Nuvama Wealth share price: Brokerage stock up over 6% today, just 5% away from peak on strong Q2 results | Check target
Nuvama Wealth Management shares rallied as much as 6.6% on Thursday, November 12, to hit an intraday high of ₹1,963.95 on the BSE after the wealth management company reported a strong performance for the September quarter of FY27. The company posted a nearly 20% year-on-year increase in consolidated net profit, supported by growth across its wealth management, asset services and capital markets businesses.
The stock is now just 5% away from its record high of ₹2,067, touched in July 2026. It had hit its 52-week low of ₹1,097.25 in March 2026. Nuvama Wealth shares have gained 1% over the past month, 11.5% in three months, 22% in six months and 29% over the last one year.
Nuvama Wealth Management reported a 19.5% year-on-year increase in consolidated net profit to ₹303.5 crore for the September quarter of FY27, compared with ₹254 crore in the corresponding period last year. Revenue from operations increased 20.35% to ₹1,366 crore in Q2 FY27 from ₹1,135 crore a year earlier.
The company's wealth management business recorded 14% year-on-year revenue growth to ₹501 crore during the quarter. Asset services revenue jumped 53% to ₹245 crore, while revenue from the capital markets business increased 9% to ₹175 crore.
Nuvama's client assets reached ₹5.5 lakh crore, registering 25% growth year-on-year, reflecting continued expansion across its businesses.
Commenting on the performance, Ashish Kehair, MD and CEO of Nuvama Group, said, "We delivered another quarter of strong performance, with Q2 operating profits growing 26 per cent YoY and RoE remaining strong at 29 per cent. Wealth Management continued its track record of consistent compounding with record net flows, Asset Services sustained strong momentum, and Capital Markets delivered a healthy performance despite a softer market environment."
Brokerages remain constructive on Nuvama Wealth following its September quarter performance, citing healthy growth in its core businesses, improving operating efficiency and strong return ratios.
Motilal Oswal Securities (MOSL) has reiterated its Buy recommendation, with a revised price target indicating further potential upside from the stock's previous closing price.
"We broadly retain our estimates, considering the in-line operational performance in 2QFY27. Reiterate BUY with a revised TP of INR2,160 (based on SoTP valuations), implying an FY28E P/E of 24x."
The revised target price of ₹2,160 implies an upside potential of around 17% from the previous closing price.
In its assessment, MOSL noted that Nuvama Wealth's Q2 FY27 operating revenue increased 21% year-on-year to ₹9.4 billion, broadly in line with its estimates. Wealth management revenue grew 14%, while asset management business revenue increased 6%, missing the brokerage's estimates by 40%. The overall capital markets business reported 31% year-on-year growth. For the first half of FY27, operating revenue increased 20%.
Total operating expenses rose 16% year-on-year to ₹5.1 billion, in line with expectations, with employee expenses increasing 19%. Despite the rise in costs, the cost-to-income ratio improved to 54.1% from 56.6% in Q2 FY26, compared with MOSL's estimate of 53.9%.
Profit after tax (PAT) stood at ₹3 billion, up 19% year-on-year, although it was 8% below the brokerage's estimate due to the one-time impact of the pre-closure of a venture debt fund. PAT grew 18% year-on-year in H1 FY27.
MOSL also highlighted that hiring in Wealth and Private Relationship Management (RM) had reached a steady state. The brokerage expects a 100-200 basis points improvement in the cost-to-income ratio in wealth management during the current year, with further improvements over the next few years. In the asset management business, it expects the cost-to-income ratio to improve over the next 12-15 months.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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