Nuvama Wealth Management share price today

Nuvama Wealth Management Ltd's share price was ₹1,873.40 at the close on 5 November 2026. It has been rising for 23 weeks. That is 15.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,143 and ₹1,980, and at that close it sat 87% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Nuvama Wealth Management Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row.

Over the last 3.1 years the share price moved +289% while the NIFTY 500 moved +28%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: promoters cut their stake for 12 quarters in a row, revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) and foreign funds (FIIs) raised their stake for 4 quarters in a row.

1. Promoters cut their stake for 12 quarters in a row

   From 56.2% to 53.4% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹1,376 crore, +22.5% on a year earlier.

   Why: Revenue rose because the wealth business brought in more client money and managed more assets.

   Next results: check whether the asset services revenue jump cools as the mix shifts between cash and government bonds, while full year growth stays above the stated range.

   From the earnings call on 31 Jul 2026.

3. Foreign funds (FIIs) raised their stake for 4 quarters in a row

   From 16.3% to 20% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Nuvama Wealth Management reported total income of ₹1,376 crore, up 22.5% from ₹1,123 crore a year earlier, and a profit of ₹306 crore, up 15.9% from ₹264 crore.

Nuvama Wealth Management results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Nuvama Wealth Management's management discussed these results on a call held on 31 July 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Income and profit in ₹ crore.

Nuvama Wealth Management closed at ₹1,873.40 on 5 November 2026, up 28.3% from ₹1,460.00 a year earlier (7 November 2025) and up 225.4% over three years. Its highest weekly close since September 2023 was ₹1,980.10 on 24 July 2026.

Nuvama Wealth Management share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

169 weekly closes from 29 September 2023 to 5 November 2026.

5 Nov 2026: Nuvama Wealth Management closed at ₹1,873.40, up 7.9% on the week and up 6.2% on the month. 31 Jul 2026: Nuvama Wealth Management held its results call for April to June 2026. Management guided: Private efficiency and hiring: cost-income ratio below 66.0% in FY27 and 60.0%-62.0% over the next 3 years; RM additions planned at 15.0%-16.0% annually; venture-debt fees expected to continue for 3 years; FY27 Private transactional revenue ₹350-360 crore.

Earlier

• Results for April to June 2026: Total income up 22.5% and profit up 15.9% on a year earlier.
• 15 May 2026: ex-date for an interim dividend of ₹14 a share.
• 26 Dec 2025: Share split: face value cut from ₹10 to ₹2 a share (ex-date).
• 11 Nov 2025: ex-date for an interim dividend of ₹70 a share.

Nuvama Wealth Management paid ₹28 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 1.49% at the ₹1,873.40 close on 5 November 2026. The last was an interim dividend of ₹14 a share, ex-date 15 May 2026.

Nuvama Wealth Management dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 1 of the last 12 months' payments came before a split or bonus; the 12-month total above is on today’s share count.

Yes. Nuvama Wealth Management Ltd paid out 49% of its profit as dividends in FY26, and it paid a dividend in 2 of its last 7 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 31 July 2026, Nuvama Wealth Management's management guided: Private efficiency and hiring: cost-income ratio below 66.0% in FY27 and 60.0%-62.0% over the next 3 years; RM additions planned at 15.0%-16.0% annually; venture-debt fees expected to continue for 3 years; FY27 Private transactional revenue ₹350-360 crore.

“Our quarterly revenues crossed Rs 900 crore, and our quarterly PAT crossed Rs 300 crore, an all-time high for us.”Ashish Kehair, MD and CEO, on the call for April to June 2026

What management guided

• Flow outlook: Wealth and Private combined FY27 net new money was cited as ₹20,000-24,000 crore, although the same answer also cited ₹10,000-12,000 crore; AMC net new money was guided at ₹3,500-5,500 crore.
• Regional and offshore outlook: FY27 ARR flows planned at 20.0%-22.0% of opening assets; offshore revenue contribution expected at 5.0%-7.0%; Singapore planned to break even by year-end; offshore allocation could reach 15.0%-20.0% over 3-4 years.
• Group and Asset Services costs: full-year opex expected at 15.0%-16.0%, consolidated cost-income around 55.0%, Asset Services revenue growth above 20.0%-25.0% and segment cost-income at 36.0%-40.0%; new-office lease costs will be additional.
• Asset Management economics: FY27 cumulative loss around ₹35-40 crore, quarterly cost run rate peaking at ₹35-36 crore, and revenue increasing by end-Q4; MF and SIF strategies expected in Q3/Q4, while the private-credit fund is planned for mid-to-end Q3.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 31 July 2026.

What is changing at Nuvama Wealth Management, from the latest results and calls: mpis annuity ramp, and mf license + sip distribution unlock.

• MPIS Annuity Ramp. MPIS net flows ₹8,900 crore in FY26 = 30% of opening AUM; MPIS revenue +38% FY26; now 58%+ of Nuvama Wealth segment revenue. ⚠ estimate
• MF License + SIP Distribution Unlock. MF license inspection complete; approval within 2 months of April to June 2026 call; SIP launch widens addressable ticket size from ₹1 crore (AIF) to ₹10 lakh and opens bank/IFA distribution. ⚠ estimate
• Asset Services Yield Resilience. Post client-loss recovery complete (Q4 ₹209 crore vs Q3 ₹193 crore); yield range 2.6-2.9% sustained; FPI derivatives expansion supports throughput. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 31 May 2026.

Capital markets revenue (IB + IE = 20% of FY26 revenue) is discretionary and market-activity dependent; F&O regulation reduced ADTO; ECM cyclicality persists.

The main risks

• : Capital markets revenue (IB + IE = 20% of FY26 revenue) is discretionary and market-activity dependent; F&O regulation reduced ADTO; ECM cyclicality persists. ✓ fact

Our read after the latest results, written 31 May 2026.

When Nuvama Wealth Management reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Asset Services revenue and yield: check whether the Q1 20.0% on the previous quarter surge moderates as collateral shifts from cash to G-sec while full-year growth remains above 20.0%-25.0%.

Nuvama Wealth Management is on 2 of our India lists: Dividend stocks and Small & mid cap stocks.

Nuvama Wealth Management Ltd earned ₹306 Cr of net profit in the Jun 2026 quarter, +15.9% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹1,040 Cr. Over 6 years profit has grown 24.0% a year on average. That is 22.2% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹264 Cr.

For the full year, FY26 profit was ₹1,040 Cr (+5.6% on the year before).

Why profit moved: revenue changed +22.5% on a year earlier and the margin moved −1.3 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +5.3% and revenue +12.6%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. revenue ₹1,269 Cr and profit ₹269 Cr as reported.

FY27-Q1. revenue ₹1,376 Cr and profit ₹306 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Nuvama Wealth Management Ltd reported ₹1,376 Cr of income in the Jun 2026 quarter, +22.5% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 6 years it has grown 34.6% a year on average. The last full year, FY26, came in at ₹4,638 Cr.

For a bank, revenue is everything it earns: interest on its loans plus fees and other income.

Why this happened. The SIF mutual fund license converts the existing 5-year-track-record long-short strategy into a retail product. Key economic lever: distribution shifts from self-distribution (Rs 1 Cr AIF minimum) to bank and IFA channels (Rs 10 lakh minimum), expanding the addressable market by 10x in ticket-size terms. Management hired Nimish Mehta (27 years, Motilal Oswal + ASK) as Chief Business Officer for SIP distribution build. New hire = incremental cost before revenue; revenue lag is 2-4 quarters from launch.

The last four reported quarters add to ₹4,884 Cr.

FY26 revenue was ₹4,638 Cr, +11.4% on the year before.

Recent pace: the last four quarters grew +12.6% on average, against 34.6% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +12.8%, against +18.9% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +5.4%, against +22.4% a year (rolling over).

FY26-Q4. revenue ₹1,269 Cr and profit ₹269 Cr as reported.

FY27-Q1. revenue ₹1,376 Cr and profit ₹306 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Nuvama Wealth Management Ltd's net margin was 22.2% in the Jun 2026 quarter, 1.3 percentage points lower than the same quarter a year ago. Across 7 years it has been between −34.3% and 48.2%. The latest quarter is within that range.

Net margin is what the bank keeps from every ₹100 of revenue after every cost, provision for bad loans and tax. It is the clearest single margin we can read for a lender.

Why this happened. Managed Products and Investment Solutions (MPIS) is the structural pivot in the Wealth business. Revenue share has grown from below-majority to 58%+ of Nuvama Wealth revenues. Net flows of Rs 8,900 Cr represent 30% of opening AUM, achieving the management-guided retention. The ARR nature of MPIS revenue (vs prior transactional brokerage) creates a compounding annuity, each year's flow adds to a recurring base. Combined with 90 bps client retention rate and AI-enhanced RM productivity (+25% revenue per RM), this driver has multi-year persistence.

Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

FY26-Q4. revenue ₹1,269 Cr and profit ₹269 Cr as reported.

FY27-Q1. revenue ₹1,376 Cr and profit ₹306 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Nuvama Wealth Management Ltd does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report.

Gross NPA is the share of the loan book where repayments have stopped. Net NPA is what is left after the money the lender has already set aside for those loans. Falling is good; rising is a warning.

Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up.

Nuvama Wealth Management Ltd's revenue was ₹4,638 Cr in FY26, +11.4% on the year before, so the loan book is growing. The latest quarter was +22.5% on a year earlier. The net margin on that income is 22.2%, −1.3 percentage points on a year ago.

We read the loan book through revenue: when the book grows, revenue grows with it. It is only a rough guide, because interest-rate changes and fee swings can move it a few points in any year.

Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year.

In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses.

Nuvama Wealth Management Ltd's P/BV is 8.3×, near the high end of its own history: higher than 81% of past readings. Its usual P/BV (the middle reading) is 7.0×, over 3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

For a bank or lender we compare the price with book value, the net worth on its balance sheet. P/BV is how many rupees the market pays for each ₹1 of that net worth. Below 1× means the market values it at less than its net worth.

Why this happened. Asset Services lost a large HFT client in Q1 FY26, recovering 50% of lost revenue by Q2 and fully by Q4. The business model is market-infrastructure (clearing, custody) rather than capital-markets discretionary, profit +13-14% outpaced revenue +12% in FY26. Concentration risk has reduced: top 10 HFT contributors fell from 60-70% of revenue (FY23) to less than 25% currently. The HFT market is expanding (10 to 35-40 active HFTs, projected 100+ in 3-4 years). Rate sensitivity is a watch item, yield range 2.6-2.9% depends on interest rate trajectory.

Why the multiple is where it is: over the past year book value grew while the price moved +28.3%. The price ran ahead of book value, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +48.2% a year; about +16.2% a year came from book-value growth and about +32.0 percentage points from the multiple (the market paying more). The split is approximate (price return minus book-value growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the book value trend underneath matters more than the multiple.

Nuvama Wealth Management Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROE steady at 26.3%; each line tells part of the story. This is based on 12 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Nuvama Wealth Management Ltd's story is not scored yet against the checks our research set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Pattern of 3 documented guidance misses in 4 concalls (transactional revenue, Private Credit delay, CRE fund closure) creates credibility discount on new-product timelines.

NOT YET CHECKED

What is not proven yet. Pattern of 3 documented guidance misses in 4 concalls (transactional revenue, Private Credit delay, CRE fund closure) creates credibility discount on new-product timelines.

What the company does. FY26 operating PAT crossed Rs 1,000 Cr milestone (+45% CAGR over 3 years); Wealth and Private grew 23-24%, driving segment mix from 49% to 55% of revenue. Recurring-revenue base (MPIS 38% full-year growth, ARR assets Rs 54,000 Cr, net flows 30% of opening AUM) structurally reduces market-cycle sensitivity.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragequiet
• 2 · Value-added mixbuilding
• 3 · Management changebuilding
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockbuilding
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 2 · Value-added mix: building. MPIS net flows Rs 8,900 Cr in FY26 = 30% of opening AUM; MPIS revenue +38% FY26; now 58%+ of Nuvama Wealth segment revenue. What proves it keeps working: MPIS Annuity Ramp.

Lever 6 · Order-book wins: building. MF license inspection complete; approval within 2 months of Q1 FY27 call; SIP launch widens addressable ticket size from Rs 1 Cr (AIF) to Rs 10 lakh and opens bank/IFA distribution. What proves it keeps working: MF License + SIP Distribution Unlock.

Lever 8 · Demerger or value unlock: building. Post client-loss recovery complete (Q4 Rs 209 Cr vs Q3 Rs 193 Cr); yield range 2.6-2.9% sustained; FPI derivatives expansion supports throughput. What proves it keeps working: Asset Services Yield Resilience.

Sources: our stock research file (31 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Nuvama Wealth Management Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Private Credit Launch Delayed · 31 July 2026. In May 2026, management expected the first private credit fund to launch by the end of Q2. In Jul 2026, the launch moved to between the middle and end of Q3 because the team still needed another 2-2.5 months to reach a basic level, but management did not explain why the earlier timeline was missed.

Commercial Real Estate Fund Timeline Slipped · 31 July 2026. In Jan 2026, management said the second commercial real estate fund would be launched by the end of Q1. In Jul 2026, management was still aiming for deployment of 70% over the next 2-3 months before launching the second fund by the end of Q3, implying a material delay without an explanation for the change.

Crossover IV Fundraising Goal Reduced · 31 July 2026. In May 2026, management planned INR1,000-INR1,500 crores for Crossover IV. In Jul 2026, the goal was reduced to INR700-INR1,000 crores, lowering both the floor and ceiling by roughly one-third without an explanation for the revised ambition.

Asset Management FY27 Flow Outlook Cut · 31 July 2026. In Jan 2026, management indicated INR6,500-INR9,000 crores of asset-management flows excluding private equity. In Jul 2026, the AMC range was INR3,500-INR5,500 crores, a materially lower outlook with no explanation for the reduction.

Every quote above is taken word for word from the company’s own earnings calls.

We do not have a clean yearly return-on-equity history for Nuvama Wealth Management Ltd. For an insurer in particular, the usual bank ratios do not fit, so this page does not force them or estimate a series. The revenue, margin and ownership sections show what this company does report.

Two numbers usually rate a lender: ROE, what it earns on shareholders’ money, and ROA, what it earns on all its assets.

For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead.

For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here.

Domestic institutions raised their stake in Nuvama Wealth Management Ltd by 6.8 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 8.4% of the company. Foreign institutions moved +6.1 points over the same period, to 20.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +6.8 points over 8 quarters, to 8.4%; Foreign institutions: +6.1 points over 8 quarters, to 20.0%; Promoters: −1.8 points over 8 quarters, to 53.4%.

Why the owners changed: domestic institutions drove it (+6.8 points), together with foreign institutions (+6.1 points). They raised their stake step by step.

For Nuvama Wealth Management Ltd, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

51.1 out of 100, rank 3 of 4 in Finance - Capital Markets - Wealth Management, with 82% of the evidence available.

Nuvama Wealth Management Ltd scores 51.1 out of 100 against the 4 companies it is compared with in Finance - Capital Markets - Wealth Management, ranking 3. A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value.

The four parts add up to the total exactly: 11.4 + 21.5 + 5.4 + 12.8 = 51.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if ROA turns down or gross NPA rises while the share price lags its sector.

Nuvama Wealth Management ranks 3 of 4 Finance - Capital Markets - Wealth Management companies on the 4-Factor Sector Score, with 51.1 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Finance - Capital Markets - Wealth Management, all 4 compared on one page.

Nuvama Wealth Management is the 4th largest of 4 Finance - Capital Markets - Wealth Management companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Motilal Oswal Financial Services, 360 ONE WAM and Anand Rathi Wealth. It is the smallest.

Finance - Capital Markets - Wealth Management companies close in size

1. Motilal Oswal Financial Services Ltd ₹66,091 crore
2. 360 ONE WAM Ltd ₹42,199 crore
3. Anand Rathi Wealth Ltd ₹39,292 crore
4. Nuvama Wealth Management Ltd ₹34,571 crore

All 4 Finance - Capital Markets - Wealth Management companies, largest first

Companies close in size in other industries

254. Indian Railway Catering & Tourism Corporation Ltd ₹34,896 crore · Railways
255. Karur Vysya Bank Ltd ₹34,749 crore · Banks - Private
256. Nuvama Wealth Management Ltd ₹34,571 crore
257. Global Health Ltd ₹34,156 crore · Hospitals
258. Voltas Ltd ₹34,015 crore · Consumer Electronics

Sector Alpha, written by code from the published numbers. Data as of 5 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.