 Cr with a Return on Equity (RoE) of 28.4%.
- Cost-to-income ratio improved to 55% in 9M FY26, down from 73% in FY21.
- Asset Management AUM scaled to ~₹13,000 Cr with plans to launch new Private Credit and Real Asset strategies.
- Company aims to double Relationship Manager (RM) capacity within the next 3 to 5 years.
Nuvama Wealth Management reported a steady performance for Q3 FY26, with total revenue increasing 4% YoY to $83 million. The growth was primarily driven by the Wealth Management segment, which saw an 18% YoY revenue jump, and Asset Management fees, which rose 33%. While Capital Markets revenue moderated by 21% YoY, the company maintained a strong Operating PAT of $29 million for the quarter. The 9M FY26 Return on Equity (RoE) remains robust at 28.4%, supported by a total client asset base of over $50 billion.
- Total Revenue for Q3 FY26 reached $83 million, up 4% YoY, with Wealth Management contributing 57% of the mix.
- Operating PAT for 9M FY26 grew 7% YoY to $86 million, excluding one-time statutory impacts.
- Total Client Assets stood at $50,764 million, with Nuvama Wealth assets growing 9% YoY.
- Asset Management AUM increased 12% YoY to $1,385 million, while Asset Services revenues grew 7% QoQ.
- The company maintained a consistent dividend payout policy, distributing approximately 48% of annual operating profits over the last two years.
Nuvama Wealth Management Limited has approved the allotment of 1,67,230 equity shares to employees following the exercise of stock options. These shares have a face value of Rs. 2 each and are fully paid-up. As a result of this allotment, the company's total equity share capital has increased from 18,18,47,953 to 18,20,15,183 shares. This represents a marginal dilution of approximately 0.09% of the total share capital, which is typical for listed entities managing employee incentives.
- Allotment of 1,67,230 equity shares of face value Rs. 2 each approved on February 3, 2026
- Total paid-up equity share capital increased from 18,18,47,953 to 18,20,15,183 shares
- The issuance results in a marginal equity dilution of approximately 0.09%
- Shares were issued to employees under the company's Employee Stock Option Scheme (ESOP)
Nuvama Wealth Management reported a strong performance for 9M FY26 with an operating PAT of ₹780 crores, reflecting a 45% CAGR over the last three years. The Wealth Management segment saw a 48% growth in MPIS revenues, while the lending book expanded significantly to ₹4,300 crores. The company is diversifying its Asset Management arm with a pending mutual fund license and the upcoming launch of a Strategic Investment Fund (SIF). Management remains optimistic about offshore expansion in Dubai and Singapore, with the Dubai office already reaching break-even.
- 9M FY26 Operating Profit After Tax stood at ₹780 crores, a significant jump from ₹253 crores in 9M FY23.
- Wealth Management MPIS revenues grew by 48% YoY, now contributing 60% of total wealth revenues.
- The lending book increased by 39% during the fiscal year to reach ₹4,300 crores as of Q3 end.
- Private Wealth ARR assets crossed ₹50,000 crores with a blended retention of approximately 90 basis points.
- Commercial real estate fund AUM reached ₹3,000 crores with plans to scale to ₹4,000 crores.
Nuvama Wealth Management has announced its participation in two major institutional investor conferences in Mumbai. The company will attend the Nuvama India Conference on February 10, 2026, and the Kotak - Chasing Growth Conference on February 24, 2026. These sessions will involve both group and one-on-one meetings to discuss the company's financial performance for the quarter and nine months ended December 31, 2025. The company has clarified that no unpublished price-sensitive information will be shared during these interactions.
- Scheduled participation in Nuvama India Conference 2026 on February 10, 2026.
- Scheduled participation in Kotak - Chasing Growth Conference 2026 on February 24, 2026.
- Meetings will be conducted in-person in Mumbai through group and one-on-one formats.
- Discussions will be based on the Q3 and 9M FY26 investor presentation already available on stock exchanges.
Nuvama Wealth Management has announced its participation in two major investor conferences scheduled for February 2026. The company will attend the Nuvama India Conference on February 10 and the Kotak - Chasing Growth Conference on February 24, both held in Mumbai. These meetings will involve group and one-on-one interactions with institutional investors. The discussions will center around the company's financial performance for the quarter and nine months ended December 31, 2025.
- Scheduled participation in Nuvama India Conference 2026 on February 10, 2026
- Scheduled participation in Kotak - Chasing Growth Conference 2026 on February 24, 2026
- Meetings will be conducted in-person in Mumbai via group and one-on-one formats
- Discussions will be limited to the Q3 and 9M FY26 investor presentation already available on stock exchanges
- Company confirmed that no unpublished price-sensitive information (UPSI) will be shared
Nuvama Wealth Management has released the audio recording of its earnings conference call held on January 27, 2026. The call focused on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure follows the earlier release of the investor presentation on January 23, 2026. The recording provides management's perspective on the wealth management sector and the company's strategic progress during the fiscal year.
- Audio recording of the Q3 FY26 earnings call is now available via the company's website.
- The call discussed performance for the quarter and nine-month period ended December 31, 2025.
- The disclosure is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Investor presentation related to this call was previously shared with exchanges on January 23, 2026.
Nuvama Wealth Management reported a consolidated net profit of ₹771.47 crore for the nine months ended December 31, 2025, with a net worth of ₹3,839.14 crore. The board has approved a fresh investment of up to ₹100 crore in its wholly-owned subsidiary, Nuvama Asset Management Limited (NAML), to fuel growth. Significantly, the company has initiated a preliminary evaluation of strategies for better value discovery, which may include reorganizing business segments. Additionally, Keyur Ajmera has been appointed as the Group Chief Risk Officer effective February 1, 2026.
- Consolidated Net Profit for 9M FY26 reached ₹771.47 crore with a Net Worth of ₹3,839.14 crore.
- Standalone Q3 FY26 Net Profit rose to ₹280.29 crore, bolstered by dividend income of ₹230.55 crore.
- Approved equity investment of up to ₹100 crore in Nuvama Asset Management Limited (NAML).
- Initiated evaluation of business segment reorganization for better shareholder value discovery.
- Management transition with Keyur Ajmera appointed as Group Chief Risk Officer (SMP).
Nuvama Wealth Management reported a strong standalone performance for Q3 FY26, with net profit rising to ₹280.29 crore from ₹206.86 crore year-on-year. The board has approved a strategic capital infusion of up to ₹100 crore into its wholly-owned subsidiary, Nuvama Asset Management Limited, to fuel expansion. Furthermore, the company is initiating a preliminary exploration of business reorganization to optimize segment structures and discover better value for shareholders. A key management transition was also announced, with Keyur Ajmera appointed as the new Group Chief Risk Officer.
- Standalone net profit for Q3 FY26 increased to ₹280.29 crore versus ₹206.86 crore in Q3 FY25.
- Consolidated net profit for the nine-month period ended Dec 31, 2025, stood at ₹771.47 crore.
- Board approved a fresh investment of up to ₹100 crore in Nuvama Asset Management Limited.
- Company is evaluating strategies for business segment reorganization to improve shareholder value discovery.
- Consolidated net worth reached ₹3,839.14 crore as of December 31, 2025.
Nuvama Wealth Management reported a consolidated net profit of ₹771.47 crore for the nine months ended December 2025. The board has approved a strategic investment of up to ₹100 crore in its asset management subsidiary to drive expansion. A significant leadership change was announced with Keyur Ajmera taking over as Group Chief Risk Officer from February 2026. Furthermore, the company is initiating a preliminary exploration of reorganizing business segments to unlock shareholder value.
- Consolidated 9M FY26 Net Profit reached ₹771.47 crore with a Net Worth of ₹3,839.14 crore.
- Standalone Q3 FY26 Net Profit stood at ₹280.29 crore on a total income of ₹406.50 crore.
- Approved ₹100 crore equity investment in wholly-owned subsidiary Nuvama Asset Management Limited.
- Keyur Ajmera appointed as Group Chief Risk Officer; predecessor moving to a new senior group role.
- Board evaluating business reorganization strategies for better value discovery for shareholders.
Nuvama Wealth Management reported a robust standalone performance for Q3 FY26, with Net Profit rising to ₹280.29 crore from ₹206.86 crore YoY. For the nine-month period ended December 31, 2025, the group recorded a consolidated net profit of ₹771.47 crore and maintained a healthy net worth of ₹3,839.14 crore. The board has approved a strategic investment of up to ₹100 crore in its Asset Management subsidiary and is exploring business reorganization for better value discovery. Additionally, Keyur Ajmera has been appointed as the new Group Chief Risk Officer.
- Standalone Net Profit for Q3 FY26 increased by 35.5% YoY to ₹280.29 crore.
- Consolidated Net Profit for 9M FY26 reached ₹771.47 crore with a net profit margin of 22.90%.
- Board approved a capital infusion of up to ₹100 crore into Nuvama Asset Management Limited.
- Company is evaluating strategic reorganization of business segments for better shareholder value discovery.
- Keyur Ajmera appointed as Group Chief Risk Officer effective February 1, 2026.
Nuvama Wealth Management has announced a non-deal roadshow scheduled from January 26 to February 2, 2026, targeting institutional investors and analysts. The engagement will involve both in-person and virtual meetings across India and various international geographies. Management will discuss the company's performance for the quarter and nine-month period ending December 31, 2025. The company has clarified that no unpublished price-sensitive information will be shared during these interactions.
- Roadshow period spans 8 days from January 26 to February 2, 2026.
- Includes both group and one-on-one meeting formats for broader investor reach.
- Focus remains on the financial results for Q3 and 9M of the 2025-26 fiscal year.
- Participation involves multiple geographies, indicating a push for global investor visibility.
Financial Performance
Revenue Growth by Segment
Consolidated revenues grew 41% YoY to INR 2,901.3 Cr in FY25 from INR 2,062.7 Cr in FY24. While Wealth Management remains core, its contribution to operating PBT declined from 54% in FY24 to 36% in 9M FY25 as Asset Services and Capital Markets (Institutional Equities and Investment Banking) grew significantly to diversify the mix.
Geographic Revenue Split
Primarily India-focused with expanding offshore presence; the company incorporated Nuvama Wealth Management (DIFC) Limited in Dubai on June 4, 2024, to capture NRI and offshore wealth flows. Specific regional % splits are not disclosed, but the group operates across 90+ geographies in India.
Profitability Margins
Profit After Tax (PAT) increased 58% YoY in FY25. Return on Equity (RoE) improved significantly to 31.5% in FY25, compared to 23.8% in FY24 and 15% in FY23, driven by operating leverage in the Asset Services and Capital Markets segments.
EBITDA Margin
Operating PAT grew at a 49% CAGR over 4 years (FY21-FY25) reaching USD 111 Mn. Cost-to-income ratio improved from 73% in FY21 to 55% in FY25, reflecting enhanced operational efficiency as the business scaled.
Capital Expenditure
Not disclosed as a specific INR figure for infrastructure, but the company maintains a comfortable capitalization profile with a Tangible Net Worth (TNW) of INR 3,405 Cr as of March 2025 to support its lending book and clearing operations.
Credit Rating & Borrowing
Credit ratings were upgraded to CARE AA; Stable and CRISIL AA-/Positive. Borrowing costs are influenced by a concentrated profile: 45% from Principal Protected Market Linked Debentures (PPMLDs) and 22% from Commercial Papers (CPs). Consolidated gearing stood at 2.4x as of December 2024.
Operational Drivers
Raw Materials
Human Capital (Relationship Managers) and Technology are the primary 'inputs'. The group employs 1,387 Relationship Managers (RMs) and 352 team leaders as of March 31, 2025, representing the core cost and service delivery engine.
Import Sources
Not applicable for financial services; however, the company sources global investment expertise and capital through its promoter, PAG, which manages USD 55B+ globally.
Key Suppliers
Not applicable; however, the company utilizes technology platforms and exchanges like NSE, BSE, MCX, and NCDEX for its clearing and broking operations.
Capacity Expansion
Client Assets Under Advisory (AUA) reached INR 4,30,651 Cr in FY25, a 24% YoY growth. The company is expanding its 'managed products' which saw Q2 FY26 inflows of INR 2,800 Cr compared to INR 2,300 Cr in Q1 FY26.
Raw Material Costs
Employee benefits and RM commissions are the primary 'material' costs. Productivity is rising as 'one incoming RM is equal to almost two outgoing' in terms of skill set and cost-efficiency.
Manufacturing Efficiency
Operating efficiency is measured by the Cost-to-Income ratio, which improved to 55% in FY25. Assets under clearing grew 19% YoY, showcasing the scalability of the Nuvama Clearing Services Limited (NCSL) platform.
Logistics & Distribution
Distribution reach is being broadened across India and offshore markets to accelerate AUM growth, leveraging a 'One Nuvama' synergy approach across business segments.
Strategic Growth
Expected Growth Rate
25-26%
Growth Strategy
Growth will be driven by a focus on Annual Recurring Revenue (ARR) assets, scaling the Asset Management business, and deepening fixed income capabilities. The company aims to leverage its 'One Nuvama' strategy to cross-sell services across its 1.2 million affluent/HNI clients and 4,250 family offices.
Products & Services
Wealth management solutions, investment advisory, estate planning, asset management (AIFs), clearing and custody services, institutional equities, investment banking, and margin/ESOP financing.
Brand Portfolio
Nuvama, Nuvama Private, Nuvama Wealth, Nuvama Asset Management, Nuvama Asset Services.
New Products/Services
Expansion into alternative asset management products and offshore wealth services via the new Dubai (DIFC) subsidiary.
Market Expansion
Targeting offshore markets (Dubai) and deepening penetration in Indian Tier 2/3 cities through its 1,387 RMs.
Market Share & Ranking
Second largest independent wealth management player in India by client assets (INR 4.3 Trillion).
Strategic Alliances
Joint venture with Cushman & Wakefield (Nuvama and Cushman & Wakefield Management Private Limited) for real estate asset management.
External Factors
Industry Trends
The industry is shifting toward recurring revenue models and professional clearing. Nuvama is positioning itself by increasing its ARR assets and scaling its professional clearing member (PCM) business, which is currently the largest profit contributor.
Competitive Landscape
Competes with bank-led wealth managers and other independent firms like 360 ONE. Nuvama differentiates through its integrated 'Asset Services + Wealth' model.
Competitive Moat
Moat is built on its status as the 2nd largest non-bank wealth manager and its association with PAG (54.78% stake), which provides global relationships and competitive borrowing costs. This is sustainable due to high switching costs in wealth management and the scale of the clearing business.
Macro Economic Sensitivity
Highly sensitive to capital market cycles; revenue from Institutional Equities and Investment Banking is transaction-dependent and fluctuates with market volumes.
Consumer Behavior
Increasing preference for 'managed products' over pure advisory, evidenced by the growth in managed product flows to INR 2,800 Cr in Q2 FY26.
Geopolitical Risks
Exposure to international macro events that affect FII flows, as NCSL settles trades for over 250 institutional clients including Foreign Institutional Investors.
Regulatory & Governance
Industry Regulations
Subject to SEBI regulations for broking, AMCs, and Investment Advisory. New index derivatives frameworks (Nov 2024) have already impacted Institutional Equities volumes by 27%.
Environmental Compliance
Not a high-impact factor for financial services; ESG focus is primarily on governance and social responsibility.
Taxation Policy Impact
Standard Indian corporate tax rates apply; the company reported a 58% YoY increase in PAT, suggesting effective tax management alongside profit growth.
Legal Contingencies
The company faces inherent regulatory uncertainties and associated franchise/reputational risks typical of capital market intermediaries; specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
Regulatory changes in capital markets (e.g., derivatives margins) and market volatility could impact revenues by 20-30% in specific segments like Institutional Equities.
Geographic Concentration Risk
Heavy concentration in India, though diversifying via the Dubai (DIFC) subsidiary and international offices in the US, UK, and HK.
Third Party Dependencies
Dependency on PAG for promoter support and global networking; PAG holds a 54.78% stake.
Technology Obsolescence Risk
Risk of falling behind in digital wealth tech; mitigated by a robust full-stack platform for digital onboarding and straight-through processing.
Credit & Counterparty Risk
Lending book of INR 4,787 Cr is exposed to market risk as it is backed by financial assets (LAS), though currently mitigated by a 3x collateral cover.