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Nuvama Wealth Management Q2 FY27 results: net profit down 57.5% to ₹19.71 crore, revenue up 6.0%
Nuvama Wealth Management Limited reported standalone revenue of ₹199.01 crore and a net profit of ₹19.71 crore for Q2 FY27. Revenue rose 6.0% from Q2 FY26, while profit fell 57.5% and EBITDA margin declined to 24.1% from 40.6%.
Key points
- Standalone Q2 FY27 revenue was ₹199.01 crore, up 6.0% from ₹187.73 crore in Q2 FY26.
- EBITDA was ₹48.02 crore in Q2 FY27, down 37.0% from ₹76.25 crore, with margin at 24.1% versus 40.6%.
- Net profit was ₹19.71 crore, down 57.5% from ₹46.35 crore, and basic EPS was ₹1.07.
- Against Q1 FY27, revenue fell 53.1% to ₹199.01 crore and net profit fell 92.3% to ₹19.71 crore.
- H1 FY27 revenue was ₹623.34 crore, up 2.2%, while net profit was ₹274.41 crore, up 2.5% from H1 FY26.
How did Nuvama Wealth Management perform in Q2 FY27?
Nuvama Wealth Management reported standalone revenue of ₹199.01 crore for Q2 FY27, against ₹187.73 crore in Q2 FY26 and ₹424.33 crore in Q1 FY27. EBITDA was ₹48.02 crore, compared with ₹76.25 crore a year earlier and ₹278.13 crore in the previous quarter. The EBITDA margin was 24.1%, down from 40.6% and 65.5%, respectively.
Profit before tax was ₹27.18 crore in Q2 FY27, compared with ₹62.32 crore in Q2 FY26 and ₹257 crore in Q1 FY27. Net profit was ₹19.71 crore, against ₹46.35 crore and ₹254.70 crore, while basic EPS was ₹1.07, compared with ₹12.87 crore and ₹13.98, respectively.
The results reported here are standalone. The company also filed unaudited consolidated results, under which Q2 FY27 revenue was ₹937 Cr and operating profit after tax was ₹319 Cr; reported consolidated PAT was ₹304 Cr after a one-time charge of ₹16 Cr related to the pre-closure of the Venture Debt Fund.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 199.01 | 424.33 | 187.73 | +6.0% | −53.1% |
| Other income | 2.77 | 6.54 | 4.28 | −35.3% | −57.6% |
| Total expenses | 174.60 | 173.87 | 129.69 | +34.6% | +0.4% |
| EBITDA | 48.02 | 278.13 | 76.25 | −37.0% | −82.7% |
| EBITDA margin | 24.1% | 65.5% | 40.6% | −16.5 pp | −41.4 pp |
| Profit before tax | 27.18 | 257 | 62.32 | −56.4% | −89.4% |
| Tax | 7.47 | 2.30 | 15.97 | −53.2% | +224.8% |
| Net profit | 19.71 | 254.70 | 46.35 | −57.5% | −92.3% |
| EPS (₹) | 1.07 | 13.98 | 12.87 | −91.7% | −92.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Nuvama Wealth Management's costs and profit?
Total expenses rose ₹44.91 crore, or 34.6%, to ₹174.60 crore from ₹129.69 crore in Q2 FY26. Employee cost increased ₹25.04 crore to ₹78.01 crore, finance costs rose ₹5.96 crore to ₹19.84 crore, and other expenses increased ₹7.43 crore to ₹62.24 crore. Depreciation fell ₹0.56 crore to ₹3.77 crore, while other income declined ₹1.51 crore to ₹2.77 crore.
There was no exceptional item in Q2 FY27. Tax expense fell ₹8.50 crore to ₹7.47 crore from ₹15.97 crore in Q2 FY26. The filing does not state why the higher employee, finance and other costs or the lower other income occurred.
Against Q1 FY27, total expenses were nearly unchanged at ₹174.60 crore versus ₹173.87 crore. Employee cost rose ₹9.27 crore and tax rose ₹5.17 crore, while other expenses fell ₹14.57 crore, finance costs fell ₹4.13 crore and other income fell ₹3.77 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 78.01 | 52.97 | +25.04 | +47.3% |
| Finance costs | 19.84 | 13.88 | +5.96 | +42.9% |
| Depreciation | 3.77 | 4.33 | −0.56 | −12.9% |
| Other expenses | 62.24 | 54.81 | +7.43 | +13.6% |
| Total expenses | 174.60 | 129.69 | +44.91 | +34.6% |
| Other income | 2.77 | 4.28 | −1.51 | −35.3% |
| Tax | 7.47 | 15.97 | −8.50 | −53.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue was ₹623.34 crore, up ₹13.17 crore or 2.2% from ₹610.17 crore in H1 FY26. Total income was ₹632.65 crore, up ₹14.99 crore or 2.4%, while profit before tax was ₹284.18 crore, down ₹3.24 crore or 1.1%.
Net profit for H1 FY27 was ₹274.41 crore, up ₹6.58 crore or 2.5% from ₹267.83 crore in H1 FY26. Basic EPS was ₹15.01, compared with ₹74.39 in the earlier first half. The company separately reported consolidated H1 FY27 revenue of ₹1,846 Cr and operating profit after tax of ₹625 Cr.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 623.34 | 610.17 | +2.2% |
| Profit before tax | 284.18 | 287.42 | −1.1% |
| Net profit | 274.41 | 267.83 | +2.5% |
| EPS (₹) | 15.01 | 74.39 | −79.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹3,447.43 crore on 30 September 2026, compared with ₹3,594.99 crore on 31 March 2026. Total equity rose to ₹2,185.29 crore from ₹2,086.93 crore, while cash fell to ₹11.71 crore from ₹13.31 crore. Borrowings were not reported in the supplied standalone figures.
H1 FY27 operating cash flow was ₹358.42 crore, compared with ₹429.62 crore in H1 FY26. Investing cash flow was ₹141.98 crore versus ₹209.63 crore, while financing cash flow was a negative ₹502 crore compared with a negative ₹701.35 crore. Capital expenditure was ₹6.06 crore, against ₹2.29 crore in the earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,447 | 3,595 |
| Total equity | 2,185 | 2,087 |
| Cash and equivalents | 11.71 | 13.31 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 358.42 | 429.62 |
| Cash from investing | 141.98 | 209.63 |
| Cash from financing | −502 | −701.35 |
| Capital expenditure | 6.06 | 2.29 |
Source: Company's results filing (XBRL).
How has Nuvama Wealth Management done over the last 8 quarters?
Revenue has risen year on year for two consecutive quarters. It reached ₹424.33 crore in Q1 FY27 before falling to ₹199.01 crore in Q2 FY27; over the same two quarters, PAT fell from ₹254.70 crore to ₹19.71 crore and EBITDA margin fell from 65.5% to 24.1%.
Across the eight quarters provided, revenue peaked at ₹424.33 crore in Q1 FY27 and was lowest at ₹172.14 crore in Q4 FY26. PAT peaked at ₹280.29 crore in Q3 FY26 and was lowest at ₹19.11 crore in Q4 FY26, while the EBITDA margin ranged from 17.9% to 77.4% before ending at 24.1%.
Which businesses drove the quarter?
On a standalone basis, the capital markets business reported Q2 FY27 revenue of ₹196.70 crore, up 12.9% from ₹174.20 crore in Q2 FY26. Its EBIT was ₹45.49 crore, compared with ₹62.15 crore, and EBIT margin was 23.1%.
The standalone wealth management business reported revenue of ₹1.54 crore, down 86.6% from ₹11.45 crore, and EBIT of a negative ₹12.78 crore compared with ₹1.72 crore. Unallocated revenue was ₹3.54 crore, down 44.3% from ₹6.36 crore, with EBIT of a negative ₹5.53 crore compared with a negative ₹1.55 crore.
The company’s consolidated presentation reported Wealth Management Q2 FY27 revenue of ₹501 Cr, up 14% year on year, and PBT of ₹184 Cr, up 22%. Asset Services and Capital Markets together reported revenue of ₹245 Cr for Asset Services and ₹175 Cr for Capital Markets, with combined PBT of ₹259 Cr, up 34%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Wealth management business | 1.54 | −86.6% | −12.78 | -829.9% |
| Capital markets business | 196.70 | +12.9% | 45.49 | 23.1% |
| Holding Company Activities | 0 | 0 | ||
| Unallocated | 3.54 | −44.3% | −5.53 | -156.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also approved investment of up to ₹400 crore in Nuvama Wealth Finance Limited and up to ₹300 crore in Nuvama Wealth and Investment Limited, in one or more tranches, through subscriptions for equity shares. The same-day filings did not announce a dividend, a public fund raise or new appointments.
A same-day filing also said the Pickright stake acquisition had been completed. The investor presentation recorded SEBI approval for launching the Numa SIF platform and offering SIF products under it, while the proposed Equity Long-Short Fund remained subject to SEBI approval.
What did Nuvama Wealth Management's management say?
Management said client assets had reached ₹5.5 trillion, up 25% year on year, with Asset Services client assets up 55% and MPIS and ARR client assets across Nuvama Wealth and Private up 27% to nearly ₹1.1 trillion. It identified Asset Management as a weak area, with AUM up only 1% and Q2 management fees down 2%.
Management set out five-year targets to grow clients and client assets to 2-2.5x, or a 15-20% CAGR, from September 2023, and Asset Management AUM to 6-8x, or a 45-50% CAGR. It also plans to double relationship-manager capacity in 3-5 years, expand into the NRI client segment, build full-stack offshore wealth management and grow Nuvama Private’s ARR assets and income.
Management identified risks from volatile markets, planned private-market distributions and public-market redemptions, and the gap with the Asset Management AUM target. It said the Sep'23 five-year target was 6-8x AUM or 45-50% CAGR, while the Sep'26 status showed 25% YoY CAGR. The proposed Equity Long-Short Fund remained subject to SEBI approval, and H2 FY27 plans included CRE, Private Credit and SIF launches.
How did Nuvama Wealth Management shares react?
The filing appeared during market hours. NUVAMA was down 0.1% after 5 minutes from the price when the filing appeared, then up 0.2% after 15 minutes and up 0.2% after 30 minutes. Reaction-day, next-day and five-day closes, as well as industry and market comparisons, were not available in the supplied data.
Earlier results-day moves were mixed. The stock fell 0.5% on 30 July 2026, 3.4% on 11 May 2026 and 5.5% on 23 January 2026, while it rose 2.4% on 4 November 2025 and 0.1% on 13 August 2025. The largest move in the listed history was a fall of 8.6% on 31 January 2025.
| After the filing | Stock |
|---|---|
| 5 minutes | −0.1% |
| 15 minutes | +0.2% |
| 30 minutes | +0.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | −0.5% |
| 11 May 2026 | −3.4% |
| 23 January 2026 | −5.5% |
| 4 November 2025 | +2.4% |
| 13 August 2025 | +0.1% |
| 28 May 2025 | +0.4% |
| 31 January 2025 | −8.6% |
| 25 October 2024 | −2.2% |
Source: MarketPing price-reaction measurement.
How did other Stockbroking & Allied companies do?
Among 29 Stockbroking & Allied companies that had filed this quarter, the median revenue growth was 16.8%. Ten peers grew more slowly than Nuvama Wealth Management, while 19 grew faster. Sixteen of the 27 peers for which profit was compared reported higher profit.
| Nuvama Wealth Management revenue growth (YoY) | +6.0% |
|---|---|
| Median of 29 other Stockbroking & Allied companies | +16.8% |
| Companies with slower revenue growth than Nuvama Wealth Management | 10 of 29 |
| Companies with faster revenue growth than Nuvama Wealth Management | 19 of 29 |
| Companies whose net profit rose | 16 of 27 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Nuvama Wealth Management's revenue in Q2 FY27?
Revenue from operations was ₹199.01 crore, up 6.0% from ₹187.73 crore in Q2 FY26 (standalone).
Did Nuvama Wealth Management make a profit in Q2 FY27?
Yes. Net profit was ₹19.71 crore, against a net profit of ₹46.35 crore in Q2 FY26.
What was Nuvama Wealth Management's EPS in Q2 FY27?
Basic earnings per share were ₹1.07, against ₹12.87 in Q2 FY26.
When did Nuvama Wealth Management announce its Q2 FY27 results?
On 6 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting And Earnings Conference Call For The Quarter And Half Year Ended September 30, 2026 (BSE, 2 November 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On November 6, 2026 (BSE, 6 November 2026) · PDF
- Outcome Of The Board Meeting Held On November 6, 2026 (BSE, 6 November 2026) · PDF
- The investor presentation (6 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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