Nuvama Wealth Management Ltd. Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Nuvama Wealth Management Ltd. reported revenue of ₹1,366 cr for July to September 2026, +20.4% on the year and −0.6% on the quarter. That is slower than this quarter has grown in recent years (+25.5% on average). Over the last four quarters revenue comes to ₹5,114 cr, +15.9% on the four before.

Operating profit (EBITDA) was ₹730 cr, a margin of 53.5%, +116 bps on the year and +88 bps on the quarter. Over the last 8 quarters the margin has ranged from 49.6% to 56.3%, averaging 53.1%. Operating costs grew +17.5% against revenue growth of +20.4%, so more of each rupee of sales reached operating profit.

Net profit was ₹303 cr, +19.5% on the year and −0.7% on the quarter, with earnings per share of ₹16.54. Profit before other income, one-offs and tax grew 21.7%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,132 cr, +10.5% on the four before.

Of the 8 companies in AMCs and capital market intermediaries that have reported Q2 FY27 so far, Nuvama Wealth Management Ltd. ranks 7th on revenue growth; the sector median is +34.1%. Its margin moved +116 bps on the year against a sector median of +402 bps.

Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter.

On earnings per share of ₹62.07 over the last four quarters, the stock at ₹1,871.00 trades at 30.1 times trailing earnings.

Questions to askeach one with its numbers and source

Could not run on this quarter: Exceptional items that recur, Inventory against sales, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Operating cash flow was -2.70× profit. Receivables at 71 days of sales (−6 days against the last year end).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Rental income from investment property (6M consolidated): 2.07 crore (recurring)consolidated cash flow statement
• Other non-operating income (Q2 consolidated): 1.5 crore (recurring)consolidated P&L

One-offs

• One-time charge arising from the pre-closure of the Venture Debt Fund (VDF) in the Asset Management business: -16 crore. Seen before: norelease p.1 & presentation slide 22

Tax: Consolidated tax expense of ₹106.83 crore (current tax ₹114.40 crore, deferred tax credit ₹7.57 crore) on Profit before tax of ₹410.31 crore for Q2 FY27

Capital markets vitalsthe numbers this business is run on

Checks this sector needs

What management saidquoted, with source

• Nuvama delivers another quarter of diversified growth; Q2 PAT up 26% YoY to ₹319 Cr and client assets reach ₹5.5 trillion.press release, release p.1
• Wealth Management continued its track record of consistent compounding, with profits growing 22% YoY in Q2 and net flows reaching record levels.press release, release p.1
• Asset Services maintained strong momentum with Q2 revenues up 53% YoY to ₹245 Cr, while Capital Markets delivered a healthy performance supported by a diversified revenue mix.press release, release p.1-2
• We delivered another quarter of strong performance, with Q2 operating profits growing 26% YoY and RoE remaining strong at ~29%.press release, release p.2

Guidance given this quarter

Held for next quarter's said-then-did check.

Segments

Every quartersame rules, every quarter