Below is a structured extraction and summary of the relevant and actionable financial information from the Nuvama Wealth Management Limited results filing dated November 4, 2025:
1. Auditor’s Note
- Type: Independent Auditor’s Review Report on both Consolidated and Standalone Unaudited Financial Results for Q2 and H1 FY26 (quarter and half year ended September 30, 2025).
- Opinion:
- Unmodified review report issued for both consolidated and standalone results.
- No qualifications or adverse remarks.
- Emphasis of Matter:
- Legal uncertainty related to appeals filed by a subsidiary (Nuvama Clearing Services Limited - NCSL) regarding liquidation of collaterals and reinstatement orders by Securities Appellate Tribunal and pending Supreme Court hearings.
- Management and auditors believe no adjustments are required in the financials as of September 30, 2025.
- Conclusion: No material misstatements or qualifications; standard clean review with an emphasis on pending legal matters.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (July 1, 2025 – September 30, 2025)
- Immediately preceding quarter: Q1 FY26 (April 1, 2025 – June 30, 2025)
- Same quarter previous year: Q2 FY25 (July 1, 2024 – September 30, 2024)
- Half year ended September 30, 2025 (H1 FY26)
- Half year ended September 30, 2024 (H1 FY25)
- Full financial year ended March 31, 2025 (FY25)
2.1 Consolidated Financials (Rs. Crore)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 2024-Mar 2025) |
|---|
| Revenue from operations | | | | | | |
| - Fee & commission income | 563.62 | 527.94 | 553.80 | 1,091.56 | 1,049.85 | 2,139.54 |
| - Interest income | 434.95 | 504.32 | 405.94 | 939.27 | 790.39 | 1,718.02 |
| - Dividend income | 0.17 | 0.10 | 0.06 | 0.27 | 0.35 | 0.37 |
| - Net gain on fair value changes | 135.97 | 90.29 | 93.30 | 226.26 | 163.51 | 300.33 |
| Total revenue from operations | 1,134.71 | 1,122.65 | 1,053.10 | 2,257.36 | 2,004.10 | 4,158.26 |
| Other income | 3.22 | 1.96 | 3.74 | 5.18 | 5.42 | 11.04 |
| Total income | 1,137.93 | 1,124.61 | 1,056.84 | 2,262.54 | 2,009.52 | 4,169.30 |
| Expenses | | | | | | |
| - Finance costs | 236.58 | 240.07 | 199.84 | 476.65 | 382.35 | 821.96 |
| - Fee & commission expense | 103.08 | 76.77 | 88.33 | 179.85 | 152.59 | 294.20 |
| - Employee benefits expense | 313.95 | 307.19 | 292.97 | 621.14 | 569.57 | 1,165.97 |
| - Depreciation & amortisation | 25.39 | 24.27 | 21.49 | 49.66 | 41.66 | 94.37 |
| - Impairment on financial instruments | (4.04) | 3.82 | (0.83) | (0.22) | 12.76 | 18.41 |
| - Other expenses | 128.34 | 123.29 | 107.34 | 251.63 | 209.49 | 463.47 |
| Total expenses | 803.30 | 775.41 | 709.14 | 1,578.71 | 1,368.42 | 2,858.38 |
| Profit before share in profit of associate and JV and tax | 334.63 | 349.20 | 347.70 | 683.83 | 641.10 | 1,310.92 |
| Share in profit of associate | 3.67 | 1.29 | 0.53 | 4.96 | 4.97 | 10.75 |
| Share in profit/(loss) of JV | 0.93 | 0.23 | (0.89) | 1.16 | (1.91) | (3.37) |
| Profit before tax | 339.23 | 350.72 | 347.34 | 689.95 | 644.16 | 1,318.30 |
| Tax expense | | | | | | |
| - Current tax | 85.74 | 89.51 | 86.18 | 175.25 | 154.83 | 327.74 |
| - Deferred tax | (0.49) | (2.66) | 3.85 | (3.15) | 11.25 | 5.50 |
| Net profit | 253.98 | 263.87 | 257.31 | 517.85 | 478.08 | 985.06 |
| Other comprehensive income (net) | (net of tax) | | | | | |
| - Total OCI | (0.49) | 0.46 | 1.59 | 0.97 | 0.93 | (0.54) |
| Total comprehensive income | 254.49 | 264.35 | 258.90 | 518.84 | 479.00 | 984.52 |
| EPS (Rs.) - Basic | 70.54 | 73.36 | (Not fully provided) | (Not annualised) | | 276.66 (FY25) |
2.2 Standalone Financials (Rs. Crore)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 2024-Mar 2025) |
|---|
| Revenue from operations | | | | | | |
| - Fee & commission income | 170.53 | 149.12 | 230.06 | 319.65 | 431.33 | 793.13 |
| - Interest income | 18.46 | 61.68 | 27.96 | 80.14 | 62.97 | 133.97 |
| - Dividend income | 0.00 | 210.14 | 256.83 | 210.14 | 256.83 | 426.23 |
| - Net gain/(loss) on fair value changes | (1.26) | 1.50 | 0.70 | 0.24 | 0.35 | 1.05 |
| Total revenue from operations | 187.73 | 422.44 | 515.55 | 610.17 | 751.48 | 1,354.38 |
| Other income | 4.28 | 3.21 | 0.00 | 7.49 | 0.00 | 2.86 |
| Total income | 192.01 | 425.65 | 515.55 | 617.66 | 751.48 | 1,357.24 |
| Expenses | | | | | | |
| - Finance costs | 13.88 | 51.93 | 29.09 | 65.81 | 58.37 | 111.38 |
| - Fees and commission expense | 5.03 | 3.43 | 6.79 | 8.46 | 12.76 | 26.88 |
| - Employee benefits expense | 52.97 | 66.09 | 81.95 | 119.06 | 154.87 | 279.32 |
| - Depreciation & amortisation | 4.33 | 3.96 | 3.97 | 8.29 | 7.74 | 16.01 |
| - Impairment on financial instruments | (1.33) | 1.43 | (3.75) | 0.10 | (1.01) | (0.15) |
| - Other expenses | 54.81 | 73.71 | 59.86 | 128.52 | 116.52 | 265.65 |
| Total expenses | 129.69 | 200.55 | 177.91 | 330.24 | 349.25 | 699.09 |
| Profit before tax | 62.32 | 225.10 | 337.64 | 287.42 | 402.23 | 658.15 |
| Tax expense | | | | | | |
| - Current tax | 15.21 | 2.40 | 18.92 | 17.61 | 34.13 | 59.17 |
| - Deferred tax | 0.76 | 1.22 | 1.88 | 1.98 | 4.72 | 1.27 |
| Net profit | 46.35 | 221.48 | 316.84 | 267.83 | 363.38 | 597.71 |
| Other comprehensive income (net) | (0.26) | (0.05) | 0.11 | (0.31) | 0.29 | 0.06 |
| Total comprehensive income | 46.09 | 221.43 | 316.95 | 267.52 | 363.67 | 597.77 |
| EPS (Rs.) - Basic | 12.87 | 61.55 | 89.21 | 74.39 | 102.54 | 167.68 |
3. Detailed Notes / Management Commentary
- Legal Matters:
- Subsidiary Nuvama Clearing Services Limited (NCSL) involved in legal disputes related to liquidation of collateral securities for margin shortfalls by clients Anugrah Stock & Broking Pvt Ltd and V-Rise Securities Pvt Ltd.
- Orders by NSE Clearing Limited and Securities Appellate Tribunal (SAT) require reinstatement of securities; appeals pending before Supreme Court.
- Management confident of favorable outcome; no financial adjustments made.
- Economic Offence Wing (EOW) investigations ongoing; NCSL has provided undertakings to keep assets worth ~Rs. 460 crore unencumbered.
- Accounting Policies: No changes or material adjustments reported.
- Tax Survey: Focused survey under Section 133A of Income Tax Act conducted; no further intimation received.
- Dividend: Interim dividend of Rs. 70 per equity share declared for H1 FY26, record date Nov 11, 2025.
- Share Split: Board approved sub-division of equity shares from Rs. 10 face value to Rs. 2 face value (1 share split into 5 shares), subject to member approval via postal ballot.
- Investment: Approved Rs. 200 crore investment in Rights Issue of wholly owned subsidiary Nuvama Wealth Finance Limited (NWFL).
- Subsidiaries & Associates: Consolidated results include 12 subsidiaries, 1 associate, and 1 joint venture.
4. Segment Information (Consolidated)
| Segment | Q2 FY26 Revenue | Q1 FY26 Revenue | Q2 FY25 Revenue | H1 FY26 Revenue | H1 FY25 Revenue | FY25 Revenue | Q2 FY26 Segment Profit Before Tax | H1 FY26 Segment Profit Before Tax | FY25 Segment Profit Before Tax | Segment Assets (Sep 30, 2025) | Segment Liabilities (Sep 30, 2025) |
|---|
| Wealth Management | 688.18 | 591.21 | 571.71 | 1,279.39 | 1,087.74 | 2,292.96 | 145.99 | 264.33 | 425.65 | 11,666.25 | 9,777.84 |
| Asset Management | 35.08 | 39.62 | 32.56 | 74.70 | 57.77 | 124.91 | (5.27) | (3.39) | (7.73) | 141.47 | 30.73 |
| Capital Markets | 439.08 | 593.99 | 533.52 | 1,033.07 | 1,032.54 | 2,062.25 | 194.44 | 421.82 | 895.34 | 12,445.46 | 10,857.10 |
| Unallocated | 15.35 | 211.46 | 258.80 | 226.81 | 260.72 | 428.01 | (0.76) | 210.49 | 420.87 | 321.57 | 140.55 |
| Total (after eliminations) | 1,137.93 | 1,124.61 | 1,056.84 | 2,262.54 | 2,009.52 | 4,169.30 | 339.23 | 689.95 | 1,318.30 | 24,256.20 | 20,463.77 |
5. Capex, Projects, Corporate Activity
- Capital Expenditure:
- Consolidated Capex (PPE + Intangibles) for H1 FY26: Rs. 4.16 crore (down from Rs. 11.66 crore in H1 FY25).
- Standalone Capex for H1 FY26: Rs. 2.29 crore.
- Investment:
- Rs. 200 crore approved for subscription to Rights Issue of wholly owned subsidiary Nuvama Wealth Finance Limited (NWFL).
- Dividend: Interim dividend Rs. 70 per share declared for H1 FY26.
- Share Split: Approved by Board, pending member approval.
- No reported writedowns, impairments, restructuring or disposals beyond legal provisions noted.
6. Standalone vs Consolidated
- Both Standalone and Consolidated unaudited financial results for Q2 and H1 FY26 have been provided and reviewed.
- Consolidated includes 12 subsidiaries, 1 associate, and 1 joint venture.
- Standalone results show lower revenue and profit compared to consolidated, reflecting the holding company’s operations vs group operations.
Additional Key Financial Ratios and Metrics
| Metric | Consolidated H1 FY26 | Consolidated FY25 | Standalone H1 FY26 | Standalone FY25 |
|-------------------------------------|---------------------|-------------------|--------------------|