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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
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      <filer>
        <credentials>
          <cik>0001461287</cik>
          <ccc>XXXXXXXX</ccc>
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      <periodOfReport>03-31-2026</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2026</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Narwhal Capital Management</name>
        <address>
          <ns1:street1>531 ROSELANE STREET</ns1:street1>
          <ns1:street2>SUITE 420</ns1:street2>
          <ns1:city>MARIETTA</ns1:city>
          <ns1:stateOrCountry>GA</ns1:stateOrCountry>
          <ns1:zipCode>30060</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-13509</form13FFileNumber>
      <crdNumber>000135958</crdNumber>
      <secFileNumber>801-66563</secFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Jonathan Hicks</name>
      <title>Chief Compliance Officer</title>
      <phone>770-344-0172</phone>
      <signature>/s/ Jonathan Hicks</signature>
      <city>Marietta</city>
      <stateOrCountry>GA</stateOrCountry>
      <signatureDate>04-23-2026</signatureDate>
    </signatureBlock>
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      <tableEntryTotal>169</tableEntryTotal>
      <tableValueTotal>1355373718</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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