Nuvama Wealth Management Limited has released its investor presentation detailing the audited consolidated financial results for the quarter and financial year ended March 31, 2026. The financial performance reflects resilient growth across its business segments, with total revenues for Q4 FY26 reaching US $91 Mn, a 7% increase compared to the corresponding period in the previous year. For the full year FY26, the company recorded total revenues of US $343 Mn, marking an 8% year-on-year growth.

Consolidated Financial Performance

The company’s profitability metrics showed positive trends during the period. Operating PAT for Q4 FY26 stood at US $30 Mn, growing by 5% YoY, while the full-year operating PAT reached US $115 Mn, an increase of 6% YoY. Total costs for Q4 FY26 were reported at US $53 Mn, up 10% YoY, driven by employee costs of US $38 Mn, which increased by 11% YoY. The Return on Equity (RoE) for FY26 was recorded at 28.1%, compared to 31.5% in the previous fiscal year.

Key Financial Metrics (US $ Mn)

Business Segment Performance

Nuvama Wealth Management operates across four primary segments: Wealth Management, Asset Management, Asset Services, and Capital Markets. Wealth Management Q4 revenues grew by 19% YoY, contributing 57% to total revenues. Asset Management Q4 revenues, specifically management fees, surged by 34% YoY. Asset Services revenues grew by 5% YoY in Q4. Conversely, Capital Markets Q4 revenues were lower by 17% YoY due to market headwinds.

Assets and Operational Highlights

Client assets remained a strong indicator of the company’s market position, standing at US $49,371 Mn in Q4 FY26, a 5% YoY increase. Nuvama Wealth client assets grew by 14% YoY to US $11,770 Mn, while Nuvama Private client assets stood at US $22,712 Mn, up 4% YoY. Nuvama Asset Management reported Assets Under Management (AUM) of US $1,407 Mn, growing by 13% YoY. The company continues to focus on expanding its integrated wealth management platform and enhancing its technological capabilities to drive future growth.

Nuvama Wealth Management Limited's Board of Directors, at its meeting held on May 11, 2026, approved the consolidated and standalone audited financial results for the quarter and financial year ended March 31, 2026. The Board also declared an interim dividend of ₹14 per equity share of face value ₹2 each for the financial year 2026-27, with the record date fixed as May 15, 2026. The dividend is payable on or before June 9, 2026, subject to applicable taxes. Statutory auditors M/s. S. R. Batliboi & Co. LLP issued unmodified audit opinions on both the consolidated and standalone financial results.

Consolidated Financial Performance

On a consolidated basis, Nuvama Wealth Management delivered steady growth in revenue and profitability for FY26. Total income rose to ₹4,649.65 crore in FY26 from ₹4,169.30 crore in FY25. Net profit for the year increased to ₹1,040.26 crore from ₹985.06 crore in the previous year. For the quarter ended March 31, 2026, consolidated net profit stood at ₹268.79 crore, compared to ₹255.27 crore in the corresponding quarter of the previous year. Revenue from operations for Q4 FY26 rose to ₹1,269.14 crore from ₹1,119.81 crore in Q4 FY25, reflecting continued business momentum.

The following table summarises the key consolidated financial metrics:

Fee and commission income for FY26 stood at ₹2,283.52 crore against ₹2,139.54 crore in FY25, while interest income grew to ₹1,967.80 crore from ₹1,718.02 crore. Employee benefits expense for FY26 was ₹1,261.82 crore compared to ₹1,165.97 crore in FY25. Finance costs for the year rose to ₹976.67 crore from ₹821.96 crore in FY25.

Consolidated Segment Performance

The Group's performance is assessed across three primary business segments. The wealth management business recorded segment revenue of ₹2,761.37 crore in FY26 compared to ₹2,292.96 crore in FY25, with segment profit before taxation of ₹566.73 crore against ₹425.65 crore in FY25. The capital markets business reported segment revenue of ₹1,916.15 crore in FY26 versus ₹2,062.25 crore in FY25, with segment profit before taxation of ₹833.39 crore compared to ₹895.34 crore in FY25. The asset management business reported segment revenue of ₹135.64 crore in FY26 against ₹124.91 crore in FY25, with a segment loss before taxation of ₹26.82 crore compared to a loss of ₹7.73 crore in FY25.

Consolidated Balance Sheet Highlights

Total consolidated assets stood at ₹34,491.27 crore as at March 31, 2026, compared to ₹28,387.63 crore as at March 31, 2025. Total equity increased to ₹4,123.15 crore from ₹3,493.11 crore. Loans grew to ₹7,659.86 crore from ₹4,600.34 crore, while debt securities rose to ₹10,541.90 crore from ₹6,729.69 crore. Key financial ratios for the consolidated entity are presented below:

Consolidated Cash Flow

For FY26, the Group reported net cash used in operating activities of ₹3,013.53 crore, compared to ₹372.60 crore in FY25, primarily driven by a significant increase in loans and changes in other financial liabilities. Net cash used in investing activities was ₹127.65 crore versus ₹63.72 crore in FY25. Net cash generated from financing activities stood at ₹3,181.11 crore against ₹600.53 crore in FY25, supported by proceeds from issuance of debt securities (net) of ₹3,812.21 crore. Cash and cash equivalents at the end of the year stood at ₹580.98 crore compared to ₹532.58 crore at the beginning of the year.

Standalone Financial Performance

On a standalone basis, Nuvama Wealth Management reported net profit of ₹567.23 crore for FY26, compared to ₹597.71 crore in FY25. Total standalone income for FY26 was ₹1,204.31 crore against ₹1,357.24 crore in FY25. For the quarter ended March 31, 2026, standalone net profit was ₹19.11 crore versus ₹27.47 crore in the corresponding prior-year quarter. The following table presents key standalone financial metrics:

Total standalone assets as at March 31, 2026 stood at ₹3,594.99 crore compared to ₹7,285.29 crore as at March 31, 2025. Standalone net worth was ₹2,086.93 crore as at March 31, 2026 against ₹1,935.16 crore as at March 31, 2025. Key standalone financial ratios are presented below:

Corporate Actions and Dividend TDS Communication

Several notable corporate developments were disclosed alongside the financial results. In connection with the interim dividend of ₹14 per equity share declared for FY 2026-27, the Company issued a communication dated May 11, 2026 to equity shareholders detailing the applicable TDS and withholding tax rates. As per the provisions of the Income-tax Act, 2025, dividends are taxable in the hands of shareholders, and the Company is required to deduct tax at source. The applicable rates vary based on the residential status of the shareholder and documents submitted. Shareholders were required to submit relevant declarations and documents on or before May 14, 2026, through the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, to enable determination of appropriate TDS rates.

The following table summarises the applicable TDS rates for resident shareholders:

For non-resident shareholders, including Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs), tax is deductible at 20% (plus applicable surcharge and cess) under the Act, or the applicable tax treaty rate, whichever is lower. To avail treaty benefits, non-residents are required to submit documents including a valid Tax Residency Certificate, Indian PAN (if available), Form 41 in electronic format, and a self-declaration confirming beneficial ownership and absence of a Permanent Establishment in India. In the absence of such documents, withholding rates as prescribed under the Act apply. The Company noted it would not intimate shareholders about any discrepancy and would deduct tax in accordance with the Act, with the Company's decision being final.

Other key corporate developments include:

• Share Sub-division: The Board, at its meeting held on November 04, 2025, approved the sub-division of each equity share of face value ₹10 into 5 equity shares of face value ₹2 each. Shareholder approval was obtained via postal ballot on December 07, 2025, and the sub-division took effect from the record date of December 26, 2025. EPS figures for current and comparative periods have been adjusted accordingly.
• New Labour Codes: Effective November 21, 2025, the Government of India consolidated multiple labour legislations into four Labour Codes. Pursuant to this, the Group recognised an incremental one-time expense of ₹10.57 crore as past service cost in the consolidated results for the year ended March 31, 2026. On a standalone basis, the Company recognised ₹1.50 crore as past service cost for the same period.
• New Subsidiaries: During the quarter ended December 31, 2025, the Company incorporated two wholly owned subsidiaries—Nuvama Mutual Fund Trusteeship Services Limited (w.e.f. November 14, 2025) and Nuvama Trusteeship Services Limited (w.e.f. December 09, 2025). These were included in consolidation from the quarter ended March 31, 2026 following completion of capital infusion.
• Post-Period Dividend from Subsidiaries: Subsequent to the year ended March 31, 2026, various subsidiaries declared dividends, and the Company received ₹250.17 crore.
• Impairment on Investment: Impairment on financial instruments in the standalone results includes a provision towards diminution in value of investment in Pickright Technologies Private Limited (a subsidiary) amounting to ₹16.71 crore for the quarter and year ended March 31, 2026.

Legal and Regulatory Matters

Nuvama Clearing Services Limited (NCSL), a subsidiary, faces ongoing legal proceedings related to the liquidation of collateral securities. In matters involving Anugrah Stock & Broking Private Limited, NCSL liquidated collateral securities amounting to ₹460.32 crore during January 2020 to June 2020. The Securities Appellate Tribunal dismissed NCSL's appeal on December 15, 2023, upholding NSE Clearing Limited's reinstatement order. NCSL filed an appeal before the Hon'ble Supreme Court of India on December 22, 2023, which was admitted on January 13, 2026, and the matter is currently pending hearing. In a separate matter involving V-Rise Securities Private Limited, NCSL liquidated collateral securities of ₹22.27 crore during November 2019 to January 2020; the Supreme Court admitted NCSL's appeal in this matter as well on January 13, 2026. Based on legal opinions obtained, management believes no adjustment is required in the financial results in respect of these matters. Separately, on February 26, 2026, the Hon'ble High Court of Bombay passed an order recording the Economic Offence Wing's steps to permanently lift the lien marked on NCSL's clearing account, and the related appeal was disposed of.