Nuvama Wealth Management Ltd.

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nuvama.comBSE: 543988NSE: NUVAMA

Market Cap₹ 32,013 Cr.

Current Price

High / Low₹ 2,066 / 1,097

Stock P/E29.6

Book Value₹ 235

Price to Book5.22

Dividend Yield1.60 %

ROCE17.5 %

ROE28.0 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Wealth Management Business: 52.2% • Capital Based Business: 36.2% • Unallocated: 9.0%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 10.2%
Company has a good return on equity (ROE) track record: 3 Years ROE 28.2%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 30.8% CAGR over last 5 years
Operating margins have improved to 52.7% from 40.2%
Company has been maintaining a healthy dividend payout of 48.6%

CONS

Free cash flow has been persistently negative
Stock is trading at 5.2x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	MCX	3275.00	54.16	83509.83	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1027.05	31.24	61861.61	0.58	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1092.20	35.27	44514.20	1.10	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1735.60	29.56	32012.99	1.60	305.64	15.83	1376.22	22.59	17.52	52.80
5.	ANGELONE	305.00	27.01	27878.11	1.33	2313.98	1921.51	14296.91	1153.53	14.87	33.92
6.	CHOICEIN	758.85	71.12	16905.39	0.00	60.61	26.37	309.79	32.46	19.43	33.83
7.	IIFLCAPS	338.65	18.72	10673.53	0.89	184.16	4.92	631.48	3.13	23.27	35.76
8.	SHAREINDIA	199.05	11.98	4355.72	0.80	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	489.00	23.76	3083.95	1.02	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	373.25	16.34	2960.18	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	78.34	30.15	2186.64	1.91	19.83	-30.83	160.40	7.46	9.35	20.55
12.	ALGOQUANT	64.67	40.01	1817.85	0.00	164.80	3610.04	778.70	1328.81	33.57	33.64

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	603	735	841	929	951	1,053	1,034	1,120	1,123	1,135	1,104	1,269	1,376
	357	375	396	463	457	488	453	545	511	541	496	641	974
Operating Profit	290	360	445	466	494	565	582	575	612	593	608	629	727
OPM %	48.10%	48.97%	52.88%	50.15%	51.99%	53.68%	56.24%	51.33%	54.48%	52.29%	55.05%	49.53%	52.80%
Other Income	2	2	2	0	2	4	1	5	2	3	2	12	6
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
	150	191	230	238	293	348	334	336	349	335	341	347	411
Tax %	19.69%	24.34%	23.66%	23.75%	25.92%	25.89%	24.70%	25.21%	24.87%	25.48%	25.36%	24.87%	25.55%
Net Profit	0	145	176	181	221	257	252	255	264	254	254	269	306
	35	41	50	51	63	73	14	14	73	71	14	15	2

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	760	1,209	1,610	2,215	3,156	4,158	4,631	4,884
	287	844	969	1,340	1,592	1,958	2,191	2,652
Operating Profit	472	365	642	874	1,564	2,200	2,440	2,232
OPM %	62.17%	30.18%	39.84%	39.48%	49.56%	52.92%	52.69%	45.70%
	21	-538	642	16	2	27	21	23
Interest	200	246	278	396	620	822	977	1,032
Depreciation	15	50	71	89	136	94	113	115
Profit before Tax	357	-424	935	406	812	1,318	1,385	1,432
Tax %	20.72%	-13.75%	8.34%	24.88%	23.05%	25.28%	24.89%	25.32%
Net Profit	283	-483	857	305	625	985	1,040	1,070
EPS	109.09	-168.59	244.67	92.07	177.10	274.16	57.18	—
Dividend Payout %	17.42%	-19.45%	0.00%	0.00%	0.00%	52.71%	48.61%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 31%
3 Years:: 28%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 51%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 41%

RETURN ON EQUITY

10 Years:: —
5 Years:: 24%
3 Years:: 28%
Last Year:: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	26	35	35	35	35	36	36
Minority Interest	171	0	0	5	4	3	2
	1,056	-652	-359	2,186	2,807	3,388	4,009
	1,287	3,687	5,811	5,426	6,941	8,029	11,729
Trade Payables	116	1,170	1,638	1,757	3,670	6,044	2,331
	2,552	3,093	3,471	3,307	6,894	10,858	16,354
Total Liabilities	5,209	7,333	10,596	12,715	20,351	28,358	34,461
	108	162	203	269	278	271	242
	665	25	70	170	170	221	358
	213	207	890	1,310	737	1,434	1,702
	0	0	0	0	597	739	991
Cash & Bank	2,980	4,554	4,752	5,328	12,613	20,227	21,917
	1,244	2,385	4,681	5,638	5,955	5,465	9,251
Total Assets	5,209	7,333	10,596	12,715	20,351	28,358	34,461

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-496	-1,066	-1,356	-1,792	-1,658	-373	-3,014
Cash from Investing	-112	-93	-153	-177	-80	-64	-128
Cash from Financing	235	847	2,209	1,825	1,316	601	3,181
	-376	-354	631	-217	-422	164	40

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.68	55.18	54.93	54.78	54.73	54.65	54.20	54.13	53.98
	6.73	13.87	15.46	16.58	17.14	16.30	16.39	16.94	19.00
	1.43	1.53	4.71	5.80	6.35	7.59	8.37	8.30	8.49
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.16	29.41	24.90	22.84	21.76	21.46	21.04	20.63	18.53

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

ESOP/ESOS/ESPS

2026-09-07 - Nuvama Wealth Management Limited has informed the Exchange regarding Allotment of 230858 Shares.

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Schedule of meet

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Schedule of meet

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Schedule of meet

2026-09-04

Copy of Newspaper Publication

2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Updates

2026-09-03 - Nuvama Wealth Management Limited has informed the Exchange regarding 'Letter to Members in relation to Notice of the 33rd Annual General Meeting and Annual Report for FY 2026'.

2026-09-03

Shareholders meeting

2026-09-03 - Nuvama Wealth Management Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-09-02

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-02 - Nuvama Wealth Management Limited has informed the Exchange about an update on material litigation

2026-09-01

General Updates

2026-09-01 - Nuvama Wealth Management Limited has informed the Exchange about Grant of Employee Stock Appreciation Rights under the Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026

News

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