We have audited the accompanying standalone financial
statements of Nuvama Wealth Management Limited ("the
Company"), which comprise the Balance sheet as at March
31, 2026, the Statement of Profit and Loss, including the
statement of Other Comprehensive Income, the Cash Flow
Statement and the Statement of Changes in Equity for the
year then ended, and notes to the standalone financial
statements, including a summary of material accounting
policies and other explanatory information.
In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013, as amended ("the
Act") in the manner so required and give a true and fair
view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as
at March 31, 2026, its profit including other comprehensive
income, its cash flows and the changes in equity for the
year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing (SAs), as specified under section 143(10) of
the Act. Our responsibilities under those Standards are
further described in the 'Auditor's Responsibilities for the
Audit of the Standalone Financial Statements' section
of our report. We are independent of the Company in
accordance with the 'Code of Ethics' issued by the
Institute of Chartered Accountants of India together with
the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the
Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on
the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements for the
financial year ended March 31, 2026. These matters were
addressed in the context of our audit of the standalone
financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of
how our audit addressed the matter is provided in that
context.
We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the standalone
financial statements section of our report, including in
relation to these matters. Accordingly, our audit included
the performance of procedures designed to respond to
our assessment of the risks of material misstatement of
the standalone financial statements. The results of our
audit procedures, including the procedures performed
to address the matters below, provide the basis for our
audit opinion on the accompanying standalone financial
statements.
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Key audit matters
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How our audit addressed the key audit matter
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Impairment of investments in subsidiary companies (as described in Note 1.6 and 1.25, 2.4 of the standalone
financial statements)
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The Company has investments in various subsidiaries
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Our audit procedures included the following:
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aggregating to Rs. 1,555.62 crore which are not listed
or quoted. These investments are valued at cost and
are required to be assessed for impairment as per the
requirements of Ind AS 36, when indicators of impairment
are observed.
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• We considered management's assessment of
impairment from the management experts wherever
considered necessary and assessed whether any
impairment indicators existed for investment in
individual subsidiaries.
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• We traced the net-worth of the individual subsidiaries
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to their audited financial statements to assess whether
any impairment indicators were present.
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Key audit matters
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How our audit addressed the key audit matter
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In carrying out such impairment assessment, a significant
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• We assessed information used to determine the key
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judgement of the management is involved in estimating the
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assumptions, including growth rates and discount
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investee company's value in use. Estimation of the value
in use requires the management to apply assumptions
with respect to the growth rates for future cash flow
projections of the investee company and discount rates
for determining present value of such cash flows.
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rates.
• We assessed the disclosures relating to investments
in subsidiaries included in the standalone financial
statements in accordance with the requirements of
Ind AS.
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In view of the high degree of management's judgement
involved in estimation of the value in use of investments
in unlisted subsidiaries and the inherent uncertainty
relating to the assumptions supporting such estimates,
we considered this area as a key audit matter.
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IT Systems and Controls
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The financial accounting and reporting systems of the
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Our audit procedures focused on the IT infrastructure and
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Company are fundamentally reliant on information
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applications relevant to financial reporting of the Company
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technology ('IT') systems and IT controls to process
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included following:
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significant transaction volumes.
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• Tested the design and operating effectiveness of the
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Automated accounting procedures and IT environment
controls, which include IT governance, general IT controls
over program development and changes, access to
programs and data and IT operations, are required to be
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Company's IT access controls, including audit trail, over
the information systems that are important to financial
reporting and various interfaces, configuration and
other identified application controls.
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designed and to operate effectively to ensure accurate
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• Tested IT general controls (logical access, changes
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financial reporting.
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management and aspects of IT operational controls).
This included testing requests for access to systems
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Therefore, due to the pervasive nature and complexity
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were reviewed and authorized.
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of the IT environment, the assessment of the general
IT controls and the application controls specific to the
accounting and preparation of the financial information
is considered to be a key audit matter.
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• Tested the Company's periodic review of access
rights. Also tested requests of changes to systems
for approval and authorization.
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• In addition to the above, tested the design and
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operating effectiveness of certain automated controls
that were considered as key internal controls.
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• Tested the design and operating effectiveness of
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compensating controls in case deficiencies were
identified and, where necessary, extended the scope
of our substantive audit procedures.
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Other Information
The Company's Board of Directors is responsible for
the other information. The other information comprises
the information included in the Annual report, but does
not include the standalone financial statements and our
auditor's report thereon.
Our opinion on the standalone financial statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether such other
information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is
a material misstatement of this other information, we are
required to report that fact. We have nothing to report in
this regard.
Responsibilities of Management and
Those Charged with Governance for the
Standalone Financial Statements
The Company's Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements
that give a true and fair view of the financial position,
financial performance including other comprehensive
income, cash flows and changes in equity of the Company
in accordance with the accounting principles generally
accepted in India, including the Indian Accounting
Standards (Ind AS) specified under section 133 of the Act
read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. This responsibility also includes
maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent;
and the design, implementation and maintenance of
adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation
and presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone financial statements,
management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those charged with governance are also responsible for
overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of
the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls with reference
to financial statements in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management's
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report
to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's
report. However, future events or conditions may
cause the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the standalone
financial statements represent the underlying
transactions and events in a manner that achieves
fair presentation.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the standalone financial
statements for the financial year ended March 31, 2026
and are therefore the key audit matters. We describe these
matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the
adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor's Report)
Order, 2020 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of
section 143 of the Act, we give in the "Annexure 1" a
statement on the matters specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143(3) of the Act, we report,
to the extent applicable, that:
(a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit;
(b) I n our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit
and Loss including the Statement of Other
Comprehensive Income, the Cash Flow
Statement and Statement of Changes in Equity
dealt with by this Report are in agreement with
the books of account;
(d) In our opinion, the aforesaid standalone financial
statements comply with the Accounting
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended;
(e) On the basis of the written representations
received from the directors as on March 31,
2026 taken on record by the Board of Directors,
none of the directors is disqualified as on March
31, 2026 from being appointed as a director in
terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal
financial controls with reference to these
standalone financial statements and the
operating effectiveness of such controls, refer
to our separate Report in "Annexure 2" to this
report;
(g) I n our opinion, the managerial remuneration for
the year ended March 31, 2026 has been paid
/ provided by the Company to its directors in
accordance with the provisions of section 197
read with Schedule V to the Act;
(h) With respect to the other matters to be included
in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the
best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of
pending litigations on its financial position
in its standalone financial statements -
Refer Note 2.38 to the standalone financial
statements;
ii. The Company did not have any long-term
contracts including derivative contracts for
which there were any material foreseeable
losses;
iii. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company.
iv. a) The management has represented
that, to the best of its knowledge and
belief, as disclosed in the note 2.58 (vi)
to the standalone financial statements,
no funds have been advanced or
loaned or invested (either from
borrowed funds or share premium or
any other sources or kind of funds)
by the Company to or in any other
person(s) or entity(ies), including
foreign entities ("Intermediaries"), with
the understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, whether, directly
or indirectly lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries")
or provide any guarantee, security
or the like on behalf of the Ultimate
Beneficiaries;
b) The management has represented that,
to the best of its knowledge and belief,
as disclosed in the note 2.58 (vii) to
the standalone financial statements,
no funds have been received by
the Company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether, directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
and
c) Based on such audit procedures
performed that have been considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (a) and (b) contain any
material misstatement.
v. The interim dividend declared and paid by
the Company during the year and until the
date of this audit report is in accordance
with section 123 of the Act.
vi. Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the
year for all relevant transactions recorded
in the software (refer Note 2.52(b) to the
standalone financial statements). Further,
during the course of our audit we did not
come across any instance of audit trail
feature being tampered with. Additionally,
the audit trail of prior year has been
preserved by the Company as per the
statutory requirements for record retention.
For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
per Rutushtra Patell
Partner
Membership Number: 123596
UDIN: 26123596RNQGER4587
Place of Signature: Mumbai
Date: May 11, 2026
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