Nuvama Wealth Management reported revenue growth of 8% for the nine months ending December 31, 2025. The company is focused on organic growth and unlocking synergies across segments with its ‘One Nuvama’ program. Key initiatives include expanding the asset management platform, building an offshore platform, and growing the client base in asset services and capital markets. Profits have grown by approximately 45% CAGR over the last 3 years.
Financial Performance
Nuvama Wealth Management reported revenue growth of approximately 8% for the nine months. The operating profit after tax for the same period reached around INR780 crores. Growth was witnessed across most segments, with the exception of core capital markets (IB & IE).
Strategic Priorities
The company is focusing on several strategic initiatives to drive value discovery:
- Expanding the asset management platform to include SIF (subject to regulatory approvals).
- Building an offshore platform for wealth management with both organic and inorganic growth.
- Growing client base and footprint in asset services and capital markets, including backward integration.
Wealth Management
Revenues from Managed Products and Investment Solutions (MPIS) grew by approximately 48% during the nine months, with closing assets increasing by about 30% year-on-year. This segment contributes to 60% of overall wealth revenues, generating net new money of INR6,500 crores. The lending book has grown to approximately INR4,300 crores.
Nuvama Private
The revenue stream from ARR (Assets under Recurring Revenue) contributes about 60% and has grown by around 30% year-on-year. Average ARR assets are now approximately INR50,000 crores, delivering a blended retention of approximately 90 basis points.
Asset Management
The AUM (Assets Under Management) for the commercial real estate fund has reached approximately INR3,000 crores, with deployment at around 40%.
Asset Services
Revenues grew by approximately 15% year-on-year for the nine months. The closing float balance in Q3 has surpassed Q1 levels.
Capital Markets
The numbers in capital market segment showed moderation, particularly in institutional equities, which remained flat between Q2 and Q3. Fixed income continues to perform well, contributing to approximately 50% of the business.
Financial Performance Overview (Bharat Kalsi)
Consolidated client assets reached INR4.6 lakh crores. Revenue was recorded at INR755 crores for the quarter, representing a growth of 4%. Wealth businesses contributed almost 57% of the total revenue.
Looking Ahead
The company maintains its guidance for approximately 10% to 12% opex growth for the full year, with 50% allocated to business expansion and the remainder towards inflation.
Source: BSE
