NUVAMA

Nuvama Wealth Management Limited

Wealth and asset management for affluent, HNI and UHNI clients, plus institutional

Financial Services›Financial Services›Capital Markets›Stockbroking & Allied

nuvama.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1706.10
Market cap
31,091 Cr
Stock P/E
28.7
P/B
7.54
Dividend yield
1.6%
ROE (FY26)
25.2%
ROCE (FY26)
15.1%
Operating margin (FY26)
50.3%
Debt / equity (FY26)
2.80

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Nuvama (Nuvama Wealth Management) is an Indian wealth manager that serves ultra-high-net-worth, high-net-worth and affluent clients, and also runs asset management, asset services (custody-type servicing for institutions) and capital markets businesses such as investment banking and institutional equities.

Company snapshot

4thBy market cap

Ranked among 31 companies in Stockbroking & Allied.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 55.2% of revenue

SegmentRevenue shareRevenuePBTAssets
Asset management business
3.0%
90 Cr-5 Cr—
Capital markets business
50.1%
1,518 Cr673 Cr—
Inter-segment eliminations—0 Cr-424 Cr—
Share in profit / (loss) of associate—0 Cr6 Cr—
Share in profit / (loss) of joint venture—0 Cr-3 Cr—
Unallocated
14.0%
426 Cr423 Cr—
Wealth management business
55.2%
1,673 Cr308 Cr—

Shares add up to 122% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 22.5% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Operating cash flow is negative even though the company shows a profit — the business may not be generating real cash yet.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Net Interest Income110 Cr—156 Cr202 Cr206 Cr217 Cr271 Cr264 Cr198 Cr231 Cr297 Cr331 Cr
Other income2 Cr2 Cr2 Cr3 Cr5 Cr3 Cr5 Cr2 Cr3 Cr2 Cr12 Cr6 Cr
Net operating income112 Cr2 Cr158 Cr205 Cr212 Cr220 Cr276 Cr266 Cr202 Cr233 Cr309 Cr337 Cr
Employee cost213 Cr232 Cr251 Cr277 Cr293 Cr289 Cr308 Cr307 Cr314 Cr295 Cr346 Cr376 Cr
Other expenses160 Cr156 Cr188 Cr166 Cr196 Cr165 Cr150 Cr123 Cr128 Cr124 Cr180 Cr181 Cr
Provisions & contingencies————————————
Depreciation24 Cr45 Cr45 Cr20 Cr21 Cr24 Cr29 Cr24 Cr25 Cr27 Cr36 Cr27 Cr
Profit before tax191 Cr231 Cr237 Cr297 Cr347 Cr334 Cr340 Cr351 Cr339 Cr340 Cr355 Cr411 Cr
Tax %24.3%23.6%23.8%25.6%25.9%24.7%24.9%24.8%25.1%25.4%24.3%25.5%
Net profit145 Cr176 Cr181 Cr221 Cr257 Cr252 Cr255 Cr264 Cr254 Cr254 Cr269 Cr306 Cr
EPS (₹)₹41.39₹50.16₹51.27₹62.51₹72.54₹70.41₹71.13₹73.36₹70.54₹14.02₹14.79₹16.78

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2024Mar 2025Mar 2026TTM
Net Interest Income495 Cr896 Cr991 CrSign in free for the trailing twelve months
Other income7 Cr11 Cr19 CrSign in free for the trailing twelve months
Net operating income501 Cr907 Cr1,010 CrSign in free for the trailing twelve months
Employee cost891 Cr1,166 Cr1,262 CrSign in free for the trailing twelve months
Other expenses661 Cr463 Cr556 CrSign in free for the trailing twelve months
Provisions & contingencies———Sign in free for the trailing twelve months
Depreciation136 Cr94 Cr113 CrSign in free for the trailing twelve months
Profit before tax812 Cr1,318 Cr1,385 CrSign in free for the trailing twelve months
Tax %23.0%25.3%24.9%Sign in free for the trailing twelve months
Net profit625 Cr985 Cr1,040 CrSign in free for the trailing twelve months
EPS (₹)₹177.97₹276.66₹57.59Sign in free for the trailing twelve months
Dividend payout %0.0%52.2%48.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2024Mar 2025Mar 2026
Equity capital35 Cr36 Cr36 Cr
Reserves2,859 Cr3,454 Cr4,085 Cr
Borrowings6,746 Cr7,839 Cr11,544 Cr
Other liabilities10,742 Cr17,056 Cr18,825 Cr
Total liabilities20,387 Cr28,388 Cr34,491 Cr
Fixed assets (net)219 Cr221 Cr211 Cr
CWIP0 Cr0 Cr0.21 Cr
Investments182 Cr261 Cr396 Cr
Loans & advances4,863 Cr4,600 Cr7,660 Cr
Trade receivables657 Cr750 Cr997 Cr
Cash & bank367 Cr533 Cr581 Cr
Other assets14,100 Cr22,022 Cr24,646 Cr
Total assets20,387 Cr28,388 Cr34,491 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2024Mar 2025Mar 2026
Cash from operating activity-1,658 Cr-371 Cr-3,014 Cr
Cash from investing-80 Cr-65 Cr-128 Cr
Cash from financing1,316 Cr601 Cr3,181 Cr
Net cash flow-422 Cr166 Cr48 Cr
Free cash flow (OCF − Capex)-1,739 Cr-404 Cr-3,042 Cr

Ratios

MetricMar 2024Mar 2025Mar 2026
ROCE %14.8%18.9%15.1%
ROE %21.6%28.2%25.2%
Debtor days766678
Inventory days000
Days payable———
Cash conversion cycle766678
Debt / equity2.332.252.80
Current ratio———
Net debt / EBITDA4.093.304.49