Nuvama Wealth Management earnings calls.

Nuvama reported Q3 FY26 revenue of Rs 755 crore (down 2% QoQ from Rs 772 crore), impacted by lower transactional revenue in the private business and subdued ECM billing in investment banking. Consolidated PAT stood at Rs 262 crore ex-one-time labor code impact of Rs 11 crore. On a 9-month basis, revenue grew ~8% YoY to Rs 2,300 crore while PAT reached Rs 780 crore. The wealth segment delivered 18% YoY growth and now contributes 57% of total revenue (vs 50% a year ago), driven by 48% growth in NPI revenues. The private business maintains ~90bps blended retention with ARR assets crossing Rs 50,000 crore. Asset services recovery is underway with float balances back above Q1 levels. Management targets ~20,000 crore net new money for FY26 and 25,000-26,000 crore for FY27, with FY27 expected to deliver 20-25% growth as the asset services base stabilizes. Key risks include competitive intensity in HNI/affluent segments from PE-backed platforms, HFT regulatory uncertainty, and pending Anugrah litigation (Supreme Court admitted case, resolution likely 2+ years away).