Nuvama Wealth Management Limited (NSE, BSE: NUVAMA), one of India’s leading Wealth Management companies, reported its financial results and business performance for the quarter ending 30th June 2025.
Nuvama Group: Consolidated Performance
1. Revenues: Q1 FY26 stood at ₹770 Cr, grew by 15% YoY
2. Operating Profit After Tax (PAT): Q1 FY26 stood at ₹264 Cr, grew by 19% YoY
3. Delivered strong performance with momentum in Q1 FY26:
o Wealth and Asset Management: Sustained robust growth, revenues grew by 18% YoY
o Asset Services: Revenues grew by 46% YoY, driven by scale up of existing and addition of new clients
| Particulars – ₹ Cr | Q1 FY25 | Q1 FY26 | YoY% | FY24 | FY25 | YoY% | ||
| Revenues | 668 | 770 | 15% | 2,063 | 2,901 | 41% | ||
| Costs | 374 | 421 | 13% | 1,279 | 1,590 | 24% | ||
| Operating Profit Before Tax (PBT) | 293 | 349 | 19% | 784 | 1,311 | 67% | ||
| Operating Profit After Tax (PAT) | 221 | 264 | 19% | 597 | 986 | 65% |
Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said,
“In Q1, India’s economy stayed strong, supported by steady consumer demand and lower inflation. Recent RBI rate cuts improved liquidity, helping maintain healthy domestic fund flows. Stock markets saw modest, range-bound gains as volatility and soft earnings kept investors cautious. Looking ahead, U.S. tariffs and global trade tensions could weigh on sentiment, but India’s long-term growth fundamentals remain strong despite near-term earnings pressures.
We started the year on a strong footing, delivering broad-based growth across all our business segments. Our ability to scale efficiently, with a cost-to-income ratio at 55% alongside a disciplined and well-governed operating model, translated into meaningful outcomes. Our profit after tax grew by 19% YoY and we continued to deliver RoE of over 30% in Q1. In Wealth Management, our multi-product platform continues to draw strong inflows across asset classes, supported by sustained investments in talent and technology that are enhancing client engagement and driving growth. In Asset Management, our commercial real estate, PRIME fund completed its 1st investment and has a decent pipeline for further deployments. In Asset Services, both our segments, International and Domestic continue to scale meaningfully, deepening their granularity. Our Capital Markets businesses delivered steady growth over last quarter, aided by improving market sentiment and continued client engagement. We remain confident in our differentiated value proposition, positioning us well to capture client interest and deliver sustainable, long-term growth”
Key Highlights
1. Wealth Management
a) Revenues: ₹377 Cr in Q1, grew by 18% YoY and PBT: ₹124 Cr in Q1, grew by 19% YoY
b) Client Assets: Stood at₹3,23,585 Cr as at end of Q1, grew by 18% YoY
c) Nuvama Wealth:
o Revenues: ₹222 Cr in Q1, grew by 17% YoY
– Revenue growth led by MPIS, which grew by 59% YoY
– MPIS share of revenues increased from 40% to 54% YoY
o PBT: ₹75 Cr in Q1, grew by 18% YoY
o Net flows: Q1 net flows from MPIS remain strong at ₹ 2,276 Cr, led by sustained healthy flows in annuity products
d) Nuvama Private:
o Revenues: ₹155 Cr in Q1, grew by 19% YoY
– ARR continues to grow faster at 25% YoY, contributed 66% of total revenues
o PBT: ₹48 Cr in Q1, grew by 19% YoY
o Net flows: ARR net flows remained strong at ₹ 2,884 Cr for Q1 FY26
o RMs: Platform continues to attract and retain talent, with RM headcount on a steady growth trajectory
2. Asset Management
a) Management fee: ₹18 Cr in Q1, grew by 37% YoY, led by healthy growth in public markets and CRE strategy
b) Fee-paying AUM now represents 93% of closing AUM
c) Closing AUM stood at ₹11,810 Cr as at end of Q1 FY26, grew by 54% YoY driven by:
o Public Markets: AUM stood at ₹5,284 Cr grew by 93% YoY
o Commercial Real Estate: AUM stood at ₹1,852 Cr. Successfully completed first deployment
3. Asset Services and Capital Markets
a) Revenues:
o Asset Services: ₹193 Cr in Q1, grew by 46% YoY, driven by scale up of existing and addition of new clients, across both – international and domestic client segments
o Capital Markets: ₹180 Cr in Q1, down by 10% YoY
– Market momentum improved in Q1, revenues grew 10% QoQ
– Fixed income markets continue to grow, driven by improved client coverage and growth in volumes
a) PBT: ₹225 Cr in Q1, grew by 17% YoY
b) Client Assets (Asset Services): ₹1,27,333 Cr as at end of Q1, grew by 19% YoY
