Nuvama Wealth Management Reports FY26 Consolidated Net Profit of ₹1,040.26 Crore; Declares ₹14 Per Share Interim Dividend

Nuvama Wealth Management Limited's Board of Directors, at its meeting held on May 11, 2026, approved the consolidated and standalone audited financial results for the quarter and financial year ended March 31, 2026. The Board also declared an interim dividend of ₹14 per equity share of face value ₹2 each for the financial year 2026-27, with the record date fixed as May 15, 2026. The dividend is payable on or before June 9, 2026, subject to applicable taxes. Statutory auditors M/s. S. R. Batliboi & Co. LLP issued unmodified audit opinions on both the consolidated and standalone financial results.

Consolidated Financial Performance

On a consolidated basis, Nuvama Wealth Management delivered steady growth in revenue and profitability for FY26. Total income rose to ₹4,649.65 crore in FY26 from ₹4,169.30 crore in FY25. Net profit for the year increased to ₹1,040.26 crore from ₹985.06 crore in the previous year. For the quarter ended March 31, 2026, consolidated net profit stood at ₹268.79 crore, compared to ₹255.27 crore in the corresponding quarter of the previous year and ₹253.62 crore in the quarter ended December 31, 2025.

The following table summarises the key consolidated financial metrics:

Metric: Q4 FY26 (Mar 31, 2026) Q3 FY26 (Dec 31, 2025) Q4 FY25 (Mar 31, 2025) FY26 FY25 Total Revenue from Operations (₹ Cr): 1,269.14 1,104.19 1,119.81 4,630.69 4,158.26 Other Income (₹ Cr): 11.99 1.79 4.98 18.96 11.04 Total Income (₹ Cr): 1,281.13 1,105.98 1,124.79 4,649.65 4,169.30 Total Expenses (₹ Cr): 934.38 765.41 788.47 3,278.50 2,858.38 Profit Before Tax (₹ Cr): 355.04 339.98 340.06 1,384.97 1,318.30 Net Profit (₹ Cr): 268.79 253.62 255.27 1,040.26 985.06 Total Comprehensive Income (₹ Cr): 271.42 254.66 253.86 1,044.92 984.52 Basic EPS (₹): 14.79 14.02 14.23 57.59 55.33 Diluted EPS (₹): 14.40 13.62 13.81 56.06 53.71

Fee and commission income for FY26 stood at ₹2,283.52 crore against ₹2,139.54 crore in FY25, while interest income grew to ₹1,967.80 crore from ₹1,718.02 crore. Employee benefits expense for FY26 was ₹1,261.82 crore compared to ₹1,165.97 crore in FY25. Finance costs for the year rose to ₹976.67 crore from ₹821.96 crore in FY25.

Consolidated Segment Performance

The Group's performance is assessed across three primary business segments. The wealth management business recorded segment revenue of ₹2,761.37 crore in FY26 compared to ₹2,292.96 crore in FY25, with segment profit before taxation of ₹566.73 crore against ₹425.65 crore in FY25. The capital markets business reported segment revenue of ₹1,916.15 crore in FY26 versus ₹2,062.25 crore in FY25, with segment profit before taxation of ₹833.39 crore compared to ₹895.34 crore in FY25. The asset management business reported segment revenue of ₹135.64 crore in FY26 against ₹124.91 crore in FY25, with a segment loss before taxation of ₹26.82 crore compared to a loss of ₹7.73 crore in FY25.

Segment: FY26 Revenue (₹ Cr) FY25 Revenue (₹ Cr) FY26 Profit/(Loss) Before Tax (₹ Cr) FY25 Profit/(Loss) Before Tax (₹ Cr) Wealth Management Business: 2,761.37 2,292.96 566.73 425.65 Asset Management Business: 135.64 124.91 (26.82) (7.73) Capital Markets Business: 1,916.15 2,062.25 833.39 895.34

Consolidated Balance Sheet Highlights

Total consolidated assets stood at ₹34,491.27 crore as at March 31, 2026, compared to ₹28,387.63 crore as at March 31, 2025. Total equity increased to ₹4,123.15 crore from ₹3,493.11 crore. Loans grew to ₹7,659.86 crore from ₹4,600.34 crore, while debt securities rose to ₹10,541.90 crore from ₹6,729.69 crore. Key financial ratios for the consolidated entity are presented below:

Parameter: FY26 FY25 Debt-Equity Ratio: 2.80 2.24 Net Worth (₹ Cr): 4,123.15 3,493.11 Debt Service Coverage Ratio: 0.19 0.25 Interest Service Coverage Ratio: 2.44 2.64 Total Debt to Total Assets: 0.33 0.28 Net Profit Margin (%): 22.37% 23.63%

Consolidated Cash Flow

For FY26, the Group reported net cash used in operating activities of ₹3,013.53 crore, compared to ₹372.60 crore in FY25, primarily driven by a significant increase in loans and changes in other financial liabilities. Net cash used in investing activities was ₹127.65 crore versus ₹63.72 crore in FY25. Net cash generated from financing activities stood at ₹3,181.11 crore against ₹600.53 crore in FY25, supported by proceeds from issuance of debt securities (net) of ₹3,812.21 crore. Cash and cash equivalents at the end of the year stood at ₹580.98 crore compared to ₹532.58 crore at the beginning of the year.

Standalone Financial Performance

On a standalone basis, Nuvama Wealth Management reported net profit of ₹567.23 crore for FY26, compared to ₹597.71 crore in FY25. Total standalone income for FY26 was ₹1,204.31 crore against ₹1,357.24 crore in FY25. For the quarter ended March 31, 2026, standalone net profit was ₹19.11 crore versus ₹27.47 crore in the corresponding prior-year quarter. The following table presents key standalone financial metrics:

Metric: Q4 FY26 (Mar 31, 2026) Q3 FY26 (Dec 31, 2025) Q4 FY25 (Mar 31, 2025) FY26 FY25 Total Revenue from Operations (₹ Cr): 172.14 403.64 217.72 1,185.95 1,354.38 Total Income (₹ Cr): 180.15 406.50 220.41 1,204.31 1,357.24 Total Expenses (₹ Cr): 160.04 109.31 183.89 599.59 699.09 Profit Before Tax (₹ Cr): 20.11 297.19 36.52 604.72 658.15 Net Profit (₹ Cr): 19.11 280.29 27.47 567.23 597.71 Basic EPS (₹): 1.05 15.48 1.53 31.38 33.54 Diluted EPS (₹): 1.02 15.04 1.49 30.54 32.55

Total standalone assets as at March 31, 2026 stood at ₹3,594.99 crore compared to ₹7,285.29 crore as at March 31, 2025. Standalone net worth was ₹2,086.93 crore as at March 31, 2026 against ₹1,935.16 crore as at March 31, 2025. Key standalone financial ratios are presented below:

Parameter: FY26 FY25 Debt-Equity Ratio: 0.53 0.39 Net Worth (₹ Cr): 2,086.93 1,935.16 Debt Service Coverage Ratio: 0.58 0.89 Interest Service Coverage Ratio: 7.54 7.01 Total Debt to Total Assets: 0.31 0.10 Net Profit Margin (%): 47.10% 44.04%

Corporate Actions and Other Key Developments

Several notable corporate developments were disclosed alongside the financial results:

Share Sub-division: The Board, at its meeting held on November 04, 2025, approved the sub-division of each equity share of face value ₹10 into 5 equity shares of face value ₹2 each. Shareholder approval was obtained via postal ballot on December 07, 2025, and the sub-division took effect from the record date of December 26, 2025. EPS figures for current and comparative periods have been adjusted accordingly.

New Labour Codes: Effective November 21, 2025, the Government of India consolidated multiple labour legislations into four Labour Codes. Pursuant to this, the Group recognised an incremental one-time expense of ₹10.57 crore as past service cost in the consolidated results for the year ended March 31, 2026. On a standalone basis, the Company recognised ₹1.50 crore as past service cost for the same period.

New Subsidiaries: During the quarter ended December 31, 2025, the Company incorporated two wholly owned subsidiaries—Nuvama Mutual Fund Trusteeship Services Limited (w.e.f. November 14, 2025) and Nuvama Trusteeship Services Limited (w.e.f. December 09, 2025). These were included in consolidation from the quarter ended March 31, 2026 following completion of capital infusion.

Post-Period Dividend from Subsidiaries: Subsequent to the year ended March 31, 2026, various subsidiaries declared dividends, and the Company received ₹250.17 crore.

Impairment on Investment: Impairment on financial instruments in the standalone results includes a provision towards diminution in value of investment in Pickright Technologies Private Limited (a subsidiary) amounting to ₹16.71 crore for the quarter and year ended March 31, 2026.

Legal and Regulatory Matters

Nuvama Clearing Services Limited (NCSL), a subsidiary, faces ongoing legal proceedings related to the liquidation of collateral securities. In matters involving Anugrah Stock & Broking Private Limited, NCSL liquidated collateral securities amounting to ₹460.32 crore during January 2020 to June 2020. The Securities Appellate Tribunal dismissed NCSL's appeal on December 15, 2023, upholding NSE Clearing Limited's reinstatement order. NCSL filed an appeal before the Hon'ble Supreme Court of India on December 22, 2023, which was admitted on January 13, 2026, and the matter is currently pending hearing. In a separate matter involving V-Rise Securities Private Limited, NCSL liquidated collateral securities of ₹22.27 crore during November 2019 to January 2020; the Supreme Court admitted NCSL's appeal in this matter as well on January 13, 2026. Based on legal opinions obtained, management believes no adjustment is required in the financial results in respect of these matters. Separately, on February 26, 2026, the Hon'ble High Court of Bombay passed an order recording the Economic Offence Wing's steps to permanently lift the lien marked on NCSL's clearing account, and the related appeal was disposed of.

Nuvama Wealth Management Limited informed the stock exchanges on May 7, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that its wholly owned material subsidiary, Nuvama Wealth and Investment Limited (NWIL), has received an administrative warning letter from the Securities and Exchange Board of India (SEBI). The letter, dated May 6, 2026, advises NWIL to exercise caution and avoid recurrence of the observations noted during a comprehensive regulatory inspection.

Nature of the Regulatory Action

The administrative warning letter issued by SEBI pertains to observations related to NWIL's broking and depository operations, with specific reference to the Cybersecurity and Cyber Resilience Framework. SEBI has directed NWIL to be careful and ensure that the observations raised do not recur in the future. The disclosure was made pursuant to Regulation 30 read with Para A of Part A of Schedule III of the Listing Regulations.

The key details of the regulatory action, as disclosed in Annexure I of the company's filing, are summarised below:

Parameter: Details Authority: Securities and Exchange Board of India (SEBI) Nature of Action: Administrative Warning Letter Entity Concerned: Nuvama Wealth and Investment Limited (NWIL) Date of Receipt: May 6, 2026 Areas of Observation: Broking and depository operations, including Cybersecurity and Cyber Resilience Framework Inspection Period: October 1, 2024 to September 30, 2025 Inspection Concluded: February 2026 Conducted Jointly With: Exchanges and Depository Participants Financial/Operational Impact: None

Background of the Inspection

The observations cited in the warning letter are consequent to a comprehensive inspection conducted jointly by SEBI, Exchanges, and Depository Participants, covering the period October 1, 2024 to September 30, 2025. The inspection had concluded in February 2026. The warning letter represents SEBI's administrative communication to NWIL, indicating areas requiring attention in its broking and depository operations, particularly with respect to the Cybersecurity and Cyber Resilience Framework.

No Financial or Operational Impact

Nuvama Wealth Management Limited has explicitly stated that the receipt of the warning letter has no impact on the financials, operations, or other activities of the company or its subsidiaries and associates. The company confirmed this position both in its regulatory filing and in the detailed Annexure submitted to the exchanges. The disclosure was signed by Sneha Patwardhan, Company Secretary and Compliance Officer of Nuvama Wealth Management Limited.

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