Nuvama Wealth Management Ltd
NUVAMA NSE
Nuvama Wealth Management Ltd
Financial Services F&ONSE: NUVAMA BSE: 543988 Capital Markets
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]
AI Verdict: BUY Confidence: 7%
Nuvama Wealth Management demonstrates exceptional profit growth of 59% CAGR over 5 years with strong ROE of 27-28%, and carries unanimous analyst buy ratings (8/8). However, the high P/B of 7.64x and significant promoter pledge of 62.8% warrant caution, making this a conviction buy only for investors comfortable with premium valuations in wealth management.
Key Fundamentals
SmallcapWealthCapital MarketsMarket Cap
₹31,477 Cr
Volatility
High Risk
P/E Ratio
30.41
EBITDA
₹2,441 Cr
Return on Equity
21.55%
Debt to Equity
2.3
Book Value
₹224.77
EPS
₹203.79
52W High
₹1,779
52W Low
₹1,096.9
Technical Indicators
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 25.7%
Weaknesses
2- Stock is trading at 7.67 times its book value
- Promoters have pledged 62.8% of their holding.
Growth Rate
Revenue Growth
11.07% ↘
Net Income Growth
5.61% ↘
Cash Flow Change
77.62% ↗
ROE
30.86% ↗
ROCE
18.19% ↗
EBITDA Margin (Avg.)
-2.00% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoBUY
Risk medium
Nuvama Wealth Management demonstrates exceptional profit growth of 59% CAGR over 5 years with strong ROE of 27-28%, and carries unanimous analyst buy ratings (8/8). However, the high P/B of 7.64x and significant promoter pledge of 62.8% warrant caution, making this a conviction buy only for investors comfortable with premium valuations in wealth management.
Bull Case 8
- Unanimous analyst consensus with 100% buy ratings (8 out of 8 analysts recommend buy), indicating strong institutional conviction
- Exceptional compounded profit growth of 59% CAGR over 5 years, significantly outpacing most financial services peers
- Consistent ROE track record at 28% (3-year) and 27% (last year), well above cost of equity for financial services firms
- Strong compounded sales growth of 27% CAGR over 5 years, reflecting secular tailwinds in Indian wealth management
- Stock price appreciation of 26% in the last 1 year, demonstrating continued market confidence and momentum
- Healthy dividend payout ratio of 25.7% with 0.81% yield, showing commitment to shareholder returns while retaining capital for growth
- Market cap of Rs 31,639 crore positions Nuvama as a mid-large cap with sufficient scale and liquidity for institutional participation
- TTM sales growth of 11% despite market volatility shows resilient revenue base from recurring wealth management fees
Bear Case 8
- Promoters have pledged 62.8% of their holding, creating significant risk of forced selling in a market downturn
- Stock trades at 7.64x book value, a steep premium that leaves limited margin of safety if growth decelerates
- PE ratio of 30.1x is demanding for a financial services company, pricing in sustained high growth execution
- TTM profit growth has decelerated sharply to 6% compared to 51% CAGR over 3 years, signaling potential growth fatigue
- TTM revenue growth of 11% is significantly below the 3-year CAGR of 28%, indicating a slowdown in topline momentum
- Lack of available 52-week high/low data limits technical analysis and visibility into recent price range and volatility
- Debt-to-equity and EPS data unavailable, reducing transparency on leverage and per-share earnings quality
- High valuation multiples make the stock vulnerable to de-rating if broader market sentiment turns risk-off
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 1
- SEBI approves mutual fund ops Jun 10
Nuvama Wealth Management secured SEBI approval to launch mutual fund products and services, marking a significant expansion into India's asset management industry and broadening its financial services portfolio.
Neutral 3
- No promoter share encumbrance Jun 19
Nuvama promoters declared zero encumbrance on shares for FY ended March 31, 2026, indicating clean promoter holding structure.
- NSE penalty appeal rejected Jun 13
NSE Clearing rejected Nuvama Clearing Services' appeal to waive a ₹10.84 lakh penalty for non-submission of client collateral data. No financial or operational impact on the parent company.
- Investor meets scheduled in June May 26
Nuvama will host analyst and institutional investor meetings in London and Mumbai in June 2026 to discuss Q4FY26 and FY26 results.
TL;DR: Nuvama Wealth Management is in an expansion phase, having secured SEBI approval for mutual fund operations which opens a new revenue vertical in asset management. No material headwinds are visible — the ₹10.84 lakh NSE penalty is negligible and has no operational impact. Promoter holding remains unencumbered, signaling confidence. The trend is constructive with the company actively courting institutional investors and diversifying its product suite.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 613 | 648 | 735 | 841 | 929 | 949 | 1,053 | 1,034 | 1,120 | 1,123 | 1,135 | 1,104 | 1,269 |
| Expenses | 378 | 357 | 375 | 396 | 464 | 457 | 488 | 453 | 545 | 511 | 541 | 497 | 641 |
| Operating Profit | 235 | 290 | 360 | 445 | 465 | 493 | 565 | 582 | 575 | 612 | 593 | 607 | 629 |
| OPM % | 38% | 45% | 49% | 53% | 50% | 52% | 54% | 56% | 51% | 54% | 52% | 55% | 50% |
| Other Income | 7 | 4 | 3 | 2 | 0 | 7 | 4 | 1 | 9 | 3 | 8 | 2 | 20 |
| Interest | 99 | 119 | 147 | 171 | 183 | 183 | 200 | 225 | 215 | 240 | 237 | 242 | 258 |
| Depreciation | 31 | 22 | 24 | 45 | 45 | 20 | 21 | 24 | 29 | 24 | 25 | 27 | 36 |
| PBT | 112 | 153 | 191 | 231 | 237 | 297 | 347 | 334 | 340 | 351 | 339 | 340 | 355 |
| Tax % | 24% | 19% | 24% | 24% | 24% | 26% | 26% | 25% | 25% | 25% | 25% | 25% | 24% |
| Net Profit | 85 | 123 | 145 | 176 | 181 | 221 | 257 | 252 | 255 | 264 | 254 | 254 | 269 |
| 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 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 780 | 1,384 | 1,778 | 2,223 | 3,156 | 4,162 | 4,631 |
| Expenses | 281 | 939 | 1,132 | 1,340 | 1,591 | 1,942 | 2,189 |
| Operating Profit | 499 | 444 | 646 | 883 | 1,565 | 2,220 | 2,441 |
| OPM % | 64% | 32% | 36% | 40% | 50% | 53% | 53% |
| Other Income | 76 | -565 | 638 | 8 | 3 | 14 | 33 |
| Interest | 200 | 246 | 278 | 396 | 620 | 822 | 977 |
| Depreciation | 15 | 50 | 71 | 89 | 136 | 94 | 113 |
| PBT | 360 | -417 | 935 | 406 | 812 | 1,318 | 1,385 |
| Tax % | 21% | 14% | 8% | 25% | 23% | 25% | 25% |
| Net Profit | 286 | -475 | 857 | 305 | 625 | 985 | 1,040 |
| EPS in Rs | — | — | — | — | 35.43 | 54.82 | 57.19 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 53% | 24% |
Balance Sheet
| 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 | 289 |
| CWIP | 4 | 22 | 18 | 25 | 8 | 5 | 0 |
| 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
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | -500 | -1,108 | -1,425 | -1,865 | -1,658 | -371 | -3,014 |
| Investing | -112 | -124 | -81 | -173 | -79 | -63 | -128 |
| Financing | 235 | 877 | 2,139 | 1,825 | 1,316 | 601 | 3,181 |
| Net Cash Flow | -376 | -354 | 633 | -212 | -422 | 166 | 40 |
| Free Cash Flow | -516 | -1,127 | -1,475 | -1,942 | -1,739 | -403 | -3,041 |
| CFO/OP | -99 | -240 | -210 | -203 | -93 | -2 | -110 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 163 | 72 | 183 | 146 | 74 | 66 | 79 |
| Inventory Days | 1,378 | — | — | — | — | — | — |
| Days Payable | 748 | — | — | — | — | — | — |
| Cash Conversion Cycle | 793 | 72 | 183 | 146 | 74 | 66 | 79 |
| Working Capital Days | -912 | -860 | -503 | -277 | -966 | -1,234 | -1,148 |
| ROCE % | — | 17% | 14% | 12% | 17% | 20% | 17% |
Documents
1
Board Meeting Outcome for Outcome Of The Board Meeting Held On May 11, 2026
6h - Board approved FY26 audited results and interim dividend of Rs. 14/share; record date May 15, 2026. 6h - Board approved FY26 audited results and interim dividend of Rs. 14/share; record date May 15, 2026.
2
Record Date Intimation
5h - Board approved FY26 audited results and Rs14 interim dividend; record date May 15, 2026, payout by June 9. 5h - Board approved FY26 audited results and Rs14 interim dividend; record date May 15, 2026, payout by June 9.
3
Corporate Action-Board approves Dividend
5h - Board approved FY26 audited results and Rs.14 interim dividend; record date May 15, 2026, payout by June 9. 5h - Board approved FY26 audited results and Rs.14 interim dividend; record date May 15, 2026, payout by June 9.
4
Outcome Of Board Meeting Held On May 11, 2026
6h - Board approved FY26 audited results and Rs.14 interim dividend; record date May 15, 2026. 6h - Board approved FY26 audited results and Rs.14 interim dividend; record date May 15, 2026.
Frequently Asked Questions about Nuvama Wealth Management Ltd
What does Nuvama Wealth Management Ltd do?
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]
Where is Nuvama Wealth Management Ltd (NUVAMA) listed?
Nuvama Wealth Management Ltd is listed on the Indian stock exchanges. It is listed on NSE: NUVAMA and BSE: 543988. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Nuvama Wealth Management Ltd belong to?
Nuvama Wealth Management Ltd operates in the Financial Services sector within the Capital Markets industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Nuvama Wealth Management Ltd?
Nuvama Wealth Management Ltd has a market capitalisation of approximately ₹31476.80 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Nuvama Wealth Management Ltd?
The Price-to-Earnings (PE) ratio of Nuvama Wealth Management Ltd is 30.41. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Nuvama Wealth Management Ltd?
Over the past 52 weeks, Nuvama Wealth Management Ltd has traded between a low of ₹1,096.9 and a high of ₹1,779. This range helps investors understand the stock's price volatility and recent trading levels.
Does Nuvama Wealth Management Ltd pay dividends?
Yes, Nuvama Wealth Management Ltd has a dividend yield of 0.81%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Nuvama Wealth Management Ltd?
Nuvama Wealth Management Ltd has a Return on Equity (ROE) of 21.55%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Nuvama Wealth Management Ltd on Tapetide?
On Tapetide, you can view Nuvama Wealth Management Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]