Nuvama Wealth Management Ltd (NSE: NUVAMA / BSE: NUVAMA) continues to operate a diversified financial services platform spanning wealth management, asset management, asset services and capital markets, with its Q3 FY26 results reflecting differentiated performance across business lines rather than uniform growth across segments.
For the quarter ended December 2025, the company reported consolidated revenue of ₹755 crore and profit after tax of ₹254 crore, indicating marginal growth at the consolidated level despite divergent trends across operating verticals. For the nine months ended December 2025, consolidated revenue stood at ₹2,297 crore and operating profit after tax at ₹780 crore, highlighting steady expansion over the corresponding period last year.
Business architecture and revenue composition
Nuvama’s operating model is structured around four core verticals: wealth management, asset management, asset services and capital markets. The wealth management business remained the primary contributor to revenue, accounting for a majority share of consolidated income during the quarter.
Total client assets stood at ₹4.62 trillion as of December 2025, with wealth management client assets at ₹3.29 trillion, asset services client assets at ₹1.20 trillion and asset management AUM at ₹12,605 crore. This distribution underscores the company’s reliance on fee-based wealth and asset servicing revenues alongside market-linked capital markets income.
Segment-level divergence in Q3 FY26
Operational disclosures indicate that segment-level performance varied during the quarter.
Wealth management revenue increased on a year-on-year basis, supported by growth in client assets and fee-generating activity. Asset management management fees also recorded year-on-year growth, reflecting expansion in AUM across strategies, including commercial real estate.
In contrast, capital markets revenue declined year-on-year, indicating moderation in trading and investment banking activity during the quarter. Asset services revenue remained stable, supported by custody and clearing activity.
This divergence illustrates the structural role of diversification in Nuvama’s business model, where growth in annuity-like wealth and asset management income partly offset cyclical volatility in capital markets.
Operating efficiency and profitability framework
Cost dynamics reflected continued investment in distribution, technology and talent. The company reported a cost-to-income ratio of 55% for the nine-month period, while return on equity declined to 28.4% from the previous year.
These metrics highlight the balance between scale-driven growth and operating leverage in a multi-vertical financial services platform, where incremental revenue growth does not translate uniformly into profit expansion.
Platform scale and distribution footprint
Nuvama’s scale is supported by a broad distribution and digital infrastructure. The company reported a growing client base, expansion in distributor reach and increased digital engagement, with user sessions rising significantly on its digital platforms.
The company also received in-principle approval to act as a mutual fund sponsor, indicating a potential expansion of its asset management footprint, subject to regulatory approvals.
Structural positioning
Based on disclosures, Nuvama’s business trajectory is shaped by three structural factors: growth in financialisation of household savings, expansion of fee-based wealth management, and cyclicality in capital markets activity.
The Q3 FY26 performance reflects the interplay of these factors, with stable fee-based businesses providing resilience amid moderation in market-linked revenues.
Overall perspective
Nuvama’s Q3 FY26 results illustrate a platform-led financial services model where earnings are increasingly driven by the scale and stability of wealth and asset management businesses, while capital markets performance introduces cyclical variability. The company’s disclosures indicate that its long-term trajectory is linked to expansion in client assets, distribution capability and product breadth across wealth and asset management segments.