Nuvama Wealth Management
Nuvama Wealth Management
Capital MarketsKey Fundamentals
SmallcapWealthCapital MarketsTapetide Score
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Key Insights
Strengths
3- Company has delivered good profit growth of 58.7% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.7%
- Company has been maintaining a healthy dividend payout of 33.1%
Weaknesses
2- Stock is trading at 7.52 times its book value
- Promoters have pledged 62.8% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
Nuvama Wealth Management has a market capitalisation of about ₹31,203 crore. Over five years, profit has compounded at 59% and sales at 27%, and ROE has stayed between 24% and 28% across 3- and 5-year periods. Growth has slowed sharply on a TTM basis, with profit up 5% and sales up 13%. The stock trades at 28.9x earnings and 7.63x book, and promoters have pledged 62.8% of their holding.
- Profit has compounded at 59% over 5 years (58.7% per reported data) and 51% over 3 years, which points to strong operating leverage in the wealth and capital markets franchise.
- ROE has held up well: 27% last year, 28% on a 3-year average and 24% on a 5-year average. That is high capital efficiency for a financial services business.
- Revenue has grown at a 27-28% CAGR over both 3 and 5 years, so the top line has scaled steadily rather than relying on one-off gains.
- A 28.9x P/E against 51% 3-year profit CAGR gives a PEG well below 1 on historical growth. The valuation is not stretched relative to past earnings growth.
- The dividend payout ratio is a healthy 33.1% with a 0.83% yield. The business returns cash while still funding growth, which suggests it is not capital-hungry.
- Stock returns have compounded at 50% over 3 years and 37% over the last year, broadly in line with fundamental profit growth over the period.
- With a market cap of about ₹31,203 crore, Nuvama has the scale to benefit from structural growth in Indian wealth management and capital market participation. Sales are still growing 13% on a TTM basis.
- Promoters have pledged 62.8% of their holding. This creates overhang risk: a sharp price fall could trigger margin calls or forced selling.
- TTM profit growth has slowed to 5%, compared with 51% over 3 years and 59% over 5 years. That is a sharp deceleration the current valuation may not fully reflect.
- TTM sales growth of 13% is less than half the 28% 3-year CAGR, which suggests the business is sensitive to slowing capital market activity.
- At 7.63x price-to-book (7.43x per another data point), the stock is valued richly. Its earnings yield of about 3.5% (1/28.9) depends on ROE staying near 27%.
- A 28.9x P/E looks expensive against TTM profit growth of only 5%. Measured on current growth, the PEG is close to 6.
- Capital markets earnings are cyclical. The 50% 3-year stock CAGR came during a strong market phase, and broking, advisory and transaction revenue can shrink quickly in a downturn.
- The 0.83% dividend yield gives little income support if the valuation multiple compresses from 28.9x.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Promoter pledge exposure jumps 70% Sep 11
DB Trustees disclosed that the loan secured by a pledge over 53.12% of Nuvama's equity rose from $265 million to $450 million under amended terms. Higher leverage against a majority stake raises overhang risk if the share price falls sharply or margin calls are triggered.
- Supreme Court win for clearing arm Sep 2
The Supreme Court ruled for subsidiary Nuvama Clearing Services and set aside earlier orders that had directed it to reinstate liquidated securities. The ruling removes a material litigation overhang and potential financial liability.
- 33rd AGM approves all resolutions Sep 28
Nuvama held its 33rd AGM by video conference on September 28, 2026, where members approved the financial statements and director re-appointments. This was routine governance with no strategic surprises.
TL;DR: Nuvama has cleared a material legal risk with its September 2 Supreme Court win in the Nuvama Clearing Services case, and routine governance continues smoothly. The main concern is the larger encumbrance: the loan secured against 53.12% of its equity rose from $265 million to $450 million, increasing the overhang risk from the majority holder's leverage. On balance, the company's operating and legal position is improving while ownership-level risk has risen. Watch for further pledge disclosures and how the stock holds up in volatile capital-markets conditions.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 648 | 735 | 841 | 929 | 949 | 1,053 | 1,034 | 1,120 | 1,123 | 1,135 | 1,104 | 1,269 | 1,376 |
| Expenses | 357 | 375 | 396 | 464 | 457 | 488 | 453 | 545 | 511 | 541 | 497 | 641 | 652 |
| Operating Profit | 290 | 360 | 445 | 465 | 493 | 565 | 582 | 575 | 612 | 593 | 607 | 629 | 724 |
| OPM % | 45% | 49% | 53% | 50% | 52% | 54% | 56% | 51% | 54% | 52% | 55% | 50% | 53% |
| Other Income | 4 | 3 | 2 | 0 | 7 | 4 | 1 | 9 | 3 | 8 | 2 | 20 | 8 |
| Interest | 119 | 147 | 171 | 183 | 183 | 200 | 225 | 215 | 240 | 237 | 242 | 258 | 295 |
| Depreciation | 22 | 24 | 45 | 45 | 20 | 21 | 24 | 29 | 24 | 25 | 27 | 36 | 27 |
| PBT | 153 | 191 | 231 | 237 | 297 | 347 | 334 | 340 | 351 | 339 | 340 | 355 | 411 |
| Tax % | 19% | 24% | 24% | 24% | 26% | 26% | 25% | 25% | 25% | 25% | 25% | 24% | 26% |
| Net Profit | 123 | 145 | 176 | 181 | 221 | 257 | 252 | 255 | 264 | 254 | 254 | 269 | 306 |
| EPS in Rs | 7.02 | 8.28 | 10.01 | 10.24 | 12.49 | 14.43 | 14.05 | 14.2 | 14.66 | 14.09 | 13.96 | 14.79 | 16.75 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 780 | 1,384 | 1,778 | 2,223 | 3,156 | 4,162 | 4,638 | 4,884 |
| Expenses | 281 | 939 | 1,132 | 1,340 | 1,591 | 1,942 | 2,188 | 2,331 |
| Operating Profit | 499 | 444 | 646 | 883 | 1,565 | 2,220 | 2,450 | 2,553 |
| OPM % | 64% | 32% | 36% | 40% | 50% | 53% | 53% | 52% |
| Other Income | 76 | -565 | 638 | 8 | 3 | 14 | 25 | 38 |
| Interest | 200 | 246 | 278 | 396 | 620 | 822 | 977 | 1,032 |
| Depreciation | 15 | 50 | 71 | 89 | 136 | 94 | 113 | 115 |
| PBT | 360 | -417 | 935 | 406 | 812 | 1,318 | 1,385 | 1,445 |
| Tax % | 21% | 14% | 8% | 25% | 23% | 25% | 25% | — |
| Net Profit | 286 | -475 | 857 | 305 | 625 | 985 | 1,040 | 1,082 |
| EPS in Rs | — | — | — | — | 35.43 | 54.82 | 57.19 | 59.59 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 51% | 49% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 26 | 35 | 35 | 35 | 35 | 36 | 36 |
| Reserves | 1,056 | 1,592 | 1,896 | 2,219 | 2,859 | 3,454 | 4,085 |
| Borrowings | 1,287 | 1,428 | 3,549 | 5,413 | 6,746 | 7,839 | 11,544 |
| Other Liabilities | 2,841 | 4,397 | 5,119 | 5,048 | 10,747 | 17,059 | 18,827 |
| Total Liabilities | 5,211 | 7,451 | 10,598 | 12,716 | 20,387 | 28,388 | 34,491 |
| Fixed Assets | 108 | 162 | 219 | 284 | 290 | 312 | 280 |
| CWIP | 4 | 22 | 18 | 25 | 8 | 5 | 9 |
| Investments | 665 | 25 | 70 | 170 | 170 | 221 | 358 |
| Other Assets | 4,434 | 7,242 | 10,292 | 12,237 | 19,920 | 27,850 | 33,844 |
| Total Assets | 5,211 | 7,451 | 10,598 | 12,716 | 20,387 | 28,388 | 34,491 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | -500 | -1,108 | -1,425 | -1,865 | -1,658 | -373 | -3,014 |
| Investing | -112 | -124 | -81 | -173 | -79 | -62 | -119 |
| Financing | 235 | 877 | 2,139 | 1,825 | 1,316 | 601 | 3,181 |
| Net Cash Flow | -376 | -354 | 633 | -212 | -422 | 166 | 48 |
| Free Cash Flow | -516 | -1,127 | -1,475 | -1,942 | -1,739 | -405 | -3,041 |
| CFO/OP | -99 | -240 | -210 | -203 | -93 | -2 | -109 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 163 | 72 | 183 | 146 | 74 | 66 | 78 |
| Inventory Days | 1,378 | — | — | — | — | — | — |
| Days Payable | 748 | — | — | — | — | — | — |
| Cash Conversion Cycle | 793 | 72 | 183 | 146 | 74 | 66 | 78 |
| Working Capital Days | -912 | -860 | -503 | -277 | -966 | -1,234 | -1,152 |
| ROCE % | — | 17% | 14% | 12% | 17% | 20% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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58 extracted metrics + investor summaries across FY20–FY27.
Documents
Frequently Asked Questions about Nuvama Wealth Management
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Company Information
Incorporated in 1993, Nuvama Wealth Management Ltd is in the business of broking and trading in equity securities and is also registered as an Investment Adviser and Merchant Banker with SEBI[1]
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