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>
<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

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


-------------
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
-------------

<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.


Geojit Financial Services / Equity Bottom-Up

<ul>
<li>Geojit is targeting INR 20,000 crore in PMS AUM within three years from INR 1200 Crore, backed by new leadership, expanded RM hiring, and deep NRI-retail presence.</li>
<li>This signals a shift from cyclical broking to stable, high-margin wealth management boosting recurring income and long-term profitability.</li>
<li>Geojit is evolving into a full-stack wealth platform, making it a re-rating candidate if it delivers on PMS scale-up and sustains income diversification.</li>
</ul>


Geojit is targeting INR 20,000 crore in PMS AUM within three years from INR 1200 Crore, backed by new leadership, expanded RM hiring, and deep NRI-retail presence.
This signals a shift from cyclical broking to stable, high-margin wealth management boosting recurring income and long-term profitability.
Geojit is evolving into a full-stack wealth platform, making it a re-rating candidate if it delivers on PMS scale-up and sustains income diversification.


The Beat Ideas: Geojit Financial- Riding on Its Customer Base to Build a ₹20,000 Cr Wealth Business

<ul>
<li>The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.</li>
<li>Warburg Pincus plans to lead a INR600 - 800 crore rights issue to rescue troubled <a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance (FUSION IN)</a>.</li>
<li>PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in <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>. </li>
</ul>


The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.
Warburg Pincus plans to lead a INR600 - 800 crore rights issue to rescue troubled Fusion Micro Finance (FUSION IN).
PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in Nuvama Wealth Management (NUVAMA IN). 


#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

<ul>
<li>Nuvama continues to post strong earnings. Its Q3FY25 revenues grew 30% YoY to INR 723cr. Q3FY25 PAT grew 43% YoY to INR 252cr. </li>
<li>Q3FY25 performance was surprisingly led by the Asset Services segment where revenue grew 77% YoY with addition of new clients and positive asset flow, leading to market share gain.</li>
<li>Together the Wealth and Asset Management segments performed steady with revenue growth of 18% YoY. Net flows in 9MFY25 in ARR and MPIS assets exceeded that for whole of FY24.</li>
</ul>


Nuvama continues to post strong earnings. Its Q3FY25 revenues grew 30% YoY to INR 723cr. Q3FY25 PAT grew 43% YoY to INR 252cr. 
Q3FY25 performance was surprisingly led by the Asset Services segment where revenue grew 77% YoY with addition of new clients and positive asset flow, leading to market share gain.
Together the Wealth and Asset Management segments performed steady with revenue growth of 18% YoY. Net flows in 9MFY25 in ARR and MPIS assets exceeded that for whole of FY24.


India

Nuvama Wealth Management Limited is an Indian multinational wealth management company offering services in wealth management, asset management, asset servicing, and capital markets, catering to affluent, HNI, and UHNI clients. The company provides solutions across various asset classes including equities, fixed income, mutual funds, and alternative investments. Headquartered in Mumbai, India, it was established in 1993.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nuvama Wealth Management (NUVAMA IN)

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

The Beat Ideas: Geojit Financial- Riding on Its Customer Base to Build a ₹20,000 Cr Wealth Business

Geojit aims to grow PMS AUM to INR 20,000 crore in three years, shifting focus to wealth management for long-term profitability and income...

Sudarshan Bhandari

#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

EU negotiating with India to remove import duty on cars, Warburg Pincus plans rights issue for Fusion Micro Finance, PAG selling stake in Nuvama...

Sudarshan Bhandari

Nuvama: Yet Another Strong Quarter

Nuvama is scaling up its businesses well on the back of its strong franchise and an underpenetrated wealth and asset management industry in India....

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Beat Ideas: Geojit Financial- Riding on Its Customer Base to Build a ₹20,000 Cr Wealth Business

​Geojit aims to grow PMS AUM to INR 20,000 crore in three years, shifting focus to wealth management for long-term profitability and income...

Sudarshan Bhandari

#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale

​EU negotiating with India to remove import duty on cars, Warburg Pincus plans rights issue for Fusion Micro Finance, PAG selling stake in Nuvama...

Sudarshan Bhandari

Nuvama: Yet Another Strong Quarter

Nuvama is scaling up its businesses well on the back of its strong franchise and an underpenetrated wealth and asset management industry in India....

Ankit Agrawal, CFA

Geojit aims to grow PMS AUM to INR 20,000 crore in three years, shifting focus to wealth management for long-term profitability and income...

EU negotiating with India to remove import duty on cars, Warburg Pincus plans rights issue for Fusion Micro Finance, PAG selling stake in Nuvama...