Nuvama Wealth Management Limited — Q2FY27 earnings call summary

Filed 13 November 2026 · Official transcript

Q2 FY27 revenue INR937 Cr +21% y-y; H1 revenue INR1,850 Cr +20% y-y; operating PAT INR319 Cr +26% y-y
Asset Services revenue +50% y-y; client assets INR1.6 lakh Cr; yield expected 2.6%-2.8% for next 2 years
Board decided no H1 FY27 dividend to manage debt-equity at 2.5x target; current gearing 2.9x
Market share: 6-7% in PMS, 8-9% in AIF; 25% of new registrations captured
Cost growth: employee cost +19% due to 7% headcount increase; ESAR charge INR6 Cr in Q2; opex growth +9%
Attrition in Private Wealth normal; RM additions steady; AI and technology improving RM productivity and client engagement
Lending book INR6,000 Cr +60% y-y; loan book growth supports revenue and margin expansion
Client assets INR5.5 lakh Cr +25% y-y; Wealth assets INR3.7 lakh Cr; MPIS and ARR assets growing 27%