Citi has reiterated a Buy rating on Nuvama with a target price of ₹8,850, citing the company’s strong operational performance despite a challenging equity market environment.
The brokerage highlighted that Q4FY25 profit after tax (PAT) rose 1% quarter-on-quarter, slightly ahead of estimates. Citi praised Nuvama’s business model for its ability to show resilience, with most verticals delivering healthy growth.
Wealth management revenues increased 10% QoQ, supported by strong recurring flows — annualized at 20% of opening AUM. Meanwhile, despite weakness in primary markets and cash volumes, investment banking and institutional equities (IB+IE) revenues rose 16% YoY, though declined 6% sequentially. Citi also noted asset servicing maintained robust growth, up 15% QoQ and 85% YoY.
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