Full-year net flow target of Rs 19,200 crore
Based on Rs 2,900 crore quarterly ARR flow run rate, management is confident in delivering ~30% growth on wealth opening base and 26-27% on private ARR opening base, totaling Rs 19,200 crore for FY26.
NUVAMA / guidance tracker
Keep management guidance in view.
Nuvama Wealth Management · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
growth
Wealth and Private cost-to-income ratio to improve by ~100bps
Private CI ratio expected to decline from 69% to 65% and Wealth from 66% to ~65% by year-end as RM productivity improves and new hires mature.
Fund raise of Rs 4,000-5,000 crore in asset management over next 3 quarters
Target includes Rs 2,000-2,200 crore for second leg of CRE fund (taking it to Rs 4,000 crore) plus crossover PE fund and other products from private markets and private credit starting Q3.
Asset services full-year growth revised to early double-digit (vs late teens)
Assuming zero revenue from Gain Street, growth guidance adjusted downward by ~500-600bps but still positive given existing client ramp-up and new client pipeline expected by November.
FY26 Net New Money Target: Rs 19,000-20,000 crore
Management maintains full-year guidance driven by non-equity products (alternates, fixed income, MLDs) with reasonable predictability, despite equity flow volatility.
FY27 Net New Money: Rs 25,000-26,000 crore
Expected to be driven by new CRE Fund (Rs 2,500-3,000 Cr), Credit Fund launch (Rs 2,000-3,000 Cr), and SIF migration benefiting public markets (Rs 2,000-2,500 Cr).
Asset Management FY27 Net New Money: Rs 6,500-8,000 crore
New product launches include Dynamic Asset Fund (evergreen), REIT fund, Credit Fund, and second CRE Fund; SIF migration expected to unlock IFA distribution.
FY26 Operating Expense Growth: 10-12%
Full-year OPEX guidance maintained at Rs 440-445 crore (vs Rs 410 crore prior year), with 50% for business expansion and 50% for inflation-linked costs.