Nuvama Wealth Management Limited (NUVAMA)
₹1,706.10 -0.65% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nuvama Wealth's net interest income was ₹331 Cr (+25.3% year on year), and net profit ₹306 Cr (+15.8% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹331 | +25.3% | — |
| Operating profit | ₹407 | +14.8% | — |
| Net profit | ₹306 | +15.8% | — |
| EPS (₹) | 16.78 | +14.4% | — |
EPS restated for the ₹10 to ₹2 split of Dec 2025: Q1 FY26 ₹73.36 to ₹14.67.
NUVAMA delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.03% of the NUVAMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.07%. That is close to its usual level. 2 bulk or block deals were reported in NUVAMA in the last 60 days: ₹86 Cr bought and ₹86 Cr sold.
Delivery in the last 5 sessions: 49.9% · 51.9% · 51.8% · 57.0% · 55.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 1 Oct | Buy | Pabrai Wagons Etf | ₹86.00 Cr | ₹1,652.50 | 520,420 | Block |
| 1 Oct | Sell | Pabrai Wagons Fund | ₹86.00 Cr | ₹1,652.50 | 520,420 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Nuvama Wealth Management Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing of dematerialisation requests. All received certificates were verified, mutilated, cancelled, and the depositories substituted in the register within regulatory timelines. This filing is purely statutory with zero financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers dematerialisation activity for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
- Filing submitted to BSE and NSE on October 8, 2026
Nuvama Wealth Management Limited announced the voting results and Scrutinizer's Report for its 33rd Annual General Meeting held on September 28, 2026. Shareholders approved all agenda items with the requisite majority, including the adoption of FY26 financial statements and director re-appointments. Approval was also secured for the private placement issuance of Non-Convertible Debentures (NCDs). Overall voting participation saw 14,48,46,396 votes polled out of 18,45,15,689 total shares, representing a 78.50% overall turnout.
- All resolutions passed with requisite majority at the 33rd AGM held on September 28, 2026
- Shareholder turnout reached 78.50% (14,48,46,396 votes polled on 18,45,15,689 shares)
- Adoption of FY26 standalone and consolidated financials approved with 100% of votes in favour
- Re-appointment of Independent Directors Mr. Birendra Kumar (98.15% favour) and Ms. Anisha Motwani (99.99% favour) approved
- Enabling resolution passed for the issuance of Non-Convertible Debentures (NCDs) via private placement
Promoter entity PAGAC Ecstasy Pte. Ltd. has filed disclosures under SEBI SAST Regulation 31(1) regarding encumbrances on its shareholding in Nuvama Wealth Management Limited. The filing notes an increase in the underlying amounts of overseas facilities availed by the promoter for personal use, which are secured by previously encumbered shares. Crucially, the promoter clarified that no additional equity shares of Nuvama have been pledged or encumbered beyond what was disclosed on December 20, 2024.
- Disclosure filed under Regulation 31(1) of SEBI SAST Regulations dated September 11, 2026
- Underlying borrowing amounts increased under previously encumbered overseas credit facilities
- No additional equity shares of Nuvama pledged or encumbered compared to the December 20, 2024 filing
- Encumbrance event date specified as September 9, 2026
Nuvama Wealth Management Limited has approved the allotment of 66,583 equity shares of face value Rs. 2 each upon the exercise of stock options and stock appreciation rights. Following this allotment on September 21, 2026, the company's paid-up equity share capital increased from 18,44,49,106 shares to 18,45,15,689 shares. The resulting equity dilution is marginal at approximately 0.036%.
- Approved allotment of 66,583 equity shares on September 21, 2026
- Shares have a face value of Rs. 2 each, fully paid-up
- Total equity share capital expanded from 18,44,49,106 to 18,45,15,689 equity shares
- Dilution represents approximately 0.036% of the post-allotment share base
Nuvama Wealth Management Limited approved the allotment of 2,30,858 equity shares of face value Rs. 2 each on September 7, 2026. This allotment is pursuant to the exercise of options under its Employee Stock Option Scheme(s) and Employee Stock Appreciation Rights Plan. As a result, the company's total issued equity base expanded marginally from 18,42,18,248 shares to 18,44,49,106 shares. The overall dilution to existing shareholders is immaterial at approximately 0.13%.
- Allotment of 2,30,858 equity shares of face value Rs. 2 each fully paid-up
- Shares issued pursuant to exercise of options under ESOP and ESAR plans
- Total share count increased from 18,42,18,248 to 18,44,49,106 equity shares
- Dilution represents approximately 0.13% of post-allotment equity base
Nuvama Wealth Management Limited has notified the exchanges regarding its participation in three upcoming investor conferences in Mumbai during September 2026. The company will attend the UBS India Summit on September 11, the J.P. Morgan India Conference on September 21, and the Nuvama Emerging India CEO Forum on September 28, 2026. Management will engage in group and one-on-one meetings using the already published investor presentation for the quarter ended June 30, 2026. No unpublished price-sensitive information (UPSI) will be disclosed.
- Participation in UBS India Summit 2026 in Mumbai on September 11, 2026
- Participation in J.P. Morgan India Conference in Mumbai on September 21, 2026
- Participation in Nuvama Emerging India CEO Forum in Mumbai on September 28, 2026
- Discussions will refer to the existing Investor Presentation for the quarter ended June 30, 2026
Nuvama Wealth Management Limited has notified exchanges of its upcoming participation in three institutional investor conferences in Mumbai during September 2026. Company representatives will attend the UBS India Summit on September 11, 2026, the J.P. Morgan India Conference on September 21, 2026, and the Nuvama Emerging India CEO Forum on September 28, 2026. The discussions will cover group and one-on-one formats using the publicly available Investor Presentation for the quarter ended June 30, 2026. No unpublished price-sensitive information (UPSI) will be shared during these interactions.
- UBS India Summit 2026 scheduled for September 11, 2026 in Mumbai
- J.P. Morgan India Conference scheduled for September 21, 2026 in Mumbai
- Nuvama Emerging India CEO Forum scheduled for September 28, 2026 in Mumbai
- Discussions will reference existing June 30, 2026 quarterly investor presentation
Nuvama Wealth Management Limited announced its schedule of upcoming in-person institutional investor and analyst conferences in Mumbai. The company will participate in the UBS India Summit 2026 on September 11, the J.P. Morgan India Conference on September 21, and the Nuvama Emerging India CEO Forum on September 28, 2026. Discussions will be based on the existing investor presentation for the quarter ended June 30, 2026, with no unpublished price-sensitive information shared.
- UBS India Summit 2026 scheduled for September 11, 2026 in Mumbai (in person)
- J.P. Morgan India Conference scheduled for September 21, 2026 in Mumbai (in person)
- Nuvama Emerging India CEO Forum scheduled for September 28, 2026 in Mumbai (in person)
- Discussions will reference the investor presentation for the quarter ended June 30, 2026
- Meetings include both group and one-on-one formats with no UPSI shared
Nuvama Wealth Management Limited has issued a communication to shareholders regarding access to the Notice of the 33rd Annual General Meeting (AGM) and the FY 2026 Annual Report. The 33rd AGM is scheduled to be held virtually on Monday, September 28, 2026, at 3:30 PM IST. The notice specifically provides web links and instructions for shareholders whose email addresses were not registered as of the cut-off date of August 28, 2026.
- 33rd Annual General Meeting (AGM) scheduled for Monday, September 28, 2026, at 3:30 PM IST via Video Conferencing
- Cut-off date for member email registration records was Friday, August 28, 2026
- Annual Report and AGM Notice made accessible online via the company website and MUFG RTA portal under SEBI Regulation 36(1)(b)
Nuvama Wealth Management has scheduled its 33rd Annual General Meeting (AGM) for Monday, September 28, 2026, via video conferencing. Alongside the notice, the company released its FY26 Annual Report showcasing total client assets of ₹4,52,548 Cr and consolidated revenue of ₹3,122 Cr. Operating PAT for the year stood at ₹1,049 Cr with an operating Return on Equity of 28.1% and a dividend payout of ~49%. The filing is procedural, serving statutory shareholder intimation and disclosure requirements.
- 33rd Annual General Meeting scheduled for September 28, 2026, at 3:30 p.m. IST via Video Conferencing.
- Client assets reached ₹4,52,548 Cr, marking a 5-year CAGR of 23%.
- Reported FY26 Revenue of ₹3,122 Cr and Operating PAT of ₹1,049 Cr.
- Reported Return on Equity of 28.1% alongside a ~49% dividend payout ratio.
The Hon'ble Supreme Court of India, vide its judgment dated September 2, 2026, has allowed the appeals filed by Nuvama Clearing Services Limited (NCSL), a wholly-owned material subsidiary of Nuvama Wealth Management. The apex court set aside earlier adverse orders passed by the Member and Core Settlement Guarantee Fund Committee of NSE Clearing Limited (NCL) and the Securities Appellate Tribunal (SAT). The ruling eliminates directions requiring NCSL to reinstate securities liquidated during settlement defaults in the legacy Anugrah and Vrise matters, completely exonerating the clearing member from restitution liabilities.
- Supreme Court delivered judgment on September 2, 2026, allowing Civil Appeal Nos. 31, 2187, 3179, and 7313 of 2024.
- Sets aside SAT order dated December 15, 2023, and NCL Committee orders directing restitution of liquidated securities.
- Apex court held that Professional Clearing Members (PCMs) had no statutory obligation or visibility to verify debit/credit positions of individual trading member clients.
- Court held that NCL or its Committee lacked statutory power to order restitution against the PCM for defaults by Trading Members.
Nuvama Wealth Management's Nomination and Remuneration Committee has approved the grant of 79,38,556 Employee Stock Appreciation Rights (ESARs) under its 2026 Scheme on September 1, 2026. The rights cover up to 79,38,556 equity shares, where settlement is limited to net stock appreciation above the grant price. Out of the total grant, 73,93,366 ESARs will vest over 5 years and 5,45,190 ESARs will vest over 4 years, with an exercise window of 2 years post-vesting.
- Approved grant of 79,38,556 ESARs under the Scheme 2026
- 73,93,366 ESARs to vest on a graded basis over a 5-year period
- 5,45,190 ESARs to vest in equal annual tranches over 4 years
- Exercise window is set at 2 years from the date of vesting
- Exercise price set at the latest available market closing price prior to grant date
Nuvama Wealth Management Limited approved the allotment of 6,02,701 equity shares of face value Rs. 2 each on August 24, 2026, pursuant to employee exercises under its ESOP and ESAR plans. Following this allotment, the company's total paid-up share capital increased from 18,36,15,547 to 18,42,18,248 equity shares. This represents a minor equity dilution of approximately 0.33%.
- Allotted 6,02,701 fully paid-up equity shares of face value Rs. 2 each
- Total outstanding shares increased from 18,36,15,547 to 18,42,18,248
- Results in a marginal equity base dilution of approximately 0.33%
Nuvama Wealth Management Limited has approved the allotment of 1,018,986 equity shares of face value ₹2 each to employees. This allotment follows the exercise of stock options and appreciation rights under the company's ESOP and ESAR plans. The total paid-up equity share capital has increased from 18,25,96,561 to 18,36,15,547 shares. This represents a marginal equity dilution of approximately 0.56%.
- Allotment of 10,18,986 equity shares approved on August 6, 2026
- Total outstanding shares increased from 18,25,96,561 to 18,36,15,547
- The allotment represents a 0.56% increase in the total equity base
- Shares issued at a face value of ₹2 each, fully paid-up
Nuvama reported its highest-ever quarterly profit of US $34 Mn (approx. ₹309 Cr) for Q1 FY27, driven by a 20% YoY growth in Wealth Management profits. Client assets reached a significant milestone of ₹5 lakh crore (US $58+ Billion), reflecting strong franchise growth and deepening client trust. The company maintains a diversified revenue stream across Wealth Management, Asset Management, Asset Services, and Capital Markets, with a 5-year revenue CAGR of 26%. The results highlight the successful execution of the 'One Nuvama' strategy amidst the ongoing financialization of Indian household savings.
- Achieved record quarterly profit of US $34 Mn in Q1 FY27, a significant contribution toward TTM PAT of ₹872 Cr
- Client assets crossed the ₹5,00,000 Cr (US $58+ Billion) milestone as of June 30, 2026
- Wealth Management segment profit grew by 20% year-on-year, maintaining sustainable growth momentum
- Maintains a robust sales coverage with 1,250+ Relationship Managers across 100+ offices
- Reported a 5-year Operating PAT CAGR of 39% as of FY26, showcasing high-quality earnings growth
Financial Performance
Revenue Growth by Segment
Consolidated revenues grew 41% YoY to INR 2,901.3 Cr in FY25 from INR 2,062.7 Cr in FY24. While Wealth Management remains core, its contribution to operating PBT declined from 54% in FY24 to 36% in 9M FY25 as Asset Services and Capital Markets (Institutional Equities and Investment Banking) grew significantly to diversify the mix.
Geographic Revenue Split
Primarily India-focused with expanding offshore presence; the company incorporated Nuvama Wealth Management (DIFC) Limited in Dubai on June 4, 2024, to capture NRI and offshore wealth flows. Specific regional % splits are not disclosed, but the group operates across 90+ geographies in India.
Profitability Margins
Profit After Tax (PAT) increased 58% YoY in FY25. Return on Equity (RoE) improved significantly to 31.5% in FY25, compared to 23.8% in FY24 and 15% in FY23, driven by operating leverage in the Asset Services and Capital Markets segments.
EBITDA Margin
Operating PAT grew at a 49% CAGR over 4 years (FY21-FY25) reaching USD 111 Mn. Cost-to-income ratio improved from 73% in FY21 to 55% in FY25, reflecting enhanced operational efficiency as the business scaled.
Capital Expenditure
Not disclosed as a specific INR figure for infrastructure, but the company maintains a comfortable capitalization profile with a Tangible Net Worth (TNW) of INR 3,405 Cr as of March 2025 to support its lending book and clearing operations.
Credit Rating & Borrowing
Credit ratings were upgraded to CARE AA; Stable and CRISIL AA-/Positive. Borrowing costs are influenced by a concentrated profile: 45% from Principal Protected Market Linked Debentures (PPMLDs) and 22% from Commercial Papers (CPs). Consolidated gearing stood at 2.4x as of December 2024.
Operational Drivers
Raw Materials
Human Capital (Relationship Managers) and Technology are the primary 'inputs'. The group employs 1,387 Relationship Managers (RMs) and 352 team leaders as of March 31, 2025, representing the core cost and service delivery engine.
Import Sources
Not applicable for financial services; however, the company sources global investment expertise and capital through its promoter, PAG, which manages USD 55B+ globally.
Key Suppliers
Not applicable; however, the company utilizes technology platforms and exchanges like NSE, BSE, MCX, and NCDEX for its clearing and broking operations.
Capacity Expansion
Client Assets Under Advisory (AUA) reached INR 4,30,651 Cr in FY25, a 24% YoY growth. The company is expanding its 'managed products' which saw Q2 FY26 inflows of INR 2,800 Cr compared to INR 2,300 Cr in Q1 FY26.
Raw Material Costs
Employee benefits and RM commissions are the primary 'material' costs. Productivity is rising as 'one incoming RM is equal to almost two outgoing' in terms of skill set and cost-efficiency.
Manufacturing Efficiency
Operating efficiency is measured by the Cost-to-Income ratio, which improved to 55% in FY25. Assets under clearing grew 19% YoY, showcasing the scalability of the Nuvama Clearing Services Limited (NCSL) platform.
Logistics & Distribution
Distribution reach is being broadened across India and offshore markets to accelerate AUM growth, leveraging a 'One Nuvama' synergy approach across business segments.
Strategic Growth
Expected Growth Rate
25-26%
Growth Strategy
Growth will be driven by a focus on Annual Recurring Revenue (ARR) assets, scaling the Asset Management business, and deepening fixed income capabilities. The company aims to leverage its 'One Nuvama' strategy to cross-sell services across its 1.2 million affluent/HNI clients and 4,250 family offices.
Products & Services
Wealth management solutions, investment advisory, estate planning, asset management (AIFs), clearing and custody services, institutional equities, investment banking, and margin/ESOP financing.
Brand Portfolio
Nuvama, Nuvama Private, Nuvama Wealth, Nuvama Asset Management, Nuvama Asset Services.
New Products/Services
Expansion into alternative asset management products and offshore wealth services via the new Dubai (DIFC) subsidiary.
Market Expansion
Targeting offshore markets (Dubai) and deepening penetration in Indian Tier 2/3 cities through its 1,387 RMs.
Market Share & Ranking
Second largest independent wealth management player in India by client assets (INR 4.3 Trillion).
Strategic Alliances
Joint venture with Cushman & Wakefield (Nuvama and Cushman & Wakefield Management Private Limited) for real estate asset management.
External Factors
Industry Trends
The industry is shifting toward recurring revenue models and professional clearing. Nuvama is positioning itself by increasing its ARR assets and scaling its professional clearing member (PCM) business, which is currently the largest profit contributor.
Competitive Landscape
Competes with bank-led wealth managers and other independent firms like 360 ONE. Nuvama differentiates through its integrated 'Asset Services + Wealth' model.
Competitive Moat
Moat is built on its status as the 2nd largest non-bank wealth manager and its association with PAG (54.78% stake), which provides global relationships and competitive borrowing costs. This is sustainable due to high switching costs in wealth management and the scale of the clearing business.
Macro Economic Sensitivity
Highly sensitive to capital market cycles; revenue from Institutional Equities and Investment Banking is transaction-dependent and fluctuates with market volumes.
Consumer Behavior
Increasing preference for 'managed products' over pure advisory, evidenced by the growth in managed product flows to INR 2,800 Cr in Q2 FY26.
Geopolitical Risks
Exposure to international macro events that affect FII flows, as NCSL settles trades for over 250 institutional clients including Foreign Institutional Investors.
Regulatory & Governance
Industry Regulations
Subject to SEBI regulations for broking, AMCs, and Investment Advisory. New index derivatives frameworks (Nov 2024) have already impacted Institutional Equities volumes by 27%.
Environmental Compliance
Not a high-impact factor for financial services; ESG focus is primarily on governance and social responsibility.
Taxation Policy Impact
Standard Indian corporate tax rates apply; the company reported a 58% YoY increase in PAT, suggesting effective tax management alongside profit growth.
Legal Contingencies
The company faces inherent regulatory uncertainties and associated franchise/reputational risks typical of capital market intermediaries; specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
Regulatory changes in capital markets (e.g., derivatives margins) and market volatility could impact revenues by 20-30% in specific segments like Institutional Equities.
Geographic Concentration Risk
Heavy concentration in India, though diversifying via the Dubai (DIFC) subsidiary and international offices in the US, UK, and HK.
Third Party Dependencies
Dependency on PAG for promoter support and global networking; PAG holds a 54.78% stake.
Technology Obsolescence Risk
Risk of falling behind in digital wealth tech; mitigated by a robust full-stack platform for digital onboarding and straight-through processing.
Credit & Counterparty Risk
Lending book of INR 4,787 Cr is exposed to market risk as it is backed by financial assets (LAS), though currently mitigated by a 3x collateral cover.
