Nuvama Wealth Management Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Nuvama Wealth Management Ltd filed with BSE on 05 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nuvama Wealth Management reported record quarterly profit above Rs 300 crore for Q1 FY27, with revenue of Rs 909 crore, up 18% year-on-year, and client assets crossing Rs 5 lakh crore. Management attributed growth to strength across wealth, private, asset services and capital markets businesses, including a 34% jump in asset services revenue and a fixed-income-led rise in investment banking. The company also reported an ROE near 30% and a credit rating upgrade from CRISIL to AA stable.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Client assets: INR5,36,000 crores (Q1 FY27)
p. 9
“So we have crossed the INR5 lakh crores mark on the client assets and now the client assets stood at around INR5,36,000 crores.”
Bharat Kalsi, page 9 of the filed PDF · View the filing
Revenue: INR909 crores (Q1 FY27)
p. 9
“Coming to the overall revenue, our revenue was at INR909 crores which is an 18% growth.”
Bharat Kalsi, page 9 of the filed PDF · View the filing
Operating PAT: INR306 crores (Q1 FY27)
p. 11
“And finally, if you look at our operating PAT, this is at INR306 crores, which is a 16% growth year-on-year and our ROE is still close to 30%, which is a pretty, I would say, a good number to have.”
Bharat Kalsi, page 11 of the filed PDF · View the filing
MPIS revenue growth: 20% year-on-year (Q1 FY27)
p. 4
“Revenue from MPIS grew by about 20% year-on-year.”
Ashish Kehair, page 4 of the filed PDF · View the filing
MPIS assets: INR42,500 crores, up 32% year-on-year (Q1 FY27)
p. 4
“And overall assets also increased about 32% year-on-year hitting INR42,500 crores.”
Ashish Kehair, page 4 of the filed PDF · View the filing
ARR assets: INR58,000 crores, up 20% (FY27 full year basis)
p. 5
“Full year basis, the ARR assets grew by about 20% to INR58,000 crores and net new money into managed accounts continue to remain strong at about INR1,800 crores.”
Ashish Kehair, page 5 of the filed PDF · View the filing
Lending book: crossed INR5,000 crores (Q1 FY27)
p. 5
“The book has now crossed INR5,000 crores, lending book and NII growth was also about 12% Q-on-Q.”
Ashish Kehair, page 5 of the filed PDF · View the filing
Asset services revenue growth: 34% year-on-year, INR260 crores (Q1 FY27)
p. 9
“Asset services, as we discussed, has seen a very good number in quarter 1 of this year, around a 34% growth over previous year at INR260 crores.”
Bharat Kalsi, page 9 of the filed PDF · View the filing
Capital markets revenue: around INR180 crores (Q1 FY27)
p. 9
“In terms of the capital market, overall revenue number is flattish versus quarter 1 at around INR180 crores, but this is because the IE revenue has dropped compared to quarter 1 of last year because we had a large Asset Services client which was sitting and helping in that business, which is not there in this year.”
Bharat Kalsi, page 9 of the filed PDF · View the filing
Employee cost growth: 17% (Q1 FY27)
p. 10
“On the cost side, you will see that the quarter 1 cost has gone up by 19% and within that employee cost has increased by 17% and opex is up by 24%.”
Bharat Kalsi, page 10 of the filed PDF · View the filing
Cost-to-income ratio: around 55% (Q1 FY27)
p. 10
“Having said that, on a consolidated basis, our cost-to-income ratio is around 55% and maybe for the full year, this will remain around this level only.”
Bharat Kalsi, page 10 of the filed PDF · View the filing
PRIME commercial real estate fund closing size: INR4,000 crores (Q1 FY27)
p. 6
“We successfully closed our first commercial real estate fund. It's branded as PRIME (PRIME Offices Fund). We closed at around INR4,000 crores.”
Ashish Kehair, page 6 of the filed PDF · View the filing
Net new money MPIS: crossed INR3,000 crores (Q1 FY27)
p. 4
“Net new money, one of the highest quarters ever. We crossed INR3,000 crores in this.”
Ashish Kehair, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Private business cost-to-income ratio — 60-62% · next 3 years
stated as an aspiration by Ashish Kehair
p. 11
“And overall, as you rightly said that 60% to 62% medium term, that target also remains over the next 3 years.”
Ashish Kehair, page 11 of the filed PDF · View the filing
ARR flows — 20-22% of the opening assets · full year
stated firmly by Ashish Kehair
p. 5
“Our target for the full year still remains at 20-22% of the opening assets.”
Ashish Kehair, page 5 of the filed PDF · View the filing
Offshore revenue contribution — 5% to 7% · this year
stated conditionally by Ashish Kehair
p. 5
“Overall, revenue contribution from offshore will remain between 5% to 7% at least in this year.”
Ashish Kehair, page 5 of the filed PDF · View the filing
Asset management strategy cumulative loss — INR35 crores to INR40 crores · this year
stated conditionally by Ashish Kehair
p. 7
“So this year, we will end up at a cumulative loss of around INR35 crores to INR40 crores.”
Ashish Kehair, page 7 of the filed PDF · View the filing
Asset management quarterly cost run rate — INR35 crores to INR36 crores a quarter
stated conditionally by Ashish Kehair
p. 7
“Our assessment is that it will peak at INR35 crores to INR36 crores a quarter.”
Ashish Kehair, page 7 of the filed PDF · View the filing
Asset services revenue growth — more than 20-25% · full year
stated conditionally by Ashish Kehair
p. 7
“But on a full year basis, we are confident that revenue growth will be more than 20-25% here.”
Ashish Kehair, page 7 of the filed PDF · View the filing
Private credit fund launch — middle to end of quarter 3
stated firmly by Ashish Kehair
p. 6
“And then again, middle to end of quarter 3, we will see the launch of our first private credit fund.”
Ashish Kehair, page 6 of the filed PDF · View the filing
Second commercial real estate fund launch — INR4,000 to INR5,000 crores · by end of Q3
stated conditionally by Ashish Kehair
p. 6
“And the target is to deploy about 70% of the AUM in the next maybe 2-3 months so that by end of Q3, we can launch the second fund, which we want to have around INR4,000 to INR5,000 crores again, slightly different strategy from the current one, but in the same space.”
Ashish Kehair, page 6 of the filed PDF · View the filing
REIT platform build-out — next 24 months
stated as an aspiration by Ashish Kehair
p. 6
“And then eventually, over the next 24 months, we are contemplating of looking at building a REIT platform because many of these assets, which we are acquiring are real marquee assets and there is no point of selling it out completely.”
Ashish Kehair, page 6 of the filed PDF · View the filing
Crossover 4 fund raise — INR700 crores to INR1,000 crores
stated firmly by Ashish Kehair
p. 6
“We are targeting anywhere between INR700 crores to INR1,000 crores there.”
Ashish Kehair, page 6 of the filed PDF · View the filing
Capital markets cost-to-income ratio — 36% to 40% · full year
stated conditionally by Ashish Kehair
p. 12
“But I think overall full year basis, anywhere between 36% to 40% range is what will remain here.”
Ashish Kehair, page 12 of the filed PDF · View the filing
Overall opex to revenue — 15-16% · full year
stated conditionally by Bharat Kalsi
p. 10
“If you look at the overall full year opex, I would imagine it will still be in the range of 15-16% for the full year.”
Bharat Kalsi, page 10 of the filed PDF · View the filing
RM addition in wealth business — 15-16% every year · annually
stated as an aspiration by Ashish Kehair
p. 11
“And RM addition essentially our desire always is to basically keep adding 15-16% every year, provided the market allows us to do that at costs which are not upsetting to the overall business.”
Ashish Kehair, page 11 of the filed PDF · View the filing
Private transactional income — INR350 crores to INR360 crores · full year
stated conditionally by Ashish Kehair
p. 20
“This year, we should be anywhere between INR350 crores, INR360 crores.”
Ashish Kehair, page 20 of the filed PDF · View the filing
Wealth and private net new money flows — INR20,000 to 24,000 crores combined · FY27
stated as an aspiration by Ashish Kehair
p. 17
“Broadly, Sanketh, and these are obviously indicative numbers, but the way we are seeing it is that between wealth and private, both INR 10,000 - 12,000 crores.”
Ashish Kehair, page 17 of the filed PDF · View the filing
AMC net flows — INR3,500 to 5,500 crores · FY27
stated as an aspiration by Ashish Kehair
p. 17
“And AMC, we are seeing anywhere between INR 3,500 to 5,500 crores.”
Ashish Kehair, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said full year cost-to-income will be lower than last year's 66% and RM addition of around 15-16% will continue.
Answered by Ashish Kehair
Asked by Prayesh Jain: When will private business cost-to-income trend down, and what RM addition is expected?
p. 11
“Full year basis, last year was around 66%. I think we will be lower than that this year.”
Ashish Kehair, page 11 of the filed PDF · View the filing
Management explained the movement was due to insurance seasonality and mark-to-market adjustments affecting the yield calculation.
Answered by Ashish Kehair
Asked by Prayesh Jain: Why did wealth retention yield fall from 90 bps to 85 bps?
p. 11
“So typically, Q4, Q1, the one biggest phenomena in that business is insurance. In insurance, Q4 numbers are normally higher.”
Ashish Kehair, page 11 of the filed PDF · View the filing
Management said fees on the venture debt fund had been paused for three quarters last year and were restarted in Q1, causing a base effect.
Answered by Ashish Kehair
Asked by Prayesh Jain: Why did AMC yields on the private side rise so sharply?
p. 12
“So 3 quarters, we did not charge and Q1, we have restarted charging. So basically, it's that difference only. Nothing else.”
Ashish Kehair, page 12 of the filed PDF · View the filing
Management said yields would remain in an 80-90 bps range depending on product mix, with NII providing an additional lever.
Answered by Ashish Kehair
Asked by Sanketh Godha: Will advisory growth push private ARR yields lower over time?
p. 16
“I've always maintained Sanketh, that between 80 to 90 at this point in time is what we are able to see.”
Ashish Kehair, page 16 of the filed PDF · View the filing
Management said margins could be 30-40 bps higher than the current period-end level due to hedging gains normalizing.
Answered by Ashish Kehair
Asked by Lalit Mohan Deo: What are steady-state lending margins expected to be?
p. 17
“So about 30-40 bps higher than this because like I mentioned in a few calls, our cost of debt basically moves a bit up and down because of the hedging gains and losses, which comes on our MLD book.”
Ashish Kehair, page 17 of the filed PDF · View the filing
Management said most transactional income is BAU with about 20% coming from opportunistic trades that vary by quarter.
Answered by Ashish Kehair
Asked by Sidharth Negandhi: Is the strong transactional growth this quarter partly one-off?
p. 20
“About 70% to 80% is BAU, which is basically equity broking, fixed income and MLD.”
Ashish Kehair, page 20 of the filed PDF · View the filing
Management said advisory doesn't make sense below roughly Rs 100-200 crore but is a clear fit above Rs 500 crore.
Answered by Ashish Kehair
Asked by Abhijeet: What client asset threshold determines when advisory makes sense?
p. 21
“Any client who is actually below maybe INR100 crores to INR200 crores, it doesn't really make sense for them to go for advisory. And anybody who is above INR500 crores is a clear case.”
Ashish Kehair, page 21 of the filed PDF · View the filing
Risks flagged
Asset services growth is expected to moderate from the extraordinary pace seen this quarter as collateral shifts from cash to G-Secs.
p. 7
“There will be some amount of moderation as new client acquisition has happened and a lot of collateral is right now sitting in cash, which will get converted between cash and G-Secs.”
Ashish Kehair, page 7 of the filed PDF · View the filing
New STT and intraday financing regulations around derivatives are a monitorable risk to the capital markets business.
p. 8
“There is one key monitorable, which basically on the new regulations which have come around derivatives, which is STT and on intraday financing and bank guarantee collateral around these two.”
Ashish Kehair, page 8 of the filed PDF · View the filing
Primary market IPO activity fell sharply compared to prior quarters.
p. 8
“The total number of IPOs, which we saw in Q1 were 8 as compared to 15 in Q4 and maybe 14-15 last year.”
Ashish Kehair, page 8 of the filed PDF · View the filing
A portion of fixed income income this quarter may not be repeatable in future quarters.
p. 8
“I think there is some amount of, I would say, income which may not be repeatable in the coming quarters, maybe about INR15-INR20 crores, which we benefited in Q1.”
Ashish Kehair, page 8 of the filed PDF · View the filing
Public markets business saw redemptions in absolute return and long-short funds due to volatility and the launch of SIFs as a more tax-efficient vehicle.
p. 6
“We've seen some redemptions in our absolute return fund and our long-short fund.”
Ashish Kehair, page 6 of the filed PDF · View the filing
Intense competition for relationship managers in the private wealth segment.
p. 5
“I think I mentioned last time that this segment is seeing some intense competition.”
Ashish Kehair, page 5 of the filed PDF · View the filing
Investment banking ECM and IE segments were under pressure during the quarter.
p. 12
“And investment banking, at least the ECM side and a bit of IE has been under pressure, which I think as it comes out, will be an improvement.”
Ashish Kehair, page 12 of the filed PDF · View the filing
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