Nuvama Wealth Management Limited (NUVAMA)

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Nuvama Wealth Management Limited (NUVAMA) · mywealthgrid

About

Stockbroking and capital markets advisory firm with ₹30,479 Cr market cap (mid-to-large cap in Indian capital markets). ROE of 27.36% shows strong profitability and capital efficiency.

Face value: ₹2

Market cap

₹31,051 Cr

P/E

28.7×

P/B

7.5×

Dividend yield

ROE

27.4%

ROCE

—

Debt / equity

2.8

OPM

52.7%

EPS (TTM)

₹59.5

Book value

₹226.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

D/E ratio of 2.8 is high for capital markets business; market stress impairs client deposits and trading revenue — verify debt structure and collateral coverage
OPM ranges from 17.89% to 77.44% across recent quarters, indicating acute sensitivity to market activity and trading volumes
High PE of 28.15 combined with margin volatility suggests market prices in growth or margin sustainability that may not persist in slowdowns — verify earnings trajectory
Revenue concentrated in trading and transaction fees tied to capital markets activity — verify diversification into advisory, wealth, or subscription services

Generated analysis · source review pending

Growth drivers

ROE of 27.36% shows capital efficiency; growth requires AUM, client base, or higher-return service expansion — verify trajectory
OPM of 52.72% indicates pricing power or cost advantage in services; verify sustainability and what drives it
FII holding increased from 16.94% (Mar 2026) to 19% (Jun 2026) — verify if reflects new products, institutional mandates, or market share gains
Regular dividend payments (6 recent) demonstrate cash generation; verify if driven by revenue growth or operational efficiency

Generated analysis · source review pending

740 historical price candles were omitted because the exchange source has not been verified.

₹1,701.4+3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 27.5% (3-yr avg)
+Healthy operating margin of 52.7%
+Profit CAGR of 50.5% over the last 3 years
+Revenue CAGR of 27.9% over the last 3 years
+Dividend yield of 9%

Cons

−Heavily leveraged (debt/equity 2.8)

Research score

Structured signal from quality, growth, valuation and momentum.

62/100

Business quality: 50
Growth: 88
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,215	3,151	4,158	4,631
	1,429	1,590	1,935	2,176
	786	1,561	2,224	2,455
OPM %	35.5%	49.6%	53.5%	53%
Depreciation	—	136	94	113
Interest	396	620	822	977
	16	7	11	19
Profit before tax	406	812	1,318	1,385
Tax	101	187	333	345
Tax %	24.9%	23.1%	25.3%	24.9%
	305	625	985	1,040
PAT margin %	13.8%	19.8%	23.7%	22.5%
EPS (₹)	92.1	178	276.7	57.6
EPS adjusted (₹)	17.4	35.4	54.8	57.2
	0%	0%	52.2%	—
Annual report	—	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	35	35	36	36
Reserves	2,219	2,859	3,454	4,085
Minority interest	5	4	3	2
	5,413	6,746	7,839	11,544
	5,044	10,742	17,056	18,825
Total equity & liabilities	12,716	20,387	28,388	34,491
	269	278	271	242
CWIP	—	0	0	0
Investments	170	170	221	358
	12,277	19,938	27,895	33,890
Total assets	12,716	20,387	28,388	34,491

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1,865	-1,658	-371	-3,014
	-177	-80	-65	-128
	1,825	1,316	601	3,181
Net cash flow	-217	-422	164	40
Free cash flow	-1,865	-1,739	-404	-3,042
CFO / Operating profit %	-237.3%	-106.4%	-16.7%	-123.4%

Compounded sales growth

7 years: —
5 years: —
3 years: 28%
1 year: 11%

Compounded profit growth

7 years: —
5 years: —
3 years: 51%
1 year: 6%

Return on equity

7 years: —
5 years: —
3 years: 25%
Last year: 25%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Wealth management business	2,761.37	566.73	14,470.29	12,283.99	2,186.3	25.92
Capital markets business	1,916.15	833.39

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	35.5%	49.5%	53.3%	52.7%
EBIT margin %	35.5%	45.2%	51%	50.3%
PAT margin %	13.8%	19.8%	23.7%	22.5%
Working capital
Receivable days	147	—	—	—
Inventory days	—	0	0	0
Payable days	2	—	—	—
NWC days	—	—	—	—
Leverage
Current ratio	—	—	—	—
Debt to EBITDA	6.89	4.33	3.54	4.73
Debt to equity	2.4	2.33	2.25	2.8
Interest coverage	2	2.3	2.6	2.4
Asset turnover	0.17	0.15	0.15	0.13
Return ratios
Return on assets %	2.4%	3.1%	3.5%	3%
Return on capital employed %	—	—	—	—
Return on equity %	13.5%	21.6%	28.2%	25.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.19%	55.95%	55.81%	55.68%	55.18%	54.93%	54.78%	54.73%	54.65%	54.2%	54.13%	53.98%
	9.45%	7.16%	6.91%	6.73%	13.88%	15.46%	16.57%	17.14%	16.3%	16.39%	16.94%	19%
	0.79%	0.93%	1.27%	1.44%	1.54%	4.71%	5.81%	6.37%	7.6%	8.37%	8.3%	8.49%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	32.14%	35.96%	36.01%	36.15%	29.4%	24.9%	22.84%	21.76%	21.45%	21.04%	20.63%	18.53%
No. of shareholders	—	—	—	—	—	—	—	—	1,31,029	1,26,810	1,22,511	1,16,526

Promoter holding down 2.21 percentage points since Sep 2023.

42 deals · 13 Nov 2023 – 16 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE.- ODI	Block	NSE	Sell	18,270	₹7,227.00	₹13.20 Cr
16 Oct 2025	GOLDMAN SACHS BANK EUROPESE - ODI	Block	NSE	Buy	18,270	₹7,227.00	₹13.20 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST II	Block	NSE	Buy	16,170	₹6,450.00	₹10.43 Cr
5 Sept 2025	AIRAVAT CAPITAL TRUST	Block	NSE	Sell	16,170	₹6,450.00	₹10.43 Cr
9 May 2025	OXBOW MASTER FUND LIMITED	Bulk	BSE	Sell	2,60,414	₹5,930.40	₹154.44 Cr
9 May 2025	BOFA SECURITIES EUROPE SA	Bulk	BSE	Buy	2,59,458	₹5,930.43	₹153.87 Cr
13 Dec 2024	JALIYAN COMMODITY	Bulk	NSE	Sell	1,85,468	₹6,852.10	₹127.08 Cr
13 Dec 2024	JALIYAN COMMODITY	Bulk	NSE	Buy	1,14,178	₹6,854.04	₹78.26 Cr
12 Dec 2024	EDEL FINANCE COMPANY LIMITED	Bulk	NSE	Sell	13,34,455	₹6,941.30	₹926.29 Cr
12 Dec 2024	ECAP EQUITIES LIMITED	Bulk	NSE	Sell	12,15,545	₹6,854.15	₹833.15 Cr

1–10 of 42

1 / 5

Mr. Birendra KumarNon-Executive - Independent Director-Chairperson
Mr. Ashish KehairExecutive Director-CEO-MD
Mr. Shiv SehgalExecutive Director
Ms. Anisha MotwaniNon-Executive - Independent Director
Mr. Aswin VikramNon-Executive - Nominee Director
Mr. Kamlesh Shivji VikamseyNon-Executive - Independent Director
Mr. Nikhil Kumar SrivastavaNon-Executive - Nominee Director
Mr. Sameer Ambarish KajiNon-Executive - Independent Director
Mr. Bharat KalsiChief Financial Officer
Ms. Sneha PatwardhanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

4.66%

of the company's equity

All mutual funds

6.77%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

42 schemes · 12 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	64.55 L	1,131.89	1.59%	3.537%	—
Portfolio of Kotak Aggressive Hybrid Fund	Kotak Mahindra Mutual Fund	3.9 L	68.45	0.73%	0.214%	-0
Flexi Cap Fund	Bank of India Mutual Fund	2.15 L	37.69	1.28%	0.118%	-0
SMALL CAP FUND	Bank of India Mutual Fund	1.88 L	33.04	1%	0.103%	-0
NIFTY CAPITAL MARKETS INDEX FUND	Tata Mutual Fund	1.72 L	30.19	3.08%	0.094%	+6,463
Large & Mid Cap Fund ( Formerly known as Bajaj Finserv Large and Mid Cap Fund)NEW	Bajaj Finserv Mutual Fund	1.68 L	29.41	1.19%	0.092%	—
Portfolio of Kotak Banking & Financial Services FundNEW	Kotak Mahindra Mutual Fund	1.51 L	26.42	1.69%	0.083%	—
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.23 L	21.6	0.61%	0.068%	+1,506

1–8 of 42

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

May 2026Transcript AI Summary PPT REC
Feb 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

5

Interim dividend15 May 2026 · ex-date₹14
Interim dividend11 Nov 2025 · ex-date₹70
Interim dividend3 Jun 2025 · ex-date₹69
Interim dividend7 Nov 2024 · ex-date₹63
Interim dividend7 Aug 2024 · ex-date₹81.5

1

Board meeting to consider results30 Jul 2026

1

Face value ₹10 → ₹226 Dec 2025 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

68 announcementsExport CSV

30 Sept 2026, 6:44 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

29 Sept 2026, 7:25 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 7:19 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

21 Sept 2026, 10:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

12 Sept 2026, 1:22 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

11 Sept 2026, 4:23 pmInsider Trading / SAST

Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011.

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 PDF

11 Sept 2026, 4:20 pmInsider Trading / SAST

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 PDF

11 Sept 2026, 3:13 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

Date	Category	Subject	Filing
30 Sept 2026, 6:44 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 7:25 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—
EBITDA margin %	35.5%	49.5%	53.3%	52.7%
EBIT margin %	35.5%	45.2%	51%	50.3%
PAT margin %	13.8%	19.8%	23.7%	22.5%
Working capital
Receivable days	147	—	—	—
Inventory days	—	0	0	0
Payable days	2	—	—	—
NWC days	—	—	—	—
Leverage
Current ratio	—	—	—	—
Debt to EBITDA	6.89	4.33	3.54	4.73
Debt to equity	2.4	2.33	2.25	2.8
Interest coverage	2	2.3	2.6	2.4
Asset turnover	0.17	0.15	0.15	0.13
Return ratios
Return on assets %	2.4%	3.1%	3.5%	3%
Return on capital employed %	—	—	—	—
Return on equity %	13.5%	21.6%	28.2%	25.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Billionbrains Garage Ventures LimitedGROWWGROWW	₹1,12,994 Cr	₹1,13,218 Cr	₹5,242 Cr	₹3,234 Cr	59.1%	₹2,440 Cr	44.9%	29.4%	21.6%	-1,528
Motilal Oswal Financial Services LimitedMOTILALOFSMOTILALOFS	₹59,602 Cr	₹80,857 Cr	₹10,063 Cr	₹4,120 Cr	41.3%	₹1,980 Cr	20%	—	15.6%	—
360 One Wam Limited360ONE360ONE	₹42,297 Cr	₹57,749 Cr	₹4,638 Cr	₹2,875 Cr	62.1%	₹1,262 Cr	27.9%	—	14.4%	—
Nuvama Wealth Management LimitedNUVAMANUVAMA	₹31,051 Cr	₹42,594 Cr	₹4,884 Cr	₹2,554 Cr	52.7%	₹1,083 Cr	22.5%	—	27.4%	—
Angel One LimitedANGELONEANGELONE	₹25,280 Cr	₹33,159 Cr	₹5,426 Cr	₹2,028 Cr	35.4%	₹1,032 Cr	17.8%	—	15.6%	—
IIFL Capital Services LimitedIIFLCAPSIIFLCAPS	₹10,762 Cr	₹12,583 Cr	₹2,434 Cr	₹853 Cr	35%	₹572 Cr	23.3%	—	20.1%	—
Share India Securities LimitedSHAREINDIASHAREINDIA	₹4,487 Cr	₹5,158 Cr	₹1,577 Cr	₹633 Cr	38.8%	₹363 Cr	22.1%	—	13%	—
Anand Rathi Share And Stock Brokers LimitedARSSBLARSSBL	₹3,283 Cr	₹4,114 Cr	₹977 Cr	₹401 Cr	40.7%	₹130 Cr	13.9%	23.9%	14%	-3,037
Monarch Networth Capital LimitedMONARCHMONARCH	₹2,718 Cr	₹2,744 Cr	₹365 Cr	₹255 Cr	69.3%	₹181 Cr	48.7%	28.3%	20.5%	-1,399
Geojit Financial Services LimitedGEOJITFSLGEOJITFSL	₹2,113 Cr	₹2,177 Cr	₹678 Cr	₹145 Cr	24%	₹73 Cr	12.5%	—	6.8%	—
Smc Global Securities LimitedSMCGLOBALSMCGLOBAL	₹2,074 Cr	₹4,072 Cr	₹1,967 Cr	₹383 Cr	20.1%	₹109 Cr	5.5%	—	8.1%	—
Algoquant Fintech LimitedALGOQUANTALGOQUANT	₹1,898 Cr	₹1,929 Cr	₹235 Cr	₹53 Cr	22.4%	₹33 Cr	14.2%	17.6%	24.8%	2

Nuvama Wealth Management Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends5

Board meetings1

Stock splits1

Announcements

Ratio timeline

Dividends5

Board meetings1

Stock splits1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Asset management business · revenue

5

1

1

5

1

1