Chennai: Nuvama Wealth Management Limited (NSE, BSE: NUVAMA), one of India’s leading wealth management companies, announced its financial results for the quarter and half year ending 30th September 2026.
Nuvama Group continued to deliver strong and diversified growth in Q2 and H1 FY27, underpinned by the strength of its integrated wealth management platform. Operating profit grew 26% YoY to ₹319 Cr in Q2 FY27 while H1 FY27 rose 21% YoY to ₹625 Cr.
Wealth Management continued its track record of consistent compounding, with profits growing 22% YoY in Q2 and net flows reaching record levels. Asset Services maintained strong momentum, while Capital Markets delivered a healthy performance supported by a diversified revenue mix. Reflecting continued client confidence, client assets reached ₹5.5 trillion, up 25% YoY, while MPIS and ARR client assets across Nuvama Wealth and Private increased 27% YoY to nearly ₹1.1 trillion.
Nuvama Group’s Consolidated Performance
| Particulars – ₹ Cr | Q2 FY27 | Q2 FY26 | YoY % | H1 FY27 | H1 FY26 | YoY % | ||
| Revenues | 937 | 772 | 21% | 1,846 | 1,542 | 20% | ||
| Costs | 507 | 437 | 16% | 1,008 | 858 | 17% | ||
| Operating Profit After Tax | 319 | 254 | 26% | 625 | 518 | 21% |
Business Segment Wise Profit Before Tax
| Particulars – ₹ Cr | Q2 FY27 | Q2 FY26 | YoY % | H1 FY27 | H1 FY26 | YoY % | ||
| Wealth Management | 184 | 151 | 22% | 332 | 274 | 21% | ||
| Asset Services and Capital Markets | 259 | 193 | 34% | 527 | 419 | 26% |
Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said,
“We delivered another quarter of strong performance, with Q2 operating profits growing 26% YoY and RoE remaining strong at ~29%. Wealth Management continued its track record of consistent compounding with record net flows, Asset Services sustained strong momentum, and Capital Markets delivered a healthy performance despite a softer market environment.
While we are pleased with our progress, we remain in the early innings of a much larger opportunity. The structural shifts underway are expanding both the size and depth of the addressable market across each of our businesses.
We believe Nuvama is uniquely positioned to benefit from these trends. Over the years, we have built scaled and profitable franchises across our business segments. While each segment is independently strong, the real advantage lies in how they work together. The synergies create a powerful ecosystem that is difficult to replicate. We believe the full value of this integrated platform is only beginning to emerge.
At the heart of this franchise are our people. Our ability to attract, develop and retain high-quality talent remains one of our most important competitive advantages. As we look ahead, we remain focused on building an institution that delivers enduring value for clients, employees and shareholders alike.”
Key Highlights
1. Wealth Management
a) Revenues: ₹501 Cr in Q2, grew by 14% YoY and ₹948 Cr in H1 FY27, grew by 16% YoY
b) PBT: ₹184 Cr in Q2, grew by 22% YoY and ₹332 Cr in H1 FY27, grew by 21% YoY
c) Client Assets: Stood at ₹3,71,129 Cr as at end of Q2, grew by 16% YoY
d) Nuvama Wealth:
o Revenues: ₹275 Cr in Q2, grew by 14% YoY, and ₹525 Cr in H1 FY27, grew by 13% YoY, driven by sustained momentum in MPIS and growth in NII
o PBT: ₹102 Cr in Q2, grew by 21% YoY and ₹191 Cr in H1 FY27, grew by 20% YoY, supported by operating leverage, with cost-to-income ratio improving by 200 bps YoY to 63% in Q2
o Net flows: Delivered highest-ever quarterly MPIS NNM of ₹3,289 Cr. H1 NNM stood at ₹6,333 Cr, equivalent to 16% of opening MPIS assets
e) Nuvama Private:
o Revenues: ₹226 Cr in Q2, grew by 15% YoY and ₹424 Cr in H1 FY27, grew by 20% YoY driven by strong growth in ARR revenues. ARR revenues grew 60% YoY in Q2
o PBT: ₹82 Cr in Q2, grew by 24% YoY and ₹141 Cr in H1 FY27, grew by 23% YoY
o Net flows: Delivered highest-ever quarterly ARR NNM of ₹4,986 Cr. H1 NNM stood at ₹ 6,068 Cr, equivalent to 11% of opening ARR assets
2. Asset Management
a) Management fee: ₹17 Cr in Q2, lower by 2% YoY and ₹39 Cr in H1 FY27, up 11% YoY
b) Closing AUM: Stood at ₹12,000 Cr, grew by 1% YoY
c) Received SEBI’s approval to launch Specialized Investment Fund platform, Numa SIF, and offer SIF products under the platform
3. Asset Services and Capital Markets
a) Revenues:
o Asset Services: ₹245 Cr in Q2, higher by 53% YoY and ₹504 Cr in H1 FY27, higher by 43% YoY
o Capital Markets: ₹175 Cr in Q2, higher by 9% YoY and ₹357 Cr in H1 FY27, higher by 5% YoY
b) PBT: ₹259 Cr in Q2, grew by 34% YoY and ₹527 Cr in H1 FY27, grew by 26% YoY
c) Client Assets (Asset Services): ₹1,63,835 Cr as at end of Q2, grew by 55% YoY
****