Nuvama Wealth Management Limited (NUVAMA) AI Stock Analysis

• Market Cap: ₹240.98B
• Dividend Yield: 1.91%
• Average Volume (3M): 7.28K
• Price to Earnings (P/E): 23.2
• Beta (1Y): 1.91
• Revenue Growth: 16.97%
• EPS Growth: 20.99%
• Country: US
• Employees: 3,104
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 14.02
• Shares Outstanding: 181,847,950
• 10 Day Avg. Volume: 7,550
• 30 Day Avg. Volume: 7,282
• PEG Ratio: 0.39
• Price to Book (P/B): 6.08
• Price to Sales (P/S): 9.91
• P/FCF Ratio: -52.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,600.00
• Price Target Upside: 20.57% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ₹1,426.00 ▲(7.46% Upside)

Nuvama Wealth Management Limited's stock is rated positively due to strong financial performance and bullish technical indicators. The company's revenue growth and profitability are significant strengths, although cash flow management needs improvement. The technical analysis supports a positive outlook, but caution is advised due to potential overbought conditions. The valuation is reasonable, with a fair P/E ratio and a decent dividend yield.

Positive Factors

Sustained revenue growth

Consistent top-line growth indicates expanding client relationships and greater product adoption among HNI/UHNI and institutional clients. Over the next 2-6 months this supports recurring fee streams, scalability of advisory/distribution revenue, and a firmer competitive position versus smaller rivals.

High gross profit margins

Strong gross margins reflect a fee- and commission-based model with low direct variable costs, enabling durable profitability even if volumes fluctuate. This margin profile supports reinvestment into distribution and product offerings and preserves cushion for regulatory or market-driven revenue variability.

Robust return on equity with moderate leverage

High ROE paired with measured leverage suggests efficient capital allocation and disciplined use of debt to amplify returns. This combination supports sustainable growth funding while avoiding excessive financial fragility, enabling long-term investment in client acquisition and platform capabilities.

Negative Factors

Negative free cash flow

Persistent negative operating and free cash flow undermines the firm's ability to self-fund expansion, pay dividends, or build liquidity buffers. Over several months this raises reliance on external financing, increases refinancing risk, and constrains strategic flexibility during market stress.

High reliance on liabilities to finance assets

A structural dependence on liabilities increases sensitivity to interest-rate moves and funding-market tightness. If market conditions or regulatory constraints change, higher funding costs or reduced access to short-term financing could compress margins and force deleveraging at inopportune times.

Operational expense pressure lowering margins

Rising or elevated operating expenses erode net margins despite strong gross profitability. If expense growth outpaces revenue, earnings scalability weakens and free cash generation will be constrained. Sustained cost pressure could limit investments in distribution and client service capabilities.

Nuvama Wealth Management Limited Business Overview & Revenue Model

Company Description

Nuvama Wealth Management Limited engages in wealth management, asset management, and capital markets businesses in India. The company provides debt advisory and clearing services; and portfolio management and investment advisory services. It is also involved in institutional and retail securities broking business; distribution of financial products; lending against securities; and investment management business for alternative investment funds. The company was formerly known as Edelweiss Securities Limited and changed its name to Nuvama Wealth Management Limited in August 2022. Nuvama Wealth Management Limited was incorporated in 1993 and is based in Mumbai, India.

How the Company Makes Money

Nuvama Wealth Management Limited generates revenue through multiple key streams. Primarily, the company earns fees from asset management services, which include advisory fees and management fees based on the assets under management (AUM). Additionally, Nuvama may generate income through commissions from the sale of financial products such as mutual funds and insurance. The company also derives revenue from performance fees linked to the success of its investment strategies. Strategic partnerships with financial institutions and product providers enhance its offerings and can lead to additional revenue opportunities through co-branded products and services. Overall, Nuvama's diversified revenue model allows it to capitalize on various aspects of the wealth management industry.

Nuvama Wealth Management Limited Financial Statement Overview

Summary

Nuvama Wealth Management Limited demonstrates strong revenue growth and profitability, supported by high gross profit margins and efficient operations. The balance sheet shows effective use of debt, though a reliance on liabilities may be a concern. Cash flow management needs improvement, with negative free cash flow being a key area to address.

Income Statement

Nuvama Wealth Management Limited has shown strong revenue growth with a notable increase from 2024 to 2025. Gross profit margins are high, indicating effective cost management. However, the net profit margin is impacted by significant operational expenses, though it remains positive. The EBIT and EBITDA margins reflect solid operating performance, with a slight decrease in EBIT margin over the period.

Balance Sheet

The company's balance sheet is characterized by a moderate debt-to-equity ratio, indicating a balanced approach to leveraging. The return on equity is robust, reflecting efficient use of equity to generate profits. However, the equity ratio suggests a higher reliance on liabilities to finance assets, which could pose risks if not managed properly.

Cash Flow

Cash flow management remains a challenge for Nuvama, as evidenced by consistent negative free cash flow and operating cash flow. The operating cash flow to net income ratio indicates efficiency issues in converting net income into cash, though there is a slight improvement in free cash flow to net income ratio.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	21.73B	21.40B	17.38B	13.23B	15.65B	10.83B
Gross Profit	6.80B	7.53B	6.38B	4.13B	15.65B	10.83B
EBITDA	23.08B	21.95B	15.34B	8.74B	6.35B	8.54B
Net Income	10.29B	9.86B	6.25B	3.05B	8.57B	-4.83B
Balance Sheet
Total Assets	0.00	283.88B	203.87B	127.16B	105.98B	73.85B
Cash, Cash Equivalents and Short-Term Investments	0.00	220.96B	139.24B	66.33B	10.00B	3.35B
Total Debt	0.00	78.39B	67.46B	53.98B	16.59B	5.77B
Total Liabilities	-34.93B	248.95B	174.88B	104.57B	86.85B	57.76B
Stockholders Equity	34.93B	34.90B	28.95B	22.54B	19.13B	16.09B
Cash Flow
Free Cash Flow	0.00	-4.04B	-17.39B	-19.44B	-14.77B	-11.35B
Operating Cash Flow	0.00	-3.71B	-16.58B	-18.65B	-14.25B	-11.08B
Investing Cash Flow	0.00	-652.20M	-797.75M	-1.77B	-821.79M	-931.96M
Financing Cash Flow	0.00	6.01B	13.16B	18.25B	21.39B	8.47B

Nuvama Wealth Management Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1327.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NUVAMA, the sentiment is Negative. The current price of 1327 is below the 20-day moving average (MA) of 1408.95, below the 50-day MA of 1433.38, and below the 200-day MA of 1387.01, indicating a bearish trend. The MACD of -35.66 indicates Positive momentum. The RSI at 39.14 is Neutral, neither overbought nor oversold. The STOCH value of 27.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NUVAMA.

Nuvama Wealth Management Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NUVAMA	76 Outperform	₹240.98B	23.25	―	1.91%	16.97%	20.99%
SMCGLOBAL	70 Outperform	₹15.85B	16.21	―	0.70%	-5.03%	-54.73%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MOTILALOFS	65 Neutral	₹475.10B	23.41	―	0.57%	-14.24%	-40.53%
BIRLAMONEY	63 Neutral	₹6.74B	13.78	―	―	-6.37%	-24.10%
EDELWEISS	55 Neutral	₹99.71B	23.09	―	1.37%	-19.77%	-11.03%
IFCI	55 Neutral	₹155.92B	38.45	―	―	-12.62%	175.71%

Nuvama Wealth Management Limited Corporate Events

Nuvama Posts Audio Recording of Q3 FY26 Earnings Call Online

Nuvama Wealth Management Limited has announced that the audio recording of its earnings conference call held on January 27, 2026, covering the company’s performance for the quarter and nine months ended December 31, 2025, has been made available on its website. The company has also noted that the related investor presentation was previously shared with stock exchanges, underscoring its ongoing compliance with Indian listing regulations and commitment to transparent communication with investors and market participants.

Nuvama Subsidiary Gets GST Demand Order; Company Sees No Operational Impact

Nuvama Wealth Management Limited has disclosed that its wholly owned material subsidiary, Nuvama Wealth and Investment Limited, has received an order from the Assistant Commissioner of State Tax, Delhi under Section 73 of the Delhi GST Act, 2017 for the period April 2021 to March 2022. The order raises a demand comprising tax of Rs 97.19 lakh, interest of Rs 65.38 lakh and penalty of Rs 9.72 lakh, mainly citing excess input tax credit claimed, mismatches between GST returns and other input tax credit-related issues. The subsidiary plans to appeal the order before the Appellate Authority, and the parent company has emphasised that the order will have no impact on its financials, operations or other activities, suggesting limited immediate implications for shareholders and business continuity.

Nuvama Wealth Management to Engage with Investors at Citi India Financials Tour 2025

Nuvama Wealth Management Limited has announced a scheduled meeting with various investors and analysts as part of the Citi India Financials Tour 2025, set to take place in Mumbai on December 17, 2025. During this meeting, the company’s representatives will discuss the Investor Presentation for the quarter and half-year ended September 30, 2025. This engagement is part of the company’s efforts to maintain transparency and communication with its stakeholders, although no unpublished price-sensitive information will be disclosed.

Nuvama Wealth Management Expands with New Subsidiary

Nuvama Wealth Management Limited has announced the incorporation of a wholly owned subsidiary, Nuvama Trusteeship Company Limited, which will operate in the financial services sector, specifically offering corporate trusteeship services. This strategic move is expected to enhance Nuvama’s service offerings and strengthen its position in the financial services industry.

Nuvama Wealth Subsidiary Fined by NSE; No Operational Impact

Nuvama Wealth Management Limited announced that its wholly owned subsidiary, Nuvama Wealth and Investment Limited, has been fined Rs. 3,20,500 by the National Stock Exchange of India Limited due to a compliance issue identified during a limited purpose inspection. The company clarified that this penalty does not affect its financials, operations, or other activities, indicating a limited impact on its overall business operations and stakeholder interests.

Nuvama Wealth Management Announces Share Split and Strategic Investments

Nuvama Wealth Management Limited announced several key decisions following its Board of Directors meeting on November 4, 2025. The company approved the subdivision of its equity shares, changing the face value from Rs. 10 to Rs. 2 per share, which is expected to enhance liquidity and make shares more accessible to investors. Additionally, the Board declared an interim dividend of Rs. 70 per share and approved a significant investment of Rs. 200 crores in its subsidiary, Nuvama Wealth Finance Limited, through a rights issue. These strategic moves are likely to strengthen Nuvama’s market position and provide value to its stakeholders.

Nuvama Wealth Management Announces Dividend, Share Split, and Major Investment

Nuvama Wealth Management Limited announced key decisions from its recent board meeting, including the approval of interim dividends and a sub-division of its equity shares. The interim dividend is set at Rs. 70 per share, with a record date of November 11, 2025, and the company plans to split its shares to enhance liquidity. Additionally, Nuvama will invest Rs. 200 crores in its subsidiary, Nuvama Wealth Finance Limited, through a rights issue, reflecting its strategic focus on strengthening its financial position and expanding its market presence.

Nuvama Wealth Management Announces Key Financial Decisions and Investment Plans

Nuvama Wealth Management Limited announced several key decisions following a board meeting, including the approval of consolidated and standalone unaudited financial results for the quarter and half-year ending September 30, 2025. The company declared an interim dividend of Rs. 70 per equity share and approved a sub-division of its equity shares, subject to member approval. Additionally, the board approved a Rs. 200 crore investment in its wholly owned subsidiary, Nuvama Wealth Finance Limited, through a rights issue. These strategic moves are expected to enhance shareholder value and strengthen the company’s financial position.

Nuvama Wealth Management Announces U.S. Investor Meetings

Nuvama Wealth Management Limited has announced a schedule for a series of meetings with analysts and institutional investors, set to take place from November 10-14, 2025, in the U.S. This non-deal roadshow, hosted by Nuvama Institutional Equities, will feature in-person group or one-on-one meetings where company representatives will discuss the Investor Presentation for the quarter and half-year ended September 30, 2025. The presentation will be accessible on the company’s website and stock exchanges, with assurances that no unpublished price-sensitive information will be shared.