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Nuvama Wealth Management Ltd.
NSE: NUVAMAFinancial ServicesAsset Management
- Last close
- ₹1,661.90
- Day change
- −₹7.60 (−0.46%)vs
- Market cap
- ₹31,685 crIndian rupees
- Research updated
- 1 report
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About Nuvama Wealth Management
Nuvama Wealth Management Ltd. is a premier player in the wealth management industry, primarily devoted to providing sophisticated investment solutions and advisory services to high-net-worth individuals and institutions. Its primary function is to manage and grow clients' wealth through a diversified array of financial instruments and strategic guidance. The company is known for its comprehensive range of services, which include portfolio management, estate planning, and personalized investment strategies, tailored to meet the unique needs of its clientele. Nuvama Wealth Management operates across several vital sectors, offering insights and management in equities, fixed income, and alternative investments. As a significant entity in the financial markets, the firm plays a critical role in the allocation of capital, helping to drive economic growth and offering financial solutions that align with the complex landscape of global markets. With a commitment to delivering excellence and fostering long-term relationships, Nuvama stands as a testament to the pivotal role of wealth management institutions in financial planning and growth.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: NUVAMA
- Chief executive
- Mr. Ashish Kehair
- Employees
- 3,435
- Headquarters
- Mumbai, India
- ISIN
- INE531F01023
- Website
- nuvama.com
Public research · Report of
Business model & financial foundation
Nuvama (NSE: NUVAMA), Wealth management, asset services and capital markets: revenue of ₹3,122 crore in FY26 (+7.6% on FY25), an EBITDA margin of 62.8% and net profit of ₹1,041 crore.
- Revenue, FY26 (₹ crore)
- 3,122
- consolidated
- Revenue growth, FY26
- +7.6%
- on FY25
- EBITDA margin, FY26
- 62.8%
- EBITDA (vendor classification) / revenue
- Net profit, FY26 (₹ crore)
- 1,041
- to owners
- Return on equity, FY26
- 27.3%
- on average equity
- Market capitalisation (₹ crore)
- 31,414
- at the close of 15 Oct 2026
Company profile
Nuvama is a PAG-controlled Indian financial-services group spanning wealth management, asset management, asset services and capital markets. Operating subsidiaries include wealth distribution/broking, securities-backed finance and professional clearing businesses. The parent is also active in institutional broking and investment banking; consolidated reporting captures these activities and the subsidiary platform.
| Item | Value |
|---|---|
| Legal name | Nuvama Wealth Management Limited (formerly Edelweiss Securities Limited) |
| Exchange and ticker | NSE: NUVAMA; BSE: 543988 |
| ISIN | INE531F01023 |
| CIN | L67110MH1993PLC344634 |
| Sector | Financial Services |
| Industry | Wealth management, asset services and capital markets |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹31,414 crore (15 Oct 2026) |
| Shares outstanding | 18.08 crore shares (FY26) |
| Price | ₹1,747 (close, 15 Oct 2026) |
| 52-week range | ₹1,097 - ₹2,066 (to 15 Oct 2026) |
| Website | https://www.nuvama.com |
Corporate structure and shareholding
Parent: PAGAC Ecstasy Pte. Ltd..
| Entity | Holding | Business |
|---|---|---|
| Nuvama Wealth Finance Limited | 100% | India NBFC: loans against securities and ESOP finance; business confirmed CARE S21. |
| Nuvama Wealth and Investment Limited | 100% | India wealth solutions/distribution, broking, MTF and ESOP funding; business confirmed S20/S21. |
| Nuvama Clearing Services Limited | 100% | India professional clearing, trade settlement and fund accounting; business confirmed S22/S21. |
| Nuvama Asset Management Limited | 100% | Asset-management entity, including group alternative-investment/PMS platform; precise entity scope not fully retrieved. |
| Nuvama Capital Services (IFSC) Limited | 100% | India IFSC subsidiary; detailed activity scope not retrieved. |
| Nuvama Investment Advisors Private Limited | 100% | Singapore subsidiary per FY25 Note53; detailed principal activity not retrieved. |
| Nuvama Investment Advisors (Hongkong) Private Limited | 100% | Hong Kong subsidiary per FY25 Note53; detailed principal activity not retrieved. |
| Nuvama Investment Advisors LLC | 100% | Mauritius subsidiary per FY25 Note53; detailed principal activity not retrieved. |
| Nuvama Financial Services Inc. | 100% | United States subsidiary per FY25 Note53; detailed principal activity not retrieved. |
| Nuvama Financial Services (UK) Limited | 100% | United Kingdom subsidiary per FY25 Note53; detailed principal activity not retrieved. |
| Nuvama Private (DIFC) Limited | 100% | UAE/Dubai subsidiary, formerly Nuvama Wealth Management (DIFC) Limited; precise principal activity not retrieved. |
| Pickright Technologies Private Limited | 100% | Wholly owned from7 August2026 per FY26 subsequent-event report;74% at31 March2025 and31 December2025. Detailed business not retrieved. |
| Nuvama Mutual Fund Trusteeship Services Limited | 100% | New FY26 mutual-fund trusteeship subsidiary; detailed activity scope not retrieved. |
| Nuvama Trusteeship Company Limited | 100% | New FY26 trusteeship subsidiary; CARE calls it Trusteeship Services Limited; identity conflict recorded. |
| Nuvama India Access LVF | 100% | Step-down subsidiary/vehicle included in December2025 rating scope; legal form and business not retrieved. |
Ownership dates are citation-specific, not all verified at31 March2026. FY25 Note53: associate Nuvama Custodial Services Limited49%; JV Nuvama and Cushman & Wakefield Management Private Limited50%. PAGAC Ecstasy53.26% at31 March2026 per S15, versus CARE PAG group54.13% (different scope may explain). Auditor reappointed second term1 June2023 through35th AGM2028; original start not retrieved. Pickright100% is post-year-end.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.20% | 54.13% | 53.98% | 53.40% |
| Promoter holding pledged | 34.04% | 34.00% | 33.90% | 52.55% |
| Foreign institutions | 16.39% | 16.94% | 19.00% | |
| Domestic institutions | 8.37% | 8.30% | 8.49% | |
| of which mutual funds | 6.81% | 6.61% | 6.77% | |
| Retail | 16.52% | 16.00% | 14.22% | |
| Other | 4.52% | 4.63% | 4.30% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Nuvama Wealth Management, NSE NUVAMA, consolidated March-year INRcr, combines affluent Wealth, UHNI Private, Asset Management, institutional Asset Services and Capital Markets. Wealth earns distribution/advisory, transaction and lending income; Private ARR assets are not its entire AUM. Asset Services earns custody/clearing and financing-linked economics; lending and restricted collateral make industrial cash conversion and EV inappropriate. Management revenue is net of funding costs, distinct from statutory revenue.
| Segment | revenue, FY26 (₹ crore) | Share | pbt, FY26 (₹ crore) | Share | management fee, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Wealth Management | 1,718 | 55.0% | 585.0 | 41.3% | ||
| Asset Management | 57.0 | 1.8% | 77.0 | 100.0% | ||
| Asset Services | 734.0 | 23.5% | ||||
| Capital Markets (IE and investment banking, excluding Asset Services) | 613.0 | 19.6% | ||||
| Asset Services and Capital Markets combined | 830.0 | 58.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| 360 ONE WAM (360ONE) | Closest listed wealth-management and alternative-asset-management comparator, serving HNI/UHNI clients. |
| Anand Rathi Wealth (ANANDRATHI) | Wealth distribution/advisory comparator; less capital-intensive and narrower operating scope than Nuvama. |
| Motilal Oswal Financial Services (MOTILALOFS) | Diversified wealth, broking, investment-banking and asset-management peer; business mix and balance-sheet differences matter. |
| IIFL Capital Services (IIFLCAPS) | Capital-markets and brokerage comparator for institutional/capital-market activities, rather than pure wealth peer. |
| Angel One (ANGELONE) | Broking/distribution and market-linked transaction economics analogue; retail-led rather than UHNI-led. |
| Computer Age Management Services (CAMSL) | Asset-services infrastructure analogue; fund servicing is distinct from Nuvama clearing/custody. |
| HDFC Asset Management Company (HDFCAMC) | Asset-management economics and recurring fee comparator, not a group-wide wealth/clearing substitute. |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cost of revenue (vendor classification) * | 1,101 | 1,386 | 1,533 |
| Other operating costs (vendor classification) * | 371.6 | 437.9 | 523.1 |
| EBITDA (vendor classification) * | 1,232 | 1,871 | 1,960 |
| Total revenue, management basis (net of interest expense) | 2,063 | 2,901 | 3,122 |
| Employee cost, management basis | 906.0 | 1,180 | 1,276 |
| Opex / other costs incl. depreciation as presented | 373.0 | 410.0 | 464.0 |
| Total costs, management basis | 1,279 | 1,590 | 1,740 |
| Operating PBT | 784.0 | 1,311 | 1,382 |
| Operating PBT less Operating PAT (proxy, not statutory tax) | 187.0 | 325.0 | 333.0 |
| Operating PAT | 597.0 | 986.0 | 1,049 |
| Profit after tax as reported | n.d. | 986.0 | 1,041 |
| Reported PAT less Operating PAT, signed net-of-tax impact | n.d. | 0.00 | -8.00 |
| PAT attributable to owners (reported PAT fallback) | n.d. | 986.0 | 1,041 |
| Statutory diluted EPS, split-adjusted (₹) | 34.83 | 53.71 | 56.06 |
| Statutory revenue from operations | 3,156 | 4,158 | 4,631 |
| Statutory total income | 3,158 | 4,169 | 4,650 |
| Statutory other income | 1.91 | 11.0 | 19.0 |
| Statutory finance costs | 619.8 | 822.0 | 976.7 |
| Statutory fees and commission expense | 268.9 | 294.2 | 359.0 |
| Statutory employee benefits expense | 891.0 | 1,166 | 1,262 |
| Statutory impairment on financial instruments | 40.0 | 18.4 | 12.7 |
| Statutory depreciation, amortisation and impairment | 136.4 | 94.4 | 112.5 |
| Statutory other expenses | 391.9 | 463.5 | 555.8 |
| Statutory total expenses | 2,348 | 2,858 | 3,279 |
| Statutory PBT before associate and JV share | 809.9 | 1,311 | 1,371 |
| Statutory share in profit of associate | 3.25 | 10.8 | 8.24 |
| Statutory share in profit / loss of JV | -1.11 | -3.37 | 5.58 |
| Statutory PBT after associate and JV share | 812.0 | 1,318 | 1,385 |
| Statutory current plus deferred tax charge | 187.2 | 333.2 | 344.7 |
| Statutory total profit for year | 624.8 | 985.1 | 1,040 |
| Statutory PAT attributable to NCI | -0.48 | -1.11 | -0.78 |
| Statutory PAT attributable to owners | 625.3 | 986.2 | 1,041 |
| Statutory diluted EPS, all years INR2 share basis | 34.83 | 53.71 | 56.06 |
| Separate statutory exceptional-items line | n.d. | n.d. | n.d. |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Statutory total equity including NCI | 2,899 | 3,493 | 4,123 |
| Debt securities plus other borrowings, carrying value | 6,746 | 7,839 | 11,544 |
| Statutory cash and cash equivalents; not certified free cash | 366.6 | 532.6 | 581.0 |
| Statutory trade receivables, balance-sheet line | 639.3 | 749.8 | 997.3 |
| Statutory trade payables including MSME | 3,670 | 6,044 | 2,331 |
| Statutory PPE including right-of-use assets | 219.2 | 221.4 | 210.8 |
| Statutory capital work in progress | 0.21 | ||
| Statutory total assets | 20,387 | 28,388 | 34,491 |
| Statutory equity attributable to owners | 2,895 | 3,490 | 4,121 |
| Statutory NCI equity | 4.08 | 2.97 | 2.21 |
| Statutory debt securities | 5,626 | 6,730 | 10,542 |
| Statutory borrowings excluding debt securities | 1,119 | 1,109 | 1,002 |
| Other bank balances, includes margin/security/client-related FDs | 12,247 | 19,703 | 21,390 |
| FDs held as margin/security against borrowings incl guarantees | 12,078 | 19,356 | 20,930 |
| Other reported bank FDs, not certified unrestricted own cash | 0.84 | 8.36 | 90.5 |
| Statutory investments; not all classified as liquidity | 170.2 | 220.8 | 358.2 |
| Statutory other intangible assets | 44.8 | 40.1 | 31.6 |
| Statutory investment property | 11.4 | 40.3 | 37.8 |
| Right-of-use assets included within PPE, not additive | 137.4 | 181.2 | 178.9 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Statutory net cash used in operating activities | -1,658 | -372.6 | -3,014 |
| Free cash flow (vendor definition) * | -1,739 | -404.2 | -3,042 |
| Statutory equity dividends paid; outflow negative | -513.9 | -501.2 | |
| Purchase PPE, investment property and intangibles; outflow negative | -80.9 | -33.1 | -28.7 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding * | 3.51 | 17.82 | 18.08 |
| Cost to income, management basis (%) | 62.0% | 55.0% | 56.0% |
| Return on equity, management basis (%) | 23.6% | 31.5% | 28.1% |
| Weighted-average diluted shares, all history split-adjusted | 17.95 | 18.36 | 18.57 |
| Weighted-average basic shares, all history split-adjusted | 17.57 | 17.82 | 18.08 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 381.3 | 288.5 | 528.0 | 384.0 | 372.3 | 447.6 | 471.8 | |
| Other operating costs (vendor classification) * | 107.3 | 165.1 | -208.3 | 123.3 | 124.3 | 179.9 | 181.3 | |
| EBITDA (vendor classification) * | 474.5 | 504.7 | 446.0 | 528.6 | 526.7 | 592.9 | 558.8 | |
| Total revenue, management basis (net of interest expense) | 740.0 | 723.0 | 771.0 | 770.0 | 772.0 | 755.0 | 825.0 | 909.0 |
| Employee cost, management basis | 298.0 | 295.0 | 308.0 | 316.0 | 322.0 | 296.0 | 342.0 | 371.0 |
| Opex / other costs incl. depreciation as presented | 94.0 | 95.0 | 127.0 | 105.0 | 115.0 | 107.0 | 136.0 | 131.0 |
| Total costs, management basis | 392.0 | 389.0 | 435.0 | 421.0 | 437.0 | 404.0 | 478.0 | 501.0 |
| Operating PBT | 348.0 | 334.0 | 336.0 | 349.0 | 335.0 | 351.0 | 347.0 | 408.0 |
| Operating PBT less Operating PAT (proxy, not statutory tax) | 90.0 | 82.0 | 81.0 | 85.0 | 81.0 | 89.0 | 78.0 | 102.0 |
| Operating PAT | 258.0 | 252.0 | 255.0 | 264.0 | 254.0 | 262.0 | 269.0 | 306.0 |
| Profit after tax as reported | n.d. | 252.0 | 255.0 | 264.0 | 254.0 | 254.0 | 269.0 | 306.0 |
| Reported PAT less Operating PAT, signed net-of-tax impact | n.d. | 0.00 | 0.00 | 0.00 | 0.00 | -8.00 | 0.00 | 0.00 |
| PAT attributable to owners (reported PAT fallback) | n.d. | 252.0 | 255.0 | 264.0 | 254.0 | 254.0 | 269.0 | 306.0 |
| Diluted EPS, statutory consolidated, INR | n.d. | n.d. | n.d. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Statutory diluted EPS, INR2 split-adjusted basis | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, management. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 40.6% | 7.6% | |
| EBITDA margin | 59.7% | 64.5% | 62.8% |
| Net margin | 34.0% | 33.3% | |
| Return on equity | 30.9% | 27.3% | |
| Return on assets | 4.0% | 3.3% | |
| Borrowings less cash (₹ crore) | 6,379 | 7,306 | 10,963 |
| Borrowings less cash / EBITDA | 5.18x | 3.91x | 5.59x |
| Asset turnover | 0.10x | 0.12x | 0.10x |
| Receivable days | 113 | 94 | 117 |
| Payable days (on revenue) | 649 | 760 | 273 |
| Cash conversion | -0.38x | -2.89x | |
| Capex intensity | 3.9% | 1.1% | 0.9% |
| Free cash flow (₹ crore) | -1,739 | -405.7 | -3,042 |
| Dividend payout | 52.1% | 48.1% | |
| EPS, diluted (₹) | 34.83 | 53.71 | 56.06 |
| Book value per share (₹) | 825.0 | 196.0 | 228.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (vendor classification) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (vendor classification).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Statutory diluted EPS, split-adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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