Nuvama Wealth MPIS assets rise 32% to Rs 45,996 crore in Q2 FY27

Nuvama Wealth’s Managed Products & Investment Solutions, or MPIS, assets rose 32% year on year to Rs 45,996 crore in Q2 FY27, while quarterly MPIS net new money reached a record Rs 3,289 crore. Total closing client assets increased 20% to Rs 1,29,177 crore, while the loan book rose 60% to Rs 6,360 crore.

How fast did Nuvama Wealth client assets grow?

Nuvama Wealth’s closing client assets grew 20% year on year, from Rs 1,07,769 crore in Q2 FY26 to Rs 1,29,177 crore in Q2 FY27. Management said the increase was supported by strong net flows and followed a longer expansion in the platform’s asset base. Client assets rose from Rs 33,018 crore in FY21 to Rs 1,07,110 crore in FY26, representing the stated five-year compound annual growth rate, or CAGR, of 27%.

The Q2 FY27 asset base was led by broking assets of Rs 75,870 crore, compared with Rs 67,947 crore a year earlier. MPIS was the second-largest component at Rs 45,996 crore, up from Rs 34,935 crore. Loans increased to Rs 6,360 crore from Rs 3,980 crore, while other assets moved from Rs 907 crore to Rs 952 crore. MPIS and loans grew faster by percentage than the larger broking asset pool.

What drove Nuvama Wealth’s MPIS asset increase?

Nuvama Wealth’s MPIS assets increased 32% year on year because of traction across managed products and fixed-income offerings. The Rs 11,061 crore increase in MPIS assets between Q2 FY26 and Q2 FY27 was accompanied by record quarterly MPIS net new money, or NNM, of Rs 3,289 crore. Management said this quarterly inflow equalled 8% of opening MPIS assets, while H1 FY27 NNM equalled 16% of opening MPIS assets.

For H1 FY27, MPIS NNM was Rs 6,333 crore, up 35% from Rs 4,680 crore in H1 FY26. Revenue mix data also show a change in the contribution of investment and lending-linked activities. MPIS accounted for 56% of H1 FY27 revenue versus 58% a year earlier, while net interest income, or NII, rose to 24% from 22%. Brokerage remained at 11%, and other revenue increased to 9% from 8%.

The rise in NII coincided with the 60% year-on-year expansion in the loan book to Rs 6,360 crore in Q2 FY27. Management attributed loan-book growth to sustained demand for lending solutions. The presentation does not provide loan yields, credit costs or a detailed lending-product split, so it does not establish how the higher lending assets affected risk-adjusted profitability.

How did Nuvama Wealth revenue and profit change?

Nuvama Wealth’s Q2 FY27 revenue rose 14% year on year to Rs 275 crore, while profit before tax increased 21% to Rs 102 crore. For H1 FY27, revenue rose 13% to Rs 525 crore from Rs 463 crore in H1 FY26, and profit before tax rose 20% to Rs 191 crore from Rs 160 crore. Management attributed revenue growth to sustained MPIS momentum and growth in NII.

The faster profit growth relative to revenue coincided with operating leverage, according to management, and a cost-to-income ratio of about 63% in Q2 FY27. This was below the 66% cost-to-income ratio reported for FY26 and the 90% reported in FY21. In the full-year historical series, revenue rose from Rs 817 crore in FY25 to Rs 960 crore in FY26, while operating profit before tax rose from Rs 269 crore to Rs 330 crore.

Nuvama Wealth’s yield on average assets declined to 0.86% in Q2 FY27 from 0.90% in Q2 FY26, despite total client assets increasing to Rs 1,29,177 crore. The presentation does not explain the 0.04 percentage-point change. The disclosed operating leverage and revenue-mix movement provide context for the 21% rise in quarterly profit before tax, but the slides do not quantify each factor’s contribution.

What is Nuvama Wealth doing to support growth?

Nuvama Wealth added about 90 relationship managers, or RMs, in H1 FY27 as part of its effort to strengthen the RM franchise, improve retention and raise productivity. The firm had more than 1,150 RMs and more than 8,500 active external wealth managers, or EWMs, serving more than 1.3 million clients. About 20% of clients were serviced by RMs and EWMs across more than 500 locations, including more than 75 branches.

Management said it is also broadening the solutions platform through differentiated research, offshore capabilities and new advisory-led offerings. Nuvama Wealth listed more than 50 investment solutions across asset classes, including third-party and in-house products. Its H1 FY27 revenue channel mix was unchanged from H1 FY26, with RMs contributing 74% and EWMs contributing 26%, even as first-half revenue reached Rs 525 crore.

Nuvama Wealth reported a Net Promoter Score of 89 and described its model as combining technology with human advice. MPIS, NII, brokerage and other offerings accounted for 56%, 24%, 11% and 9%, respectively, of H1 FY27 revenue. Management’s planned additions in research, offshore capabilities and advisory are linked to this multi-product model, although the presentation gives no financial target or timetable for the initiatives.

Conclusion

Nuvama Wealth’s Q2 FY27 results show that MPIS and lending expanded faster by percentage than the broking asset pool. Record quarterly MPIS NNM of Rs 3,289 crore and H1 inflows of Rs 6,333 crore supported the 32% rise in MPIS assets, while total client assets rose 20%, revenue increased 14% and profit before tax increased 21% year on year.

The next indicators to watch are whether Nuvama Wealth sustains MPIS NNM after Rs 6,333 crore in H1 FY27, whether lending demand continues after the loan book reached Rs 6,360 crore, and whether about 90 RM additions translate into retention and productivity gains. Management also plans research, offshore and advisory-led capabilities, but disclosed neither financial targets nor a delivery schedule for those initiatives.