CareEdge Ratings upgrades Nuvama Wealth's long-term rating

MUMBAI: CareEdge Ratings has upgraded the long-term credit rating of Nuvama Wealth Management to CARE AA with a stable outlook. The ratings agency has also reaffirmed its short-term rating at CARE A1+.

The upgrade reflects Nuvama Wealth’s strong financial performance , consistent profitability, and a well-diversified business model across wealth management , asset services, asset management , and capital markets, the company said in a statement.

In its rating rationale, CareEdge Ratings said that the upgrade in ratings assigned to debt instruments of the Nuvama Group factored in healthy growth in the wealth management, asset services and capital market segments, which further strengthened its established market presence, and improved profitability, supported by a diversified business model.

As of March 31, 2025, the group’s consolidated client assets under advisory was up 24% on the year to Rs 4.3 lakh crore. Its consolidated profit after tax for FY25 was at Rs 985 crore, up 58% from Rs 625 crore in FY24.

Currently, Nuvama Group serves over 12 lakh affluent customers and 4,250 HNI/UHNI (high networth/ultra high networth) families, making it the second-largest independent wealth management player in India, the company said.

With strong capitalisation, a growing client base, and a stable outlook, Nuvama continues to demonstrate resilience and momentum in a dynamic financial landscape, it said.