1. Opening Hook
In a quarter where Dalal Street chased anything with “AI” in the name, Nuvama quietly did its job.
No fireworks, no panic, just steady compounding—boring enough to be impressive.
While capital markets sulked and trading volumes played hard to get, Nuvama’s wealth engine kept humming like a disciplined SIP investor who ignores WhatsApp tips. Revenues moved up, costs behaved (mostly), and PAT grew—slowly, stubbornly, predictably.
Management sounded confident, slides looked polished, and the word “resilience” was used just enough times to make you believe it. But beneath the calm surface, there are some interesting cross-currents—wealth flying, capital markets coughing, and asset management warming up for a bigger role.
Read on. The real story isn’t in headline growth—it’s in what’s carrying the weight and what’s quietly dragging.
2. At a Glance
- Revenue up 4% YoY – Not explosive, but respectable in a sleepy market.
- Operating PAT ₹262 Cr – Steady as a fixed deposit, but with better tax efficiency.
- 9M PAT ₹780 Cr (+7%) – Slow grind, no shortcuts taken.
- Wealth revenue +18% YoY – The golden child continues to overperform.
- Capital Markets -21% YoY – Volumes went on vacation, revenues followed.
- RoE slips to 28.4% – Still elite, but gravity exists even for wealth managers.
3. Management’s Key Commentary
“We have organically scaled our businesses over the last two to three years.”
(Translation: No M&A drama, just boring execution 😏)
“The diversified platform has improved resilience across cycles.”
(Some segments fall, others pick up the tab.)
“Wealth business posted 23% YoY profit growth in 9M FY26.”
(Yes,
