Nuvama delivers resilient performance. Wealth businesses post strong growth of 23% YoY

Nuvama Wealth Management Limited (NSE, BSE: NUVAMA), one of India’s leading wealth management companies, announced its financial results for the quarter and year ending 31^st March 2026.

Nuvama delivered another year of resilient performance, led by continued structural growth in Wealth Management across both UHNI and HNI/Affluent segments. Asset Services maintained strong momentum, reporting record quarterly and full-year profits, while the Asset Management build-out progressed steadily. Capital Markets performance remained in line with broader market trends, with the fixed income franchise continuing to scale strongly.

Nuvama Group’s Consolidated Performance

Note 1: Exceptional Items: One-time statutory impact of New Labour Codes

Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said,

“FY26 tested us across multiple fronts; macro uncertainty, volatile markets, evolving regulatory actions, and heightened competition. Through disciplined execution and strong client focus, we delivered resilient growth. Beyond near-term market cycles, our integrated and diversified platform has consistently demonstrated its strength, with each business delivering profit CAGR of ~20% or above, across 2, 3, and 4-year horizons.

The sector continues to present strong structural tailwinds and significant long-term opportunities. As we scale, maintaining a bifocal approach; driving growth while institutionalising systems and processes, remains a key priority, and we made meaningful progress on this agenda during FY26. In Wealth Management, we strengthened our client proposition through investments in talent, AI, technology, and product capabilities. We further expanded our reach and deepened client engagement, with strong new flows at 25% of opening ARR and MPIS assets, reflecting growing client trust. In Asset Services, we continued to attract flows from both new and existing clients across domestic and international segments, reinforcing the resilience of this infrastructure-like business amid market volatility. In Asset Management, we strengthened both investment and non-investment capabilities to support long-term scaling of the platform. In Capital Markets, we maintained our equity market share while continuing to grow fixed income market share through enhanced origination and distribution capabilities.

As the industry continues to mature and consolidate, we believe our diversified platform, governance-led approach, and strong client focus position us well for sustained growth ahead.”

Key Highlights

1. Wealth Management

1. Revenues: ₹474 Cr in Q4, grew by 19% YoY and ₹1,718 Cr in FY26, grew by 20% YoY
2. PBT: ₹158 Cr in Q4, grew by 23% YoY and ₹585 Cr in FY26, grew by 23% YoY
3. Client Assets: Stood at ₹3,13,787 Cr as at end of Q4, grew by 7% YoY
4. Nuvama Wealth:
   • Revenues: ₹250 Cr in Q4, grew by 16% YoY and ₹960 Cr in FY26, grew by 18% YoY, led by strong MPIS growth and sustained traction in the lending book
   • PBT: ₹83 Cr in Q4, grew by 26% YoY and ₹330 Cr in FY26, grew by 22% YoY, driven by improvement in productivity thereby expanding margins by ~130 bps in FY26
   • Net flows: FY26 net flows from MPIS remained strong at ₹8,920 Cr, a 38% YoY growth and representing 30% of opening MPIS assets
5. Nuvama Private:
   • Revenues: ₹224 Cr in Q4, grew by 22% YoY and ₹758 Cr in Q4, grew by 24% YoY, driven by ARR revenues, which grew by 32% YoY in FY26
   • PBT: ₹75 Cr in Q4, grew by 21% YoY and ₹256 Cr in FY26, grew by 24% YoY
   • Net flows: FY26 ARR net flows remained strong at ₹9,630 Cr

2. Asset Management
   1. Management fee: ₹22 Cr in Q4, grew by 34% YoY and ₹77 Cr in FY26, grew by 31% YoY
   2. FY26 closing AUM stood at ₹12,807 Cr, grew by 13% YoY, led by CRE strategy while public markets witnessed market headwinds

3. Asset Services and Capital Markets

1. Revenues:

• Asset Services: FY26 revenue grew by 12% YoY, demonstrating strong execution over last few quarters
• Capital Markets: FY26 revenues declined 19% YoY. Fixed income revenues, grew by 34% YoY driven by expanded coverage and distribution capabilities

2. PBT: ₹205 Cr in Q4, lower by 5% YoY and ₹830 Cr in FY26, lower by 3% YoY
3. Client Assets (Asset Services): ₹1,25,954 Cr as at end of Q4