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Geopolitical Uncertainty Impacting Transactional Revenues
View Risks →Nuvama Wealth Management Ltd — Q4 FY26
Nuvama delivered a resilient Q4 FY26 with revenue of ₹825 crore (+7% YoY) and operating profit crossing ₹1,000 crore for the full year.
bullish
high
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Nuvama delivered a resilient Q4 FY26 with revenue of ₹825 crore (+7% YoY) and operating profit crossing ₹1,000 crore for the full year. Wealth & Private contributed 55% of firm revenue (up from 49% last year), driven by 38% growth in NPS revenue and 22% net new money flows. Asset services fully recovered from Q1 client loss, posting 12% revenue growth despite rate headwinds. Management guided for continued ARR expansion, new fund launches in private credit and commercial real estate, and a mutual fund license expected within two months. Key risk: elevated geopolitical uncertainty could dampen transactional revenues and delay market recovery.
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NPS Revenue (Wealth)
₹150 crore
+38% YoY
Quarterly NPS revenue now equals total quarterly revenue of the business 2-3 years ago.
Net New Money (Wealth)
₹8,900 crore
+30% of opening NPS
Net flows represent 30% of opening NPS assets, above the guided 25-30% range.
AR Assets (Private)
₹54,000 crore
+22% YoY
AR assets now contribute 60% of private revenue, with yields stable at 85-100 bps.
Loan Book (Wealth)
₹4,900 crore
+27% YoY
Loan book growth driven by increased focus; NII contribution at 20-22% of revenue.
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Guidance and risk preview
Target first fund of ₹1,200-1,500 crore, with partial inflows expected in FY27.
West Asia crisis caused extreme volatility, delaying loan processing fee recognition and dampening equity market activity.
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