Nuvama Wealth Management Ltd (NUVAMA) Q4FY26 Management Mirror - Mar-2026 Qtr
Enterprise Growth & Cost Margins
Management consistently expects steady operational efficiency, guiding in the Sep'25 and Dec'25 quarters for a 10% to 12% full-year opex increase and a 20% to 25% overall business growth target once the base normalizes. By the Mar'26 quarter, management further projected a structural 100 basis point annual decline in the cost-to-income ratio over the medium term, while noting that incremental Mar'27 fiscal costs for new asset management strategies will be treated as capacity investments rather than structural escalations. [Status: Reaffirmed]
3 more themes on the ELITE plan.