MarketFriction

Nuvama Wealth Management Ltd

NSE NUVAMA · BSE 543988 · Stockbroking & Allied
₹1,701.40 +2.96%
NSE close2026-10-01
52 week range1,096.90 - 2,066.00
Market cap₹30,484 Cr.
P/E28.2
Nifty 500Nifty Smallcap 100Smallcap 250 Price band 20% Delivery 37.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales7358419299491,0531,0341,1201,1231,1351,1041,2691,376
Expenses375396464457488453545511541497641652
Operating Profit360445465493565582575612593607629724
OPM %49%53%50%52%54%56%51%54%52%55%50%53%
Other Income3207419382208
Interest147171183183200225215240237242258295
Depreciation244545202124292425273627
Profit before tax191231237297347334340351339340355411
Tax %24%24%24%26%26%25%25%25%25%25%24%26%
Net Profit145176181221257252255264254254269306
EPS in Rs8.2810.0110.2412.4914.4314.0514.2014.6614.0913.9614.7916.75
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7801,3841,7782,2233,1564,1624,6384,884
Expenses2819391,1321,3401,5911,9422,1882,331
Operating Profit4994446468831,5652,2202,4502,553
OPM %64%32%36%40%50%53%53%52%
Other Income76-56563883142538
Interest2002462783966208229771,032
Depreciation1550718913694113115
Profit before tax360-4179354068121,3181,3851,445
Tax %21%14%8%25%23%25%25%
Net Profit286-4758573056259851,0401,082
EPS in Rs35.4354.8257.1959.59
Dividend Payout %0%0%0%0%0%51%49%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%27%28%13%
Compounded Profit Growth%59%51%5%
Stock Price CAGR%%51%31%
Return on Equity%24%28%27%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital26353535353636
Reserves1,0561,5921,8962,2192,8593,4544,085
Borrowings1,2871,4283,5495,4136,7467,83911,544
Other Liabilities2,8414,3975,1195,04810,74717,05918,827
Total Liabilities5,2117,45110,59812,71620,38728,38834,491
Fixed Assets108162219284290312280
CWIP4221825859
Investments6652570170170221358
Other Assets4,4347,24210,29212,23719,92027,85033,844
Total Assets5,2117,45110,59812,71620,38728,38834,491
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-500-1,108-1,425-1,865-1,658-373-3,014
Cash from Investing Activity-112-124-81-173-79-62-119
Cash from Financing Activity2358772,1391,8251,3166013,181
Net Cash Flow-376-354633-212-42216648
Free Cash Flow-516-1,127-1,475-1,942-1,739-405-3,041
CFO/OP-99%-240%-210%-203%-93%-2%-109%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days16372183146746678
Inventory Days1,378
Days Payable748
Cash Conversion Cycle79372183146746678
Working Capital Days-912-860-503-277-966-1,234-1,152
ROCE %17%14%12%17%20%18%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.19%55.95%55.81%55.68%55.17%54.93%54.79%54.74%54.64%54.20%54.13%53.98%
FIIs9.45%7.16%6.91%6.73%13.87%15.46%16.58%17.14%16.30%16.39%16.94%19.00%
DIIs0.78%0.92%1.26%1.43%1.53%4.71%5.80%6.35%7.59%8.37%8.30%8.49%
Public32.13%35.95%36.00%36.15%29.39%24.90%22.83%21.77%21.46%21.04%20.62%18.51%
Others1.43%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
No. of Shareholders94,90678,62779,22092,5911,10,2191,28,5251,33,2441,23,7791,31,0291,26,8101,22,5111,16,526

Fundamentals

Market Cap₹ 30,484 Cr.
Current Price₹ 1,652
Stock P/E28.2
Book Value₹ 226
ROCE17.5 %
ROE27.4 %
Dividend Yield1.68 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)5%
Consolidated figures.
Valuation
Market capRs 31,394 Cr
Enterprise valueRs 31,479 Cr
P/E (TTM)28.99x
Price to book13.93x
Price to sales6.43x
EV / EBITDA12.15x
EV / EBIT12.71x
EV / sales6.44x
Earnings yield3.45%
Profitability
Operating margin (excl. other income)39.72%
Operating margin (incl. other income)40.08%
EBITDA margin53.06%
Pre-tax margin29.58%
Net profit margin22.17%
Net margin, latest quarter22.22%
ROE14.58%
ROCE12.21%
ROA2.62%
ROE, 3-year average9.24%
ROCE, 3-year average11.45%
ROA, 3-year average1.54%
ROIC (approx.)79.52%
Tax rate24.88%
Other income / net worth0.36%
Growth
Sales growth (latest year)25.04%
Profit growth (latest year)-64.42%
Sales CAGR, 3 years41.77%
Profit CAGR, 3 years2.18%
Sales growth QoQ8.44%
Profit growth QoQ13.61%
Sales growth YoY (latest quarter)22.59%
Profit growth YoY (latest quarter)15.85%
Per share
EPS (TTM)Rs 58.69
EPS (latest year)Rs 87.03
EPS (latest quarter)Rs 16.57
EPS, 3-year averageRs 65.72
Book value per shareRs 122.17
Sales per shareRs 264.71
Cash flow per shareRs -101.07
Free cash flow per shareRs -164.81
Efficiency
Asset turnover0.17x
Fixed asset turnover7.83x
Inventory turnover0.01x
Inventory days70418 days
Debtor days146 days
Debtors turnover2.50x
Creditor days748 days
Cash conversion cycle78 days
Working capital days-1152 days
Leverage
Total debtRs 5,413 Cr
Cash and bankRs 5,328 Cr
Net debtRs 85 Cr
Debt to equity2.40x
Net debt / EBITDA0.03x
Interest coverage2.40x
Owners' fund to total sources17.73%
Debt to assets42.57%
Cash flow
Cash from Operating Activity (latest year)Rs -1,865 Cr
Cash from Investing Activity (latest year)Rs -173 Cr
Cash from Financing Activity (latest year)Rs 1,825 Cr
Net Cash Flow (latest year)Rs -212 Cr
Free cash flow (latest year)Rs -3,041 Cr
FCFE (approx.: FCF + change in debt)Rs -1,177 Cr
Cash from ops / profit, 5 years-2.19x
Statement figures
Net sales (TTM)Rs 4,884 Cr
Net sales (latest year)Rs 2,223 Cr
Sales (latest quarter)Rs 1,376 Cr
Operating profit excl. other income (latest year)Rs 883 Cr
Operating profit (latest quarter)Rs 724 Cr
Other income (TTM)Rs 38 Cr
EBITDA (TTM)Rs 2,592 Cr
PBDT (TTM)Rs 1,560 Cr
Profit before tax (TTM)Rs 1,445 Cr
Tax (latest year)Rs 101 Cr
Net profit (TTM)Rs 1,083 Cr
Net profit (latest year)Rs 305 Cr
Net profit (latest quarter)Rs 306 Cr
Depreciation (TTM)Rs 115 Cr
Depreciation (latest quarter)Rs 27 Cr
Interest (TTM)Rs 1,032 Cr
Cost of goods sold (latest year)Rs 7 Cr
Total expenditure (latest year)Rs 1,340 Cr
Total income (latest year)Rs 2,231 Cr
Share capitalRs 35 Cr
ReservesRs 2,219 Cr
Shareholders' fundsRs 2,254 Cr
Total assetsRs 12,716 Cr
Net blockRs 284 Cr
Capital work in progressRs 25 Cr
InvestmentsRs 170 Cr
ReceivablesRs 890 Cr
InventoryRs 1,310 Cr
Other liabilitiesRs 5,048 Cr
Shares outstanding (crore)18.45
Ownership
Promoter holding53.98% (-0.76 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 29.0 is at the 53th percentile of its own 2.5-year range (median 27.6, low 20.9, high 67.5).
P/B 13.93 is at the 50th percentile (median 13.84).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodNUVAMANifty 50Difference
1 week+0.4%-2.8% +3.1 pts
1 month-4.7%-6.8% +2.1 pts
3 months-9.9%-7.6% -2.2 pts
6 months+46.5%+0.4% +46.1 pts
1 year+41.0%-9.9% +50.9 pts
2 years+23.5%-13.6% +37.1 pts
3 years+253.0%+14.2% +238.8 pts
60 mutual fund schemes hold about ₹2,131 Cr. Over three months 17 bought more and 9 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Kotak Mid Cap Fund1.59%1,132 +1%
Invesco India Focused Fund4.85%313 -5%
Bandhan Small Cap Fund0.31%105 -22%
Invesco India Flexi Cap Fund1.22%70 -0%
Kotak Aggressive Hybrid Fund0.73%68 +2%
Invesco India Financial Services Fund3.46%66 +3%
Invesco India ELSS Tax Saver Fund1.41%39 +3%
Bank of India Flexi Cap Fund1.28%38 -5%
Bank of India Small Cap Fund1.00%33 -16%
Tata Nifty Capital Markets Index Fund3.08%30 +8%
Bajaj Finserv Large & Mid Cap Fund1.19%29 -0%
Kotak Banking & Financial Services Fund1.69%26 +3%
Kotak Balanced Advantage Fund0.14%25 +8%
Nippon India Nifty Smallcap 250 Index Fund0.61%22 +4%
Motilal Oswal Nifty Capital Market Index Fund3.08%21 +7%
Invesco India ESG Integration Strategy Fund3.06%12 +13%
DSP Multi Cap Fund0.39%12 +4%
Bandhan Financial Services Fund1.02%11 +20%
SBI Nifty Smallcap 250 Index Fund0.61%11 +4%
Groww Small Cap Fund1.18%9 +35%
Motilal Oswal Nifty Smallcap 250 Index Fund0.61%8 +4%
Bank of India Business Cycle Fund1.25%6 +8%
ICICI Pru Nifty Smallcap 250 Index Fund0.61%5 +4%
HDFC NIFTY Smallcap 250 Index Fund0.61%5 +4%
Bajaj Finserv Multi Asset Allocation Fund0.23%4 +100%

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -640% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 17% of total assets in 2026
explainShare dilution Share count up 1% in a year, 34% in three
explainDebt up, profit down Borrowings up 53% while net profit fell in 2026
lookAuditor change Auditor change 2026-05-19: Nuvama Wealth Management Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,376 Cr +22.5% vs Jun 2025. Net profit ₹306 Cr +15.9%.

Activity

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DateClientSideQtyPrice
2026-10-01Pabrai Wagons FundSELL520,4201,652.50
2026-10-01Pabrai Wagons EtfBUY520,4201,652.50
Ex-dateActionFactor
2026-05-15Interim Dividend - Rs 14 Per Share
2025-12-26Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2025-11-11Interim Dividend - Rs 70 Per Share
2025-06-03Interim Dividend - Rs 69 Per Share
2024-11-07Interim Dividend - Rs 63 Per Share
2024-08-07Interim Dividend - Rs 81.50 Per Share
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-24Disclosure under SEBI TakeovPagac Ecstasy Pte Ltd has submitted to the exchange a copy of   Disclosure under Regulation 31(1) of SEBI (Substantial Acquisition of Shares and Takeo...
2026-09-21ESOPAllotment of 66,583 Shares.
2026-09-07ESOPAllotment of 230858 Shares.
2026-09-04Concall / analyst meetSchedule of meet
2026-09-04Concall / analyst meetSchedule of meet
2026-09-04Concall / analyst meetSchedule of meet
2026-09-03UpdatesLetter to Members in relation to Notice of the 33rd Annual General Meeting and Annual Report for FY 2026.
2026-09-03Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-09-02LitigationAn update on material litigation
2026-09-01General UpdatesGrant of Employee Stock Appreciation Rights under the Nuvama Wealth Management Limited Employee Stock Appreciation Rights Scheme 2026
2026-08-24ESOPAllotment of 602701 Shares.
2026-08-06ESOPAllotment of 1018986 Shares.
2026-08-05General UpdatesInvestor Presentation (in US Dollars) on the unaudited Consolidated Financial Results for the quarter ended June 30, 2026
2026-08-05Concall / analyst meetTranscript
2026-08-05Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetSchedule of meet
2026-08-02Shareholder meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
2026-07-31Concall / analyst meetLink of Recording
2026-07-30General UpdatesGeneral Updates
2026-07-30Issue of SecuritiesIssue of Securities
2026-07-30AppointmentAppointment of Ms Anisha Motwani as Non- Executive Independent Director of the company w.e.f. July 22, 2027.
2026-07-30AppointmentAppointment of Mr Birendra Kumar as Non- Executive Independent Director of the company w.e.f. July 22, 2027.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03