Nuvama Wealth Management Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Capital Based Business: 57.4% • Holding Company Activity: 36.6% • Wealth Management: 3.6%
AI Sector View
AI GENERATEDFinancial Services
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.
PROS
- Company has delivered good profit growth of 55.0% CAGR over last 5 years
- Solid return on assets for a lender - ROA of 10.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 23.2%
- Company has a healthy return on capital (ROCE) of 21.1%
- Operating margins have improved to 58.8% from 23.9%
- Company has delivered good sales growth of 25.5% CAGR over last 5 years
CONS
- Effective tax rate is unusually low at 6.2% - earnings may be flattered
- Stock is trading at 10.6x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MCX | 3340.05 | 55.24 | 85168.55 | 0.24 | 413.44 | 103.47 | 702.00 | 88.10 | 48.10 | 70.40 |
| MOTILALOFS | 1023.00 | 31.12 | 61617.67 | 0.59 | 1273.71 | 9.53 | 3425.76 | 25.49 | 12.68 | 57.49 |
| 360ONE | 1096.25 | 35.40 | 44679.26 | 1.09 | 330.53 | 16.11 | 1226.09 | 26.85 | 12.28 | 63.01 |
| NUVAMA | 1784.20 | 30.39 | 32909.41 | 1.56 | 305.64 | 15.83 | 1376.22 | 22.59 | 17.52 | 52.80 |
| ANGELONE | 299.40 | 26.52 | 27366.25 | 1.35 | 2313.98 | 1921.51 | 14296.91 | 1153.53 | 14.87 | 33.92 |
| CHOICEIN | 749.85 | 70.28 | 16704.90 | 0.00 | 60.61 | 26.37 | 309.79 | 32.46 | 19.43 | 33.83 |
| IIFLCAPS | 337.65 | 18.67 | 10642.01 | 0.89 | 184.16 | 4.92 | 631.48 | 3.13 | 23.27 | 35.76 |
| SHAREINDIA | 189.75 | 11.42 | 4152.21 | 0.84 | 124.41 | 47.45 | 448.09 | 31.25 | 21.00 | 44.76 |
| ARSSBL | 505.70 | 24.57 | 3189.27 | 0.99 | 23.35 | 2.35 | 246.10 | 22.37 | 19.72 | 39.54 |
| MONARCH | 370.95 | 16.24 | 2941.94 | 0.27 | 45.18 | -0.15 | 90.89 | -7.25 | 33.26 | 66.00 |
| GEOJITFSL | 80.02 | 30.80 | 2233.54 | 1.87 | 19.83 | -30.83 | 160.40 | 7.46 | 9.35 | 20.55 |
| ALGOQUANT | 63.80 | 39.47 | 1793.39 | 0.00 | 164.80 | 3610.04 | 778.70 | 1328.81 | 33.57 | 33.64 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 81 | 126 | 187 | 215 | 236 | 516 | 385 | 218 | 422 | 188 | 404 | 172 | 424 | |
| 86 | 91 | 100 | 127 | 138 | 145 | 135 | 154 | 145 | 111 | 91 | 141 | 174 | |
| Operating Profit | 39 | 35 | 87 | 89 | 98 | 371 | 251 | 64 | 278 | 76 | 313 | 31 | 278 |
| OPM % | 48.08% | 27.78% | 46.62% | 41.20% | 41.39% | 71.90% | 65.07% | 29.27% | 65.76% | 40.62% | 77.44% | 17.89% | 65.55% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 4 | 3 | 8 | 7 |
| Interest | 8 | 16 | 20 | 25 | 29 | 29 | 27 | 26 | 52 | 14 | 14 | 15 | 24 |
| Depreciation | 11 | 8 | 29 | 26 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 |
| 20 | 12 | 38 | 38 | 65 | 338 | 219 | 37 | 225 | 62 | 297 | 20 | 257 | |
| Tax % | -21.68% | 0.95% | 17.79% | 18.05% | 27.95% | 6.16% | 5.72% | 24.78% | 1.61% | 25.63% | 5.69% | 4.97% | 0.89% |
| Net Profit | 24 | 11 | 31 | 32 | 47 | 317 | 207 | 27 | 221 | 46 | 280 | 19 | 255 |
| 7 | 3 | 9 | 9 | 13 | 89 | 12 | 2 | 62 | 13 | 15 | 1 | 1 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 814 | 322 | 410 | 328 | 381 | 355 | 350 | 654 | 1,354 | 1,186 | 1,188 | |
| 670 | 197 | 234 | 184 | 232 | 277 | 310 | 404 | 573 | 489 | 518 | |
| Operating Profit | 144 | 126 | 175 | 144 | 149 | 79 | 40 | 250 | 781 | 697 | 670 |
| OPM % | 17.70% | 39.00% | 42.81% | 43.97% | 39.11% | 22.12% | 11.43% | 38.22% | 57.66% | 58.81% | 56.41% |
| 8 | 13 | 3 | 21 | 39 | 149 | 44 | 0 | 5 | 18 | 22 | |
| Interest | 109 | 86 | 81 | 75 | 96 | 12 | 31 | 69 | 111 | 94 | 66 |
| Depreciation | 9 | 7 | 6 | 10 | 20 | 32 | 46 | 73 | 16 | 17 | 17 |
| Profit before Tax | 33 | 47 | 91 | 80 | 72 | 184 | 7 | 108 | 658 | 605 | 637 |
| Tax % | 33.80% | 7.91% | 12.71% | 22.70% | 12.02% | -2.36% | 11.32% | 8.78% | 9.18% | 6.20% | 5.68% |
| Net Profit | 22 | 43 | 79 | 62 | 63 | 188 | 6 | 98 | 598 | 567 | 600 |
| EPS | 8.25 | 16.39 | 30.31 | 23.64 | 22.30 | 53.63 | 1.90 | 27.78 | 166.17 | 31.16 | — |
| Dividend Payout % | 0.00% | 70.21% | 126.70% | 80.38% | 145.48% | 0.00% | 0.00% | 0.00% | 86.96% | 89.22% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 25%
- 3 Years:
- 50%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 44%
- 5 Years:
- 55%
- 3 Years:
- 348%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 38%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 14%
- 3 Years:
- 23%
- Last Year:
- 30%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 26 | 26 | 26 | 26 | 35 | 35 | 35 | 35 | 36 | 36 |
| 446 | 420 | 354 | 389 | -782 | -680 | 1,558 | 1,644 | 1,833 | 1,975 | |
| 837 | 547 | 520 | 675 | 2,293 | 2,244 | 315 | 653 | 822 | 1,155 | |
| Trade Payables | 107 | 194 | 154 | 91 | 93 | 180 | 169 | 1,896 | 4,211 | 99 |
| 440 | 187 | 980 | 87 | 164 | 270 | 238 | 373 | 491 | 475 | |
| Total Liabilities | 1,856 | 1,375 | 2,034 | 1,269 | 1,801 | 2,048 | 2,315 | 4,601 | 7,394 | 3,741 |
| 33 | 31 | 30 | 92 | 107 | 87 | 174 | 133 | 117 | 90 | |
| Capital Work in Progress | 3 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 371 | 356 | 289 | 547 | 1,171 | 1,286 | 1,319 | 1,333 | 1,356 | 1,611 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160 | 176 | 132 | |
| Cash & Bank | 751 | 536 | 583 | 381 | 198 | 350 | 374 | 828 | 648 | 606 |
| 698 | 452 | 1,130 | 248 | 326 | 325 | 448 | 2,147 | 5,097 | 1,301 | |
| Total Assets | 1,856 | 1,375 | 2,034 | 1,269 | 1,801 | 2,048 | 2,315 | 4,601 | 7,394 | 3,741 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -81 | 826 | -19 | 172 | 308 | 191 | -267 | -172 | 57 | -8 | |
| Cash from Investing | -68 | -1 | 111 | -247 | -500 | -130 | -82 | -82 | 395 | 166 |
| Cash from Financing | 341 | -1,074 | -51 | 19 | 175 | -4 | 286 | 252 | -386 | -218 |
| 181 | -233 | 39 | -10 | -23 | 45 | -66 | -2 | 66 | -59 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Nuvama Wealth Management Limited has informed the Exchange regarding Allotment of 230858 Shares.
2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Schedule of meet
2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Schedule of meet
2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Schedule of meet
2026-09-04 - Nuvama Wealth Management Limited has informed the Exchange about Copy of Newspaper Publication
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 - Nuvama Wealth Management Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-02 - Nuvama Wealth Management Limited has informed the Exchange about an update on material litigation
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
Recent coverage and analyst commentary for NUVAMA
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