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Motilal Oswal Report
Nuvama Wealth Ltd. has reported decent performance in Q3, with the impact of large client exit largely offset by strong flows across the wealth management business and incremental client additions in the asset services business.
With the expectation of asset services business recovering to pre-client loss levels from Q4 FY26, sustained revenue momentum in wealth management, and improving cost trajectory, we expect 14%/15% revenue/PAT CAGR for FY25-28.
The brokerage has reduced its revenue estimates by 4%/5%/5% and improved the C/I ratio by 110-130bp for FY26E/FY27E/FY28E, considering the performance in Q3 FY26. Reiterates a Buy rating on the stock with a revised target price of Rs 1,750 (based on SOTP valuations), implying FY28E P/E of 21 times.
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