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Nuvama Wealth Management

NUVAMA NSE
₹1,846.40 No trade today
P/E
30.99
View as Markdown
MCP
Close 4 Nov 2026 ₹1,846.40 +384.80 +26.3% 1Y
Start ₹1,461.60

Key Fundamentals

SmallcapCapital MarketsFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.50%
Debt to Equity
2.80
EPS (TTM)
₹59.59
Book Value
₹222.30
Market Cap
—
P/E (TTM)
30.99
P/B
8.31
ROE
27.40%
Dividend Yield
0.75%
EBITDA
₹2,460 Cr
52W High
₹2,066.00
52W Low
₹1,096.90
Volume
0

Peer Comparison

Financial Services › Capital Markets › Wealth › Stockbroking & Allied

Nuvama Wealth Management peer comparison
Groww
₹207.2348.08₹1,31,118 Cr11.230.00%28.80%37.30%₹5,724 Cr₹2,693 Cr
Motilal Oswal Financial Services
₹1,013.0030.77₹61,868 Cr3.930.59%15.50%12.70%₹10,063 Cr₹1,984 Cr
360 One WAM
₹1,068.7034.83₹44,218 Cr3.671.27%14.40%12.10%₹4,664 Cr₹1,247 Cr
Nuvama Wealth Management (this company)
₹1,846.4030.99₹34,294 Cr8.310.75%27.40%17.50%₹4,884 Cr₹1,083 Cr
Angel One
₹312.1024.63₹28,381 Cr4.280.77%15.60%14.80%₹5,651 Cr₹1,155 Cr
IIFL Capital Services
₹349.0519.09₹10,997 Cr3.180.86%16.20%21.10%₹2,434 Cr₹572 Cr
Share India Securities
₹182.9211.01₹4,051 Cr1.380.49%13.00%18.40%₹1,577 Cr₹364 Cr
Median 7 companies₹349.0530.77₹34,294 Cr3.930.75%15.60%17.50%₹4,884 Cr₹1,155 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

45 Average

Data confidence 100/100

pledge:63%

Category scores

Quality
62
Good
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
36
Poor
Solvency, leverage, coverage 9% weight
Momentum
79
Strong
Trend strength, vol-adjusted 12% weight
Ownership
43
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 33.1%

Weaknesses

3
  • Stock is trading at 7.51 times its book value
  • Promoter holding has decreased over last quarter: -0.58%
  • Promoters have pledged 62.8% of their holding.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
60.00
Neutral
MACD (12,26,9)
18.92
Bullish
SMA (50)
1,747.53
Bullish
SMA (200)
1,558.77
Bullish

As of

Analyst Rating

Based on 9 analysts
BUY78%

7 of 9 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
7
78%
HOLD
1
11%
SELL
1
11%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+27.36%
3Y+27.78%
1Y+11.44%
TTM+12.79%

Net profit

Net profit growth by window
5YTurned to profit
3Y+50.51%
1Y+5.58%
TTM+5.35%

Operating cash flow

Operating cash flow growth by window
5YOutflow widened by ₹1,906 Cr
3YOutflow widened by ₹1,149 Cr
1YOutflow widened by ₹2,641 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+20.74 pp
3Y+13.10 pp
1Y−0.52 pp
TTM−1.63 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹780 Cr
Mar 2021₹1,384 Cr
Mar 2022₹1,778 Cr
Mar 2023₹2,223 Cr
Mar 2024₹3,156 Cr
Mar 2025₹4,162 Cr
Mar 2026₹4,638 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹286 Cr
Mar 2021−₹475 Cr
Mar 2022₹857 Cr
Mar 2023₹305 Cr
Mar 2024₹625 Cr
Mar 2025₹985 Cr
Mar 2026₹1,040 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,717 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.6× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Nuvama Wealth Management Ltd trades at ₹1,805.1 as of 2026-11-02 with a market cap of ₹31,520.82 crore. The company has delivered strong compounded profit growth of 51% over 3 years and maintains an ROE of 25.23%, but trades at a premium valuation of 8.12x book value with 62.8% of promoter holding pledged.

Bull Case 7
  • Exceptional long-term profit growth with a 5-year compounded profit CAGR of 59% and 3-year CAGR of 51%, indicating a strong earnings trajectory
  • Robust return on equity of 25.23% as of 2026-11-02, supported by a consistent 3-year average ROE of 28% and 5-year average of 24%
  • Healthy compounded sales growth of 28% over 3 years and 27% over 5 years, reflecting sustained revenue expansion
  • Stock has delivered a 3-year CAGR of 49% and 1-year return of 16%, demonstrating strong price appreciation
  • Company maintains a healthy dividend payout ratio of 33.1% with a current dividend yield of 0.81%, balancing growth reinvestment with shareholder returns
  • ROCE of 21.05% indicates efficient deployment of total capital employed across the business
  • TTM revenue growth of 13% shows continued top-line momentum even as the base has scaled up significantly
Bear Case 7
  • Promoters have pledged 62.8% of their holding, creating significant risk of forced selling or margin calls in a market downturn
  • PE ratio of 30.29x on TTM basis is elevated, especially when TTM profit growth has decelerated sharply to just 5%
  • Debt-to-equity ratio of 2.80 is high, amplifying balance sheet risk in a capital markets business that is inherently cyclical
  • Promoter holding decreased by 0.58% over the last quarter, signalling potential reduced promoter confidence
  • TTM profit growth of only 5% marks a significant deceleration from the 3-year CAGR of 51%, raising questions about growth sustainability
  • The stock is 12.6% below its 52-week high of ₹2,066 while being 64.6% above its 52-week low of ₹1,096.9, suggesting much of the recovery may already be priced in
  • As a capital markets business, revenues and profits are directly tied to market activity levels, making earnings inherently volatile and cyclical

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Nuvama Wealth is expanding its asset management footprint with a new SEBI-approved Specialized Investment Fund, signaling growth ambitions beyond its core wealth management business. However, the promoter pledge level at 52.54% of total share capital is notably elevated, representing a key overhang risk. The $450 million facility secured against these pledged shares ties promoter exposure to global lenders including Deutsche Bank and Goldman Sachs. Investors should watch for any further pledge increases or margin triggers while monitoring progress on the SIF launch as a potential growth catalyst.

Headwinds 1
  • High promoter share pledge Nov 4

    Promoter PAGAC Ecstasy pledged an additional 3.51 crore shares post lock-in expiry, bringing total encumbered shares to 9.70 crore or 52.54% of total share capital. Such a high pledge ratio raises risk of forced selling if share price declines significantly.

Positives 1
  • SEBI nod for SIF launch Oct 19

    Nuvama Asset Management, a wholly owned subsidiary, received SEBI approval to set up a Specialized Investment Fund under SEBI (Mutual Funds) Regulations, 2026. This opens a new revenue stream in the asset management space.

Quarterly Results

₹ Cr
NUVAMA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
648
735
841
929
949
1,053
1,034
1,120
1,123
1,135
1,104
1,269
1,376
Expenses
357
375
396
464
457
488
453
545
511
541
497
641
652
Operating Profit
290
360
445
465
493
565
582
575
612
593
607
629
724
OPM %
45%
49%
53%
50%
52%
54%
56%
51%
54%
52%
55%
50%
53%
Other Income
4
2.05
2
1.63
7
4
1
9
3
8
2
20
8
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
PBT
153
191
230
238
297
348
334
340
351
339
341
355
411
Tax %
19%
24%
24%
24%
26%
26%
25%
25%
25%
25%
25%
24%
26%
Net Profit
123
145
176
181
221
257
252
255
264
254
254
269
306
EPS (₹)
7.02
8.28
10.01
10.24
12.49
14.43
14.05
14.2
14.66
14.09
13.96
14.79
16.75

Profit & Loss

₹ Cr
NUVAMA profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
780
1,384
1,778
2,223
3,156
4,162
4,638
4,884
Expenses
281
939
1,132
1,340
1,591
1,942
2,188
2,331
Operating Profit
499
444
646
883
1,565
2,220
2,450
2,553
OPM %
64%
32%
36%
40%
50%
53%
53%
52%
Other Income
76
−565
638
8
3
14
25
38
Interest
200
246
278
396
620
822
977
1,032
Depreciation
15
50
71
89
136
94
113
115
PBT
360
−417
935
406
812
1,318
1,385
1,445
Tax %
21%
14%
8%
25%
23%
25%
25%
—
Net Profit
286
−475
857
305
625
985
1,040
1,082
EPS (₹)
—
—
—
—
35.43
54.82
57.19
59.59
Div. Payout %
0%
0%
0%
0%
0%
51%
49%
—

Balance Sheet

₹ Cr
NUVAMA balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
280
CWIP
4
22
18
25
8
5
9
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

₹ Cr
NUVAMA cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−500
−1,108
−1,425
−1,865
−1,658
−373
−3,014
Investing
−112
−124
−81
−173
−79
−62
−119
Financing
235
877
2,139
1,825
1,316
601
3,181
Net Cash Flow
−376
−354
633
−212
−422
166
48
Free Cash Flow
−516
−1,127
−1,475
−1,942
−1,739
−405
−3,041
CFO/EBITDA
−99
−240
−210
−203
−93
−2
−109

Ratios

NUVAMA financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
163
72
183
146
74
66
78
Inventory Days
1,378
—
—
—
—
—
—
Days Payable
748
—
—
—
—
—
—
Cash Conversion Cycle
793
72
183
146
74
66
78
Working Capital Days
−912
−860
−503
−277
−966
−1,234
−1,152
ROCE %
—
17%
14%
12%
17%
20%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Nuvama Wealth Management insights

57 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 53.40%
  • FIIs 19.97%
  • Public 14.52%
  • DIIs 8.36%
  • Others 3.74%

62.80% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Nuvama Wealth Management

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
Where is Nuvama Wealth Management Ltd (NUVAMA) listed?
Nuvama Wealth Management Ltd trades as NUVAMA on the NSE and under code 543988 on the BSE.
Which sector does Nuvama Wealth Management Ltd belong to?
Nuvama Wealth Management Ltd is classified under the Capital Markets sector, in the Wealth industry.
What is the PE ratio of Nuvama Wealth Management Ltd?
Nuvama Wealth Management Ltd trades at a PE ratio of 30.99 as of 4 Nov 2026, on earnings per share of ₹59.59, against a book value of ₹222.3 per share.
What is the 52-week high and low of Nuvama Wealth Management Ltd?
Over the last 52 weeks Nuvama Wealth Management Ltd has traded between ₹1,096.9 and ₹2,066 as of 4 Nov 2026.
Does Nuvama Wealth Management Ltd pay dividends?
Nuvama Wealth Management Ltd has a dividend yield of 0.75%.
What is the Return on Equity (ROE) of Nuvama Wealth Management Ltd?
Nuvama Wealth Management Ltd reported a return on equity of 27.40%. Its debt-to-equity ratio is 2.80.

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

Website nuvama.com
Listed 26 Sep 2023
Face Value ₹2

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