Nuvama Wealth Management Ltd.

•

nuvama.comBSE: 543988NSE: NUVAMA

Market Cap₹ 32,909 Cr.

Current Price

High / Low₹ 2,066 / 1,097

Stock P/E54.8

Book Value₹ 122

Price to Book10.56

Dividend Yield1.56 %

ROCE23.9 %

ROE29.5 %

Face Value₹ 2

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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 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

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

Financial ServicesFinanceFinance - Stock Broking

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	MCX	3340.05	55.24	85168.55	0.24	413.44	103.47	702.00	88.10	48.10	70.40
2.	MOTILALOFS	1023.00	31.12	61617.67	0.59	1273.71	9.53	3425.76	25.49	12.68	57.49
3.	360ONE	1096.25	35.40	44679.26	1.09	330.53	16.11	1226.09	26.85	12.28	63.01
4.	NUVAMA	1784.20	30.39	32909.41	1.56	305.64	15.83	1376.22	22.59	17.52	52.80
5.	ANGELONE	299.40	26.52	27366.25	1.35	2313.98	1921.51	14296.91	1153.53	14.87	33.92
6.	CHOICEIN	749.85	70.28	16704.90	0.00	60.61	26.37	309.79	32.46	19.43	33.83
7.	IIFLCAPS	337.65	18.67	10642.01	0.89	184.16	4.92	631.48	3.13	23.27	35.76
8.	SHAREINDIA	189.75	11.42	4152.21	0.84	124.41	47.45	448.09	31.25	21.00	44.76
9.	ARSSBL	505.70	24.57	3189.27	0.99	23.35	2.35	246.10	22.37	19.72	39.54
10.	MONARCH	370.95	16.24	2941.94	0.27	45.18	-0.15	90.89	-7.25	33.26	66.00
11.	GEOJITFSL	80.02	30.80	2233.54	1.87	19.83	-30.83	160.40	7.46	9.35	20.55
12.	ALGOQUANT	63.80	39.47	1793.39	0.00	164.80	3610.04	778.70	1328.81	33.57	33.64

Detailed Comparison with:

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

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

Recent coverage and analyst commentary for NUVAMA

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Nuvama Wealth Management Ltd.

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Free 5nance Account

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

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

126

187

215

236

516

385

218

422

188

404

172

424

100

127

138

145

135

154

145

111

141

174

Operating Profit

371

251

278

313

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

Interest

Depreciation

338

219

225

297

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

317

207

221

280

255

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

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%

149

Interest

109

111

Depreciation

Profit before Tax

184

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

188

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%

86.96%

89.22%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

180

169

1,896

4,211

440

187

980

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

107

174

133

117

Capital Work in Progress

371

356

289

547

1,171

1,286

1,319

1,333

1,356

1,611

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

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

-8

Cash from Investing

-68

-1

111

-247

-500

-130

-82

395

166

Cash from Financing

341

-1,074

-51

175

-4

286

252

-386

-218

181

-233

-10

-23

-66

-2

-59

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

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

36.16

29.41

24.90

22.84

21.76

21.46

21.04

20.63

18.53

Nuvama Wealth Management Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Nuvama Wealth Management Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI