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Nuvama Wealth Management
SectorFinancial Services
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Nuvama’s private wealth segment drives growth and profitability, while cost discipline remains tight across the business.
Closing Client Assets [Nuvama Private] grow from 23,820 in Q2 FY26 to 26,395 in Q1 FY27, confirming robust private wealth accumulation.
Wealth Management Revenue drops from 222 in Q1 FY26 to 27 in Q1 FY27, signaling constrained income.
Cost to Income holds steady at 55% from Q1 FY26 to Q1 FY27, confirming stable operational efficiency.
Net New Money [MPIS] falls from 2,276 in Q1 FY26 to 335 in Q1 FY27, indicating slowing mutual fund inflows.
Ultra High Networth Families climb from 4,400 in Q1 FY26 to 4,750 in Q4 FY26, demonstrating consistent high-value client acquisition.
AUM [INR] declines from 11,810 in Q1 FY26 to 1,457 in Q1 FY27, reflecting a reduced but stabilized asset base.
Return on Equity rebounds from 27.4% in Q3 FY26 to 29.5% in Q1 FY27, confirming robust capital efficiency.
Revenue [Capital Markets] falls from 180 in Q1 FY26 to 20 in Q1 FY27, signaling constrained trading activity.
Revenue [Nuvama Private] surges from 20 in Q3 FY26 to 224 in Q4 FY26, reflecting strong private segment recovery.
Management Fee drops from 18 in Q1 FY26 to 2.4 in Q1 FY27, indicating compressed fee margins.
Company insights, generated from the most recent coverage.
Wealth cost-to-income ran at 70% in Q1 against management's 60–62% full-year target — a big assumed second-half improvement, so operating leverage in the wealth business is still a promise rather than delivered.
Management flagged that quarter-on-quarter growth in one business line will not repeat as idle cash gets redeployed — Q1's record print flattered by a non-recurring driver, so annualise Q1 FY27 PAT cautiously.
The 3.16% decline came on 3.68 lakh shares, just 0.68x the 1-month average volume, with no bulk or block deal reported — a thin-volume pullback reads as routine profit-booking rather than institutional distribution.