Nuvama Wealth Can Rally 33% Says Motilal Oswal, Reiterates 'Buy' Rating On The Stock — Here's Why

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Motilal Oswal Report

Nuvama Wealth Management Ltd. has been delivering consistent growth across its core business segments. Through digital innovation, diversified product offerings, and enhanced client engagement strategies, the company remains well-positioned to capitalize on emerging opportunities

Overall, we expect Nuvama’s ex-capital market revenues/PBT to post a CAGR of 20%/12% over FY25-27. Additionally, we expect the cost/income to improve from 62% in FY24 to 57% in FY27.

With RoEs of 30%+, the stock is attractively trading at FY27 P/E of 17x. We reiterate our Buy rating on the stock with a one-year target price of Rs 7,200 (based on 22x Sept’26E EPS).

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