Nuvama Wealth Management Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,367.56 Cr (+20.18% YoY) and PAT growth of +19.49% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,367.56 Cr (+20.18% YoY) |
| PAT (Q2) | Rs. 303.48 Cr (+19.49% YoY) |
| EPS (Q2) | Rs. 16.54 (+17.22% YoY) |
Nuvama delivered 20.18% total income growth and 25.79% Operating PAT growth, with record wealth flows (MPIS NNM Rs.3,289 Cr, ARR NNM Rs.4,986 Cr) and a 34.54% YoY Capital Markets revenue recovery, landing within management's 20-25% revenue guidance. Asset Management is the stretch: its H1 loss of Rs.41.82 Cr has already crossed the guided FY27 band of Rs.35-40 Cr even before the Numa SIF pipeline generates fees. The Supreme Court's favourable ruling in the Anugrah/Vrise litigation removes a legacy overhang, while negative H1 CFO reflects deliberate loan-book deployment rather than earnings-quality issues.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Flows "Ahead" — AMFI/SIP tailwind | "a tailwind for MPIS/recurring net new momentum" | Record MPIS NNM Rs.3,289 Cr and ARR NNM Rs.4,986 Cr; H1 combined Rs.12,401 Cr | Played out |
| Capital Markets/IB "Ahead" | "the clearest positive swing — record Jul–Sep listing proceeds" | CM revenue +34.54% YoY, PBT +33.05% YoY | Played out |
| Transactional income "Mixed" — CAS-driven derivatives reset | "F&O at a 14-month low… a counterweight" | WM filed fee income +9.43% YoY; release-basis WM revenue +14% YoY — no visible drag — net positive | Played out |
| September MTM drawdown | "a late-quarter headwind to the marked-to-market component" | Net gain on FV changes Rs.95.37 Cr, −44.72% QoQ | Played out |
| Margins "Compressing" | "Cost pressure was the Q1 story… leaves little room" | Cost-to-income improved on both bases (48.53% vs 49.80% filed; 54.11% vs 56.61% release); WM C-I −200 bps YoY to 63% | Contradicted |
| AM losses "base case, not a surprise" | "continued losses are the base case" | H1 segment loss Rs.41.82 Cr, above the guided FY27 band, incl. Rs.16 Cr one-time charge | Played out |
| One-off watch: Anugrah/Vrise provision release | "could surface as a provision release or exceptional item" | Filing confirms the matter concluded in NCSL's favour with no quantified release; the quarter's one-time item was instead a Rs.16 Cr venture-debt charge (opposite sign) | Partially |
| PAT leg "hinges on the cost line and one-offs" | "the PAT leg… again hinges on the cost line and one-offs" | Reported PAT +19.49% YoY; Operating PAT +25.79% YoY with costs well controlled | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Overall revenue growth 20–25% "once the base is established" | Q3 FY26 call | Filed total income +20.18% YoY (Q2), +21.52% (H1) | On Track |
| Loan book +20–30% (FY27) | Q3 FY26 call | +24.99% H1-to-date (Rs.9,595.54 Cr) | On Track |
| Asset Services revenue growth >20–25% (FY27) | Q3 FY26 call | +53% YoY in Q2 (Rs.245 Cr); +43% H1 | On Track |
| Wealth+Private net flows Rs.20,000–24,000 Cr (FY27) | Q3 FY26 call | Rs.12,401 Cr in H1 = 56.4% of midpoint; both Q2 prints were records | On Track |
| Wealth cost-to-income trending to 60–62% | Q1 FY27 call Q&A | 63% in Q2, −200 bps YoY | On Track |
| AM cost run-rate Rs.30–33 Cr/qtr; FY27 cumulative losses Rs.35–40 Cr | Q1 FY27 call | H1 segment loss Rs.41.82 Cr — upper end already breached (includes the Rs.16 Cr one-time charge) | Stretch |
| Singapore breakeven by FY27-end | Management commentary | Too early on a Q2 print | Too Early |
| "Wealth Management continued its track record of consistent compounding… net flows reaching record levels" (earnings release, Nov 6, 2026) | Record MPIS NNM Rs.3,289 Cr and record ARR NNM Rs.4,986 Cr; WM PBT +26.57% YoY | Confirmed | |
| "Capital Markets delivered a healthy performance despite a softer market environment" (earnings release) | CM segment revenue +34.54% YoY, PBT +33.05% YoY, margin steady at 43.8% | Confirmed | |
| F&O/transactional headwinds (pre-call setup, web-sourced) | WM fee income still grew +9.43% YoY on the filed basis; no visible drag in the print | Too Early |
| Metric | Q1 FY27 | Q2 FY27 |
|---|---|---|
| MPIS NNM | 3,044 | 3,289 |
| ARR NNM | 1,800 | 4,986 |
| Wealth+Private NNM | 4,844 | 8,275 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.