Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q4 FY26 Earnings Presentation
64 slides from Nuvama Wealth Management's earnings presentation, May 21, 2026
Slide 1: Exchange filing cover letter: Investor Presentation Q4 FY26
NWML/SEC/2027/16 May 21, 2026 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Tower, Exchange Plaza, 5th Floor, Plot C/1, G Block, Dalal Street, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 001. Mumbai - 400
Slide 2: Nuvama Investor Presentation Q4 and FY26
NUVAMA Investor Presentation Q4 and FY26 Exchange rate of 1 USD = INR 91 has been assumed 1
Slide 3: Contents
Contents 1 2 3 4 5 About Us Industry Overview Year Gone By Performance Strategy Update 2
Slide 4: Contents Summary
Contents Summary ▪ Strong institutional ownership: PAG (promoter of company), 1. ABOUT US one of the largest Asia-based alternative investment managers 2. INDUSTRY OVERVIEW ▪ Integrated wealth management platform with exhaustive suite of offerings 3. YEAR GONE BY ▪ Only established player with prove
Slide 5: About Nuvama
ABOUT Nuvama Serving Client-first UHNI & Family Offices foundation HNI & Affluent Individuals Corporates & Institutions Well Scaled Wide Presence Client Assets of US $ 49+ Billion 3,400+ employees across 100+ offices 1,250 RMs Strong Governance Unique Proposition Experienced board and Multi Client S
Slide 6: Majority owned by PAG, a leading investment firm
Majority owned by PAG (promoter of company) a LEADING INVESTMENT FIRM One of the largest Asia-based alternative investment managers with USD 55B+ of assets under management in private equity, real assets, credit & markets Assets Under Management 1 Number of offices 2 Total Employees 1 USD 55B+ 13 ~8
Slide 7: Comprehensive wealth management platform with exhaustive suite of offerings
COMPREHENSIVE WEALTH MANAGEMENT PLATFORM with exhaustive suite of offerings Our vision is to provide our clients with comprehensive and tailored wealth management solutions and advice We Serve We Provide Access To 1. Products 2. Advisory 3. Capital Markets UHNI and Family Offices Third Party Proprie
Slide 8: Evolved into an integrated wealth management platform
Evolved from individual businesses into an INTEGRATED WEALTH MANAGEMENT PLATFORM 4. Listed, Strong Governance Company to 3. Transitioned Smoothly, Deliver Long-term Value Operating with Independent with PAG as the Promoter 2. Global Partnership Board, Governance, Operations Validating Platform and M
Slide 9: Well-positioned in this evolving wealth space
WELL-POSITIONED in this evolving wealth space Only scaled player in both client Culture Client segments with “Full Platform” capabilities Established UHNI and Wealth Managers High Family Boutique Offices Private Banks High Orientation RM / Client Networth & Domestic Banks Affluent Individuals Fintec
Slide 10: Established wealth manager covering client segments constituting majority of wealth
As an ESTABLISHED WEALTH MANAGER, we cover client segments constituting majority of wealth ~35K 70-75% UHNI Households of total financial ~30 lacs HNI & AFFLUENT wealth Households MASS MARKET RETAIL 9
Slide 11: Unique business model enabling seamless client solutioning
UNIQUE BUSINESS MODEL, enabling value and seamless client solutioning across ecosystem Small & Medium UHNI Business Owners Family Offices & Business Owners HNI Advisory & Unique Research Products Referrals & Client Distribution Insights Corporates Affluent & Institutions Individuals ONE NUVAMA 10
Slide 12: A high growth company with diversified and superior quality of earnings
A HIGH GROWTH COMPANY with diversified and superior quality of earnings Revenue All figures are in US $ Mn % are YoY +8% 343 +41% 189 +31% 319 157 +19% 227 +32% 173 131 112 145 110 82 83 81 72 67 53 52 37 43 36 36 18 19 17 2 7 7 6 6 - FY21 FY22 FY23 FY24 FY25 FY26 Wealth Management Asset Management
Slide 13: Contents Summary
Contents Summary ▪ India’s wealth landscape - powered by secular growth 1. ABOUT US trends ▪ Alternatives markets in India - poised to transform backed by 2. INDUSTRY OVERVIEW strong growth drivers ▪ Making this a self-reinforcing loop culminating in a structural 3. YEAR GONE BY and scalable opportu
Slide 14: India's wealth landscape - powered by secular growth trends
India’s wealth landscape - powered by secular growth trends PRESENT TRENDS OUTLOOK WEALTH TO GDP DEMAND SIDE USA INDIA 1. Rising affluence and growth 6.5x 4.5x beyond tier 1 cities 2. Favoring investment assets over traditional financial assets Wealth under SHARE OF FINANCIAL WEALTH 3. Shift from pr
Slide 15: Alternatives markets in India poised to transform
Alternatives markets in India - poised to transform backed by strong growth drivers PRESENT TRENDS OUTLOOK ALTERNATIVES AS A % OF TOTAL AUM DEMAND SIDE GLOBAL INDIA 1. Rising allocations from HNIs and 15% 7% UHNIs to alternates 2. Search for alpha & risk- adjusted returns Alternates market AIF AUM T
Slide 16: Self-reinforcing loop culminating in structural and scalable opportunity
Making this a self-reinforcing loop culminating in a structural and scalable opportunity SECULAR GROWTH IN WEALTH MANAGEMENT MARKET INFRASTRUCTURE EXPANSION - ASSET SERVICES Custody, Clearing, Expanding service portfolios GROWTH IN ASSET Mutual funds, AIFs, MANAGEMENT PMS scaling Growing capital poo
Slide 17: Contents Summary
Contents Summary ▪ Delivered another year of resilient performance and 1. ABOUT US sustained growth ▪ Creating long term value for stakeholders 2. INDUSTRY OVERVIEW ▪ Driving growth by enhancing client proposition and enterprise capabilities 3. YEAR GONE BY o Expanding horizontally, integrating vert
Slide 18: Delivered another year of resilient performance and sustained growth
Delivered another year of resilient performance and sustained growth All figures are in US $ Mn REVENUE OPERATING PROFITS COST TO INCOME 5Y CAGR YoY 5Y CAGR YoY 5Y DELTA YoY 26% 8% 39% 6% 17% 1% 343 115 319 108 73% 70% 69% 227 173 66 62% 145 56% 110 40 55% 32 22 FY21 FY22 FY23 FY24 FY25
Slide 19: Creating long term value for stakeholders
Creating long term value for stakeholders All figures are in US $ Mn NETWORTH RETURN ON EQUITY DIVIDEND 5Y CAGR YoY 5Y DELTA YoY Dividend history1 21% 18% 12% 3% ~US $ 0.15 per share: Declared in May‘26 ~US $ 0.15 per share: Declared in Nov‘25 31.5% ~US $ 0.15 per share: Declared in May‘25 4
Slide 20: Driving growth by enhancing client proposition and enterprise capabilities
Driving growth by enhancing client proposition and enterprise capabilities EXPANDING HORIZONTALLY, INSTITUTIONALIZING INTEGRATING VERTICALLY SYSTEMS & PROCESSES Building Scale People Established new and deepened existing Strengthened leadership, capability and relationships, improving market share c
Slide 21: Expanding horizontally, integrating vertically
Expanding horizontally, integrating vertically enhancing client value proposition Building Scale Expanding Reach Best-in-class Solutions Service Excellence o MP: Open architecture o NPS: Wealth-85, Private-65 o AUM: US $ 34.5 Bn, 7% YoY o EWM: 8,000+ active partners o AM: Co-investing o Recognitio
Slide 22: Institutionalizing systems and processes, enhancing enterprise capabilities
Institutionalizing systems & processes, enhancing enterprise capabilities People Governance Technology Brand o Building future-ready skills: o Operating Structure: Robust o Institutional-grade o Purpose: ‘Let’s do it right’ 700+ employees trained on governance architecture, infrastructure: Built on
Slide 23: Nuvama Values EFG
Nuvama Values “EFG”: Co-creating a culture that reflects who we are EXCELLENCE IN EXECUTION FAIRNESS GROWTH We are inclusive, respectful and We are entrepreneurial, offering We are committed to display display integrity in all our opportunities for innovation and ownership, learning and agility to i
Slide 24: AI Across Nuvama
AI Across Nuvama: Progressing from experimentation to capability 1. Client Revenue Acquisition & 2. Customer Servicing Experience & 3. Operations 4. Human Capital AI alongside RMs on proposal 360° client intelligence surfacing Document AI across onboarding, AI in hiring and candidate generation, pro
Slide 25: Brand Purpose: we always put your interest over ours
Brand Purpose: At Nuvama, we always put your interest over ours. Period. CNBC TV18 STRATEGIC NUVAMA 21st INDIA Let’s do it right PARTNERSHIP INVESTOR CONFERENCE The brand’s purpose Year-long deal creating India's first IP: Market Central powered by The flagship IP grew bigger and bolder y-o-y, becom
Slide 26: Contents Summary
Contents Summary ▪ Integrated, diversified platform delivering resilient growth: 1. ABOUT US o Wealth management continues to demonstrate structural growth; FY26 profits grew 23% YoY and delivered a 20% CAGR over the past three years 2. INDUSTRY OVERVIEW o Asset Services maintained its strong trajec
Slide 27: Consolidated Performance Q4 and FY26
Consolidated Performance Q4 and FY26 26
Slide 28: Business Summary: Q4 and FY26
Business Summary: Q4 and FY26 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,750+ ~1,250 US $ 34,482 Mn Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange T
Slide 29: Business Summary: Q4 and FY26
Business Summary: Q4 and FY26 All figures are in US $ Mn All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY YEARLY REVENUES COST TO INCOME 85 91 343 319 56% 55% 7% 8% 1% Q4 FY25 Q4 FY26 FY25 FY26 FY25 FY26 OPERATING PAT RETURN ON EQUITY 108 115 28 30 31.5% 28.1% 5% 6% 3
Slide 30: Key Highlights: Q4 and FY26
Key Highlights: Q4 and FY26 ▪ Client Assets: Q4 FY26 stood at US $ 49,371 Mn, higher by 5% YoY o Nuvama Wealth client assets stood at US $ 11,770 Mn, grew by 14% YoY. MPIS assets grew faster, by 32% YoY CLIENT ASSETS o Nuvama Private client assets stood at US $ 22,712 Mn, grew by 4% YoY. ARR assets
Slide 31: Key Highlights: Q4 and FY26
Key Highlights: Q4 and FY26 ▪ Total Cost: Q4 FY26 stood at US $ 53 Mn, grew by 10% YoY and FY26 at US $ 191 Mn, grew by 9% YoY COST o Employee costs: US $ 38 Mn in Q4, higher by 11% YoY and FY26 at US $ 140 Mn, grew by 8% YoY o Opex: US $ 15 Mn in Q4, grew by 7% YoY and FY26 at US $ 51 Mn, grew by 1
Slide 32: Consolidated Performance: Q4 and FY26
Consolidated Performance: Q4 and FY26 Particulars – All figures are in US $ Mn Q3 FY26 Q4 FY26 Q4 FY25 YoY FY25 FY26 YoY Total Revenue 1 83 91 85 7% 319 343 8% Wealth Management 47 52 44 19% 157 189 20% Asset Management 2 1 1 34%2 6 6 31% 2 Asset Services 19 23 22 5% 72 81 12% Capital Markets 15 15
Slide 33: Capital Management Strategy
Capital Management Strategy: Focused on driving growth & creating long-term shareholder value CAPITAL MANAGEMENT PRINCIPLES IMPROVING SHAREHOLDER RETURNS DIVIDEND 1. Disciplined capital management Return on Equity (RoE) Dividend history1 to maximize profitability and RoE 31.5% 28.1% ~US $ 0.15 per s
Slide 34: Segmental Summary: Q4 and FY26
Segmental Summary: Q4 and FY26 Asset Services and Wealth Management Asset Management Capital Markets 33
Slide 35: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India US $ 11,770 Mn of client assets ~1,100 RMs and ~8,000 Active External Wealth Managers (EWM) 1.3+ million clients. ~20% serviced by RMs & External Wealth Managers Covering 500+
Slide 36: Nuvama Wealth: Value Proposition
Nuvama Wealth: Value Proposition 01 Multi-Product and Open Architecture Wide bouquet of investment solutions across asset classes and access to seasoned products Unbiased Solutions 02 Offering unbiased and customized solutions as per client’s needs, portfolio and risk appetite Hybrid Ecosystem 03 Co
Slide 37: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in US $ Mn YoY YoY CLIENT ASSETS REVENUES 18% 5Y CAGR 14% 5Y CAGR 106 27% 10,313 11,770 28% 90 8,564 73 63 5,592 5,777 45 3,628 30 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 YoY OPERATING PBT COST TO INCOME 5Y CAGR 22% 5Y DELTA 66% 2
Slide 38: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (US $ Mn and YoY) Revenue Composition (%) Profit Before Tax (US $ Mn and YoY) By Solutions By Channel +18% MPIS NII Relationship Manager External Wealth Manager +22% 106 Brokerage Others 36 90 30 50% 59% 72% 73% +16% +26% 27 23% 24 22% 7 9 17% 28% 11% 27% 1
Slide 39: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Closing Client Assets (US $ Mn and YoY) Client Assets Composition (US $ Mn) MPIS Net New Money (US $ Mn and YoY) +14% MPIS Loan Broking Others +38% 11,770 980 10,313 3,271 4,311 +32% 710 308 542 +76% 6,620 6,781 113 136 FY25 FY26 FY25 FY26 FY25 FY26 0.88% 0.90% Yie
Slide 40: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team US $ 22,712 Mn of client assets 145+ relationship managers 4,750+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 65 Family Office |
Slide 41: Nuvama Private: Value Proposition
Nuvama Private : Value Proposition Preserve and sustainably grow clients’ wealth through bespoke solutions across suite of offerings (A) (B) (C) (D) CLIENT PROFILE Bespoke Solution Investment Advisory Managed Accounts Wealth Structuring Suite Investment Policy Institutionalized Portfolio Holding Str
Slide 42: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in US $ Mn YoY YoY CLIENT ASSETS REVENUES 5Y CAGR 4% 5Y CAGR 24% 16% 21,918 22,712 29% 67 83 18,671 57 13,136 14,219 49 10,832 38 23 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 YoY OPERATING PBT COST TO INCOME 5Y CAGR 24% 5Y DELTA 5
Slide 43: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (US $ Mn and YoY) Revenue Composition (%) Profit Before Tax (US $ Mn and YoY) Annual Recurring Revenue +24% Transactional Revenue +24% 83 28 67 23 56% 59% +22% +21% 20 25 7 8 44% 41% Q4 FY25 Q4 FY26 FY25 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 1. FY26 rev
Slide 44: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Closing Client Assets (US $ Mn and YoY) Client Assets Composition (US $ Mn) 1 Recurring NNM (US $ Mn and YoY) ARR Earning Assets +4% Transactional Assets -5% 21,918 22,712 1,110 1,058 4,885 5,936 +22% 14,521 14,660 FY25 FY26 FY25 FY26 FY25 FY26 0.84% 0.89% Yield o
Slide 45: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of US $ 1,407 Mn Private Markets + Public Markets + Commercial Real Estate 85% of this being fee paying High-Quality Investment Team Strong Distribution 25+ investment
Slide 46: Nuvama Asset Management: Value Proposition
Nuvama Asset Management: Value Proposition 01 Differentiated Solutions Addressing client needs by offering unique products, powered by deep insights from wealth clients Proven Fund Management Capabilities 02 Established track record across public markets and private products. Delivering top quartile
Slide 47: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years All figures are in US $ Mn YoY ASSETS UNDER MANAGEMENT YoY REVENUES - MANAGEMENT FEE 13% 31% 4Y CAGR 4Y CAGR 8 35% 56% 1,407 1,242 6 5 766 4 613 424 1 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FEE PAYING AUM YoY NO OF STRATEGIES 4Y CAGR 4% 38% 1,14
Slide 48: Nuvama Asset Management: Performance Metrics
Nuvama Asset Management: Performance Metrics Management fee (US $ Mn and YoY)1 Client Assets (US $ Mn and YoY) Fee Paying Client Assets (US $ Mn and YoY) +13% +4% +31% 1,407 1,197 1,149 8 1,242 6 +34% 2.5 1.8 Q4 FY25 Q4 FY26 FY25 FY26 FY25 FY26 FY25 FY26 1. FY26 management fee grew 31% YoY (Q4 by 34
Slide 49: Nuvama Asset Services and Capital Markets
Nuvama Asset Services and Capital Markets Leading institutional practice with deep coverage and world-class capabilities Asset Services Institutional Equities and Investment Banking One stop platform with state-of-the-art technology 20+ years of experience, delivering quality research, strong distri
Slide 50: Asset Services: A recurring, rising and resilient business
Asset Services: A recurring, rising & resilient business 1. Industry overview 2. Nuvama’s strategic choice 3. Moats built 4. Results delivered Structural growth across parameters We serve select International and Comprehensive solution suite Client Assets: US $ Bn 13.9 13.8 domestic institutional cl
Slide 51: Asset Services and Capital Markets: Journey over years
Nuvama Asset Services and Capital Markets: Journey over years All figures are in US $ Mn CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES YoY 5Y CAGR - 5Y CAGR 12% 36% 13,851 13,841 35% 72 81 10,017 36 4,254 4,784 2,973 18 19 17 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 REV
Slide 52: Asset Services and Capital Markets: Performance Metrics
Nuvama Asset Services and Capital Markets: Performance Metrics Revenue - Asset Services (US $ Mn and YoY) Revenue - Capital Markets (US $ Mn and YoY) Profit Before Tax (US $ Mn and YoY) +12% -3% 81 83 94 91 72 -19% 67 +5% -5% 23 -17% 22 24 23 18 15 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26
Slide 53: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence in Q4 FY26 o Highly Commended Best Private Bank – India - Asian Private Banker's 15th Awards for Distinction o India's Best for Ultra-High-Net-Worth (UHNW) - Euromoney Private Banking Awards 2026 o
Slide 54: ESG: Embedding ESG into everything we do
ESG: Embedding ESG into everything we do ENVIRONMENT SOCIAL GOVERNANCE US GBC Gold certified head office for interior ISO 27001 for information security Published BRSR report for FY25 designing. management system Aligning our approach towards ESG and CSR 55% of total power from renewable sources Net
Slide 55: CSR: Creating impact beyond business
CSR: Creating impact beyond business Education o Digitized 50 classrooms; built 6 classrooms o Supported library & counselling room for children with disabilities o Trained 8,500 teachers; enabled financial literacy for 32,000 children o Reached 9,500 children via play-based learning; 6,000 through
Slide 56: Contents Summary
Contents Summary 1. ABOUT US ▪ Necessary fundamentals in place ▪ Adequately capitalized to achieve future goals 2. INDUSTRY OVERVIEW ▪ Well defined trajectory for each segment 3. YEAR GONE BY 4. PERFORMANCE UPDATE 5. STRATEGY 55
Slide 57: Our Strategic Advantage
Our STRATEGIC ADVANTAGE Strong promoter with experienced management team PAG, promoter of the company, a leading investment firm, with AUM of USD 55+ billion Management team with visionary leadership having experienced multiple business cycles Integrated and differentiated platform Comprehensive sui
Slide 58: Well defined trajectory for each segment
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sep’23 Building entire Leverage tech to Continue journey Expand to NRI client In 5 years grow ecosystem with optimize cost-to- from product to segment and People at center. serve, improve portfolio solutions deepen exist
Slide 59: Well defined trajectory for each segment
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sep’23 In 5 years grow Build full suite of alternatives Continue to scale public Expand AUM to 6-8x or Significantly market strategies Distribution 45-50% CAGR Scale Asset On-going On-going Nuvama Management Private Equi
Slide 60: Well defined trajectory for each segment
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sep’23 In 5 years grow Asset Services clients assets to International Institutional Domestic Institutional Enterprise (Technology Client Group Client Group (AIF, PMS) and Operations) 2-2.5x or Grow assets 15-20% CAGR und
Slide 61: Annexures
INalatsy.lisys “a nuvama
Slide 62: Annexure 1: Our Board
Annexure 1: Our Board Experienced and Independent composition with good mix of business and functional skills Birendra Kumar Ashish Kehair Shiv Sehgal Nikhil Srivastava Aswin Vikram Chairperson & Independent Managing Director and Executive Director Non-Executive Nominee Non-Executive Nominee Directo
Slide 63: Safe harbour
Safe harbour DISCLAIMER : This presentation and the discussion may contain certain words or phrases that are forward-looking statements, which are tentative, based on current expectations of the management of Nuvama Wealth Management Limited or any of its subsidiaries, associate companies and joint
Slide 64: Thank You
Thank You For more details refer data book published on our website. Click here to access. # Data Book Contents 1 Consolidated Performance 2 Segmental Performance - Wealth Management a) Nuvama Wealth b) Nuvama Private 3 Segmental Performance - Nuvama Asset Management 4 Segmental Performance - Nuvama
Nuvama Wealth Management — Q4 FY26 Earnings Presentation on 6ix