Buy Nuvama Wealth; target of Rs 6800: Motilal Oswal

Motilal Oswal's research report on Nuvama Wealth

Nuvama Wealth Management (NUVAMA) reported operating revenue of INR7.2b, growing 30% YoY (in-line). This growth was driven by a 19% YoY increase in wealth management revenue (in-line), flat AMC revenue (30% miss), and a 46% YoY growth in capital market revenue (in-line). For 9MFY25, operating revenue grew 45% YoY to INR21.3b. AUM for the wealth business grew 28% YoY to INR3.1t (in-line), while for the asset management business, the average fee-paying AUM grew 76% YoY to INR84b (14% beat).

Outlook

We reiterate our BUY rating with a one-year TP of INR6,800 (based on 21x Sep’26E EPS).