Q3 saw significant volatility due to macro and geopolitical events, as well as regulatory changes like SEBI’s F&O regulations, impacting broking revenues.
Strong Performance Continues:
Client Assets: ₹4.5 lakh crore (+36% YoY).
Revenue: ₹723 crore (+30% YoY).
PAT: ₹252 crore for Q3 and ₹731 crore for 9M FY25 (+76% YoY).
ROE: Stable at 32% for 9M FY25.
Key Business Highlights:
Wealth Management:
AUM crossed ₹1 lakh crore (+38% YoY).
Focus on managed products (PMS, AIF, MF) with 65-70% of new flows.
Strong net new flows of ₹5,800 crore in 9M FY25, matching FY24 full-year flows.
RM (Relationship Manager) count: 1,237, with ongoing productivity improvements.
Targeted cost-to-income ratio reduction from 65% to 60% in coming years.
Nuvama Private:
AUM at ₹2.1 lakh crore (+24% YoY).
ARR net flows of ₹8,000 crore in 9M FY25 (+88% YoY).
Offshore expansion progressing via DIFC (Dubai); First location in DIFC is live, with business and revenue generation underway. Expected to break even in 6-9 months.
Singapore plans under consideration.
Asset Management:
AUM of ₹11,300 crore with ₹1,200 crore net inflows in Q3.
Launched Flexicap fund and closed first CRE fund at ₹1,700 crore.
Filed for SEBI’s new Specialized Investment Fund (SIF) license - to offer strategies like long-short and absolute return with a lower minimum ticket size (INR 10 lakh).
GIFT City: Expanding into GIFT City to attract offshore money
Asset Services:
Segregated as a standalone vertical.
AUC grew 57% YoY to ₹1.3 lakh crore.
Dominant domestic market share (22% of incremental AIF/PMS registrations).
Capital Markets:
Institutional equities saw volume softness in Q3, but market share maintained at 6.2%+.
Investment banking market share in fundraising stood at 18% (₹25,000 crore across 11 deals).
No major slowdown in the deal pipeline; spillover expected in Q4.
Strategic Focus Areas:
Scale and Growth via geographical expansion and capacity building.
Capital Efficiency, particularly in lending.
Enhancing Revenue Granularity with ARR-based assets.
Technology Upgradation with tools like the proprietary NUWAI (AI-driven training).
Guidance and Outlook:
Expecting recovery in NII and yield normalization in Q4.
Sustainable AUM growth of 25%+ over the medium term.
Continued focus on offshore expansion and productivity ramp-up.
Minimal impact from MLDs (less than 1% of revenue).
Cautiously optimistic despite global macro uncertainties.
Okay.. Based on a search on Perplexity. Here’s some data
Nuvama Wealth Management’s promoter shares are pledged primarily as a means to raise funds by providing collateral against borrowings, such as loans or non-convertible debentures. This is a common practice where promoters pledge their shares to secure financing for business operations, expansion, or other financial requirements.
Why the promoter shares are pledged:
Promoters pledge shares to raise capital without diluting ownership by issuing new equity.
It provides lenders or debenture holders security against the loan or debt.
According to market analysis, a significant portion of promoter shares (about 62.8%) is pledged, which may exert downward pressure on the stock during volatile market conditions, reflecting the financial leverage or funding needs of the promoters or the company148.
When was the pledge done:
The specific timing of the initial pledge is not explicitly mentioned in the available documents. However, the shareholding patterns and disclosures from April to July 2024 indicate that as of those dates, promoters did not have pledged shares reported in official filings23.
By early 2025, reports clearly mention a high percentage of pledged promoter shares (62.8%), suggesting the pledging occurred sometime between mid-2024 and early 202514.
This implies the pledging is relatively recent, likely done in the financial year 2024-25 to meet funding requirements.
In summary, Nuvama’s promoters pledged their shares recently (post mid-2024) to secure financing, which is reflected in the high pledged percentage reported in early 2025. This pledge serves as collateral for debt instruments like non-convertible debentures issued by the company or its subsidiaries, indicating a strategy to raise funds while retaining ownership control148.
As expected, Amazing results by the Company
Revenues: Q4 FY25 stood at Rs. 771 Cr, grew by 29% YoY and FY25 at Rs.2,901 Cr, grew by 41% YoY
Operating Profit After Tax (PAT): Q4 FY25 stood at Rs. 255 Cr, grew by 41% YoY and FY25 at Rs.986 Cr, grew by 65% YoY
Strong performance across business segments for Q4:
Wealth and Asset Management: Steady growth, revenues grew by 20% YoY
Asset Services: Breakout year, revenues grew by 85% YoY
Wealth Management: