📈 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 1

Promoters have pledged 62.8% of their holding.

Key Ratios Snapshot

📊 Sector Averages

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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Mixed quarter: core wealth management delivered strong double-digit growth, but capital markets weakness and rising costs dragged overall profitability, while ROE slipped further. quarter Investor Presentation One-Pager? Mar 2026

Revenue

₹3,121 Cr

+8% YoY (FY26); Q4 at ₹828 Cr (+7% YoY)

Operating PAT

₹1,047 Cr

+6% YoY (FY26); Q4 at ₹273 Cr (+5% YoY)

Cost to Income

56%

+1ppt YoY (FY26), dragged by higher opex (+13% YoY)

Wealth Mgmt Op. PBT

₹328 Cr

+22% YoY for FY26, driven by 20% revenue growth and margin expansion

What Went Right

Wealth Management revenue grew 20% YoY to ₹1,720 Cr for FY26, with MPIS revenues surging 38% YoY, now 59% of total revenues (vs 50% in FY25).
Asset Services delivered highest-ever quarterly and annual profits; revenue grew 12% YoY to ₹737 Cr for FY26.
Asset Management management fees rose 34% YoY in Q4; AUM stood at ₹12,804 Cr (+13% YoY).
Net new money in MPIS reached $980 Mn (+38% YoY), representing 30% of opening MPIS assets.
Dividend payout remained consistent at ~49% of operating PAT for FY26.

What to Watch

Capital Markets revenue slumped 19% YoY to ₹610 Cr for FY26 (Q4 -17% YoY), reflecting weak market activity in equities and investment banking.
Return on Equity dropped to 28.1% from 31.5% in FY25, a decline of 340 bps, even as net worth expanded 18% YoY.
Overall cost-to-income worsened to 56% from 55% in FY25; opex grew 13% YoY, outpacing revenue growth of 8%.
Wealth Management client assets grew only 14% YoY to ₹1,07,107 Cr, slower than the industry's 20%+ growth estimate.

Investor Lens

The core wealth engine remains strong with double-digit profit growth and accelerating MPIS flows, but the sharp decline in Capital Markets (down 19%) is a clear weak spot. Rising opex (+13% YoY) and a 340bp ROE compression suggest that margin expansion is stalling. While the integrated platform thesis is intact, the reliance on a market recovery for Capital Markets and continued cost discipline will be critical. Next quarter, watch for stabilization in Capital Markets revenue and management's ability to keep cost growth below revenue growth.

From investor presentation · AI-generated analysis · Not investment advice

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📊 MIXED Revenue up 13% YoY to ₹1,269 Cr, profit up 5.5%

Revenue

Revenue grew 13.3% YoY to ₹1,269 Cr, with a sequential increase of 14.9% from ₹1,105 Cr in Dec 2025.

Profitability

Net profit rose 5.5% YoY to ₹269 Cr (EPS ₹14.79 vs ₹14.20). Tax rate was 24%, and PBT stood at ₹355 Cr.

Margins

Operating margin (OPM) contracted to 50% from 51% YoY and 55% QoQ, indicating cost pressures despite revenue growth.

Balance Sheet

Borrowings are ₹11,544 Cr against reserves of ₹4,085 Cr, resulting in a debt-to-equity ratio of 2.37.

Key Risks

High leverage (D/E 2.37) and interest expense of ₹258 Cr. Margin compression (OPM down 5pp QoQ) and slower profit growth relative to revenue.

Outlook

Sustained revenue growth is positive, but margin management and high debt levels need monitoring. ROE remains strong at 30.9%.

Generated by AI · Mar 2026 results · Not investment advice

Revenue by Segment

Segment	Q3FY26	Q4FY26	Trend
Asset management business	36 3.2% EBIT -4	25 1.9% EBIT -19
Capital markets business	408 35.7% EBIT 205	475 37% EBIT 206
Inter-segment eliminations	0 0% EBIT -230	0 0% EBIT 7	—
Share in profit / (loss) of associate	0 0% EBIT -2	0 0% EBIT 6	—
Share in profit / (loss) of joint venture	0 0% EBIT 2	0 0% EBIT 3	—
Wealth management business	697 61.1% EBIT 140	785 61.1% EBIT 162
Total	1,141 100%	1,285 100%

Segment	FY25	FY26	Trend
Asset management business	111 3.1% EBIT -8	136 2.8% EBIT -27
Capital markets business	1,441 40.8% EBIT 627	1,916 39.8% EBIT 833
Inter-segment eliminations	0 0% EBIT -439	0 0% EBIT -433	—
Share in profit / (loss) of associate	0 0% EBIT 3	0 0% EBIT 8	—
Share in profit / (loss) of joint venture	0 0% EBIT 3	0 0% EBIT 6	—
Wealth management business	1,976 56% EBIT 404	2,761 57.4% EBIT 567
Total	3,528 100%	4,813 100%

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

📊 Analysis Methodology

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