{"id":182728,"date":"2026-05-12T04:40:09","date_gmt":"2026-05-12T08:40:09","guid":{"rendered":"https:\/\/alphastreet.com\/india\/nuvama-wealth-management-ltd-nuvama-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-12T04:42:59","modified_gmt":"2026-05-12T08:42:59","slug":"nuvama-wealth-management-ltd-nuvama-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/nuvama-wealth-management-ltd-nuvama-q4-2026-earnings-call-transcript\/","title":{"rendered":"Nuvama Wealth Management Ltd (NUVAMA) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Nuvama Wealth Management Ltd (NSE: NUVAMA) Q4 2026 Earnings Call dated May. 12, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ashish Kehair<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Bharat Kalsi<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Dipanjan Ghosh<\/strong> \u2014 Analyst<\/em><\/p>\n

Lalit Mohan Deo<\/strong> \u2014 Analyst<\/em><\/p>\n

Mohit Mangal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the Nuvama Wealth Management Limited Q4 and FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Ashish Kihar MD and CEO for his opening remarks. Thank you. And over to you sir.<\/p>\n

Ashish Kehair<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you. Good afternoon everyone and thank you once again for joining this call. It’s a pleasure to speak with you all again. As usual, I’m joined by Bharat, our group CFO SGA team and our Investor Relations Advisor. We’ll quickly cover the company performance for the quarter and the financial year and share some key updates and the progress around our priorities. And then following both mine and Bharat’s remarks we can jump into FAQ just summarizing the results. I think it was really an interesting year for everyone.<\/p>\n

It started with the whole tariff drama and ended with the war and I think many things happen in between. For us it was a complete test of resilience. This year we navigated multiple moving parts including something specific for us and overall macro uncertainty. I think before we go into detail, I’d like to take this opportunity to thank the entire Nuama team and our clients for helping us navigate this time and emerge with a growth year. Even in these times looking at our specific businesses, wealth management continues to grow.<\/p>\n

Overall wealth management is a cluster by I think both the segments are showing a very very healthy momentum. Asset management build out is progressing steadily. I don’t think that business one should rush in because one bad performance here can have years of negative impact and I think we are building out steadily. Asset services was an important monitorable for us this year specifically after what happened at the end of Q1 and I’m pleased to state that business has recovered fully and performed ahead of our expectations.<\/p>\n

Capital market remained broadly aligned and witnessed some moderation this<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Year.<\/p>\n

Ashish Kehair<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Overall revenues for the year was closer to 3,100 and operating profit after tax is about 1,050. More importantly as I said profits from wealth so composition of profits changed. Profits from wealth grew by about 23% and despite challenges profit from asset services was around 14% year on year. Bit on market outlook and some industry trends I think we’ve always maintained and we continue to maintain that organized wealth management represents a Multiyear structural opportunity. We still believe that the industry is in early stages.<\/p>\n

Some consolidation of course will happen because large number of players are coming in like what happened with let’s say private banking or NBSC over the last three decades. But I think over time few scale players with fully diversified multiproduct platforms will scale as long term leaders and there will be a long tail and this is representative of what happens in wealth management globally. Also a few themes which are emerging across the industry. I think private equity interest in the industry’s all time high.<\/p>\n

There is early signs of consolidation within asset management, specifically in mutual funds. We have seen some transactions that are happening in the market where the smaller AMCs which have spent some time and is not fitting into the strategic priorities of the promoters are moving into stronger hands and there is a growing preference for full stack platforms. So there will be a few niche single product or dual product platforms which will remain but I think their scale will remain a challenge.<\/p>\n

Multi product which has wealth, asset management, banking, research, custody all put in together has a far more stronger client value proposition, resilience and I think compelling opportunity for investors. Industry models will evolve I think over the next 57 years as the sector matures. Several global platforms which we’ve seen in the past have transitioned from a stage of infancy to this mature multi product stage and I think India will move much faster than that. Coming to our business highlights Starting with Nuvama wealth our focus area managed products and Investment Solutions or NPIs as we call continues to be core growth engine for Nuama Wealth.<\/p>\n

Almost full revenue growth for this year has been contributed by this product subsegment. The revenue stream as I have alluded in the past is a combination of managed products which is aif, pms, MF which are all annuity bearing and other investment products which is fixed income, MLD’s, insurance etc. Which are non annuity bearing. Total NPIS revenue for the quarter now stands around 150 crores which about 23 years back was the full revenue of this business on a quarterly basis. This year NPIs revenue has grown by about 38%.<\/p>\n

On a full year basis assets have grown by 32%. Net flows have grown by 38% representing about 30% over the opening assets. I think it’s a very very robust and healthy growth we’ve been able to achieve. Lending if you recollect over the past two three quarters we’ve been talking about this that we will increase focus and it’s now visible in the loan book the loan Book has grown by about 27% for the full year basis and closing books stood at about 4900, almost 1000 crores higher than the average book.<\/p>\n

And NII continues to contribute about 2022 percent of the revenue. There is some upside there in this. Net interest income for the year did not grow in line with the loan book. And that is very, very specific because once whichever quarter or whichever time your loan book suddenly increases, there is an ECL provisioning that comes in which is basis rbi and in the next quarter onwards that gets normalized and the NII picks up. And second in Q4 there was a specific phenomena. There was extreme volatility in the market because of the West Asia crisis which basically leads to a behavior in our ESOP board where people don’t sell, they exercise, but they don’t sell because they wait for the prices to come back.<\/p>\n

And what happens to us is when they sell our processing fees recognition gets accelerated because otherwise the processing fees over the life of the loan which theoretically is one year but behaviorally these loans don’t last more than three months. So I think once the markets are now back, so in Q1 we should see some acceleration of processing fees. So there could be a quarter lag between the loan growth and NII growth. But eventually if you look at 12 month rolling, it will catch up. Coming to the RM franchise, I think mandate here was what we are calling seniorization of the team because the quality of clients also are gradually improving.<\/p>\n

Last one one and a half years we spent on that significant part of the team has been, you know, now become senior as compared to what we were about two years back. On a net basis we added about 80 relationship managers in this cohort. And when I talk about productivity later you will actually see the impact of this happening. A lot of work is happening on technology and AI front here. Foundational work is done. We are now implementing implemented solutions for relationship managers across their value chain which is acquisition, portfolio, advisory, rebalancing, tax loss, harvesting the whole value chain or interaction value chain between an RM and a client.<\/p>\n

And we’ve seen the productivity improvement which is flowing through because of usage of these tools. Earlier we were restricting the tools only to training which is now fully functional rolled out. Now we’ve moved into advisory also. So we’ve seen about a 25% per RM revenue jump in this segment. And I think a large portion of also comes through the usage of AI which to my mind will continue in future. On the solution side, we’ve added something unique in this segment we’ve launched a service called Virasat.<\/p>\n

This is nothing but a full fledged estate and legacy planning tool for the clients in this segment. Earlier this was thought to be a product which is needed more in the ultra high net worth segment. But I think even clients in the HNI segments are now not only they’ve come to money but they also have reasonable amount of complexity because most of them will have children studying overseas planning to settle overseas. So you need to now have a structure which helps them transition the assets in the most tax efficient manner.<\/p>\n

Considering that now there is offshore exposure also, I think Verasas is launched and we are very very excited about this product. Moving on to Nuvama Private, this segment also continues to witness a solid healthy growth momentum. Starting with again product ARR. The revenue stream here consistently has grown by about 25 30% over the past few years and now, I mean now steadily contributes about 60% of our revenues ARR assets about 54,000 and yields are nearly between 85 basis points to 1% this quarter being 1%.<\/p>\n

I’ve always maintained that quarter to quarter 1015 basis points can move but on an average we should end up somewhere around 9 to 95 basis points. Net flows continue to remain strong about 22% of opening assets in line with our full year guidance even year on year. If I remove the one chunky flow that came last year which was related to an M and A deal, we’ve grown the absolute value 20% YoY. Alongside growth in distribution assets, we’ve also seen expansion in our in house advisory solutions. We now have a full fledged non discretionary discretionary pms.<\/p>\n

We have advisory, we have structuring sightings that will all give an impetus to ARR growth in the future. Coming to lending here also lending has been in focus but even now it only contributes 10 to 12% of the revenues. There is hope to go up to 2025% over the next few years. On the RM side here, just to give you a brief snapshot over the last four years amidst this entire competition noise, multiple players coming in, we’ve been able to add about 60% of our capacity. We moved from 90 to about 150.<\/p>\n

Now we will continue to onboard talent selectively and we have a stated compensation philosophy that is not only performance oriented, it rewards on merit, progressively increases as people perform better but it’s extremely transparent and aligned with long term value creation. I think I wanted to leave a word of caution here for people that we witnessed over the last 1215 months. Large number of new Players are making lofty promises to RMs of future valuations which seem extremely stratospheric to us and no visible monetization signs.<\/p>\n

I just want everybody to be thorough in their diligence before making any such plunge. Because over the last decade we’ve seen only two, three platforms where people have actually realized value. Rest have either remained on paper or never realized. And in the process unfortunately many careers have been damaged. I think here also we continue to in Nuama private also I think we continue to invest a lot in our tech and AI. We’ve launched Agentic AI which basically works alongside the RMC doing again portfolio analytics, performance tracking, product insights.<\/p>\n

And again here we’ve seen our productivity jump about 10 to 15% revenue per RM. We also launched industry first multi currency module and portfolio reporting. Basically we maintained in the past that clients are increasingly allocating to offshore. And if the Indian markets give one or two years of somewhat tepid performance which has happened recently, that phenomena will only accelerate. And with that happening you will need technology to support a multi country, multi currency portfolio for clients to review, rebalance and basically over a period of time have control over the processes.<\/p>\n

Moving to asset management. As I said in the beginning that we continue to steadily build capabilities around asset classes. Here I’ll start with commercial real estate. Commercial real estate has been extremely successful this year. We’ve closed. I think right now the full fund is closed at about 4,000 crores. But as of end of quarter four we were about 3,800. We finished acquisition of three marquee assets, about 3.8 million square feet. About 40 to 50% of our funds are deployed. Once we start touching 70% we will launch a new fund.<\/p>\n

We are working on the thesis of the new fund. I think second half of this year is where we should look to launch again. The target should be anywhere between 3.3.5 thousand crores. Part of which of course will come in this year pre IPO private equity which is our oldest strategy in some sense. We went started to exit our first fund Crossover 3 and we’ve launched a new fund Crossover 4 which basically should be alive. The fundraise should be alive for the next maybe six to ten months. And we should target to raise 10001500 crores there.<\/p>\n

We’ve strengthened the leadership team here. We’ve hired Aditya Arora as the cio. He has more than two decades of experience in private market investing across firms. I’ve been talking about private credit as a strategy. Happy to state that we now have the CIO in place, Amit Kansal. He joins us from Aditya Birla. That was his Last assignment. Has 25 years of experience in credit across the risk spectrum from performing to special fits. We are right now building the team and we expect to launch our first fund I think by end of Q2 again maybe target about 1200 crores or 1500 crores in the first fund.<\/p>\n

Some part of it will come in this year. This credit I think is an important expansion of the platform because not only does it augment asset management and you know takes us towards more exhaustive bouquet but it also helps a lot in giving syndication transaction for our wealth clients and wealth businesses coming to public markets. Public market I think the year was extremely volatile. It was in line with what the industry saw at least in the HNI Ultra HNI segment. Incremental allocation to equities did not come.<\/p>\n

We got gross flows but we also saw redemption. So on a net basis we are nearly flat. Hopefully now once the market bottoms and if there is recovery we should be able to see that. But the key element here is we are in the process of getting the MF license. A final inspection has happened and hopefully if we get the license in another two months maybe plus a couple of months from there we should launch our SIL in which over a period of time we will migrate our long short strategy which now has a five year track record.<\/p>\n

With the quartile one performance in this business we also strengthened our distribution team. We’ve reached the onboarded Nimesh method. As the chief business officer he comes with 27 years of distribution experience across firms like Motilal and Ask Asset Management and will play a key role in building and scaling our distribution capability. Coming to asset services. I’m really happy to state that business is back on its growth trajectory following the loss of key client that happened in Q1 and we had we saw a drop of interest rates by 50 basis points.<\/p>\n

So we’ve been able to overcome both of that. Q4 revenues exceeded Q1 and full year revenues grew by about 12%. It’s important to note many a times we’ve been asked this question that is this business completely aligned to what happens to the markets or the flows of the market? Now if you look at the current year, despite the headwinds index not doing anything, volatility in the market yield compression, loss of decline, yet there is a near 15% profit growth. It basically signifies that this business characteristic is different from your core capital markets.<\/p>\n

Business volatility is far lesser. The drivers are very different so we should not end up equating the same in terms of what will drive this and those businesses needs to be kept separate. This is more market infrastructure like business. Our focus here remains around increasing our market share and product value enhancements. On the international side we are aggressively working with what is called GCLC Tire Global custodian, local custodian and we are on the verge of signing one of them globally.<\/p>\n

On the domestic segment I have highlighted before that we are building out the RTA and Trusteeship services. These offerings are expected to go live by middle of Q3 and this will help us further increase our market share in the domestic clients. We are currently at 22% of our chosen segments. Lastly, coming to capital markets, I think secondary market activity moderated through most of FY26 Equity Cash ADT declining by about 6% and Futures ADT declining 14 options although remained strong at 8% Bio Y growth Q4 witnessed a rebound of activity but that I think was mostly led because of the volatility of West Asia prices.<\/p>\n

Coming to the primary market activity, I think the year was still okay. Record IPO mobilization across more than 100 mainboard IPOs despite market conditions. Although in H2 I think the story changed a bit. Retail participation went down, the quality of IPOs changed. There were certain large IPOs where the fee pool was smaller. So overall I think we were able to maintain our market share or slightly inch our market share up from 18% to 19% in terms of value and we were 15% in terms of deals. But I think the market saw a reduction overall in the QIP volumes which had an impact on this business.<\/p>\n

Coming to fixed income within capital markets we had a healthy growth about 35% year on year we maintained number one ranking in public issues and in private segments we are between three or four. I mean in one quarter we could end up three. In the other quarter we could end up at four position. Most of the others who are above us are large banks with balance sheet. I think that sums up from my side. I will now like to hand over the call to Bharat to take you through the financial numbers in detail and then we can cover the questions which you want.<\/p>\n

Thank you. Over to you Bharat.<\/p>\n

Bharat Kalsi<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Thank you Ashish. Good afternoon everyone and a warm welcome to all the participants on the call. Ashish anyway has covered the broader business environment as well as our own strategic initiative in the market context. I will now jump on directly to the main numbers for the firm. I’m pleased to share our quarter four and FY26 results where we have seen almost like a steady growth across all our key businesses. Ashish did alluded to the fact that our Ibn I was subdued in this quarter. But otherwise all key businesses, whether it was wealth, private or asset services saw a decent and a stable growth year on year and quarter on quarter as well.<\/p>\n

If you look at from a headline number we have actually crossed the operating profit margin number of thousand crore and this year this is a big achievement for us. And similarly if you look at that on our dividend side we have again declared a dividend of Rupees 14 for our H2FY26 that takes to roughly 50% of our profit being paid as dividend which is consistent with our dividend distribution policy. Having said that, if you look at on the overall client asset basis our total firm level client assets were at 4.5 lakh which was held by the flows across the businesses including asset services, wealth and private.<\/p>\n

But there was a mark to market impact on the headline number. That’s where the impact on the client asset reflected. In terms of the revenue, the quarter four revenue was around 825 crore which is a 7% YoY. But if we remove I and IB businesses for the quarter our actual revenue of IB and IE grew by 13% in quarter four. And if you look at on a full year basis excluding IE and IB our revenue actually grew by 17% which is where wealth and private has actually shown a 20% growth. And now wealth and private put together contributes 55% of the firm revenue which was almost 49% last year.<\/p>\n

So the share of wealth and private has actually gone up even if I go further down. If you add wealth, asset management and asset services now they contribute roughly 80% of the revenue for the firm which was 74%. Why I’m highlighting these numbers are because these gives you that predictability of the earnings in the coming quarters and years. Because these business are more recurring in nature compared to maybe I and IB which can have a cyclical impact on a year on year basis or on a quarter on quarter basis.<\/p>\n

Even if you look at the total cost for the firm for the quarter, the total cost, when I say total cost it’s employee plus opex has actually gone up by 9% and on a full year basis it has gone up by 10% only. The reason of calling out is that that reflects the variability in our cost that in a year when the revenue growth is lower our cost can be controlled or can be reflective of the overall performance. Maybe As a reference to the fact that if you look at our FY25 our revenue went up by 41% and our cost was up by 24%.<\/p>\n

And in this year as the revenue has slowed down so is our cost has been controlled to that extent. Multiple reasons for the revenue slowdown growth was discussed during Ashish opening remarks. But that’s where the cost part comes in. And if you look at from a Q4 cost versus Q3 you will see a growth in the number but that’s typically a seasonality impact which happens in Q4. I would say you compare Q4FY26 with Q4FY25 you will see that the cost has only gone up by 8 to 10%, OPEX is up by 7% and employee cost is up by 10 11%.<\/p>\n

That’s where the number is. So it’s a seasonality which plays in Q4 if compared with Q3 within cost. If you look at that our opex is around 27% of the cost. That is quarter on quarter we’ll see a growth of 27%. But if you compare it with previous year quarter four the growth is only 7%. This is just about the seasonality of the cost. Similar trend, you will see it on the employee side also employee cost side. So to that extent we are comfortable with what is happening on the cost side. Just a word of upfront disclaimer that maybe in FY27 we’ll have some incremental cost coming in our asset management business.<\/p>\n

As Ashish also alluded to the fact that we are launching the new strategies and obviously for our mutual fund license as we are moving towards the SII business there will be an incremental cost which will come but that’s more like an investment, not really a so called cost in isolation to be seen in terms of the overall. Happy to share that. The wealth management segment. When I say wealth management segment wealth and private put together, the cost income ratio has actually come down by 80% basis point compared to previous year.<\/p>\n

And even if I look at asset services and I and IB, the cost to income ratios are actually improved by 100 basis points. Just because wealth and private composition has gone up in the overall firm contribution. That is why you will see that the cost to income at a firm level has moved from 55 to 56%. But this is just a composition issue. Otherwise the operating leverage in both the business has been reflected in the cost income ratio being lower than previous year operating pat. Again if you look at further quarter 4 it was 269 crore which is a 5% YoY growth but within wealth within the segment, within the profit growth wealth segment actually grew by 23% and asset services grew by 12 13% in quarter four even on a full year basis It’s a similar trend where wealth and private has actually gone up by 23 24% and natural services are by 13 14% in that range our ROE has been healthy at 28% for FY26.<\/p>\n

Ashish covered a lot of details in terms of the individual businesses but if I have to take headline numbers on the Noama well the client’s assets are at around 1.1 lakh which is a 14% y o y growth. Despite the mark to market impact coming in the last quarter our NPIS assets now stood at around 39,000 crore and we have registered our net new money of around 8,900 crores during the year which is a 30% growth on the opening NPIS period which is where we’ve been steadily communicating that the wealth should have anything upward of 25 to 30% as an opening.<\/p>\n

Net new money on the opening NPIs am so we’ve been maintaining that the revenue was at 960 crore which is a growth of 18% and the retention level retention remains stable at 90 basis point or so. Again if you look at the data book you will find that the cost to income ratio for wealth business has actually improved by 130 basis point compared to previous year. Now it is running at whatever 65.7% but the operating leverages started playing in. This is very reflected in the cost income and the operating PVT went up by 22% for wealth in terms of the private again the numbers across the key parameters whether it is the overall client assets, whether it is the er asset which has actually gone up by 22% that net new money which is again up by 22% or the revenue has actually gone up by 24%.<\/p>\n

ARR revenue as of now has now touched 60% of the total revenue for private which is where we actually we feel comfortable at 60 65% of the revenue coming from ARR side so I think we are on the right trajectory. Overall retention again remain in our guided range of 85 to 90 basis points so nothing to call out there Anyway we deliberated on the RM extension how we have actually added the people over the four years and in this year particularly the PVT for this business also was up by 24%. Asset management we discussed and Ashish actually alluded to the leadership hiring which we have done in the businesses both for our private business, for our private credit as well as on the business side.<\/p>\n

So I think that piece is at least taking the right shape. Otherwise if you look at our management fees, income is actually up by 31% on a yor basis. So I think this is where we are heading in terms of asset services. We did around 209 crore in Q4 and we did around 193 crore in Q1. This business has actually done better than what we expected for quarter four. Despite that the interest rates has actually come down and our earnings is basically fixed deposit earnings on the margin money given by the clients.<\/p>\n

Despite of that, the business has actually came up well on the I and IB side. The revenue if you look at compared to quarter three it is broadly there 138 versus 135 crore. And we did discuss about how the market in the quarter four has actually played in more specifically on the ECM side. One more thing which I want to highlight which in terms of the fixed income which is part of the IB business that has actually grown 34% on a yor basis and now it contributes almost 50% of the IV top line and this business is more structural in nature can see a compounding growth of 2025%.<\/p>\n

It has seen it and it can continue to see a growth of 2025% compounding in the years to come. ECM is obviously you guys understand this is more linked to the market activity. That is where the volatility or quarter on quarter seasonalities can play in. But otherwise this business has been doing decent for us overall PBT for asset services and capital market was around 830 crore. This is where we are and I think if principally we look at various businesses it seems that businesses are on the right track and our focus businesses are performing relatively much better than what we initially planned for.<\/p>\n

And I think that’s where we are. I hand over to the moderator in terms of the Q and A now.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Manas Agrawal from Bernstein. Please go ahead.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Hi, thanks for the opportunity. I have a couple of questions. I’ll start with the relatively easy ones,<\/p>\n

Operator<\/strong><\/p>\n

ECM. There are a couple of large IPOs that are coming. How should we think about our market share on revenue for the year? Are we present in those active in those deals or not? And second, from a regulation perspective, first of April mutual funds have cut commission. So what is the impact for the business or the console from that perspective? So that is one on on the asset services business wanted to just understand a on yield trajectory because I understand yields were elevated and now rates have come down.<\/p>\n

So you’ve seen some amount of contraction going ahead. How do we think about that? The last question is on wealth. You Talked about a 25% increase in revenue per RM. Is that all AI productivity? Is that including MTM flows etc. How to think about number of clients per RM in a steady state? Those are the questions.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

So let’s start with the asset services. First I think broadly when we do the numbers on yield, unless and until we have a client which becomes extremely large and the ratio of collateral shifts, I think the yield should remain at this level. I don’t think the yield will compress because we’ve seen a decline in the overall interest rates happen and that flow through has largely happened maybe in the next 12 to 15 months one of the we will see a reverse of this happening. If the inflation stickiness is there because of fuel prices or the war situation being there and if the central bank is forced to increase the rates then I think we will see further upward trend in yields that will play out as and when our deposits get repriced.<\/p>\n

On ECM side I think our overall pipeline right now we have about 40 to 45 live mandates across largely across ECM and some in advisory. So the pipeline remains healthy. I think Q4 was when things got pushed a bit and which we should see the recovery happen in the coming quarters. And even in advisory we have certain large deals which are there. So hopefully we will have a good year in investment banking this year. Fixed income anyways continues to move at a very very rapid pace there. On the wealth side, 25% increase in productivity is a combination of actually two things.<\/p>\n

One is the seasoning of the vintage of Daram. If you see last year our less than one year cohort was around 40 45%. This year it’s fallen to about 33% which means that the RNS of higher vintage have increased in terms of cohort so that contributes some increase in productivity. And second, of course the contribution comes from the various initiatives you take in improving the learnability and Improving the efficiency of people, which is where AI plays a role. Net new money itself doesn’t lead to increase.<\/p>\n

It’s an outcome. It’s not the cost. The causes are actually these. Net new money and productivity increase is basically the outcome of that.<\/p>\n

Operator<\/strong><\/p>\n

Understood. Any indication on the mutual fund commission cut impact?<\/p>\n

Ashish Kehair<\/strong><\/p>\n

I don’t think we will go through that. I mean it’s not a topic which got discussed very frankly internally. So I’m not<\/p>\n

Operator<\/strong><\/p>\n

Sure<\/p>\n

Ashish Kehair<\/strong><\/p>\n

How important it is for us because anyways in IE revenues for US mutual fund is less than 20% and the pass through that happened because whatever initially that was proposed and what finally came through and the net margins which we get I think is similar to what came through. So there is hardly any impact on us.<\/p>\n

Operator<\/strong><\/p>\n

Understood. Thank you. Thank you. Our next question comes from the line of Deepanjan Ghosh from Citi. Please go ahead.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi, good afternoon everyone. So few questions. First, you know if I were to think of FY27 also there’s a lot of geopolitical uncertainty that still persists. Now on that backdrop, if you were to think of the transactional revenues and acts of broking majorly in Nuvama Private and maybe to a certain extent in Nuvama wealth also I just wanted to get some sense of the deal pipeline that you envisaged or in terms of market activity, what is the sense that you’re getting in terms of the transactional revenue?<\/p>\n

Because FY26 was a relatively good year for the company on that front. My second question is on the the Bama Wells business. If I look at the 4Q yields normally it tends to be a little bit affected on the managed products and investment solutions because of the insurance revenues. But if I look at 4Q to 4Q I mean the error held up fairly well despite the backdrop that one was expecting. Maybe some moderation post ITC changes. So just wanted to get some sense of your insurance commissions. I mean how has that really held up or was it or was there some upfronting of Cat 1, Cat 2 AIF led commissions out there?<\/p>\n

And the third question is on the overall wealth piece. Basically if you were to look at the new incoming customers that you are getting, maybe more from the perspective of Nuvawa Private and to a certain extent maybe the high quality customers in the Bama wealth, would this be more from smaller cities, low ticket size, generational wealth or first generation customers? Or this would be like coaching from Armstrong Bank Service customers. I mean if you can give some color on the customer quality or demographics out there and I have two data keeping questions which maybe I can ask at the end.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

So dependent transactional revenue overall in FY26 for private the jump was about 14% so it was significantly lower than actually the ARR revenue. ARR revenue was 32%. I think if you look at both the businesses and if you look at the decomposition of the transactional revenue for us, like you said, broking is a large component. And then there is fixed income which is again a flow business which actually improves in times when geopolitics goes through this zone. Third. So I think between these two, if we add in Noama wealth at least this would constitute about 90, 95% and 5% would be some transactions or deals.<\/p>\n

And that also, I mean unlisted for us is reasonably small and hopefully with NSE listing for everybody it becomes small because we’ve considerably reduced the exposure to unlisted over the last two, three years. It’s not a large sum for us. So whatever deals happen, they will happen more in hide credit transactions where we are co investing with some fund or in commercial real estate if any. So those are really not impacted by the geopolitics. So for us actually except broking which is more linked to market market volumes where everything is reasonably insulated and actually works better when the equity markets don’t do well.<\/p>\n

So both for private and wealth we don’t see that as an impact playing through. I think it could only benefit from a yield perspective. I think right now the insurance yield impacts have been negligible for us it has not led to that impact. In fact the overall volume of insurance growth was also not like historically we would grow by 50, 50%. I think it stabilized more to 25, 30% but the yield impact is not there yet. A bit of category 2 may be higher this year because again reason being that if equity markets don’t do well then more money flow will happen in yield based products which actually sit in category two.<\/p>\n

So there’s some amount of first year commission which is about 30% of the life commission. So about 10% extra is what you make which can insulate the yield a bit. New customers actually remain the same. I don’t think there is any change in demographic migration from banks is a continued phenomenon that will continue to happen In Rwanda wealth tier two is, I mean beyond tier one. Tier two actually is 35, 40% of our business in private still. I would say the top eight, 10 cities constitute about 80, 85%.<\/p>\n

15% would be below that because the density of the this thing is still lower and there are people there. But if you compare it to let’s say Bombay, Delhi, Bangalore, Hyderabad, Chennai, Bangalore, the density of wealth is far, far far higher. Maybe another 2, 3 years time that 1520 could reach to a 30% level.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Got it. Just two data keeping questions. One is for FY26 and 4Q26 if you can break up the IBIE between IB and IE. And the second question is what would be your distributed mutual fund within the overall cohort of distributed mf, pms, aif. I mean whether you put the overall wealth together or private and wealth segregated out there,<\/p>\n

Ashish Kehair<\/strong><\/p>\n

About 8 to 9,000 crores.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Sorry. So this would be your overall distributed MSI<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Distributed MF. Yeah. Borderline 9 to 10,000. Correct.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

And if I can get the data on IBI<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Broadly, broadly right now the split would be 3070 IB17. I<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Thank<\/p>\n

Ashish Kehair<\/strong><\/p>\n

You and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Lalit Mohandev from Equoriz Securities. Please go ahead. Yeah. Hi, good afternoon. Congratulations sir. I have two questions. So firstly if you look at the cost income ratio for both the wealth segments for FY26 it still remains around in the range of around 66 to 67%. So how should we look at this number for the next two years incrementally given that we are seeing improvement in the RM productivity as well. And secondly on the clearing asset services business, if you can do a back of the envelope calculation, it suggests that the cash collateral within the assets under custody, assets under clearing has increased to more than 40% over the last 2 3\/4.<\/p>\n

Just wanted to understand what would have driven those things and how should we, and is that, will that be one of the reasons why we are seeing some tick up in the E also and this one data heating question said like within the MTIS revenue and the Nuvama wealth segment for full year FY26 what would be the split between recurring and the transaction revenues?<\/p>\n

Ashish Kehair<\/strong><\/p>\n

So cost income just quickly covering that Noama wealth we’ve seen 130, 100 actually 150 basis points compression this year and that is that always will remain. I mean you know a toggle between productivity improvement and how much we want to reinvest back in adding capacity. Because if we get growth and we could have spent that entire 150 basis points in adding more RMs which we chose not to but I’m saying productivity improvement led growth is 150 basis points in private. On the other hand, whatever productivity improvement happened, we reinvested in adding Capacity.<\/p>\n

So this will keep moving. But broadly, like we keep saying, over a 3, 4 year period, you can see a 100 basis point reduction every year. Obviously we can choose to change if you want to add capacity at a more aggressive pace because there is growth to be had. You know, when many such players are coming into the market and operating at a loss making business, I think we don’t want to let the field get captured by others. So we will continue to grow and we will continue to toggle between how much of the productivity gains which we will reinvest back into adding capacity because that gives us future growth.<\/p>\n

I think the second question was on the yield of asset services. Yes, the cash component would have gone up. That is the reason why the yield has gone up. And that is because when we lost that large client, their cash component used to be lower given the size of their collateral. That got replaced with large number of smaller clients. So their ratios would be different. As I keep saying, as the client collateral size goes up, your ratio could change and cash would come down. But broadly you will either be at 7030 or 7525.<\/p>\n

At a portfolio level. The main trend or the impact on yield going forward could be how the interest rates move if the inflation remains sticky. If you think that there is a 50% upside in, let’s say RBI will hike rates over the next 12 months, then a flow through of that will happen in deposit pricing and we will see the yields go up. If that happens in MPS, about 70%, 60 to 70% would be maybe 60% annuality and 40% transaction.<\/p>\n

Lalit Mohan Deo<\/strong><\/p>\n

Sure, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Abhijit Thakhare from Kotak Securities. Please go ahead.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Your line is extremely disturbed. Up<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Just one. Hello. This is better.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Yeah, this is better.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Okay. So this was an industry question, you know, taking the lead from your opening remarks, you know, for incumbents, when we think about the business, it’s obviously a compensation problem, you know, but at the same time, like you all say, you know, new entrants do not have a large platform as such, you know, but from a client’s point of view, how are they looking at all of these new entrants? Are they starting to kind of give away part of the wallet there? And that’s where the industry is kind of getting more segmented.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

So part of it I think will happen that fragmentation, if you look at wealth management is a global phenomenon. I mean even if you look at players like maybe UBS and all which are world leaders, they have a 2% market share in the global wealth management. I think India will be more skewed in that sense. There will be maybe three, four large players but there will always be a long tail. And what happens if you have a large platform or a multi product platform that you will be able to retain or you will be able to get a significant proportion of the client portfolio because they also don’t want to go through the hassle of having multiple advisors unless there is some genuine value added.<\/p>\n

Genuine value add in in client size could be an access to a transaction or access to a product which let’s say you cannot provide but somebody else is providing. So typically the way industry structure will evolve that large client will have let’s say one or two codeweals managers where bulk of their portfolio sits most of the annuity income and most of the transactions large part of the transactional income will sit there and then there will be smaller players who will have access to some deals transactions where there will be a long tail.<\/p>\n

Obviously in these smaller platforms also there will be certain exceptional RMS who will move, they will be able to move some relationships, there is no question about it. But I think it will be a struggle because every large client wants a lending line for example a let’s say if you already have a lending line with an institution where your products which are not so easily marginable AIF illiquid products it’s difficult for a smaller platform to extend. There are single borrower limits, there are group borrower limits then to be able to set up a vehicle offshore to move money.<\/p>\n

So I mean there are significant number of investments in the platform that will be required to be done capital investment that will be required to be done for some player to start becoming meaningful in this process. 10, 20, 30,000 crore AUM, few RM, few initial client successes, one odd unlisted deal, one odd credit transaction. All this will continue to happen and create a lot of noise but on a systematic basis to attract flows, attract people the kind of platform and infrastructure that is needed to invest and maintain.<\/p>\n

I find it very difficult to see that all these new incumbents should be able to do it easily.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Got it sir, that’s very helpful. The second question was if you could clarify on the point that you made on the GPLC tie up how does it play out and you know, what are the benefits?<\/p>\n

Ashish Kehair<\/strong><\/p>\n

So basically you know when FBI’s are investing globally there are certain categories of investors which are like large long only funds who then work with large global custodians which are multi country Presence. So somebody like a State street or somebody like city will have a multi country custodian presence. So they will be able to offer their relationship. But somebody like us who is a single country, single currency custodian does not have appeal for such clients. So how do we counter that? We counter that by having a strategic tie up with a global custodian which does not have presence in India.<\/p>\n

So it adds for them a new service or a new client segment which they can go after. And for us we get access to clients which you would have otherwise don’t have. So this is something which exists globally and we are aggressively pursuing. So we have one or two tires which are in the works. Once we are able to close that will basically open up a new set of clients which we were not able to access earlier.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Got it. And just one last data question. In the ultra smart business, around you know, four and a half thousand samis that we have. If you could give some further color on what is the distribution in terms of let’s say more than 5 crore or 10 crore relationships.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

I think more than 10 crore which is if you see the vintage and intersection AUM more than 10 crore would basically be, I think a third of the clients which contribute more than 70, 75% of the AUM. And this phenomena is consistent across the top two, three leading players in the market as per our study of data people. So families which have spent more than three to four years start graduating towards higher AUM per family and then that becomes a larger proportion and rest would be wiped. So I think about a third to 40% would fall more than 10 crores now.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Got it. Sir, this is very helpful. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Mohit Mangal from Centrum. Please go ahead. Good afternoon and thanks for the opportunity. My first question is to the asset management business. Now if I look at 26 and we had about 1800 crore of net inflows obviously distorted by public markets. Now in 27 you have<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Inflow,<\/p>\n

Operator<\/strong><\/p>\n

Thousand 800. All right.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

No, thousand crores of net inflow.<\/p>\n

Operator<\/strong><\/p>\n

Okay, okay, now understood. Now if I look in terms of, you know, 27, where, where you know, your SIF and private credit is expected to be launched. So I just wanted to know basically how do you see 27? What, what are the, you know, reasonable estimates that we can expect from the sector?<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Let’s go strategy by strategy. Private equity. We’ve launched our fourth fund. We are currently sitting at about 250, 275 crores. We target to do maybe anywhere between 1000 to 1500. Let’s take the conservative side. If we end up at 1200 so that adds up about 1000 crores there. Private credit again, as I said, the launch will be somewhere around H2 and the first fund could target maybe 1500 crores part of it which will come this year. I can’t certainly say how much, but maybe half of it comes this year.<\/p>\n

Commercial real estate. Our next fund also gets launched this year. That would be a 3,000 to 4,000 crores. Again maybe 30, 40% starts coming in this year. And on the SIF and public market side, maybe once we launch and we start seeing the flows happen next quarter, we could discuss the numbers and by that time maybe the volatility levels of the market also should settle down.<\/p>\n

Operator<\/strong><\/p>\n

Understood. This is my second question is towards the wealth division. I mean if I look at the external wealth managers, I think we have added about thousand over the last 12 to 15 months. Now we have about 8000 external wealth managers managers and our own RMS are pretty stable at about 1100. So do you see this kind of business model evolving more towards EWM rather than your own RMs? Although I understand the economics kind of remain the same, but just wanted to understand the business model here.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

No, not really. We will grow both and even own RM. So what has happened in the own RM’s right now is that though the number may look small, but as I said in my initial remarks that we are doing the process of seniorization.<\/p>\n

Lalit Mohan Deo<\/strong><\/p>\n

So<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Your individual RM that is going out and the one that is coming in, the one that is coming in, we are getting more senior variety, higher fixed pay variety. So even if the productivity level in terms of X times salary. So the way industry looks at productivity is very simple. If I give somebody a salary of 100 rupees, what multiple of that comes in as a revenue? So let’s say if you were having an RM of 100 rupees and that person was generating 3×300 of revenue, now you have an RM of 500200 rupees and he is also generating 3x which is 600 rupees of revenue, the contribution to the company increases substantially because your other cost per RM do not increase at the same pace.<\/p>\n

You understood? So that phenomena also adds to productivity and operating leverage.<\/p>\n

Operator<\/strong><\/p>\n

Understood. Just lastly on accretion, I mean have we had any kind of a regret attrition or you know, during the year and any loss of RM because any loss of AUM because of that,<\/p>\n

Ashish Kehair<\/strong><\/p>\n

You don’t typically lose lots of AUM because the number of hooks are large. Regret attrition in private maybe you know, range of 1, 2% and in wealth maybe maybe 3 to 4%.<\/p>\n

Operator<\/strong><\/p>\n

Okay, understood. Thanks and wish you all the best organizer.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Saurabh Dhole with Fayers assets. Please go ahead.<\/p>\n

Mohit Mangal<\/strong><\/p>\n

Yeah, good afternoon. I just have two questions. First is on your private, private assets front, what exactly is causing the yields to kind of, you know, resourced. I understand there is a mix component here where transactional assets versus ARR is improving. But is there any other color that you can provide for the yields? That is question number<\/p>\n

Operator<\/strong><\/p>\n

One. The second one is when you look at your ARR composition or ARR share improving, to what extent do you think this is happening? Because some of the transactional assets are moving to arrangement. Thank you.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Actually for us this second element has still not started playing out. This is a huge opportunity which we discuss internally and we are yet to crack it where we basically have this, you know, mechanism of moving transactional to ARR which will happen in somewhere around next 12, 15 months. Because now we have the non discretionary PMS. The discretionary PMS, all the enabling vehicles are in place. We need to orient the team and start going out and demonstrating the benefits to the client so that migration will happen.<\/p>\n

Right now that’s not happening. It’s purely, this is fresh flows that are coming into ARR. Actually when we look at the yields, the product wise yields, there is no change. It’s basically composition led. So as I said between 80 basis points to 1% it will range depending on the composition change on a quarter to quarter basis. We’ve looked at it multiple times, there is nothing more to read into that.<\/p>\n

Operator<\/strong><\/p>\n

So given the fact that ARR is growing much faster than transactional, does it mean that there is more headroom to yields in here?<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Actually our yield which we publish here is only ARR yield.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Yeah. It’s not a composite yield. Okay. Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Sanadya Agarwal from Unicorn Assets. Please go ahead. Hi team. Good sir. So first question is on the asset services business. So given the RBI bank guarantee norms would kick in, do we see any impact on the yields from the services business perspective? And like do we see any changes on the ROC basis of Nirvana’s network capital employed? Second is on the. So we are seeing on the capital market or you can asset services combined business, we are seeing an upsurge in The FBI derivatives turnover on BSE and the HFT contribution in terms of participation on the BSC particularly.<\/p>\n

So how do we see as a trend for our business going forward given the incremental client addition that we are also seeing in arbo camps also on the exchange side we are seeing a good momentum there. And lastly, just if you could highlight anything, any updates on the PAG side that would be. Thank you<\/p>\n

Ashish Kehair<\/strong><\/p>\n

For the bank guarantee thing. We’ve done the incremental borrowing and all. Basically for us we did the math that has an impact net of deposit cost of maybe some 10, 15 crores a year. So not much should get covered in in terms of increase in volume. That of course will have a positive rub off on the asset services business because if the volumes increase, I am assuming that the profit pool for players will increase and they will deploy more capital. Deployment of more capital basically means more collateral and therefore more earnings that will come to us on the PAG side as we have maintained that, you know they spent about now five years with the asset, they have seen reasonable return and they are a private equity fund so they will exit at some point in time.<\/p>\n

Right now there is no process that is on whenever something happens. I mean we will also come to know right now I think it’s the status quo.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Any impact of ROCE basis we are seeing from the. Not really<\/p>\n

Ashish Kehair<\/strong><\/p>\n

For. With 15, 20 crores of. Yeah, yeah.<\/p>\n

Operator<\/strong><\/p>\n

Great. Good. Said all the best for the future. Thank you.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. We have no further questions at this time. I would now like to hand the conference over to the management for closing comments. Over to you.<\/p>\n

Ashish Kehair<\/strong><\/p>\n

Thank you. Thank you all for coming again. I think we will see you again after the end of Q2. Hopefully by then the geopolitical situation would have resolved and we will have something to cheer about. Thank you. Thank you so much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Nuvama Wealth Management limited that concludes this conference. Thank you all for joining us. You may now disconnect your lines.<\/p>\n

Lalit Mohan Deo<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Nuvama Wealth Management Ltd (NSE: NUVAMA) Q4 2026 Earnings Call dated May. 12, 2026 Corporate Participants: Ashish Kehair \u2014 Managing Director and Chief Executive Officer Unidentified Speaker Bharat Kalsi \u2014 Group Chief Financial Officer Analysts: […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170575,"url":"https:\/\/alphastreet.com\/india\/nuvama-q1-fy26-earnings-results\/","url_meta":{"origin":182728,"position":0},"title":"Nuvama Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"August 25, 2025","format":false,"excerpt":"Incorporated in 1993, Nuvama Wealth Management Ltd is in the business of broking and trading in equity securities and is also registered as an Investment Adviser and Merchant Banker with SEBI. Presenting below are its Q1 FY26 earnings results. \u00a0 Q1 FY26 Earnings Results Total Revenue:\u00a0\u20b91,124.61 crores, up 18.0% YoY\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Nuvama Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/7-11.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/7-11.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/7-11.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/7-11.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/7-11.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/7-11.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":167170,"url":"https:\/\/alphastreet.com\/india\/nuvama-wealth-management-ltd-q3fy25-43-rise-in-profits\/","url_meta":{"origin":182728,"position":1},"title":"Nuvama Wealth Management Ltd Q3FY25; 43% rise in Profits","author":"Chirag Gupta","date":"March 3, 2025","format":false,"excerpt":"Incorporated in 1993, Nuvama Wealth Management Ltd is in the business of broking and trading in equity securities and is also registered as an Investment Adviser and Merchant Banker with SEBI Financial Results: Nuvama Wealth Management Ltd reported Revenues for Q3FY25 of \u20b91,032.00 Crores up from \u20b9841.00 Crore year on\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182728,"position":2},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. Corporate Participants: P L Murugappan\u00a0--\u00a0Chief Financial Officer Analysts: Abhishek Nigam\u00a0--\u00a0B&K SECURITIES -- Analyst Kapil Jagasia\u00a0--\u00a0Nuvama -- Analyst Muthu Kumar\u00a0--\u00a0Fidelity Ventures -- Analyst Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day and welcome to the KPR Mill\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177772,"url":"https:\/\/alphastreet.com\/india\/nuvama-wealth-management-scale-of-client-assets-increasingly-shapes-earnings-sensitivity-and-business-mix\/","url_meta":{"origin":182728,"position":3},"title":"Nuvama Wealth Management – scale of client assets increasingly shapes earnings sensitivity and business mix","author":"Staff Correspondent","date":"January 27, 2026","format":false,"excerpt":"Nuvama Wealth Management Ltd (NSE: NUVAMA \/ BSE: NUVAMA) is transitioning from a transaction-led capital markets business to a scale-driven wealth and asset management platform, with its Q3 FY26 disclosures highlighting the growing role of client assets in determining revenue stability and profitability. For the quarter ended December 2025, the\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177758,"url":"https:\/\/alphastreet.com\/india\/nuvama-wealth-management-diversification-across-wealth-asset-management-and-capital-markets-shapes-earnings-profile-in-q3-fy26\/","url_meta":{"origin":182728,"position":4},"title":"Nuvama Wealth Management: diversification across wealth, asset management and capital markets shapes earnings profile in Q3 FY26","author":"Staff Correspondent","date":"January 26, 2026","format":false,"excerpt":"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,\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":177751,"url":"https:\/\/alphastreet.com\/india\/nuvama-wealth-management-posts-marginal-revenue-growth-in-q3-fy26-as-wealth-business-expands\/","url_meta":{"origin":182728,"position":5},"title":"Nuvama Wealth Management posts marginal revenue growth in Q3 FY26 as wealth business expands","author":"Staff Correspondent","date":"January 26, 2026","format":false,"excerpt":"Nuvama Wealth Management Ltd (NSE: NUVAMA \/ BSE: NUVAMA) reported consolidated revenue of \u20b9755 crore for the quarter ended December 2025, up 4% year-on-year, while profit after tax stood at \u20b9254 crore, rising 1% from the corresponding period a year earlier, according to its Q3 FY26 earnings release. 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