Nuvama Wealth Management Ltd.

“Nuvama Wealth Management is a high-ROE, capital-light franchise riding India's multi-decade HNI wealth creation wave, with credible 20-25% earnings compounding ahead — but at 26x trailing earnings with a PE overhang from PAG's eventual exit and live regulatory risk on distributor trail commissions, the current price offers adequate rather than exceptional prospective returns. The business earns its place on the watchlist; it does not yet earn a full position.”