Nuvama Wealth Management is one of India's larger wealth and asset services platforms, and its Q2 FY27 print arrives against a quarter that saw record mainboard IPO fundraising but a sharp September market pullback. The results will speak to whether the Capital Markets recovery reversed Q1's 60-65% fundraising drop, and whether the Supreme Court's September 2 win in the Anugrah matter produces a one-off in the reported numbers.
| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,376.22 Cr |
| Previous quarter PAT | Rs. 305.64 Cr |
| Market cap | Rs. 34,075.24 Cr |
| CMP | Rs. 1,846.4 |
The board is scheduled to meet on Friday, Nov 6, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended Sep 30, 2026.
An earnings call is scheduled for Nov 9, 2026 at 1:00 p.m. IST, hosted by MD & CEO Ashish Kehair and Group CFO Bharat Kalsi. No dial-in link or registration details were stated in the announcement.
The Q2 FY27 print will test whether the Capital Markets swing factor turned — mainboard IPO fundraising hit a record Rs. 84,400 Cr in H1 FY27 (+30% YoY), with roughly 94% raised in July-September, directly reversing Q1's 60-65% drop in fundraising amount. The annuity engine had a supportive quarter: AMFI data shows equity inflows accelerating from Rs. 24,697 Cr in July to Rs. 38,307 Cr in September, with SIP contribution at record levels and active SIP accounts rising to 10.06 Cr.
Offsetting this, September's risk-off — Nifty down 6.03% for the month, FPI outflows of about Rs. 25,662 Cr, and industry MF AUM down 5.1% MoM — is a late-quarter headwind to the marked-to-market component of the client-asset base that crossed Rs. 5 lakh Cr in Q1.
The derivatives reset is another counterweight: after the Closing Auction Session took effect on August 3, 2026, all-exchange F&O turnover fell to a 14-month low of Rs. 346.9 trillion in August, with NSE equity options premium down 19% QoQ, though cash-market ADTV was up 24% YoY.
On costs, Q1's cost-to-income of 62.46% against guided opex growth of 10-12% and a wealth cost-to-income trending towards 60-62% leaves the PAT leg sensitive, and the September 2 Supreme Court win in the Anugrah (Rs. 460.32 Cr) and Vrise matters could surface as a provision release or exceptional item within the quarter. The earnings call on Nov 9 will also be the first since the promoter's additional pledge on Oct 30, 2026 took total encumbrance to 52.54%-52.55% of capital against a USD 450 Mn facility.
Guidance scorecard to probe: Management has a long list of open FY27 targets that the call will be measured against.
Strategic initiative updates
Risk follow-ups: promoter pledge and litigation
Operating metrics to track
Narrative shifts
Management stated that 70-80% of transactional income is BAU (equity broking, fixed income, MLDs) and about 20% is opportunistic (unlisted shares, credit deals, secondary AIF deals). Full-year transactional income is expected to grow from approximately Rs. 300-305 Cr to Rs. 350-360 Cr.
Management said advisory numbers will be disclosed separately in the next 3-4 quarters, with Infinity advisory AUM disclosure expected in a couple of quarters. Advisory yield was estimated at 30-35 bps excluding NII, with Rs. 13,000 Cr of the Rs. 58,500 Cr ARR AUM under an advisory model.
Management targets 20-30% growth for the overall loan book in FY27, aligned with overall business growth. The loan book crossed Rs. 5,000 Cr in Q1 FY27, up 27% in FY26 to about Rs. 4,900 Cr.
Management has guided to a 100 bps annual reduction in Nuvama Wealth cost-to-income over a 3-4 year horizon, with the wealth cost-to-income trending towards 60-62% in the near and medium term. In Q1 FY27, cost-to-income was 62.46% versus 60.52% a year ago.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.