NUVAMA
Small CapNuvama Wealth Management Limited
Financial Services
Nuvama Wealth Management is an integrated wealth management firm in India, overseeing ₹4.5+ trillion client assets across UHNI, HNI, and affluent segments. It offers investment advisory, estate planning, lending, broking, alternative asset management, asset services, and capital markets solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +13% YoY · PAT +5% YoY · +15% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,269 Cr | +13.3% | +14.9% |
| EBITDA | ₹629 Cr | +9.4% | +3.6% |
| Operating margin | 50.0% | -100 bps | -500 bps |
| PAT | ₹269 Cr | +5.5% | +5.9% |
| PAT margin | 21.2% | -157 bps | -181 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Nuvama reported resilient FY26 performance with Operating PAT up 6% YoY to ₹1,049 Cr and Q4 PAT up 5% YoY to ₹269 Cr. Wealth Management revenues grew 20% YoY, while Capital Markets declined 19% YoY, reflecting mixed segment performance.
While Wealth Management segments show robust growth in revenues and PBT, the overall consolidated PAT growth is modest at 6% YoY. The decline in Capital Markets revenue and a 3% YoY drop in RoE for FY26 indicate challenges in maintaining overall profitability and efficiency, putting the growth thesis under stress.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Wealth Management
Wealth Management across both UHNI and HNI/Affluent segments continues to demonstrate structural growth, with FY26 profits growing 23% YoY.
Asset Services
Asset Services maintained strong momentum, reporting record quarterly and full-year profits, with FY26 revenue growing 12% YoY.
Fixed Income Franchise
Within Capital Markets, the fixed income franchise continued to scale strongly, with revenues growing by 34% YoY in FY26.
Asset Management Build-out
The Asset Management build-out progressed steadily, with FY26 management fee growing 31% YoY and AUM growing 13% YoY.
RM Strength Expansion
Nuvama Private RM strength expanded by ~8% YoY, despite heightened competitive intensity.
Geographic Expansion
Expanded presence at new locations including Surat, Kanpur, Jaipur, and offshore in Singapore.
Talent Development
700+ employees trained on leadership & AI and 1,300+ on business specific capabilities.
Structural Sector Growth
The sector continues to present strong structural tailwinds and significant long-term opportunities.
Rising Affluence & Investment Shift
Rising affluence and growth beyond tier 1 cities, favoring investment assets over traditional financial assets, and a shift from product to portfolio.
Alternatives Market Transformation
Alternatives markets in India are poised to transform, backed by rising allocations from HNIs/UHNIs and a search for alpha.
Macro Uncertainty & Volatile Markets
FY26 tested us across multiple fronts; macro uncertainty and volatile markets.
Evolving Regulatory Actions & Competition
Evolving regulatory actions and heightened competition were challenges in FY26.
Public Markets Headwinds
Public markets witnessed market headwinds, impacting Asset Management AUM growth.
Regulatory & Compliance Costs
Evolving regulations and compliance costs are a factor in the supply side of India's wealth landscape.
Market Volatility Impact
Capital Markets performance remained in line with broader market trends, indicating susceptibility to market volatility.
Competition
Rising competition and convergence of business models are noted trends in the wealth landscape.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall annual growth and performance against prior periods, especially for a financial services firm. QoQ comparison provides insight into sequential momentum in client asset flows, revenue generation, and cost management.
Operating PAT
Operating PAT stood at ₹1,049 Cr for FY26, grew by 6% YoY. Q4 FY26 Operating PAT stood at ₹269 Cr, grew by 5% YoY.
Return on Equity (RoE)
Return on Equity stood at 28.1% in FY26 as compared to 31.5% in FY25, a 3% YoY decrease.
Cost to Income
Cost to Income stood at 56% in FY26 as compared to 55% in FY25, a 1% YoY increase. Q4 FY26 Cost to Income was 58% vs 56% in Q4 FY25.
Wealth Management Revenue
Wealth Management revenues were ₹1,718 Cr in FY26, grew by 20% YoY. Q4 FY26 revenues were ₹474 Cr, grew by 19% YoY.
Resilient Growth & Diversified Platform
Through disciplined execution and strong client focus, we delivered resilient growth. Our integrated and diversified platform has consistently demonstrated its strength.
Bifocal Approach
As we scale, maintaining a bifocal approach; driving growth while institutionalising systems and processes, remains a key priority.
Strengthening Client Proposition
In Wealth Management, we strengthened our client proposition through investments in talent, AI, technology, and product capabilities.
Positioned for Sustained Growth
Our diversified platform, governance-led approach, and strong client focus position us well for sustained growth ahead.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Operating PAT Growth | 6% YoY (FY26) | Acceleration in growth rate, indicating improved profitability across all segments. |
| Return on Equity (RoE) | 28.1% (FY26) | Reversal of the declining trend and improvement towards previous levels, reflecting better capital efficiency. |
| Capital Markets Revenue | -19% YoY (FY26) | Stabilization and turnaround in revenue, reducing the drag on overall consolidated performance. |
| Wealth Management Net New Money (NNM) | Strong flows (e.g., Nuvama Wealth MPIS +38% YoY) | Continued strong traction in net flows across both Nuvama Wealth and Nuvama Private segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -46.8% / mo · near 52W low
Technical chart
NUVAMAweekly · 1Y-78.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 35.
- SMA20 falling (~87.8% over last month) — short-term momentum negative.
- RSI(14) at 35 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 82% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 17.3%.
- Growth contributes 24/25 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Promoter pledge is 62.8%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 2nd percentile of the scored universe and 4th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: 4/4 latest quarters had positive YoY revenue growth. Key concern: Promoters have pledged 62.8% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 4th pctile, median 62 · Small: 3rd pctile, median 65
82 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoters have pledged 62.8% of holding.
- ▸Operating cash flow is negative at ₹-3014 Cr.
- ▸Debt/equity is 2.80.
- ▸Altman Z is 1.13.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.00
- P/B
- 6.81
- EV/EBITDA
- 15.50
- Market Cap
- 28054.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 17.50%
- ROA
- 3.02%
- Dividend Y
- 1.81%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 59.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 2.80
- Interest Coverage
- 2.50×
- Altman Z
- 1.13
- Book Value
- 226.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -3014.00 Cr
- EPS TTM
- 57.19
Shareholding
- Promoter Hold
- 54.13%
- Promoter Pledge
- 62.80%
- Momentum 52W
- 73%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.