NUVAMA · Financial Services
Nuvama Wealth Management Ltd. reported revenue of ₹1,120 cr for January to March 2025, +20.6% on the year and +8.3% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹4,156 cr, +31.8% on the four before.
Operating profit (EBITDA) was ₹575 cr, a margin of 51.3%, +129 bps on the year and −495 bps on the quarter. Over the last 8 quarters the margin has ranged from 44.8% to 56.3%, averaging 51.2%. Operating costs grew +17.5% against revenue growth of +20.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹255 cr, +40.9% on the year and +1.2% on the quarter, with earnings per share of ₹14.20. Profit before other income, one-offs and tax grew 39.7%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹985 cr, +57.6% on the four before.
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. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹55.17 over the last four quarters, the stock at ₹1,871.00 trades at 33.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹841 cr | ₹929 cr | ₹949 cr | ₹1,053 cr | ₹1,034 cr | ₹1,120 cr | ₹1,123 cr | ₹1,135 cr | ₹1,104 cr | ₹1,269 cr | ₹1,375 cr | ₹1,366 cr |
| YoY | — | — | +46% | +43% | +23% | +21% | +18% | +8% | +7% | +13% | +22% | +20% |
| EBITDA margin | 52.9% | 50.1% | 51.9% | 53.7% | 56.3% | 51.3% | 54.5% | 52.3% | 55.0% | 49.6% | 52.6% | 53.5% |
| Other income, % of PBT | 1% | 0% | 2% | 1% | 0% | 3% | 1% | 1% | 1% | 6% | 2% | 0% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 26% | 26% | 25% | 25% | 25% | 25% | 25% | 24% | 26% | 26% |
| Net profit | ₹176 cr | ₹181 cr | ₹221 cr | ₹257 cr | ₹252 cr | ₹255 cr | ₹264 cr | ₹254 cr | ₹254 cr | ₹269 cr | ₹306 cr | ₹303 cr |
| YoY | — | — | +80% | +77% | +43% | +41% | +19% | −1% | +1% | +5% | +16% | +19% |
| Core profit YoY | — | — | +95% | +82% | +45% | +40% | +20% | −2% | +2% | +1% | +16% | +22% |
| EPS | ₹10.01 | ₹10.24 | ₹12.49 | ₹14.43 | ₹14.05 | ₹14.20 | ₹14.66 | ₹14.11 | ₹13.96 | ₹14.79 | ₹16.78 | ₹16.54 |
| Flags | · | · | 1 | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Nuvama Wealth Management Ltd. reported revenue of ₹1,120 cr (+20.6% on the year) and net profit of ₹255 cr (+40.9% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +39.7% on the year, against +40.9% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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