Overview

Detailed Summary

Nuvama Wealth Management Limited is a leading integrated wealth management firm catering to affluent individuals, corporates, and institutions in India.
The company's wealth management business showed substantial growth, with a YoY profit increase of 23% and client assets amounting to ₹4.6 trillion by Q3 FY26.
Nuvama's asset management segment focuses on alternatives, with a significant increase in AUM to ₹12,605 Cr and a projected commercial real estate fund closure at ₹4,000 Cr.
The company is preparing to launch new mutual fund schemes and expand its asset management operations, pending final approvals for its mutual fund license.
Despite market volatility, Nuvama is strategically enhancing its capabilities across wealth, private, asset services, and capital markets, exploring M&A opportunities in the asset management sector.

Sector: Stock/ Commodity Brokers
Industry: Securities/Commodities Trading Services
Market Cap: 21,783 Cr
Volatility: High Risk
P/E Ratio: 21.9
Industry P/E: 37.7
PEG Ratio: 1.6
P/B Ratio: 5.8
52W High: 1,702.00
52W Low: 913.56

Sales CAGR

1Y: 31.87%
3Y: 56.22%
5Y: 32.79%
10Y: —

Profit CAGR

1Y: 57.65%
3Y: 47.06%
5Y: 57.35%
10Y: —

ROE

TTM: 27.06%
3Y: 13.26%
5Y: 11.40%
10Y: —

ROCE

TTM: 17.65%
3Y: 18.65%
5Y: 16.02%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CDSL	1209.40	25,276 Cr	53.07	14.51	1.03	27.14	35.91	19.95
NUVAMA	1197.90	21,783 Cr	21.86	5.78	2.39	27.06	17.65	4.23
ANGELONE	221.75	20,158 Cr	2.69	3.47	2.15	13.46	13.77	4.19
NSDL	884.20	17,684 Cr	51.53	8.16	0.23	17.04	22.30	9.80
IEX	118.50	10,567 Cr	21.90	8.47	2.53	37.54	48.80	25.52
IIFLCAPS	318.25	9,929 Cr	18.18	3.53	0.94	20.81	20.41	6.34
PRUDENT	2230.20	9,258 Cr	43.02	12.14	0.11	26.91	34.30	21.05

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	735	841	927	949	1,051	1,032	1,120	1,123	1,135	1,104
Expenses	375	396	463	457	488	453	545	511	541	496
Interest	147	171	183	183	200	225	215	240	237	242
Financing Profit	213	273	282	310	364	354	360	372	357	365
Financing Margin %	29.00	32.53	30.37	32.68	34.59	34.34	32.15	33.09	31.44	33.09
Other Income	2.60	1.82	0.81	6.67	5.13	3.75	8.72	3.48	7.82	1.20
Depreciation	24	45	45	20	21	24	29	24	25	27
Profit Before Tax	191	231	237	297	347	334	340	351	339	340
Tax %	24.27	23.63	23.83	25.62	25.92	24.66	24.93	24.76	25.13	25.40
Net Profit	145	176	181	221	257	252	255	264	254	254
EPS in Rs	7.93	9.58	9.74	11.80	13.84	13.53	13.67	14.00	13.52	13.62
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	760	1,282	1,773	2,215	3,151	4,158	4,326
Expenses	281	939	1,132	1,340	1,592	1,942	1,997
Interest	200	246	278	396	620	822	880
Financing Profit	278	97	364	478	940	1,394	1,450
Financing Margin %	36.60	7.53	20.51	21.59	29.82	33.53	33.51
Other Income	93	97	11	17	8.88	18	21
Depreciation	15	50	71	89	136	94	98
Profit Before Tax	357	143	303	406	812	1,318	1,372
Tax %	20.72	40.56	25.69	24.88	23.05	25.28	25.07
Net Profit	283	-551	857	305	625	985	1,028
EPS in Rs	—	—	—	90.81	34.02	52.83	54.80
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	26	17	17	35	35	36
Reserves	1,056	1,592	1,896	2,219	2,859	3,454
Borrowings	1,287	1,428	3,549	5,413	6,746	7,839
Other Liabilities	2,841	4,414	5,136	5,048	10,746	17,059
Total Liabilities	5,211	7,451	10,598	12,716	20,387	28,388
Fixed Assets	108	162	203	269	278	271
CWIP	4.45	22	18	25	7.68	5.14
Investments	665	25	70	170	170	221
Other Assets	4,434	7,242	10,307	12,252	19,931	27,890
Total Assets	5,211	7,451	10,598	12,716	20,387	28,388

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-500	-1,108	-1,425	-1,865	-1,658	-371
Cash from Investing Activity	-112	-123	-82	-177	-80	-65
Cash from Financing Activity	235	877	2,139	1,825	1,316	601
Net Cash Flow	-376	-354	631	-217	-422	164

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	57.00%	57.00%	55.95%	55.81%	55.68%	55.18%	54.93%	54.78%	54.73%	54.65%	54.20%
FIIs	9.54%	9.59%	7.16%	6.91%	6.73%	13.88%	15.46%	16.57%	17.14%	16.30%	16.39%
DIIs	0.81%	0.80%	0.93%	1.27%	1.44%	1.54%	4.71%	5.81%	6.37%	7.60%	8.37%
Public	32.65%	32.60%	35.96%	36.01%	36.15%	29.40%	24.90%	22.83%	21.76%	21.45%	21.04%
Total Shareholders	95,071	94,906	78,627	79,220	92,591	1,10,219	1,28,525	1,33,244	1,23,779	1,31,029	1,26,810

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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