1. Opening Hook
Some firms survive volatility, Nuvama thrives on it. Even after losing a “large client” (read: rich guy ghosted them), the company strutted into Q2 FY26 with 29% ROE and a 70-rupee interim dividend — because nothing says confidence like handing out cash while the markets sneeze.
The team sounded more like macro professors than money managers, discussing RBI “discipline” and SEBI “pragmatism.” Ironically, the same regulators are the reason they now talk more about compliance dashboards than client dashboards. Stick around — the real fun begins when they explain why 1 RM leaving equals 2 joining.
2. At a Glance
- Revenue up 4% YoY– Even after a large client ghosted, they didn’t panic-sell.
- Wealth + Private up 26%– Because apparently, rich Indians are multiplying faster than fintechs.
- PAT at ₹254 Cr– The ₹250 Cr plateau is now officially Nuvama’s comfort zone.
- ROE at 28%– Nearly matching India’s GDP optimism.
- Client Assets at ₹4.4 lakh Cr– More zeroes than most balance sheets can dream of.
- Interim Dividend ₹70/share– Because what’s inflation without some retail love?
- Share Split 1:5 (₹10 to ₹2)– Liquidity “for the people,” definitely not for PAG’s exit, promise.
3. Management’s Key Commentary
Ashish Kehair (MD & CEO):“Despite losing one large client, we bounced back.”(Translation: The client left, but the ego stayed.)😏
“Our managed products revenues grew 67% YoY.”(Clearly, mutual fund commissions age like fine wine.)
“Generative AI is helping us personalize advice at scale.”(Because ChatGPT can do what 1,000 RMs can’t – remember birthdays.)
“Broking is now just 10–11% of our total revenue.”(Finally, a broker admitting they’re not just a broker.)
Bharat Kalsi (CFO):“We declared ₹70 dividend and approved a share split.”(Classic: when growth stalls, split the stock – looks richer instantly.)
“Costs grew 12%, mostly people and rent.”(Read: too many branches, too few free lunches.)
Ashish again:“We are adding offices in Dubai and Singapore cautiously.”(Translation: cautiously expensive.)
“Commercial Real Estate Fund now at ₹2,400 Cr; target ₹4,000 Cr.”*(Because who doesn’t love owning a piece of Porur real estate in a fund?)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Commentary |
|---|---|---|---|
| Total Revenue | ₹772 Cr | +4% | Wealth saved the day. |
| PAT | ₹254 Cr | Flat | ₹250 Cr club membership continues. |
| Wealth + Private Revenue Share | 57% | +10% | The new crown jewel. |
| Client Assets | ₹4.4 lakh Cr | +10% | Rich clients richer. |
| Cost-to-Income | 57% | — | Mostly salaries & lattes. |
| Dividend | ₹70/share | — | Retail’s Diwali gift. |
| Lending Book | +40% QoQ | — | Grew fast, interest income lagged. |
| ARR Assets | ₹50,000 Cr | +32% CAGR (2.5 yrs) | Recurring cash is the new crush. |
The balance sheet got beefier; the P&L, not so much.
5. Analyst Questions
Q:Why did PAT get stuck at ₹250 Cr for five quarters?A:“We’re re-basing Asset Services after a client loss.”(Translation: we’re rebranding stagnation as recalibration.)
Q:RM count fell from 1,200 to 1,100 — attrition?A:“We’re upgrading quality — one expensive RM replaces two cheap ones.”(Luxury downsizing, basically.)
Q:Why did margins drop despite loan growth?A:“Because loans grew late in the quarter and RBI made us provision for ghosts.”
Q:Why share split? PAG exit?A:“No, it’s for retail investors — 70% hold less than 10 shares.”(PAG just smiled quietly.)
Q:Any impact if weekly expiry goes away?A:“No, we make money on positions, not
