Nuvama Wealth Management Ltd(NUVAMA)

NSE: NUVAMABSE: 543988

₹ 1,671.4-0.09%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 30,840 crWebsite: www.nuvama.comUpdated: 24 Oct 2026

About

Nuvama Wealth Management Ltd is an Indian wealth and capital markets firm serving high-net-worth and ultra-high-net-worth clients across wealth management, capital markets, and alternative asset management. In FY26 it reported total revenues of INR4,630.69 crores, with client assets crossing INR5.36 lakh crores by Q1 FY27. The firm operates across three segments - Wealth Management (57.4% of revenue), Capital Markets (39.8%), and Asset Management (2.8%) - with an offshore presence in Dubai and Singapore.^[1][2][3]

Business segments

Wealth Management contributed INR2,761.37 crores or 57.4% of FY26 revenues (EBIT margin 20.5%), serving HNI and UHNI clients through managed products, advisory, and lending.^[2]
Capital Markets contributed INR1,916.15 crores or 39.8% of FY26 revenues (EBIT margin 43.5%), covering institutional equities, investment banking, fixed income, and asset services (custody and clearing).^[2]
Asset Management contributed INR135.64 crores or 2.8% of FY26 revenues (EBIT loss of INR26.82 crores), managing alternative funds including commercial real estate, private equity, and public-market strategies.^[2]
Wealth and Private businesses combined contributed ~80% of firm revenues in FY26 when Asset Management and Asset Services are included, up from ~74% in FY25.^[4]

Key operating metrics

Total client assets reached INR5,36,000 crores (US$58,916 Mn) in Q1 FY27, up 16% YoY.^[3]
Nuvama Wealth MPIS assets grew 32% YoY to INR~42,500 crores (US$4,703 Mn) in Q1 FY27; MPIS net new money of INR~3,000 crores was the highest-ever quarterly flow.^[3]
Nuvama Private ARR (fee-based) assets grew 21% YoY to INR58,000 crores (US$6,431 Mn) in Q1 FY27; ARR contributes ~59% of Private segment revenues as of FY26.^[3][4]
Asset Services client assets (custody and clearing) were US$17,471 Mn in Q1 FY27, up 25% YoY.^[3]
Nuvama Wealth yield on average MPIS assets was 0.85% in Q1 FY27, down from 0.89%.^[3]
Asset Management AUM was US$1,457 Mn in Q1 FY27, up 12% YoY; management fees grew 31% YoY to INR77 crores for FY26.^[3][4]
Q1 FY27 operating PAT of INR306 crores (+16% YoY) was an all-time quarterly high; ROE stood at 29.5%.^[3]

Wealth management products and services

Nuvama Wealth serves the HNI segment; its Managed Products & Investment Solutions (MPIS) platform grew 38% in revenue for FY26 and contributed 59% of Nuvama Wealth revenues vs. 50% in FY25.^[4]
Nuvama Private serves the UHNI segment with ARR (managed account) and transactional advisory; ARR NNM of INR9,630 crores in FY26 represented 22% of opening ARR assets, in line with guidance.^[4]
Nuvama Private had 145+ relationship managers in FY26, up from 90 four years earlier; the firm targets 15 - 16% RM additions per annum.^[4]
AI tools deployed across acquisition, advisory, rebalancing, and tax-loss harvesting drove ~25% per-RM revenue improvement in Nuvama Wealth and 10 - 15% in Nuvama Private in FY26.^[4]
Tier 2+ cities accounted for more than 35% of the MPIS mix in Q1 FY27.^[3]

Capital markets and asset services

ECM IPO market share edged up from 18% to 19% by value in FY26; overall Capital Markets revenue fell 19% YoY to INR613 crores as equity cash ADT declined 6% and futures ADT declined 14%.^[4]
Fixed income IB revenues grew 34% YoY in FY26 and represented ~50% of IB top line; Nuvama moved from outside the top 20 to #3 in private placements over three years.^[4][5]
Fixed income IB grew more than 2x YoY in Q1 FY27 driven by G-Sec tax-free announcement and FPI buy-sell flows; management flagged INR15 - 20 crores of revenue as non-repeatable.^[3]
Asset Services (custody and clearing) Q4 FY26 revenue of INR209 crores exceeded Q1 FY26's INR193 crores after recovering from a large-client loss; full-year FY26 revenues grew 12% YoY despite two 50 bps rate cuts.^[4]
Asset Services holds 22% market share in its chosen segments; a global custodian - local custodian (GC-LC) tie-up with 2 - 3 large global custodians is in active discussion to open FPI long-only client segments.^[4][3]

Alternative asset management

PRIME Offices Fund I (commercial real estate) closed at INR4,000 crores, above the INR3,000 crores initial target; 40% deployed across 3 - 4 assets in Chennai, Delhi, and Pune totalling 3.8 million sq ft.^[3][4]
Crossover 4 pre-IPO private equity fund targets fundraising of INR1,000 - 1,500 crores over 6 - 10 months from Q4 FY26.^[4]
Asset Management segment cost-to-income is loss-making (EBIT loss INR26.82 crores in FY26); breakeven path begins post-FY27 as new product revenues ramp from Q4 FY27.^[2][3]

Offshore operations

Dubai offshore office has already broken even as of Q1 FY27; Singapore office is expected to break even by end of FY27. Offshore revenues are targeted at 5 - 7% of total for FY27.^[3]
Offshore lending sits on partner books, making the platform capital-light with high ROE accretion once profitable.^[3]

Expansion and new products

Second CRE fund (PRIME 2) targeted at INR4,000 - 5,000 crores is planned for launch by end of Q3 FY27; a REIT platform using marquee CRE assets as a permanent capital vehicle is planned over the following 24 months.^[3]
Private credit fund team build-out is underway; launch expected mid-to-end of Q3 FY27 with an initial target of INR1,000 - 1,500 crores.^[3][4]
SIF (Specialised Investment Fund) license has been applied for; launch expected in Q3 - Q4 FY27 once regulatory approval is received, with existing AIF absolute-return and long-short strategies to migrate to the SIF vehicle.^[3]
RTA and trusteeship domestic institutional services are expected to go live in approximately one more quarter (mid-Q3 FY27).^[3]
Nuvama Wealth + Nuvama Private combined NNM for FY27 is targeted at INR20,000 - 24,000 crores; Asset Management NNM targeted at INR3,500 - 5,500 crores.^[3]

Market Cap

₹30,840 Cr

High / Low

₹2,067 / 1,097

Stock P/E

28.8

Price / Book

7.6

Book Value

₹226

EPS

₹57.2

No. of Shares

18.2 Cr

ROE

27.4%

Sales

₹4,631 Cr

Net Profit

₹1,040 Cr

Promoter holding

53.4%

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Nuvama Wealth Management Ltd(NUVAMA)

About

Business segments

Key operating metrics

Wealth management products and services

Capital markets and asset services

Alternative asset management

Offshore operations

Expansion and new products

Signal history

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