NUVAMA Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,104 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
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What the record says.
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).
Colored figures show movement against the previous available record.
Guidance to track
- Management maintains full-year guidance driven by non-equity products (alternates, fixed income, MLDs) with reasonable predictability, despite equity flow volatility.
- 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).
- New product launches include Dynamic Asset Fund (evergreen), REIT fund, Credit Fund, and second CRE Fund; SIF migration expected to unlock IFA distribution.
- 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.
Risks flagged
- Post-SEBI order adjustment period lasted 30-40 days with activity now recovered. However, ongoing regulatory developments around weekly options and potential new rules create residual uncertainty on sustained volume recovery.
- Supreme Court has formally admitted the case after two years of procedural delays. Management remains confident of favorable outcome but acknowledges resolution may take several years given court timelines.
- Q3 revenue of Rs 755 crore was 2% below Q2's Rs 772 crore due to lumpy transactional revenue in private (Rs 100 crore to Rs 65 crore) and ECM billing deferral to Q4. This creates visibility challenges for quarterly forecasting.
- PE-backed platforms aggressively building teams, expanding competition beyond UHNW to HNI/affluent segments. Firms requiring both placement/distribution capability and balance sheet availability to attract quality RMs.
Key quotes
- We continue to build on our growth momentum supported by the core businesses which are our strategic priorities. We are seeing the benefits of the value proposition built around the exhaustive platform which can basically service the full wallet of the client.
- Over the last 12 months we've added about 10% of the capacity taking the count to nearly about 150 [RMs]. We strengthened our teams in Hyderabad, Bangalore and also established new locations Jaipur, Surat and Kolhapur.
- We aspire to have a 20% plus growth and this year because of the adjustment of asset services we will not end up at that but I think once the base is formed we should come back to that same level of growth anywhere between 20 to 25% of the overall business.
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