Nuvama Wealth Management Limited has released the transcript of its earnings conference call held on January 27, 2026. The call, which discussed the company's performance for the quarter and nine months ended December 31, 2025, featured insights from MD and CEO Mr. Ashish Kehair and Group CFO Mr. Bharat Kalsi. The management highlighted a continued growth momentum supported by core businesses, with revenues for the nine months growing by approximately 8% and operating profit after tax reaching approximately ₹780 crores. They discussed strategic initiatives including the expansion of the asset management platform to include SIF (after receiving in-principle approval for a mutual fund license), potential M&A opportunities in alternatives, and the build-out of their offshore platform in Dubai and Singapore. Key business segment updates included growth in Managed Products and Investment Solutions (MPIS) revenues by 48% for the nine months, with closing assets increasing by 30% year-on-year. The lending book grew by over 38-39% to approximately ₹4,300 crores. Nuvama Private's ARR revenue grew by 30% year-on-year for nine months, with average ARR assets at approximately ₹50,000 crores. The commercial real estate fund's AUM reached approximately ₹3,000 crores, with 40% deployed. Asset Services revenues grew by 15% year-on-year for nine months, showing recovery after a large client loss. The company anticipates Q4 earnings to be at par with Q1 and expects growth in the next 12 months. Core capital markets saw some moderation, with fixed income continuing to perform well. Financially, consolidated client assets stood at ₹4.6 lakh crores. For Q3 FY26, revenues were ₹755 crores, a 4% growth quarter-on-quarter. Wealth businesses contributed 57% of total revenue, up from 50% in the previous year. The company also addressed a one-time impact of ₹11 crores due to the new labour code and a drop in variable costs for asset services and capital markets. The overall cost-to-income ratio was 53%.
