Nuvama Wealth Management
Nuvama Wealth Management
Capital MarketsKey Fundamentals
SmallcapWealthCapital MarketsTapetide Score
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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 25.7%
Weaknesses
2- Stock is trading at 7.67 times its book value
- Promoters have pledged 62.8% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoNuvama Wealth Management commands a market cap of ₹31,296 Cr at a PE of 29.9x and trades at 7.88x book value. The company has delivered strong profit growth of ~59% CAGR over five years with a consistent ROE of ~27-28%, but faces governance concerns with 62.8% of promoter holdings pledged.
- Exceptional 5-year compounded profit growth of 59% CAGR, indicating strong earnings momentum in the capital markets space
- Consistent return on equity with 3-year ROE at 28% and last year ROE at 27%, reflecting efficient capital deployment
- Healthy 5-year compounded sales growth of 27% CAGR, showing sustained topline expansion across market cycles
- 3-year compounded profit growth of 51% CAGR outpaces 3-year sales growth of 28%, indicating improving operating leverage and margin expansion
- Dividend payout ratio of 25.7% with a yield of 0.8%, demonstrating commitment to returning capital to shareholders while retaining enough for growth
- Stock has appreciated 42% over the past 1 year, reflecting strong market confidence in the business trajectory
- TTM revenue growth of 13% suggests continued topline momentum even on a higher base after years of rapid expansion
- Promoters have pledged 62.8% of their holdings, a significant governance red flag that could trigger forced selling in a market downturn
- Stock trades at 7.88x book value, a steep premium that leaves limited margin of safety for new investors
- TTM profit growth has decelerated sharply to 5% compared to 3-year CAGR of 51%, suggesting earnings growth may be plateauing
- PE ratio of 29.9x is elevated for a capital markets business that is inherently cyclical and tied to market activity levels
- TTM sales growth of 13% marks a notable slowdown from the 3-year CAGR of 28%, indicating potential revenue growth fatigue
- Capital markets revenues are inherently linked to equity market volumes and sentiment, making earnings vulnerable to prolonged market downturns
- Dividend yield of only 0.8% offers limited income cushion in a high-interest-rate environment where risk-free alternatives yield significantly more
- 5-year ROE of 24% trails the 3-year ROE of 28%, and sustaining elevated returns at scale as the business grows larger will be challenging
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 52.6% promoter stake pledged Sep 12
Promoter PAGAC Ecstasy has encumbered 96.96 million shares (52.57% of total capital) with secured debt limit raised to USD 450 million. An additional USD 185 million facility remains unutilized as of Sep 11, signaling potential for further leverage.
- Supreme Court litigation win Sep 2
Nuvama received a favorable Supreme Court judgment involving subsidiary Nuvama Clearing Services. The court set aside orders directing reinstatement of liquidated securities, removing a material legal overhang.
- 79.3 lakh ESARs approved Sep 1
NRC approved 79,38,556 Employee Stock Appreciation Rights on Sep 1, 2026, vesting over four to five years under the 2026 scheme.
- AGM scheduled for Sep 28 Sep 1
Nuvama's 33rd AGM is set for Sep 28, 2026 via video conferencing. Shareholders can participate remotely.
TL;DR: Nuvama secured a meaningful Supreme Court win that removes legal uncertainty around its clearing subsidiary. However, the high promoter pledge at 52.57% of total capital with a USD 450 million debt ceiling remains a key overhang, as forced selling risk increases if share price drops sharply. ESAR issuance is routine and mildly dilutive over time. Near-term sentiment hinges on whether the promoter reduces pledge levels; investors should watch for any drawdown of the unutilized USD 185 million facility.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3 | 2 | 0 | 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 | 231 | 237 | 297 | 347 | 334 | 340 | 351 | 339 | 340 | 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 in Rs | 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 780 | 1,384 | 1,778 | 2,223 | 3,156 | 4,162 | 4,631 | 4,884 |
| Expenses | 281 | 939 | 1,132 | 1,340 | 1,591 | 1,942 | 2,189 | 2,331 |
| Operating Profit | 499 | 444 | 646 | 883 | 1,565 | 2,220 | 2,441 | 2,553 |
| OPM % | 64% | 32% | 36% | 40% | 50% | 53% | 53% | 52% |
| Other Income | 76 | -565 | 638 | 8 | 3 | 14 | 33 | 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 in Rs | — | — | — | — | 35.43 | 54.82 | 57.19 | 59.59 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 53% | 24% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 289 |
| CWIP | 4 | 22 | 18 | 25 | 8 | 5 | 0 |
| 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | -500 | -1,108 | -1,425 | -1,865 | -1,658 | -371 | -3,014 |
| Investing | -112 | -124 | -81 | -173 | -79 | -63 | -128 |
| Financing | 235 | 877 | 2,139 | 1,825 | 1,316 | 601 | 3,181 |
| Net Cash Flow | -376 | -354 | 633 | -212 | -422 | 166 | 40 |
| Free Cash Flow | -516 | -1,127 | -1,475 | -1,942 | -1,739 | -403 | -3,041 |
| CFO/OP | -99 | -240 | -210 | -203 | -93 | -2 | -110 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 163 | 72 | 183 | 146 | 74 | 66 | 79 |
| Inventory Days | 1,378 | — | — | — | — | — | — |
| Days Payable | 748 | — | — | — | — | — | — |
| Cash Conversion Cycle | 793 | 72 | 183 | 146 | 74 | 66 | 79 |
| Working Capital Days | -912 | -860 | -503 | -277 | -966 | -1,234 | -1,148 |
| ROCE % | — | 17% | 14% | 12% | 17% | 20% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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[1]
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