India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Nuvama Wealth is capitalizing on India's burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability. 
</li>
<li>As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.</li>
<li>
Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.</li>
</ul>


Nuvama Wealth is capitalizing on India's burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability. 

As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.

Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.


The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management ("Nuvama")</a> posted a strong Q1FY26 despite a challenging market environment. Q1FY26 revenue grew 15% YoY and PAT grew 19% YoY led by improved cost efficiency.</li>
<li>Managed Products and Investment Solutions (MPIS) which is a core focus area for Nuvama Wealth saw strong inflows representing 77% of the INR 2900cr total inflows.</li>
<li>Even within Nuvama Private, the recurring assets net flows were INR 2900cr+, which on an annualized basis implies a growth of 25%+ YoY.</li>
</ul>



Nuvama Wealth Management ("Nuvama") posted a strong Q1FY26 despite a challenging market environment. Q1FY26 revenue grew 15% YoY and PAT grew 19% YoY led by improved cost efficiency.
Managed Products and Investment Solutions (MPIS) which is a core focus area for Nuvama Wealth saw strong inflows representing 77% of the INR 2900cr total inflows.
Even within Nuvama Private, the recurring assets net flows were INR 2900cr+, which on an annualized basis implies a growth of 25%+ YoY.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management (NUVAMA IN)</a>'s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.</li>
<li>This dip is an overreaction; Nuvama's strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG's ongoing exit also signals value.</li>
<li>The market correction presents a "blessing in disguise," opportunity  into a fundamentally strong, diversified Indian financial services firm.</li>
</ul>



Nuvama Wealth Management (NUVAMA IN)'s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
This dip is an overreaction; Nuvama's strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG's ongoing exit also signals value.
The market correction presents a "blessing in disguise," opportunity  into a fundamentally strong, diversified Indian financial services firm.


Nuvama Wealth: The "Blessing in Disguise" Amidst Market Jitters in Jane Street Case

<ul>
<li>Nuvama Wealth Management ("Nuvama") has consistently outperformed expectations throughout FY25 and Q4FY25 was no exception. In particular, the Asset Services sub-segment has been the outlier.</li>
<li>The Wealth Management and Asset Management segments continued to perform steadily providing resilience to the platform, despite cyclicality. They saw net inflows despite challenging market conditions during 2HFY25. </li>
<li>Due to market volatility, certain pockets of the investment bank and institutional equities sub-segments saw somewhat muted performance, however, Nuvama fared much better relative to its peers.</li>
</ul>


Nuvama Wealth Management ("Nuvama") has consistently outperformed expectations throughout FY25 and Q4FY25 was no exception. In particular, the Asset Services sub-segment has been the outlier.
The Wealth Management and Asset Management segments continued to perform steadily providing resilience to the platform, despite cyclicality. They saw net inflows despite challenging market conditions during 2HFY25. 
Due to market volatility, certain pockets of the investment bank and institutional equities sub-segments saw somewhat muted performance, however, Nuvama fared much better relative to its peers.


<ul>
<li>Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.</li>
<li>Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.</li>
<li>Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.</li>
</ul>


Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.


Nuvama: Stellar Start as an Independent Listed Entity

India

Nuvama Wealth Management Limited provides financial services. The Company offers wealth management, portfolio management, and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Nuvama Wealth Management serves customers India.

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Nuvama Wealth Management (NUVAMA IN)

The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

SEBI has granted approval on October 1, 2025, for the Company to act as sponsor and set up Nuvama Mutual Fund, including schemes under the...

Sudarshan Bhandari

Nuvama: Consistent Strong Execution

Nuvama continues to execute well, enabling it to post a strong Q1FY26 despite challenging market conditions. At current valuation, it has potential...

Ankit Agrawal, CFA

Nuvama Wealth: The "Blessing in Disguise" Amidst Market Jitters in Jane Street Case

NUVAMA WEALTH MANAGEMENT: CO CLARIFIES REGARDING LINK BETWEEN THE COMPANY AND SEBI’S ACTION AGAINST JANE STREET CO SAYS IT IS NOT PRIVY TO ANY...

Sudarshan Bhandari

Nuvama: FY25 Ends To Be a Breakout Year

Nuvama continues to scale up rapidly across wealth management, alternative asset management and asset services areas, all of which are...

Ankit Agrawal, CFA

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

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