# Finance - Capital Markets - Wealth Management — company-by-company sector analysis

> Finance - Capital Markets - Wealth Management: Motilal Oswal Financial Services Ltd owns the largest revenue base; 360 ONE WAM Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Finance - Capital Markets - Wealth Management has outperformed NIFTY 500 by 4.6% over 52 weeks and 18.4% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. 360 ONE WAM Ltd has the fastest current income growth at 36.8%, across 4 of 4 comparable companies.

### Is the Finance - Capital Markets - Wealth Management sector outperforming NIFTY 500?

Finance - Capital Markets - Wealth Management has outperformed NIFTY 500 by 4.6% over 52 weeks and 18.4% over 13 weeks. 4 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which Finance - Capital Markets - Wealth Management company is largest by income?

Motilal Oswal Financial Services Ltd leads with income of ₹10,063 crore, based on 4 of 4 comparable companies through Jun 2026.

### Which Finance - Capital Markets - Wealth Management company is growing fastest?

360 ONE WAM Ltd has the fastest current income growth at 36.8%, across 4 of 4 comparable companies.

### Which Finance - Capital Markets - Wealth Management company has the strongest 4-Factor Sector Score?

Nuvama Wealth Management Ltd ranks first at 55.2/100 with 82.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance - Capital Markets - Wealth Management company has the lowest comparable P/BV-to-ROE?

Motilal Oswal Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.26, among 4 of 4 companies that pass the metric’s comparability rules.

### How much history does this Finance - Capital Markets - Wealth Management comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Finance - Capital Markets - Wealth Management has outperformed NIFTY 500 by 4.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 18.4%. 4 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Nuvama Wealth Management Ltd is the strongest against the sector itself at +32.5%.

13-week sector return versus NIFTY 500: 18%
52-week sector return versus NIFTY 500: 4.6%
Stocks leading NIFTY: 4/4
Stocks leading sector: 1/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹1.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Nuvama Wealth Management Ltd (NUVAMA): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 11.0/35 | Capital efficiency 21.5/25 | Valuation 2.7/20 | Relative strength 20.0/20
   - Exact sum: 11 + 21.5 + 2.7 + 20 = 55.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 39.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Anand Rathi Wealth Ltd (ANANDRATHI): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 26.5/35 | Capital efficiency 16.8/25 | Valuation 4.0/20 | Relative strength 7.3/20
   - Exact sum: 26.5 + 16.8 + 4 + 7.3 = 54.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. 360 ONE WAM Ltd (360ONE): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 24.2/35 | Capital efficiency 14.8/25 | Valuation 5.9/20 | Relative strength 7.4/20
   - Exact sum: 24.2 + 14.8 + 5.9 + 7.4 = 52.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Motilal Oswal Financial Services Ltd (MOTILALOFS): 39/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 9.2/35 | Capital efficiency 19.6/25 | Valuation 5.3/20 | Relative strength 4.9/20
   - Exact sum: 9.2 + 19.6 + 5.3 + 4.9 = 39
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

## Income Scale & Growth Durability

What the numbers say: Motilal Oswal Financial Services Ltd is the scale leader at ₹10,063 crore, 117.3% ahead of Nuvama Wealth Management Ltd. 360 ONE WAM Ltd's growth is 36.8% from a ₹4,620 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Motilal Oswal Financial Services Ltd is the scale benchmark; 360 ONE WAM Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Motilal Oswal Financial Services Ltd's growth falls below 360 ONE WAM Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Motilal Oswal Financial Services Ltd · ₹10,063 crore | 117.3% versus #2 · Nuvama Wealth Management Ltd | 6/8 recent comparable periods | 4/4 companies · 67 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): ₹10.1K Cr
2. Nuvama Wealth Management Ltd (NUVAMA): ₹4.6K Cr
3. 360 ONE WAM Ltd (360ONE): ₹4.6K Cr
4. Anand Rathi Wealth Ltd (ANANDRATHI): ₹1.2K Cr

### Income growth — fastest growers
1. 360 ONE WAM Ltd (360ONE): 37%
2. Anand Rathi Wealth Ltd (ANANDRATHI): 23%
3. Motilal Oswal Financial Services Ltd (MOTILALOFS): 15%
4. Nuvama Wealth Management Ltd (NUVAMA): 11%

### 20-quarter Income history
- MOTILALOFS: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹761 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹3.4K Cr
- 360ONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹517 Cr | Mar 2023 ₹482 Cr | Jun 2023 ₹573 Cr | Sep 2023 ₹550 Cr | Dec 2023 ₹630 Cr | Mar 2024 ₹791 Cr | Jun 2024 ₹849 Cr | Sep 2024 ₹865 Cr | Dec 2024 ₹780 Cr | Mar 2025 ₹821 Cr | Jun 2025 ₹911 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹486 Cr | Jun 2022 ₹463 Cr | Sep 2022 ₹566 Cr | Dec 2022 ₹579 Cr | Mar 2023 ₹613 Cr | Jun 2023 ₹648 Cr | Sep 2023 ₹735 Cr | Dec 2023 ₹841 Cr | Mar 2024 ₹929 Cr | Jun 2024 ₹949 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- ANANDRATHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹138 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹183 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹238 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹297 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹288 Cr | Jun 2026 ₹322 Cr

### 20-quarter Income growth history
- MOTILALOFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -16% | Sep 2022 -0.2% | Dec 2022 4.1% | Mar 2023 -2.4% | Jun 2023 97% | Sep 2023 25% | Dec 2023 66% | Mar 2024 110% | Jun 2024 54% | Sep 2024 72% | Dec 2024 11% | Mar 2025 -45% | Jun 2025 18% | Sep 2025 -35% | Dec 2025 6.0% | Mar 2026 125% | Jun 2026 25%
- 360ONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 64% | Jun 2024 48% | Sep 2024 57% | Dec 2024 24% | Mar 2025 3.8% | Jun 2025 7.3% | Sep 2025 27% | Dec 2025 51% | Mar 2026 36% | Jun 2026 35%
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 26% | Jun 2023 40% | Sep 2023 30% | Dec 2023 45% | Mar 2024 52% | Jun 2024 46% | Sep 2024 43% | Dec 2024 23% | Mar 2025 21% | Jun 2025 18% | Sep 2025 7.8% | Dec 2025 6.8% | Mar 2026 13% | Jun 2026 —
- ANANDRATHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 32% | Mar 2024 29% | Jun 2024 36% | Sep 2024 32% | Dec 2024 30% | Mar 2025 21% | Jun 2025 15% | Sep 2025 23% | Dec 2025 22% | Mar 2026 30% | Jun 2026 18%

## Profit Scale & Acceleration

What the numbers say: Motilal Oswal Financial Services Ltd leads with ₹1,984 crore of TTM profit, 57.2% above 360 ONE WAM Ltd. Anand Rathi Wealth Ltd shows 45.2% growth from a ₹466 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Motilal Oswal Financial Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Motilal Oswal Financial Services Ltd · ₹1,984 crore | 57.2% versus #2 · 360 ONE WAM Ltd | 4/8 recent comparable periods | 4/4 companies · 67 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): ₹2.0K Cr
2. 360 ONE WAM Ltd (360ONE): ₹1.3K Cr
3. Nuvama Wealth Management Ltd (NUVAMA): ₹1.0K Cr
4. Anand Rathi Wealth Ltd (ANANDRATHI): ₹466 Cr

### Profit growth — fastest growers
1. Anand Rathi Wealth Ltd (ANANDRATHI): 45%
2. 360 ONE WAM Ltd (360ONE): 20%
3. Nuvama Wealth Management Ltd (NUVAMA): 5.7%
4. Motilal Oswal Financial Services Ltd (MOTILALOFS): -29%

### 20-quarter Net profit history
- MOTILALOFS: Sep 2021 ₹537 Cr | Dec 2021 ₹238 Cr | Mar 2022 ₹314 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹509 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹528 Cr | Sep 2023 ₹532 Cr | Dec 2023 ₹661 Cr | Mar 2024 ₹725 Cr | Jun 2024 ₹884 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹566 Cr | Mar 2025 ₹-63 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹363 Cr | Dec 2025 ₹566 Cr | Mar 2026 ₹-219 Cr | Jun 2026 ₹1.3K Cr
- 360ONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹172 Cr | Mar 2023 ₹155 Cr | Jun 2023 ₹184 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹244 Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹276 Cr | Mar 2025 ₹250 Cr | Jun 2025 ₹285 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹327 Cr | Mar 2026 ₹289 Cr | Jun 2026 ₹331 Cr
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹654 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹123 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹176 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹221 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹254 Cr | Dec 2025 ₹254 Cr | Mar 2026 ₹269 Cr | Jun 2026 —
- ANANDRATHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹43 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹103 Cr | Jun 2026 ₹163 Cr

### 20-quarter Profit growth history
- MOTILALOFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -86% | Sep 2022 -5.2% | Dec 2022 -4.6% | Mar 2023 -47% | Jun 2023 1,603% | Sep 2023 4.5% | Dec 2023 191% | Mar 2024 339% | Jun 2024 67% | Sep 2024 111% | Dec 2024 -14% | Mar 2025 -109% | Jun 2025 32% | Sep 2025 -68% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 9.5%
- 360ONE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 57% | Jun 2024 33% | Sep 2024 32% | Dec 2024 44% | Mar 2025 2.9% | Jun 2025 17% | Sep 2025 29% | Dec 2025 18% | Mar 2026 16% | Jun 2026 16%
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -87% | Jun 2023 162% | Sep 2023 71% | Dec 2023 102% | Mar 2024 113% | Jun 2024 80% | Sep 2024 77% | Dec 2024 43% | Mar 2025 41% | Jun 2025 19% | Sep 2025 -1.2% | Dec 2025 0.8% | Mar 2026 5.5% | Jun 2026 —
- ANANDRATHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 33% | Jun 2024 38% | Sep 2024 31% | Dec 2024 33% | Mar 2025 30% | Jun 2025 29% | Sep 2025 32% | Dec 2025 30% | Mar 2026 39% | Jun 2026 73%

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): ₹21.3K Cr
2. 360 ONE WAM Ltd (360ONE): ₹15.9K Cr
3. Nuvama Wealth Management Ltd (NUVAMA): ₹11.5K Cr
4. Anand Rathi Wealth Ltd (ANANDRATHI): ₹83 Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- MOTILALOFS: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹6.2K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹10.3K Cr | Jun 2023 ₹10.4K Cr | Sep 2023 ₹12.0K Cr | Dec 2023 ₹12.0K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹14.0K Cr | Sep 2024 ₹15.5K Cr | Dec 2024 ₹15.5K Cr | Mar 2025 ₹14.7K Cr | Jun 2025 ₹15.5K Cr | Sep 2025 ₹15.7K Cr | Dec 2025 ₹15.7K Cr | Mar 2026 ₹21.3K Cr | Jun 2026 —
- 360ONE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5.8K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.8K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹11.2K Cr | Jun 2025 — | Sep 2025 ₹13.8K Cr | Dec 2025 — | Mar 2026 ₹15.9K Cr | Jun 2026 —
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.9K Cr | Sep 2025 ₹9.0K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹11.5K Cr | Jun 2026 —
- ANANDRATHI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹39 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹37 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹52 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹79 Cr | Jun 2025 — | Sep 2025 ₹82 Cr | Dec 2025 — | Mar 2026 ₹83 Cr | Jun 2026 —

## Return On Assets

What the numbers say: Motilal Oswal Financial Services Ltd leads roa at 4.3%; Nuvama Wealth Management Ltd leads roa change at -0.5 percentage points.

Investor read: Motilal Oswal Financial Services Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Motilal Oswal Financial Services Ltd · 4.3% | 43.3% versus #2 · Nuvama Wealth Management Ltd | 2/7 recent comparable periods | 2/4 companies · 16 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): 4.3%
2. Nuvama Wealth Management Ltd (NUVAMA): 3.0%

### ROA change — fastest improvers
1. Nuvama Wealth Management Ltd (NUVAMA): −0.5 pp
2. Motilal Oswal Financial Services Ltd (MOTILALOFS): −3.1 pp

### 20-quarter ROA history
- MOTILALOFS: Sep 2021 — | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 5.6% | Dec 2022 — | Mar 2023 4.1% | Jun 2023 — | Sep 2023 5.0% | Dec 2023 — | Mar 2024 7.7% | Jun 2024 — | Sep 2024 9.2% | Dec 2024 — | Mar 2025 7.4% | Jun 2025 — | Sep 2025 5.7% | Dec 2025 — | Mar 2026 4.3% | Jun 2026 —
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4% | Jun 2023 — | Sep 2023 2.5% | Dec 2023 — | Mar 2024 3.1% | Jun 2024 — | Sep 2024 3.7% | Dec 2024 — | Mar 2025 3.5% | Jun 2025 — | Sep 2025 4.2% | Dec 2025 — | Mar 2026 3.0% | Jun 2026 —

### 20-quarter ROA change history
- MOTILALOFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −3.6 pp | Jun 2023 — | Sep 2023 −0.6 pp | Dec 2023 — | Mar 2024 +3.6 pp | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 — | Mar 2025 −0.3 pp | Jun 2025 — | Sep 2025 −3.5 pp | Dec 2025 — | Mar 2026 −3.1 pp | Jun 2026 —
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.7 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 — | Mar 2025 +0.4 pp | Jun 2025 — | Sep 2025 +0.5 pp | Dec 2025 — | Mar 2026 −0.5 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Anand Rathi Wealth Ltd leads roe at 47.3%; Motilal Oswal Financial Services Ltd leads roe change at -2.9 percentage points.

Investor read: Anand Rathi Wealth Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Anand Rathi Wealth Ltd · 47.3% | 72.6% versus #2 · Nuvama Wealth Management Ltd | Not enough history | 4/4 companies · 33 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Anand Rathi Wealth Ltd (ANANDRATHI): 47%
2. Nuvama Wealth Management Ltd (NUVAMA): 27%
3. Motilal Oswal Financial Services Ltd (MOTILALOFS): 16%
4. 360 ONE WAM Ltd (360ONE): 14%

### ROE change — fastest improvers
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): −2.9 pp
2. Nuvama Wealth Management Ltd (NUVAMA): −5.1 pp

### 20-quarter ROE history
- MOTILALOFS: Sep 2021 20% | Dec 2021 45% | Mar 2022 18% | Jun 2022 22% | Sep 2022 2.2% | Dec 2022 35% | Mar 2023 15% | Jun 2023 11% | Sep 2023 34% | Dec 2023 31% | Mar 2024 35% | Jun 2024 36% | Sep 2024 40% | Dec 2024 45% | Mar 2025 20% | Jun 2025 -2.3% | Sep 2025 42% | Dec 2025 12% | Mar 2026 18% | Jun 2026 —
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.8% | Dec 2022 — | Mar 2023 14% | Jun 2023 17% | Sep 2023 22% | Dec 2023 24% | Mar 2024 28% | Jun 2024 27% | Sep 2024 31% | Dec 2024 34% | Mar 2025 32% | Jun 2025 31% | Sep 2025 30% | Dec 2025 28% | Mar 2026 27% | Jun 2026 —

### 20-quarter ROE change history
- MOTILALOFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.5 pp | Dec 2022 −10.4 pp | Mar 2023 −3.2 pp | Jun 2023 −11.4 pp | Sep 2023 +31.4 pp | Dec 2023 −4.0 pp | Mar 2024 +20.1 pp | Jun 2024 +24.8 pp | Sep 2024 +6.7 pp | Dec 2024 +14.2 pp | Mar 2025 −14.9 pp | Jun 2025 −37.9 pp | Sep 2025 +1.5 pp | Dec 2025 −33.0 pp | Mar 2026 −2.9 pp | Jun 2026 —
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +12.0 pp | Dec 2023 — | Mar 2024 +14.6 pp | Jun 2024 +10.0 pp | Sep 2024 +8.7 pp | Dec 2024 +9.7 pp | Mar 2025 +3.8 pp | Jun 2025 +3.9 pp | Sep 2025 −0.3 pp | Dec 2025 −6.1 pp | Mar 2026 −5.1 pp | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Motilal Oswal Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.26×, 18.8% below 360 ONE WAM Ltd. Only 4 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Motilal Oswal Financial Services Ltd · 0.26× | 18.8% versus #2 · 360 ONE WAM Ltd | 0/8 recent comparable periods | 4/4 companies · 29 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): 0.3
2. 360 ONE WAM Ltd (360ONE): 0.3
3. Nuvama Wealth Management Ltd (NUVAMA): 0.3
4. Anand Rathi Wealth Ltd (ANANDRATHI): 0.7

### P/BV — lowest P/BV
1. Motilal Oswal Financial Services Ltd (MOTILALOFS): 4.1
2. 360 ONE WAM Ltd (360ONE): 4.6
3. Nuvama Wealth Management Ltd (NUVAMA): 8.8
4. Anand Rathi Wealth Ltd (ANANDRATHI): 34.0

### 20-quarter P/BV ÷ ROE history
- MOTILALOFS: Sep 2021 0.2 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.8 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 — | Sep 2025 0.1 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 —

### 20-quarter P/BV history
- MOTILALOFS: Sep 2021 2.9 | Dec 2021 2.6 | Mar 2022 2.6 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 1.7 | Sep 2023 2.1 | Dec 2023 2.5 | Mar 2024 3.3 | Jun 2024 5.8 | Sep 2024 5.1 | Dec 2024 4.9 | Mar 2025 3.3 | Jun 2025 4.6 | Sep 2025 4.9 | Dec 2025 4.0 | Mar 2026 3.1 | Jun 2026 4.4
- 360ONE: Sep 2021 — | Dec 2021 — | Mar 2022 5.2 | Jun 2022 — | Sep 2022 — | Dec 2022 5.2 | Mar 2023 5.0 | Jun 2023 5.3 | Sep 2023 5.7 | Dec 2023 7.8 | Mar 2024 7.4 | Jun 2024 10.2 | Sep 2024 11.1 | Dec 2024 11.7 | Mar 2025 9.4 | Jun 2025 12.4 | Sep 2025 5.6 | Dec 2025 5.1 | Mar 2026 4.2 | Jun 2026 4.5
- NUVAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.4 | Dec 2023 5.0 | Mar 2024 6.6 | Jun 2024 6.0 | Sep 2024 8.3 | Dec 2024 7.7 | Mar 2025 6.9 | Jun 2025 10.1 | Sep 2025 6.3 | Dec 2025 7.1 | Mar 2026 5.7 | Jun 2026 —
- ANANDRATHI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 7.3 | Mar 2023 9.8 | Jun 2023 7.7 | Sep 2023 15.0 | Dec 2023 19.6 | Mar 2024 27.9 | Jun 2024 25.2 | Sep 2024 25.0 | Dec 2024 29.9 | Mar 2025 28.7 | Jun 2025 25.6 | Sep 2025 35.3 | Dec 2025 31.1 | Mar 2026 31.1 | Jun 2026 32.1

## Market action

Nuvama Wealth Management Ltd has the strongest one-year price move in Finance - Capital Markets - Wealth Management at +28.1%. It also leads on Mansfield relative strength against NIFTY at +39.2%. 4 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Nuvama Wealth Management Ltd (NUVAMA): 28%
2. Motilal Oswal Financial Services Ltd (MOTILALOFS): -4.3%
3. 360 ONE WAM Ltd (360ONE): -8.3%
4. Anand Rathi Wealth Ltd (ANANDRATHI): -22%

### Strongest relative strength versus NIFTY 500
1. Nuvama Wealth Management Ltd (NUVAMA): 39%
2. Anand Rathi Wealth Ltd (ANANDRATHI): 28%
3. 360 ONE WAM Ltd (360ONE): 1.7%
4. Motilal Oswal Financial Services Ltd (MOTILALOFS): 1.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Return on assets, Asset quality have fewer than three usable current readings.

## Every company
- Motilal Oswal Financial Services Ltd (MOTILALOFS) — market value ₹52.5K Cr; latest fundamentals Jun 2026
- 360 ONE WAM Ltd (360ONE) — market value ₹44.9K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Nuvama Wealth Management Ltd (NUVAMA) — market value ₹36.1K Cr; latest fundamentals Mar 2026
- Anand Rathi Wealth Ltd (ANANDRATHI) — market value ₹33.9K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 2. Graded companies: 4.

2 of 4 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: 360 ONE WAM Ltd (360ONE) — its two data sources disagree by up to 32% on reported income across 15 comparable periods, so its derived ratios are withheld; Anand Rathi Wealth Ltd (ANANDRATHI) — its two data sources disagree by up to 34% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | 360ONE | 360 ONE WAM Ltd | diff_gt_2pct | disagreement up to 32.13% over 15 comparable periods
- WITHHELD | ANANDRATHI | Anand Rathi Wealth Ltd | diff_gt_2pct | disagreement up to 34.09% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance - Capital Markets - Wealth Management index?

The Nifty Finance - Capital Markets - Wealth Management index tracks India's listed Finance - Capital Markets - Wealth Management companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance - Capital Markets - Wealth Management sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance - Capital Markets - Wealth Management stocks in India?

Ranked by this page's four-factor score, Nuvama Wealth Management Ltd places first among 4 listed Finance - Capital Markets - Wealth Management companies, followed by Anand Rathi Wealth Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance - Capital Markets - Wealth Management stocks are listed in India?

This comparison covers 4 listed Finance - Capital Markets - Wealth Management companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance - Capital Markets - Wealth Management company is the biggest?

Motilal Oswal Financial Services Ltd is the largest, with trailing-twelve-month income of ₹10,063 crore, ahead of Nuvama Wealth Management Ltd at ₹4,631 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.

### Which Finance - Capital Markets - Wealth Management company is growing fastest?

360 ONE WAM Ltd has the fastest income growth at 36.8% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance - Capital Markets - Wealth Management company makes the most profit?

Motilal Oswal Financial Services Ltd earns the most, at ₹1,984 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Anand Rathi Wealth Ltd has the fastest profit growth at 45.2%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance - Capital Markets - Wealth Management company earns the highest return on capital?

Motilal Oswal Financial Services Ltd leads on return on assets at 4.3%, across 2 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance - Capital Markets - Wealth Management stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Motilal Oswal Financial Services Ltd screens cheapest at 0.26×. Only 4 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Finance - Capital Markets - Wealth Management sector beating the market?

Finance - Capital Markets - Wealth Management has outperformed NIFTY 500 by 4.6% over the last 52 weeks and 18.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Finance - Capital Markets - Wealth Management stock has the strongest price momentum?

Nuvama Wealth Management Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance - Capital Markets - Wealth Management company scores highest for research priority?

Nuvama Wealth Management Ltd scores 55.2 out of 100 with 82.3% evidence confidence, from 11 points on growth and earnings, 21.5 on capital efficiency, 2.7 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance - Capital Markets - Wealth Management companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance - Capital Markets - Wealth Management sector?

The 4 Finance - Capital Markets - Wealth Management companies on this page carry ₹1,67,405 crore of combined market value. Motilal Oswal Financial Services Ltd is the largest at ₹52,504 crore, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Finance - Capital Markets - Wealth Management sector performing?

4 of the 4 covered Finance - Capital Markets - Wealth Management companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-capital-markets-wealth-management