Operating profit before tax (PBT) came in at Rs 335 crore, down 4% YoY and 4% sequentially, while operating profit after tax (PAT) stood at Rs 254 crore, down 1% YoY and 3.8% QoQ.

The cost-to-income ratio rose to 57% from 53% in Q2 FY25, while return on equity (ROE) moderated to 27.7% from 33.6% in Q2 FY25.

Wealth Management revenue surged 26% YoY to Rs 438 crore. Asset Management revenue rose 20% YoY to Rs 14 crore, while Asset Services grew 5% YoY to Rs 160 crore. However, Capital Markets revenue declined 28% YoY to Rs 161 crore, reflecting softer trading volumes and muted investor sentiment.

Total costs increased 12% YoY to Rs 437 crore, led by employee costs of Rs 322 crore (up 8% YoY) and operating expenses of Rs 115 crore (up 23% YoY).

Client assets at the group level stood at Rs 4,36,452 crore, down 1% YoY, but the wealth and asset management verticals continued to grow steadily.

Nuvama Wealth client assets stood at Rs 1,07,769 crore, up 8% YoY, with MPIS (Managed Products & Investment Solutions) assets growing 27% YoY. Nuvama Private client assets were Rs 2,10,805 crore, up 2% YoY, with ARR (Annuitized Recurring Revenue) assets up 24% YoY. Nuvama Asset Management AUM grew 15% YoY to Rs 11,878 crore. Nuvama Asset Services assets under clearing and custody stood at Rs 1,06,000 crore, down 15% YoY.

The board declared an interim dividend of Rs 70 per share for the half year ended September 2025. It also approved a stock split, sub-dividing equity shares from Rs 10 to Rs 2 face value, aimed at enhancing liquidity and shareholder participation.

Ashish Kehair, MD & CEO of Nuvama Group said, 'India’s long-term growth trajectory remains robust. While short-term volatility persists, we are seeing encouraging signs of stability across the markets, supported by strong domestic liquidity, resilient corporate earnings, and steady investor participation. Our focus on structurally strong and synergistic businesses continues to yield sustained growth momentum and the diversity of our revenue streams enhances resilience through cycles. Our H1 FY26 PAT stood at ₹518 Cr, up 8% YoY. Positive business momentum continues across segments; Wealth Management continues to attract robust new flows; in Asset Management, we secured in-principle approval to set up a mutual fund, which will enable us to launch SIFs; in Asset Services, we continue to see YoY growth led by higher engagement with our existing and new clients; and in Capital Markets, while secondary volumes remain under some pressure, the primary and fixed income revenue streams continue to perform well. Overall, cross-business collaboration continues to amplify client value and enterprise growth.'

Nuvama is an integrated wealth management firm in India. It offers wealth management solutions, covering investment advisory, estate planning, investment management, lending and broking services. It also offers a wide bouquet of alternative asset management products and is a leading player in asset services and capital markets.