Buy

Nuvama Wealth’s (NUVAMA) 2QFY26 operating revenue at INR7.7b grew 4% YoY, with the Wealth/Private/Asset services businesses growing 19%/37%/5% YoY in 2QFY26, while AMC/Capital markets business declined 21%/28% YoY.

Nuvama Wealth’s (NUVAMA) 1QFY26 operating revenue grew 15% YoY to INR7.7b (in-line), fueled by 18%/46% growth in the wealth management/asset services businesses.

360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26.

Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate.

Nuvama Wealth’s (NUVAMA) 4QFY25 operating revenue grew 30% YoY to INR7.7b (11% beat), mainly fueled by higher-than-expected revenue from Nuvama Private (20% beat) and its capital market segment (13% beat).

MOFS continued its steady performance in Q4FY25 amid volatile markets and despite impact of the new F&O regulations, with operating PAT at Rs5.2bn (+4% YoY; -1% QoQ). However, treasury loss of Rs7.43bn resulted in reported consolidated loss (including OCI) of Rs2.2bn.

360 One WAM (360ONE) reported operating revenue of INR6.5b (11% beat), reflecting growth of 14% YoY, largely due to a 41% YoY growth in recurring revenue. For FY25, revenue grew 32% YoY to INR24.5b.

Angel One (ANGELONE) reported a total income of INR8.3b (-16% QoQ), which was broadly in line with our estimate. F&O regulations as well as weak market activity in 4QFY25 adversely impacted the company’s sequential growth.

Proxy play on Wealth Management

Expanding Market Share and Unlocking New Opportunities

Nuvama Wealth Management (NUVAMA) reported operating revenue of INR7.2b, growing 30% YoY (in-line). This growth was driven by a 19% YoY increase in wealth management revenue (in-line), flat AMC revenue (30% miss), and a 46% YoY growth in capital market revenue (in-line).

MOFS reported a steady performance during Q3FY25 amid volatile markets, with Operating PAT at Rs5.25bn (+39% YoY, -3% QoQ); however, a treasury loss of Rs0.7bn resulted in consolidated PAT (including OCI) at Rs4.56bn (-41% YoY, -63% QoQ).

360 One WAM (360 ONE) reported net revenue of INR6b (7% beat), up 38% YoY in 3QFY25. For 9MFY25, net revenue grew 41% YoY to INR17.9b.

Angel One reported total income of INR9.9b, up 19% YoY/down 18% QoQ and largely in line with our estimate. The sequential decline was owing to the impact of F&O regulations and True-to-Label regulations on other income.

Quarterly Update Q2FY25

MCX posted 73% YoY growth in operating revenue to INR2.9b (5% above our estimate) in 2QFY25. Operating revenue rose 67% YoY in 1HFY25.

Angel One’s business execution remains strong, underlined by increasing share in cash volumes (17.5%), share in F&O volumes (20.7%)

2QFY25 PAT grew 39% YoY to INR4.2b (5% beat), aided by better than expected operational efficiency. Revenue from operations jumped 45% YoY to INR9.8b.

MCX plans to grow volumes by launching new products, such as serial contracts, index options, 10g monthly gold futures, cotton seed wash oil, crude sunflower oil contracts and many more in the pipeline.