Shares of Nuvama Wealth Management climbed over 2% in early trade after global brokerage Citi reaffirmed its bullish stance on the stock, maintaining a Buy rating and a target price of ₹10,175. As of 9:19 AM, the shares were trading 2.33% higher at Rs 7,338.00.
Citi noted that asset servicing recovery remains firmly on track, with the brokerage expecting client attrition to be fully recouped by the fourth quarter of FY26. The recovery is being supported by steady onboarding of new clients and a stabilisation in legacy accounts, which is helping the company rebuild its servicing base.
Looking ahead, Citi expects revenue growth to accelerate to the mid-to-high teens starting from the first quarter of FY27. This growth is likely to be driven by healthy wealth inflows, improving client activity levels, and increasing contribution from newer products that are gaining traction across Nuvama’s platform.
The brokerage also highlighted the potential for margin improvement, supported by operating leverage and manageable cost structures. Citi believes cost pressures remain under control, with no immediate requirement for aggressive relationship manager hiring, which should help protect profitability.
On the investment banking side, Citi expects revenues to remain stable, adding further visibility to earnings. The combination of steady capital market activity, controlled costs, and improving wealth flows positions Nuvama well for sustained growth over the medium term.
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