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.
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 30 Jun 2026
Average · 52/100margin compression · Rev +23% YoY · PAT +16% YoY · +8% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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 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.
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.
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.
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.
Trend score and candlestick chart
40NeutralSMA20 -4.4% / mo · MACD + · near 52W low
Technical chart
NUVAMAdaily · 1Y · AUTO+46.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 56. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~4.6% over last month) — short-term momentum negative.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 76% off 52W high · 66% 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.
Relative Strength & Trend Stage
- Price is 19.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 1.3, in distress territory.
- Promoter pledge is 62.8%.
- Fair-value margin of safety is negative at -9.8%.
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: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 4th percentile of the scored universe and 6th 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: 6th pctile, median 62 · Small: 5th pctile, median 66
80 documents have extracted text, 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.
- ▸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 1.26.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 30.90
- P/B
- 8.04
- EV/EBITDA
- 16.86
- Market Cap
- 33447.00Cr
Profitability
- ROE
- 27.40%
- ROCE
- 17.50%
- ROA
- 3.14%
- Dividend Y
- 1.53%
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
- 1.26
- Book Value
- 226.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -3014.00 Cr
- EPS TTM
- 59.59
Shareholding
- Promoter Hold
- 53.98%
- Promoter Pledge
- 62.80%
- Momentum 52W
- 74%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.