Nuvama Wealth Management Ltd (NSE: NUVAMA / BSE: NUVAMA) reported consolidated revenue of ₹755 crore for the quarter ended December 2025, up 4% year-on-year, while profit after tax stood at ₹254 crore, rising 1% from the corresponding period a year earlier, according to its Q3 FY26 earnings release. Operating profit after tax, excluding exceptional items, was ₹262 crore, up 4% year-on-year. For the nine months ended December 2025, consolidated revenue increased 8% to ₹2,297 crore, while operating PAT rose 7% to ₹780 crore.
Business overview
Nuvama operates an integrated wealth management platform comprising wealth management, asset management, asset services, and capital markets businesses. The company reported total client assets of ₹4.62 trillion as of the end of Q3 FY26. Wealth management accounted for the largest share of revenue, contributing 57% of total revenue in Q3 FY26. Asset management, asset services, and capital markets formed the remainder of the revenue mix.
Financial performance
Total revenue rose to ₹755 crore in Q3 FY26 from ₹723 crore in Q3 FY25, while total costs increased to ₹404 crore from ₹389 crore. Operating profit before tax increased 5% year-on-year to ₹351 crore. Operating PAT increased to ₹262 crore from ₹252 crore, while reported PAT rose marginally to ₹254 crore from ₹252 crore. For the nine-month period, revenue increased to ₹2,297 crore from ₹2,130 crore, while operating PAT rose to ₹780 crore from ₹731 crore. Cost-to-income ratio stood at 55% for 9M FY26 compared with 54% in the prior year, while return on equity declined to 28.4% from 31.8%.
Operating metrics
Wealth management revenue increased 18% year-on-year in Q3 FY26 to ₹430 crore, while asset management management fees rose 33% year-on-year. Asset services revenue stood at ₹172 crore, while capital markets revenue declined 21% year-on-year to ₹138 crore. Client assets in the wealth business stood at ₹3.29 trillion, while asset management AUM was ₹12,605 crore. Asset services client assets were ₹1.20 trillion.
Key developments
The company received in-principle approval to act as a sponsor for a mutual fund in October 2025 and plans to launch schemes subject to regulatory approvals. The asset management business reported commercial real estate strategy AUM of around ₹2,950 crore, representing a 72% year-on-year increase. Nuvama declared a dividend of ₹14 per share in November 2025 and completed a share subdivision in December 2025.
Risks and constraints
The company noted that its performance remains influenced by capital market conditions, investor flows, regulatory developments, and client activity across wealth and capital markets businesses.
Outlook and commentary
Management stated that the diversified platform has improved resilience and positioned the company to scale across business segments, while capital markets volumes remained moderated during the quarter.