1. At a Glance
Welcome to the House of Nuvama — where wealth is managed, multiplied, and occasionally memed into existence. Nuvama Wealth Management Ltd (BSE: 543988, NSE: NUVAMA), formerly Edelweiss Wealth, is now strutting around Dalal Street like India’s own Goldman Sachs with a little Gujarati spice. As ofNovember 4, 2025, the company trades at₹7,148, sporting amarket cap of ₹25,818 crore,P/E of 25.2, andROE of 30.9%— because clearly, money begets style.
In Q2FY26, Nuvama reportedsales of ₹1,135 crore(up 7.75% QoQ) andPAT of ₹254 crore(down 1.36% QoQ, but who’s counting when you’re rich?). The board also dropped a royal combo —₹70 interim dividend per share, a1:5 stock split, and a₹200 crore rights subscriptionfor its subsidiary Nuvama Wealth Finance Ltd. If that doesn’t scream corporate fireworks, nothing does.
And just when you thought they were done flexing,SEBI gave Nuvama the greenlight to become a mutual fund sponsoron October 1, 2025. So yes, they now plan to manage your moneyandyour emotions.
2. Introduction
Remember when wealth management in India meant a “relationship manager” pushing you ULIPs during lunch hours? Those days are over. Meet Nuvama Wealth — the rebranded, restructured, and recharged spin-off from the Edelweiss galaxy that now speaks fluent “HNI”. The firm caters to~1.2 million affluent and HNI clientsand manages₹3.46 lakh crore in client assets. That’s not wealth management — that’s practically running a parallel economy.
Post its 2023 demerger from Edelweiss, Nuvama transformed from a sleepy broking arm to a full-fledged financial supermarket for India’s upper crust. It’s like a finance buffet — a little broking here, some advisory there, a dash of family office, and a sprinkle of global subsidiaries for that imported credibility.
But behind the suits and spreadsheets lies some serious business. Backed byPAG Asia Capital (55.8% stake)— a heavyweight alternative investment firm that parked ₹2,366 crore into Nuvama — the company is chasing the dream of being India’s premier private wealth platform. Their clientele isn’t your average mutual fund SIP crowd; it’s more like “let’s open an account because we just sold our unicorn”.
3. Business Model – WTF Do They Even Do?
If you think Nuvama is just another stockbroker, congratulations — you’re living in 2010.
The company’s empire is divided intothree big pillars:
a) Wealth Management (~65% of revenue):This is where the magic happens — from investment products and portfolio management to estate planning and lending. Nuvama doesn’t sell “advice”; it sells lifestyle adjustments.
b) Capital Markets (~31%):Think institutional equities, investment banking, and asset servicing. Basically, Nuvama helps the rich trade stocks while taking a healthy commission for providing “insights” that start with “As per our research report…”
c) Asset Management (~4%):The new kid on the block — managing₹6,967 crore in AUM, mostly from private and public market funds. It’s small but growing faster than your cousin’s startup valuation in 2021.
Throw incustody services, international subsidiaries (UK, Hong Kong, Dubai, USA), and a joint venture withCushman & Wakefieldfor real estate investments, and you’ve got
a multi-headed financial hydra.
In short, Nuvama is like the “Bigg Boss” of Indian finance — everyone has a role, and everyone gets a cut.
4. Financials Overview
| Metric (₹ Cr) | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,135 | 1,053 | 1,123 | 7.8% | 1.1% |
| EBITDA | 593 | 565 | 612 | 5.0% | -3.1% |
| PAT | 254 | 257 | 264 | -1.2% | -3.8% |
| EPS (₹) | 70.5 | 72.1 | 73.3 | -2.2% | -3.8% |
Witty Commentary:Nuvama’s quarter looks like a gym enthusiast during Diwali — gains slightly muted, but muscles still visible. Margins remain rock solid above 50%, but PAT took a breather. With an annualized EPS of ₹282, that P/E of 25x doesn’t seem outrageous — unless you’re comparing it to your bank FD.
5. Valuation Discussion – Fair Value Range
Let’s apply three sober lenses before the champagne:
A) P/E Method:EPS (TTM) = ₹285Industry P/E = 17.3So, fair range = ₹285 × (17.3 to 28) =₹4,930 – ₹7,980
B) EV/EBITDA Method:EV = ₹20,782 Cr; EBITDA (TTM) = ₹2,361 Cr → EV/EBITDA = 8.8xAssume fair multiple range 8x–12x → Value = ₹18,888–₹28,332 CrEquity value per share ≈₹6,500 – ₹9,700
C) Simplified DCF (10% growth, 12% cost of capital):Fair range =₹6,200 – ₹8,400
Educational Fair Value Range:👉 ₹5,000 – ₹9,000 per share
(Disclaimer: This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Nuvama’s boardroom has been busier than a wedding planner in December. OnNov 4, 2025, they dropped a multi-course announcement:
- ₹70 Interim Dividend– because why hoard cash when you can flex it.
- 1:5 Stock Split– to make the ₹7,000 stock more “retail-friendly.”
- ₹200 Cr Rights Subscriptionin subsidiary NWFL – ensuring their lending arm stays well-oiled.
But the real spice came a month earlier whenSEBI approved Nuvama to act as sponsor of its proposed Mutual Fund.The rich
