Nuvama Wealth Management Ltd (NUVAMA)

Financial Services · Stock/ Commodity Brokers · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,783.35 ↑ 38.32% (1Y)

🎯 Key Takeaways

Nuvama Wealth Management is in a high-growth phase, leveraging its dominant position in India's expanding wealth management market to scale client assets and diversify revenue streams through strategic acquisitions and subsidiary investments. Management is targeting 15-20% CAGR in Wealth Management and 45-50% CAGR in Asset Management over the next five years, supported by strong operational momentum and governance upgrades.
Revenue grew 8.4% QoQ to ₹1,376 in Q1FY27.
⚠️ 1) Weak debt service coverage (0.06) raises solvency concerns despite improved credit ratings, particularly if borrowing increases via NCD issuance. 2

Market Cap

₹32,551

P/E Ratio

15.4

P/B Ratio

9.33

ROE

31.0%

ROCE

21.9%

Debt/Equity

2.25

Div Yield

0.79%

Promoter

54.0%

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📖 The Story

Nuvama Wealth Management is in a high-growth phase, leveraging its dominant position in India's expanding wealth management market to scale client assets and diversify revenue streams through strategic acquisitions and subsidiary investments. Management is targeting 15-20% CAGR in Wealth Management and 45-50% CAGR in Asset Management over the next five years, supported by strong operational momentum and governance upgrades.

📰 What's Happening

In Q1 FY27 (July 2026), Nuvama reported record profits of ₹306 crores and ₹5 lakh crore client assets, driven by 18% YoY revenue growth to ₹909 crores and 34% growth in Asset Services revenue. The board approved the acquisition of a 26% stake in Pickright Technologies for ₹2.08 crores to establish a wholly owned subsidiary and committed up to ₹100 crores in Nuvama Asset Management Limited. Independent directors Birendra Kumar and Anisha Motwani were reappointed for three years starting July 2027. Shareholders also approved the 2026 Employee Stock Appreciation Rights Scheme and revised remuneration for key executives, reflecting confidence in leadership continuity and long-term incentive alignment.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,135	1,104	1,269	1,376
Operating Profit	331	339	335	402
OPM %	29.2%	30.7%	26.4%	29.2%
Net Profit	254	254	269	306
EPS	₹70.54	₹14.02	₹14.79	₹16.78

Revenue has grown consistently over the past four quarters, rising from ₹1,104 crores in Dec 2025 to ₹1,376 crores in June 2026, with OPM expanding from 26.4% to 29.2% despite rising costs, indicating operating leverage. Net profit increased from ₹254 crores in Dec 2025 to ₹306 crores in June 2026, and EPS rose to ₹16.78, up from ₹14.02 a year earlier. This growth is underpinned by strong segment performance, particularly in Asset Services and Capital Markets, validating management’s strategic focus on scaling high-margin businesses within the wealth ecosystem.

🔮 Management Outlook & What's Next

Management has explicitly outlined ambitious growth targets of 15-20% CAGR in Wealth Management and 45-50% CAGR in Asset Management over the next five years, anchored in the ₹5 lakh crore client asset milestone. They are pursuing strategic expansion through technology acquisition (Pickright) and investment in asset management capabilities (NAMS), while maintaining governance rigor with director reappointments and ESOP-driven retention. Capital allocation will likely prioritize organic growth in fintech infrastructure and subsidiary integration, with NCD issuance up to ₹500 crores seen as a flexible funding tool.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	36	36	36	36
Reserves	3,122	3,454	3,754	4,085
Borrowings	7,834	7,839	8,975	11,544
Total Liabilities	22,614	28,388	24,256	34,491
Fixed Assets	269	277	265	249
Investments	210	261	336	358
Total Assets	22,614	28,388	24,256	34,491

The balance sheet shows a significant rise in total assets from ₹24,256 crores (Mar 2026) to ₹34,491 crores (Mar 2026), driven by growth in reserves and borrowings, while equity remains stable at ₹36 crores. Borrowings increased to ₹11,544 crores from ₹8,975 crores YoY, but the debt-to-assets ratio improved to 0.35 from prior levels, suggesting capital intensity is being managed with moderate leverage. However, weak debt service coverage of 0.06 raises concerns about interest burden, despite an upgraded NCD rating from AA-/Stable to AA/Stable by Acuite, indicating improving credit perception.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-371
Investing	-65
Financing	+601
Net Cash Flow	+164

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	54.6%	54.2%	54.1%	54.0%
FII	16.3%	16.4%	16.9%	19.0%
DII	7.6%	8.4%	8.3%	8.5%
Public	17.2%	16.5%	16.0%	14.2%
# Shareholders	1,31,029	1,26,810	1,22,511	1,16,526

Promoter holding has slightly declined from 54.65% in Q2FY26 to 53.98% in Q1FY27, while FII ownership rose from 16.3% to 19% and DII from 7.6% to 8.49%, indicating institutional accumulation. Public shareholding increased from 16% to 14.22% in absolute terms but diluted slightly due to ESOP issuance. The growing number of shareholders (1,16,526) and stable institutional interest suggest broadening retail and foreign investor confidence, though the modest promoter reduction may reflect ongoing stake dilution from employee stock plans.

⚖️ Peer Comparison — Stock/ Commodity Brokers

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
GROWW	1.19 L Cr	47.6	33.9%	25.3%	0.02
MOTILALOFS	61,028	30.8	11.9%	15.4%	1.65
360ONE	47,143	37.2	11.5%	13.7%	1.68
NUVAMA	32,551	15.4	21.9%	31.0%	2.25
ANGELONE	25,743	4.8	13.7%	16.9%	1.29
PRUDENT	13,852	56.5	37.9%	27.8%	0.00
IIFLCAPS	10,656	18.5	20.4%	18.7%	0.59
ARSSBL	3,198	20.1	16.4%	9.6%	0.62
MONARCH	2,970	16.4	30.8%	22.7%	0.01
GEOJITFSL	2,322	32.0	8.6%	5.9%	0.05

🔗 Peer Stock Analyses

GROWW MOTILALOFS 360ONE ANGELONE PRUDENT

⚠️ Risk Factors

1) Weak debt service coverage (0.06) raises solvency concerns despite improved credit ratings, particularly if borrowing increases via NCD issuance. 2) ESOP dilution could pressure existing shareholders' ownership if not offset by earnings growth. 3) High promoter pledging or future stake sales are not indicated, but capital market conditions could influence fundraising appetite. 4) Execution risk in integrating Pickright and scaling NAMS investments remains, especially if returns are delayed or costs overrun.

📋 Recent Filings

🧠 Analyst's Read

Nuvama Wealth Management is executing a clear growth strategy with strong operational momentum, but investors should monitor the pace and profitability of capital deployment into new ventures like Pickright and NAMS, as well as the sustainability of margin expansion amid rising leverage and competitive pressures in the wealth management space.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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