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Nuvama Wealth

Q2 FY26

Nuvama Wealth Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹1,706

Market cap₹31.5K Cr

P/E29.1

Updated16 Oct 2026

Read4 min read

Nuvama Wealth Q2 FY26 key numbers

Revenue: Transactional income in Private division expected to grow ~15-17% YoY; Q3-Q4 transactional revenue estimated between INR 75-80 crores.

As stated in Nuvama Wealth's Q2 FY26 earnings call transcript · published 11 Aug 2026. Reported figures, not investment advice.

The short version

Wealth and Private businesses show strong net new money inflows; momentum expected to continue with diversified, granular client base (Page 11). Expect an uptick in Net Interest Income (NII) from Q3 and Q4 due to timing benefits and cost of funds normalization.

From Nuvama Wealth's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Wealth and Private businesses show strong net new money inflows; momentum expected to continue with diversified, granular client base (Page 11).
Transactional income in Private division expected to grow ~15-17% YoY; Q3-Q4 transactional revenue estimated between INR 75-80 crores (Page 16).
Yields in public markets may improve as larger distributor base joins and minimum ticket sizes reduce, leading to better sales realizations (Page 16).
Asset Services recovering from large client loss; 50% revenue recovered by Q2 end with full recovery expected by Jan-Feb, aiming to regain prior volumes (Page 8).
AMC business carry profits expected to materialize gradually once commercial real estate and credit funds mature; conservative booking approach continues (Page 16).

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Profitability & Margins

Expect an uptick in Net Interest Income (NII) from Q3 and Q4 due to timing benefits and cost of funds normalization.
Operating expenses (opex) to grow at about 10% annually (4-5% inflation-linked, 4-5% business expansion driven).
Wealth and Private business profits expected to improve, with contribution to overall PAT growing (currently around 45%).
Institutional equities & Investment Banking (IB) profits expected to stabilize, with capitalizing on ECM deal flows (potential INR150-250 crores revenue if all ECM deals convert).
AMC carry income to be booked conservatively, with accruals starting in credit and commercial real estate funds later.
Overall revenue growth of around 4-5% in near term; operating leverage to improve from Q1 next year onwards.

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Capital Expenditure Plans

Nuvama Wealth Management is actively expanding geographically, including adding an office in Dubai (outside DIFC) with an ESCA license to operate with diaspora clients; operationalization expected in 3-4 months.
Plans to launch a second Commercial Real Estate Fund by Q2 next year with a target size of about INR4,000 crores, following almost 30% deployment of the current INR4,000 crores target.
Deployment continues in private equity funds with new Crossover 4 pre-IPO fund raising underway.
They are working on launching a credit product in the Asset Management business within the next 6 to 8 months to add syndication opportunities.

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Fundraising & Capital Structure

Nuvama Wealth Management is actively raising new funds, including a second Commercial Real Estate Fund targeted for launch by Q2 next year.
The first Commercial Real Estate Fund is about 30% deployed, with plans to reach 60% deployment by June next year before moving to the next fund.
On private equity, deployment continues at a full pace with very little deployment left in existing funds.
They have started raising a new pre-IPO fund called Crossover 4.

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Order Book & Pipeline

Relevant insights include: - The TBR (To Be Recorded) pipeline for the Private segment is described as "extremely strong." - New client acquisition is progressing well, maintaining pace. - For the Private segment, transactional income is expected to grow 15-17% over last year. - Q3-Q4 transactional income run rate is expected around INR 75-80 crores compared to INR 100 crores in Q2.

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Nuvama Wealth — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.3K Cr, net profit ₹269 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Nuvama Wealth Management Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Nuvama Wealth Q2 FY26 results?

Wealth and Private businesses show strong net new money inflows; momentum expected to continue with diversified, granular client base (Page 11). Expect an uptick in Net Interest Income (NII) from Q3 and Q4 due to timing benefits and cost of funds normalization.

What is Nuvama Wealth share price analysis?

Nuvama Wealth currently shows a neutral. The stock trades at a P/E of 29.1 with a market cap of ₹31,480 Cr. Investors should review the full earnings analysis for detailed insights.

Is Nuvama Wealth planning capital expenditure?

Nuvama Wealth Management is actively expanding geographically, including adding an office in Dubai (outside DIFC) with an ESCA license to operate with diaspora clients; operationalization expected in 3-4 months.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.