Nuvama Wealth Management Limited (NUVAMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+848.7%

₹17,385.11

vs ₹1,832.50 price

Levered DCF

-₹13,910.27

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	20.16×	21.5×	26.01×	28.38×	10.68×	-15.25×
P/B	5.13×	6.08×	5.62×	3.84×	4.79×	4.57×
P/S	4.52×	9.91×	9.35×	6.54×	5.85×	6.8×
EV / EBITDA	4.32×	12.99×	14.78×	15.18×	5.13×	6.89×
Gross margin	87.4%	35.2%	36.7%	31.2%	100.0%	100.0%
Operating margin	50.5%	5.7%	3.0%	-7.3%	59.5%	49.1%
Net margin	22.2%	46.1%	36.0%	23.1%	54.8%	-44.6%
Current ratio	0×	1.29×	1.43×	1.49×	0×	0×
Debt / equity	2.8×	2.25×	2.33×	2.39×	0.87×	0.36×
Interest coverage	4.9×	0.16×	0.09×	-0.25×	0×	0×
Dividend yield	2.4%	2.4%	0.0%	0.0%	0.0%	1.3%
Payout ratio	48.1%	52.1%	0.0%	0.0%	0.0%	-19.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	25.3%	28.3%	21.6%	13.5%	44.8%	-30.0%
Return on invested capital	5.1%	0.8%	0.4%	-0.9%	8.1%	7.2%
Return on assets	3.0%	3.5%	3.1%	2.4%	8.1%	-6.5%
Free cash flow yield	9.5%	-1.9%	-10.7%	-22.5%	-16.1%	-15.4%
Earnings yield	4.9%	4.7%	3.8%	3.5%	9.4%	-6.6%
Enterprise value	₹107B	₹285.1B	₹226.4B	₹132.7B	₹98.1B	₹76B
Net debt / EBITDA	-4.21×	3.33×	4.16×	5.27×	0.34×	0.22×
Cash conversion cycle (days)	-1,362	-681	-67	517	0	0