Nuvama Group Reports Steady Q2 FY26; Wealth Businesses Lead with 27% YoY Profit Growth

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 30^th September 2025.

Nuvama’s Wealth and Private businesses continued to drive growth in Q2 FY26, supported by strong client engagement, sustained net flows, and deepening relationships. Profit before tax from these segments rose 27% YoY in Q2 and 23% YoY in H1, underscoring the strength of Nuvama’s wealth platform. Other businesses sustained resilience despite market moderation, reinforcing the Group’s balanced growth strategy.

Nuvama Group’s Consolidated Performance

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

“India’s long-term growth trajectory remains robust. While short-term volatility persists, we are seeing encouraging signs of stability across the markets, supported by strong domestic liquidity, resilient corporate earnings, and steady investor participation.

Our focus on structurally strong and synergistic businesses continues to yield sustained growth momentum and the diversity of our revenue streams enhances resilience through cycles. Our H1 FY26 PAT stood at ₹518 Cr, up 8% YoY. Positive business momentum continues across

segments; Wealth Management continues to attract robust new flows; in Asset Management, we secured in-principle approval to set up a mutual fund, which will enable us to launch SIFs; in Asset Services, we continue to see YoY growth led by higher engagement with our existing and new clients; and in Capital Markets, while secondary volumes remain under some pressure, the primary and fixed income revenue streams continue to perform well. Overall, cross-business collaboration continues to amplify client value and enterprise growth.”

Key Highlights

1. Wealth Management

1. Revenues: ₹438 Cr in Q2, grew by 26% YoY and ₹815 Cr in H1, grew by 22% YoY
2. PBT: ₹151 Cr in Q2, grew by 27% YoY and ₹274 Cr in H1, grew by 23% YoY
3. Client Assets: Stood at ₹3,18,573 Cr as at end of Q2
4. Nuvama Wealth:
   • Revenues: ₹241 Cr in Q2, grew by 19% YoY. Revenue growth led by MPIS, which grew by 74% YoY
   • PBT: ₹84 Cr in Q2, grew by 19% YoY
   • Net flows: H1 net flows from MPIS remain strong at ₹4,680 Cr, grew by 34% YoY led by sustained healthy flows in managed products
5. Nuvama Private:
   • Revenues: ₹197 Cr in Q2, grew by 37% YoY. In H1, ARR contributed 56%
   • PBT: ₹66 Cr in Q2, grew by 38% YoY
   • Net flows: H1 ARR net flows remained strong at ₹5,360 Cr
   • ARR earning assets crossed the ₹ 50,000 Cr milestone, growing by 24% YoY

2. Asset Management
   1. Management fee: ₹17 Cr in Q2, grew by 20% YoY, led by healthy growth in public markets and commercial real estate strategy
   2. Closing AUM stood at ₹11,878 Cr as at end of Q2 FY26, grew by 15% YoY driven by:
      • Public Markets: AUM stood at ₹5,045 Cr grew by 11% YoY, H1 FY26 witnessed muted net flows given volatility
      • Commercial Real Estate: AUM stood at ₹2,353 Cr, grew by 127% YoY. Completed 2^nd investment in a 2.4m sq. ft. marquee property in Chennai
   3. Secured in principle approval for Nuvama Wealth Management Limited to act as a sponsor and set-up Nuvama Mutual Fund - a key milestone to launch SIF

3. Asset Services and Capital Markets

1. Revenues:
   • Asset Services: ₹160 Cr in Q2, grew by 5% YoY, driven by higher engagement with our existing and new clients demonstrating the underlying strength of the franchise
   • Capital Markets: ₹161 Cr in Q2, lower by 28% YoY, primarily due to moderation in secondary market volumes
2. PBT: ₹193 Cr in Q2, lower by 16% YoY
3. Client Assets (Asset Services): ₹1,06,000 Cr as at end of Q2, lower by 15% YoY