Nuvama Wealth Management Q4 FY26 sales rise 13%

Key takeaway from the March 2026 quarter

Nuvama Wealth Management reported a rise in consolidated net sales for the March 2026 quarter, with expenses led by higher employee costs. The company’s quarterly update sits alongside earlier FY26 commentary pointing to stronger momentum in the wealth management franchise. Across the disclosures shared, revenue is presented in more than one format, including “revenue from operations” and “total revenues”. This matters for investors because the story is less about a single quarter print and more about the mix shift towards wealth management within the group’s overall earnings base. The March quarter numbers also provide a snapshot of the cost line, particularly staff costs and depreciation.

March 2026 quarter: topline growth versus March 2025

For the March 2026 quarter, Nuvama’s net sales were reported at ₹1,269.14 crore. This was up 13.34% from ₹1,119.81 crore in the March 2025 quarter. Compared with the December 2025 quarter, net sales of ₹1,269.14 crore were higher than ₹1,104.19 crore. In the shared table, “Total Income From Operations” is the same as net sales for each of these periods, with no separate “Other Operating Income” disclosed in that extract.

On the cost side, employee cost in March 2026 stood at ₹345.54 crore, up from ₹307.86 crore in March 2025 and ₹295.14 crore in December 2025. Depreciation for March 2026 was ₹36.21 crore versus ₹28.67 crore in March 2025 and ₹26.64 crore in December 2025. Beyond these lines, several expenditure sub-heads were shown as blanks in the extract.

Q3 FY26: two revenue views and what they indicate

The material provided also includes Q3 FY26 performance highlights, with revenue discussed in multiple ways. One set of numbers states that Q3 FY26 consolidated revenue was ₹1,104.19 crore versus ₹1,034.35 crore, a 6.75% year-on-year increase. The same disclosure notes consolidated net profit (PAT) of ₹253.62 crore in Q3 FY26 compared with ₹251.71 crore in Q3 FY25.

Separately, the company’s segment commentary for Q3 FY26 refers to “total revenue” of ₹755 crore, up 4% year-on-year, and operating PAT of ₹262 crore, up 4% year-on-year. In that narrative, the wealth management segment is described as the primary growth driver, with wealth management Q3 revenues rising 18% year-on-year and contributing 57% of total revenues.

Wealth management contribution and client asset base

Within the Q3 FY26 commentary, Nuvama said wealth businesses contributed almost 57% of total revenue, versus around 50% in Q3 FY25. The same update said client assets reached ₹4,61,954 crore, a 2% year-on-year increase. Another portion of the commentary describes consolidated “client level assets” at about ₹4.6 lakh crore, with an earlier comparison point of ₹4.35 lakh crore.

The disclosure also states that nine-month revenue growth was about 8%, with growth across most segments except core capital markets, identified as IB and IE Wealth Asset Services in the shared text. It further notes that operating profits after tax for nine months were about ₹780 crore. These statements align directionally with the nine-month PAT number disclosed elsewhere, but they are presented as management commentary rather than a detailed financial table.

Nine-month performance: revenue and profit growth metrics

For the nine months ended December 31, 2025, one table in the provided text reports “Total Revenue from Operations” of ₹3,361.55 crore for 9M FY26 versus ₹3,038.45 crore for 9M FY25, a rise of 10.63%. Over the same period, net profit was shown at ₹771.47 crore for 9M FY26 versus ₹729.79 crore for 9M FY25, up 5.71%.

In another part of the material, a separate table presents “Total Revenues” at ₹2,297 crore for 9M FY26 versus ₹2,130 crore for 9M FY25, up 8% year-on-year. Since both datasets appear in the compiled text, investors should note that the company or the source material may be using different definitions or scopes for “revenue” across sections.

Market data points cited alongside the results

The shared text includes two separate price-and-change snippets: one showing 1,631.50, up 157.00 (10.65%), and another showing 1,474.50, up 60.90 (4.31%). The dates and context for these quotes were not provided in the text. As such, they should be read as indicative market snapshots included alongside the results information rather than as a complete picture of price performance through the period.

Summary table of reported figures

Why the mix shift is important

The most consistent strategic thread across the disclosures is the higher contribution from wealth management to overall revenues. The company’s Q3 FY26 commentary highlights an 18% year-on-year rise in wealth management revenues and a higher revenue share at 57%. If this mix persists, the overall business profile becomes more sensitive to client asset levels and flows, as reflected in the repeated focus on client assets near ₹4.6 lakh crore.

Costs also remain a line item to track. The March 2026 quarter extract shows employee cost rising both year-on-year and sequentially, which is relevant for a people-intensive financial services platform. Depreciation also moved higher in March 2026 compared with the prior two periods shown.

Conclusion

Nuvama Wealth Management’s March 2026 quarter showed net sales of ₹1,269.14 crore, up 13.34% year-on-year, with employee costs at ₹345.54 crore. Earlier FY26 updates highlighted steady profit growth, an expanding wealth revenue share, and client assets near ₹4.6 lakh crore. The next set of formal filings and management commentary should help reconcile the different revenue presentations and clarify how segment momentum is translating into consolidated financial performance.