NUVAMA
Nuvama Wealth Management share price & financials
- Price
- ₹1,863.1
- Market cap
- ₹30.2k Cr
- Sector
- Financial Services
- Calls analysed
- 7
Nuvama Wealth Management Limited Q1 FY27
What went well
- Achieved record quarterly PAT of over INR300 crores, an all-time high, with ROE near 30%.
- Client assets surpassed INR5 lakh crores, reaching INR5,36,000 crores, driven by MPIS assets growing 32% YoY to INR42,500 crores and Private Wealth ARR assets growing 20% YoY to INR58,000 crores.
- MPIS net new money reached a record INR3,000 crores, with productivity per RM increasing over 25% YoY for net new money assets and 17% YoY for revenue.
What to watch
- Net ARR flows for Private Wealth were softer at ~INR1,000 crores due to weeding out low-cost historical mandates.
- The asset management business is projected to incur a cumulative loss of INR35-40 crores for the full year.
What Nuvama Wealth Management Limited does
Nuvama Wealth Management is an integrated wealth-management platform serving ultra-high-net-worth families and family offices, high-net-worth and affluent individuals, and corporates and institutions. It earns advisory, distribution and commission-based income by offering proprietary and third-party investment products, lending against securities, ESOP funding and estate/succession planning through in-house relationship managers as well as an external network of wealth-manager partners. Beyond core wealth advisory, the group runs an asset-management arm managing alternative investment funds (AIFs) and portfolio management services (PMS) across private equity, public markets and commercial real estate; an asset-services business providing custody, clearing and fund-administration infrastructure to institutional investors; and a capital-markets business covering institutional equities, investment banking, and equity/debt capital-markets advisory backed by in-house research. The company is majority owned by PAG, a large Asia-based alternative investment manager.
Segments
- Wealth Management
- Asset Management
- Asset Services
- Capital Markets
- Office network
- 100+ offices
- Total employees
- 3,400+
- Wealth relationship managers (RMs)
- 1,250
- Affluent & HNI individual clients served
- 1.3+ million
- Corporate & institutional clients served
- 1,000+
- External Wealth Manager (EWM) active partner network
- 8,000+
Guidance record · Q1 FY27
what the last two calls moved 23 tracked 3 delivered 4 missed 16 open- Lending Book Growth delivered said Q4 FY25 Promised: 20% growth for FY26 Q1 FY27: Target period (FY26) is complete. Final verdict remains 'achieved'.
- Net Profit Growth missed said Q1 FY26 Promised: Aspiring for 20-25% net profit growth for next couple of years Q1 FY27: Target period (FY26) is complete. Final verdict remains 'missed'.
- Asset Management Breakeven AUM delayed said Q3 FY25 Promised: Breakeven at ₹20,000 crores AUM, expected in 12 to 15 months Q1 FY27: Management now anticipates the asset management business will breakeven by Q4 FY27, a further delay from the previously guided 'middle of FY27'.
All 23 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 0.5%, net profit up 15.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 516 | 385 | 218 | 422 | 188 −64% | 404 +5% | 172 −21% | 424 +0% |
| EBITDA | 371 | 251 | 64 | 278 | 76 −80% | 313 +25% | 31 −52% | 278 +0% |
| Net profit | 317 | 207 | 27 | 221 | 46 −85% | 280 +35% | 19 −30% | 255 +15% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −72.8% 1Y
1Y: ₹6,378 on 10 Sept 2025 → ₹1,737.2. High ₹7,468.5 (10 Nov 2025), low ₹1,110.6 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.6%
- 31 Jul
- Q4 FY26
- −3.4%
- 12 May
- Q3 FY26
- −5.1%
- 27 Jan
- Q2 FY26
- +2.2%
- 5 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 11.6% a year over 3 years, FY23 to FY26. Operating margin widened to 58.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.7k Cr | ₹654 Cr | ₹1.4k Cr | ₹1.2k Cr |
| Operating profit | ₹675 Cr | ₹250 Cr | ₹784 Cr | ₹698 Cr |
| Operating margin | 39.3% | 38.2% | 57.9% | 58.9% |
| Interest | ₹306 Cr | ₹69 Cr | ₹111 Cr | ₹95 Cr |
| Depreciation | ₹77 Cr | ₹74 Cr | ₹16 Cr | ₹17 Cr |
| Net profit | ₹238 Cr | ₹98 Cr | ₹598 Cr | ₹566 Cr |
| Net margin | 13.9% | 15.0% | 44.1% | 47.7% |
| Cash from operations | ₹-270 Cr | ₹-172 Cr | ₹57 Cr | ₹-8 Cr |
| Free cash flow | ₹-331 Cr | ₹-235 Cr | ₹48 Cr | ₹-15 Cr |
| ROCE | 2.0% | 8.0% | 31.0% | 24.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹35 Cr | ₹17 Cr | ₹35 Cr | ₹35 Cr | ₹36 Cr | ₹36 Cr |
| Reserves | ₹1.5k Cr | ₹1.6k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹3.8k Cr | ₹2.1k Cr |
| Borrowings | ₹48 Cr | ₹0 Cr | ₹316 Cr | ₹595 Cr | ₹9.0k Cr | ₹1.1k Cr |
| Other liabilities | ₹163 Cr | ₹362 Cr | ₹312 Cr | ₹2.2k Cr | ₹11.5k Cr | ₹399 Cr |
| Total liabilities | ₹1.7k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹4.6k Cr | ₹24.3k Cr | ₹3.6k Cr |
| Fixed assets | ₹107 Cr | ₹87 Cr | ₹174 Cr | ₹133 Cr | ₹313 Cr | ₹131 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹336 Cr | ₹1.6k Cr |
| Other assets | ₹431 Cr | ₹579 Cr | ₹760 Cr | ₹3.1k Cr | ₹23.6k Cr | ₹1.9k Cr |
| Total assets | ₹1.7k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹4.6k Cr | ₹24.3k Cr | ₹3.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −3.26 pp while DIIs added +2.14 pp. The shareholder count shrank 6% to 1,16,526.
- Promoters
- 54.0%
- FIIs
- 19.0%
- DIIs
- 8.5%
- Public
- 18.5%
Since Jun 2025
- Public −3.26 pp
- DIIs +2.14 pp
- FIIs +1.86 pp
How it drifted, 12 quarters
Over this window the public fell from 32.1% to 18.5% — −13.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.2%, FIIs 9.4%, DIIs 0.8%, Public 32.1%, Others 1.4%.Dec '23: Promoters 56.0%, FIIs 7.2%, DIIs 0.9%, Public 36.0%.Mar '24: Promoters 55.8%, FIIs 6.9%, DIIs 1.3%, Public 36.0%.Jun '24: Promoters 55.7%, FIIs 6.7%, DIIs 1.4%, Public 36.1%.Sep '24: Promoters 55.2%, FIIs 13.9%, DIIs 1.5%, Public 29.4%.Dec '24: Promoters 54.9%, FIIs 15.5%, DIIs 4.7%, Public 24.9%.Mar '25: Promoters 54.8%, FIIs 16.6%, DIIs 5.8%, Public 22.8%.Jun '25: Promoters 54.7%, FIIs 17.1%, DIIs 6.3%, Public 21.8%.Sep '25: Promoters 54.6%, FIIs 16.3%, DIIs 7.6%, Public 21.5%.Dec '25: Promoters 54.2%, FIIs 16.4%, DIIs 8.4%, Public 21.0%.Mar '26: Promoters 54.1%, FIIs 16.9%, DIIs 8.3%, Public 20.6%.Jun '26: Promoters 54.0%, FIIs 19.0%, DIIs 8.5%, Public 18.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Invesco India Focused Fund Mutual fund +0.07 pp 1.56% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Nuvama Wealth Management Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pagac Ecstasy Pte Ltd | 53.12% | −0.14 pp |
| Smallcap World Fund, Inc Global fund house | 4.93% | unchanged |
| Kotak Midcap Fund Mutual fund | 3.88% | −0.15 pp |
| Rashesh Chandrakant Shah | 2.39% | unchanged |
| Invesco India Focused Fund Mutual fund | 1.56% | +0.07 pp |
| Mukul Mahavir Agrawal | 1.37% | unchanged |
| Asia Pragati Strategic Investment Fund | 0.86% | unchanged |
| Mabella Trustee Services Private Limited | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NUVAMA
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+1.1%).
- Held by funds
- ₹34 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹22 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹22 Cr | +0.02 L | Mar '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹11 Cr | +0.01 L | Mar '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +2,205 shares (+1.1%)
- Funds are sitting on
- +53%
- vs est. average cost
- Held by funds
- ₹34 Cr
- 5 schemes · ≈ 0.12% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹22 Cr · 0.6% of that fund
Shares held by these funds +273%
Mar '24 1.92 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Nuvama Wealth Management Limited
Guides on how to read this kind of business and the numbers that matter.