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Nuvama Wealth Management Ltd
NSE: NUVAMA BSE: 543988 INE531F01023 Financial Services Cap Markets 🔎 Screen
NIFTY 500 Smallcap 100 Smallcap 250
₹29,995 Cr
Market Cap
7.34
P/B
17.5%
ROCE
27.4%
ROE
2.80
D/E
52.5%
Fin. Margin
-20.5%
% from 52W High
20
α RS
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

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

✓ 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%
! Concerns

No concerns data yet.

Key Ratios Snapshot
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📈 Growth Pattern
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Strong quarter: all-time-high operating PAT of ₹309 Cr (+16% YoY) on 18% revenue growth, but cost growth of 19% and flat Capital Markets keep it from being a clean beat. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹910 Cr
Q1 FY27; +18% YoY (US$100 Mn at ₹91/USD); Wealth Mgmt 49% of revenue
PAT
₹309 Cr
+16% YoY (US$34 Mn); highest-ever quarterly operating PAT; RoE 29.5%, down ~80 bps YoY
Key Metric
₹5.36 lakh Cr
Total client assets; +16% YoY; Wealth +17%, Asset Services custody/clearing +25%, AM AUM +12%
What Went Right
  • Total revenue grew 18% YoY to ₹910 Cr and operating PAT hit an all-time high of ₹309 Cr (+16% YoY).
  • Wealth Management revenue rose 19% YoY to ₹446 Cr; Nuvama Private grew 27% YoY and Wealth segment MPIS delivered record NNM of US$335 Mn (+34% YoY).
  • Asset Services was the fastest-growing segment: revenue +34% YoY to ₹255 Cr, with assets under clearing/custody +25% to US$17.5 Bn.
  • Client assets crossed ₹5 lakh crore / US$58.9 Bn, up 16% YoY; AM AUM grew 12% to US$1.46 Bn and management fees rose 24% YoY.
  • Loan book crossed ₹5,000 Cr (US$608 Mn), and PRIME fund final close came in at US$447 Mn vs initial target corpus of US$330 Mn.
What to Watch
  • Total costs grew 19% YoY, slightly faster than revenue; opex jumped 24% YoY, keeping cost-to-income stuck at 55% rather than improving.
  • Capital Markets remained flat at +1% YoY after FY26 revenue declined 19% YoY; growth is still dependent on fixed income and not broad-based.
  • Nuvama Private ARR net new money fell 62% YoY to US$119 Mn; even excluding low-cost mandate outflows, US$198 Mn was well below last year's US$317 Mn.
  • Client yield compression continued: Wealth yield on average assets fell to 0.85% from 0.89%, and Private ARR yield fell to 0.83% from 0.87%.
  • RoE declined to 29.5% from 30.3% YoY despite record profit, reflecting higher net worth and cost growth rather than improved return generation.
Investor Lens
The integrated platform thesis remains intact—Q1 delivered record profit and client assets crossed ₹5 lakh crore, with Asset Services (+34%) and Wealth Management (+19%) driving. But quality is not clean: costs grew faster than revenue, RoE slipped ~80 bps YoY to 29.5%, and Nuvama Private headline NNM fell 62% YoY to US$119 Mn. Capital Markets remains the weak link—flat YoY after a -19% FY26—and would need a genuine recovery for growth to broaden. Yield compression (Wealth 0.89%→0.85%; Private 0.87%→0.83%) also shows the mix shift to managed products is revenue-dilutive even if flows are strong. Watch next quarter for MPIS net inflow sustainability (US$335 Mn in Q1), Private ARR flows before low-cost outflows, cost-to-income, and the launch of mutual fund/SIF strategies. Absent a Capital Markets recovery, near-term earnings growth will continue to hinge on fee-earning asset flows and cost control.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter: Revenue up 22.5% YoY, PAT rises 15.9%
Revenue
Revenue stood at ₹1,376 crore, up 22.5% YoY and 8.4% QoQ, driven by robust business momentum.
Profitability
Net profit rose 15.9% YoY to ₹306 crore, with EPS improving to ₹16.75 from ₹14.66. PBT margin (before tax) stood at 29.9%.
Margins
Operating profit margin was 53%, slightly lower than 54% in the year-ago quarter but higher than 50% in the prior quarter, indicating stable cost management.
Cash Flow
Cash flow data is not available in the provided results.
Balance Sheet
Debt-to-equity ratio stands at a high 2.8, indicating significant leverage. No other balance sheet details provided.
Key Risks
High debt-to-equity of 2.8 raises financial risk. Operating margin dipped slightly YoY, and interest cost of ₹295 crore is substantial relative to profit.
Outlook
Revenue and profit growth momentum remains strong, but elevated leverage warrants monitoring. Sustained margin improvement could further boost returns.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Asset management business
36
EBIT -4
25
EBIT -19
Capital markets business
408
EBIT 205
475
EBIT 206
Inter-segment eliminations
0
EBIT -230
0
EBIT 7
Share in profit / (loss) of associate
0
EBIT -2
0
EBIT 6
Share in profit / (loss) of joint venture
0
EBIT 2
0
EBIT 3
Wealth management business
697
EBIT 140
785
EBIT 162
Total 1,141 1,285

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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