Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Sep - Please find attached exchange Intimation w.r.t ESOP/ESAR Allotment
Source: Bse
Nuvama Wealth Management Limited (NUVAMA)
Small CapFinancial Services stocks · Small cap · NSE
Nuvama is an integrated wealth management platform serving UHNI, HNI, and Affluent clients with 30+ years legacy. Majority-owned by PAG, it offers a comprehensive suite of products, advisory, and capital market services across 100+ offices with 3,400+ employees. FY26 Revenue: US $343 Mn, Operating PAT: US $115 Mn.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result31 Jul, 12:52 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -2.2% / mo · MACD −
Stock trend: 46
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NUVAMAD candles · FIT view+25.1%Latest close ₹1683.80 on 2026-10-19
Bar
-0.8%
RSI
44
MACD hist
-5.30
52W pos
61%
2026-10-19O ₹1698.00H ₹1702.00L ₹1673.00C ₹1683.80Vol 1.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NUVAMANifty Financial ServicesNifty 500
- NUVAMA
- -9.2%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -18.5%
- 52W range position
- 61%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.31x
- Avg traded value
- ₹94.8 Cr
- 20D price channel
- ₹1,605.1 - ₹1,886.5
₹2,066
₹1,096.9 - ₹2,066
₹67.9
Latest completed session
20-session average
45.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +22.5% · PAT +15.9% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-10.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence47
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +23% YoY · PAT +16% YoY · +8% QoQ
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,376 Cr | +22.5% | +8.4% |
| EBITDA | ₹724 Cr | +18.3% | +15.1% |
| Operating margin | 53.0% | -100 bps | +300 bps |
| PAT | ₹306 Cr | +15.9% | +13.8% |
| PAT margin | 22.2% | -127 bps | +104 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 29.00
- P/B
- 7.52
- EV/EBITDA
- 16.09
- Market Cap
- 31376.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 17.50%
- ROA
- 3.14%
- Dividend Y
- 1.61%
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
- 2.47×
- Altman Z
- 1.21
- Book Value
- 226.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -3014.00 Cr
- EPS TTM
- 59.59
Shareholding
- Promoter Hold
- 53.40%
- Promoter Pledge
- 62.80%
- Momentum 52W
- 62%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,638+11.4% vs prev
Net Profit
₹ CrLatest: 1,040+5.6% vs prev
Return on Equity
%Latest: 25.2-10.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 44.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 54% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendEstablished S2
1M return
-1.7%
3M return
-9.2%
6M return
+22.8%
1Y return
+13.1%
RS 1D
+1
RS 20D
-4
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 4.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.4%.
50-DMA
price below
200-DMA
price above
S2 entered
02 Jun 2026
S2 age
98 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 141.87-0.29%
RS vs Nifty 500142
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth23/25
Quality16/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 23/25 to the score.
- Quality contributes 16/20 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 1.2, in distress territory.
- Promoter pledge is 62.8%.
- Fair-value margin of safety is negative at -10.8%.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
29.0
PB
7.5
EV/EBITDA
16.1
ROE
27.4%
ROCE
17.5%
FCF Yield
—
Debt/Equity
2.8
MoS
-10.8%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-10.8%
Previous: -10.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹550.47
-205.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,519.55
-10.8% MoS
PEG
0.52
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ANANDRATHI
Small
Anand Rathi Wealth Limited
Wealth Management
match 91
57
78.9
47.3%
-210%
FAIR VALUE
360ONE
Mid
360 ONE WAM LIMITED
Wealth Management
match 83
27
35.2
14.4%
-35%
OVERVALUED
WEALTH
Small
Wealth First Portfolio Managers Limited
Wealth Management
match 79
57
27.6
28.2%
-9%
FAIR VALUE
ANGELONE
Small
Angel One Limited
Broking
match 22
35
23.8
15.6%
+6%
WATCHLIST
IIFL
Small
IIFL Finance Limited
NBFC
match 22
38
10.4
12.6%
+59%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T09:38:57.237Z
Management commentary snapshot
Nuvama reports resilient FY26 performance with 8% YoY revenue growth to US$343 Mn and 6% YoY operating PAT growth to US$115 Mn. Q4 FY26 saw 7% YoY revenue growth and 5% YoY operating PAT growth, driven by Wealth Management and Asset Management, while Capital Markets declined.
Nuvama's integrated wealth platform continues to deliver growth, albeit with some segment-specific headwinds in Capital Markets. The focus on expanding client proposition and enterprise capabilities, alongside strategic investments in AI and distribution, supports the long-term thesis. However, the decline in RoE and increased cost-to-income warrant monitoring.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Wealth Management55.1%
Asset Management1.7%
Asset Services23.6%
Capital Markets19.5%
Growth engines
Wealth Management Expansion
Expanding horizontally, integrating vertically, building scale, expanding reach, best-in-class solutions, and service excellence.
Asset Management Strategies
Scaling with speed, active strategies across Private Markets, Public Markets, Commercial Real Estate, high-quality investment team, and strong distribution.
Asset Services Dual Growth Engine
Benefiting from growing wealth and capital markets, high-quality recurring earnings, and deepening client relationships.
AI Integration
Progressing from experimentation to capability across client acquisition, customer experience, operations, human capital, risk, governance, and engineering.
Capacity and execution
Relationship Manager Strength
Total 1,250 RMs. Nuvama Wealth has ~1,100 RMs and ~8,000 Active External Wealth Managers (EWM). Nuvama Private has 145+ RMs.
Geographic Expansion
Expanded presence at new locations including Surat, Kanpur, Jaipur, and Offshore - Singapore. Enhanced offshore proposition in Dubai & Singapore.
Distribution Network
Asset Management expanded to 30+ third-party distributors, up 15% YoY.
Tailwinds
India's Wealth Landscape Growth
Powered by secular trends like rising affluence, growth beyond tier 1 cities, favoring investment assets, and growing need for advice.
Alternatives Market Transformation
Poised to grow over 5x in the next decade, driven by rising HNI/UHNI allocations, search for alpha, and diversification needs.
Self-Reinforcing Economic Loop
Secular growth in wealth management, market infrastructure expansion, growth in asset management, and capital market development create a scalable opportunity.
Headwinds
Capital Markets Revenue Decline
Q4 FY26 revenues were lower by 17% YoY, and FY26 revenues declined 19% YoY.
Return on Equity Decline
RoE stood at 28.1% in FY26, a 3% YoY decrease from 31.5% in FY25.
Cost to Income Ratio Increase
Cost to Income increased to 56% in FY26 from 55% in FY25, indicating a slight margin contraction.
Risk radar
Competitive Intensity
Management notes rising competition and convergence of business models in the wealth landscape.
Regulatory & Compliance Costs
Evolving regulations and compliance costs are identified as a supply-side challenge in India's wealth landscape.
Public Market Volatility
Asset Management's public markets segment witnessed market headwinds, impacting AUM growth in that area.
Management accountability
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.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall business trajectory and comparing against prior year's performance, especially for a financial services firm with potential seasonality. QoQ provides insight into sequential momentum, particularly for client asset flows and revenue generation in wealth management.
Sector KPIs management disclosed
Client Assets (Total)
Q4 FY26 stood at US $49,371 Mn, higher by 5% YoY.
Operating PAT
FY26 stood at US $115 Mn, grew by 6% YoY. Q4 FY26 stood at US $30 Mn, grew by 5% YoY.
Return on Equity
Stood at 28.1% in FY26 as compared to 31.5% in FY25 (down 3% YoY).
Cost to Income
FY26 stood at 56%, up 1% YoY from 55% in FY25. Q4 FY26 stood at 58%, up 2% YoY from 56% in Q4 FY25.
Management forward view
Commitment to Excellence
Committed to display ownership, learning, and agility to achieve high-quality, consistent results.
Capitalization for Growth
Adequately capitalized to achieve future goals, with a focus on disciplined capital management and investments for organic growth.
Wealth Management Growth Target
Targeted 15-20% CAGR for clients and client assets in 5 years (from Sep'23), achieving 16% CAGR YoY by Mar'26.
Asset Management AUM Target
Targeted 45-50% CAGR for AUM in 5 years (from Sep'23), achieving 34% CAGR YoY by Mar'26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wealth Management Client Assets CAGR | 16% YoY (Mar'26) | Sustaining 15-20% CAGR over the next few years as per management's 5-year target. |
| Asset Management AUM CAGR | 34% YoY (Mar'26) | Accelerating towards the 45-50% CAGR target over the next few years, especially with new fund launches. |
| Return on Equity (RoE) | 28.1% (FY26) | Stabilization or improvement in RoE, reversing the recent decline from 31.5% in FY25. |
| Capital Markets Performance | Revenue declined 19% YoY (FY26) | Signs of recovery or stabilization in Capital Markets revenue, which has been a drag on overall growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
47Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 6th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
82 docs text-extracted · 22 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
4th percentile
overall median 67 · Financial Services: 6th pctile, median 62 · Small: 5th pctile, median 66
Evidence depth
Financial-only
82 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
35
weak · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 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 1.21.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Nuvama Wealth Management Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Sep - PFA exchange intimation w.r.t ESOP/ESAR allotment
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Nuvama to host investor meetings in Singapore, Hong Kong and Mumbai in August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jul - PFA intimation w.r.t Newspaper publication for Postal Ballot
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 26 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.