Nuvama Wealth Management Limited Earnings Summary — Q4 FY2026
Nuvama Wealth Management Hits Record Quarterly Revenue Amid Steady Margin Performance
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹1,376 Cr is 22.6% higher year-on-year.
- Revenue has compounded at 19.1% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹306 Cr is 15.8% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 26.3% annualised across the period.
- Operating margin stands at 52.6% in Q1 FY2027.
- Operating margin compressed by 186 bps year-on-year.
- Over the last two years operating margin has expanded by 71 bps.
- PBT margin is 29.8%.
- Expenses grew 27.6% against revenue growth of 22.6%.
- Operating profit of ₹724 Cr is 18.4% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 77/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,376 | 1,269 | 1,104 | 1,135 | 1,123 | 1,120 | 1,034 | 1,053 | 949 | 929 |
| Expenses | Improving | 652 | 641 | 497 | 541 | 511 | 545 | 453 | 488 | 457 | 464 |
| Operating Profit | Improving | 724 | 629 | 607 | 593 | 612 | 575 | 582 | 565 | 493 | 465 |
| Operating Margin | Stable | 52.6% | 49.5% | 55.0% | 52.3% | 54.5% | 51.3% | 56.2% | 53.6% | 51.9% | 50.1% |
| Other Income | Improving | 8 | 20 | 2 | 8 | 3 | 9 | 1 | 4 | 7 | 0 |
| Interest | Improving | 295 | 258 | 242 | 237 | 240 | 215 | 225 | 200 | 183 | 183 |
| Depreciation | Stable | 27 | 36 | 27 | 25 | 24 | 29 | 24 | 21 | 20 | 45 |
| Profit Before Tax | Improving | 411 | 355 | 340 | 339 | 351 | 340 | 334 | 347 | 297 | 237 |
| Tax | Improving | 105 | 86 | 86 | 85 | 87 | 85 | 82 | 90 | 76 | 57 |
| Net Profit | Improving | 306 | 269 | 254 | 254 | 264 | 255 | 252 | 258 | 221 | 181 |
| Net Margin | Stable | 22.2% | 21.2% | 23.0% | 22.4% | 23.5% | 22.8% | 24.4% | 24.5% | 23.3% | 19.5% |
Key Takeaways
- Quarterly revenue reached an all-time high of ₹1,269 Cr, marking significant scale-up in wealth and institutional operations.
- Net Profit grew to ₹269 Cr, maintaining consistent profitability despite rising interest and operating expenses.
- Operating margins saw a slight contraction to 50% in Q4 compared to the previous quarter (55%) and the previous year (51%).
- Interest expenses rose to ₹258 Cr this quarter, reflecting increased borrowing to fund margin financing and credit books.
- Borrowings have climbed significantly to ₹11,544 Cr, contributing to a rising debt-to-equity profile.
- The company continues to demonstrate high capital efficiency with an annual ROE consistently around 27%.
Management Guidance
Management is focusing on transitioning toward more recurring revenue streams and launching its new Mutual Fund business to build a full-scale wealth platform.
Sentiment Shift
Stable
Revenue and profit growth remains robust, though slight margin compression and high debt levels warrant attention.
Outlook
The outlook remains strong due to the shift in India's affluent and HNI financial services market, bolstered by Nuvama's leading market share and successful demerger execution. However, market volatility and high promoter pledges remain key risks.
From the Annual Report (Key Quotes)
“Nuvama Wealth Management Limited is a leading player in India's affluent and HNI financial services market.”
“The business model is capital-light but reliant on market cycles and high-quality relationship manager retention.”
“Strategic shifts toward recurring revenue and the upcoming Mutual Fund business suggest a maturation into a full-scale wealth platform.”
Official Quarterly Documents
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This summary is AI-generated from Nuvama Wealth Management Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.