Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q1 FY26 Earnings Presentation
55 slides from Nuvama Wealth Management's earnings presentation, August 2025
Slide 1: Nuvama Investor Presentation Q1 FY26
NUVAMA Investor Presentation Q1 FY26 1
Slide 2: Contents
Contents 1 2 3 4 About Us Industry Performance Strategy Overview Update 2
Slide 3: Contents Summary
Contents Summary ▪ Strong institutional ownership: PAG (promoter of company), 1. ABOUT US one of the largest Asia-based alternative investment managers ▪ Integrated wealth management platform with exhaustive 2. INDUSTRY OVERVIEW suite of offerings ▪ Only established player with proven execution acro
Slide 4: About Nuvama
ABOUT Nuvama Serving Client-first UHNI & Family Offices foundation HNI & Affluent Individuals Corporates & Institutions Well Scaled Wide Presence Client Assets of ₹ 4.6+ trillion ~3,400 employees across 100+ offices ~1,300 RMs Strong Governance Unique Proposition Experienced board and Multi Client S
Slide 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 ₹ crore % are YoY +41% +31% ₹ 2,901 +19% ₹ 2,063 1,428 +32% ₹ 1,575 1,188 ₹ 1,322 1,016 ₹ 998 750 759 655 484 476 389 336 331 329 167 171 158 20 68 63 59 - FY21 FY22 FY23 FY24 FY25 Wealth Management As
Slide 12: 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 strong growth drivers 2. INDUSTRY OVERVIEW ▪ Making this a self-reinforcing loop culminating in a structural and scalable opportunity 3. PERFORMA
Slide 13: 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 14: 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 15: Self-reinforcing loop culminating in a 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 16: Contents Summary
Contents Summary ▪ Revenues: Q1 FY26 stood at ₹ 770 Cr, grew by 15% YoY 1. ABOUT US ▪ Operating PAT: Q1 FY26 stood at ₹ 264 Cr, grew by 19% YoY ▪ Delivered strong performance with momentum in Q1 FY26: 2. INDUSTRY OVERVIEW o Wealth and Asset Management: Sustained robust growth, revenues grew by 18% Y
Slide 17: Consolidated Performance Q1 FY26
Consolidated Performance Q1 FY26 17
Slide 18: Business Summary: Q1 FY26
Business Summary: Q1 FY26 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,400+ ~1,300 ₹ 3,23,585 Cr Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange Traded
Slide 19: Business Summary: Q1 FY26
Business Summary: Q1 FY26 All figures are in ₹ Cr STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES REVENUES COST TO INCOME 770 668 YoY 56% YoY 55% 15 % 1% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 OPERATING PAT RETURN ON EQUITY 264 29.4% 30.3% 221 YoY YoY 19 % 1% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 19
Slide 20: Key Highlights: Q1 FY26
Key Highlights: Q1 FY26 ▪ Client Assets: Q1 FY26 stood at ₹ 4,62,727 Cr, grew by 19% YoY o Nuvama Wealth client assets stood at ₹ 1,05,716 Cr, grew by 20% YoY. MPIS assets grew faster, by 30% YoY CLIENT ASSETS o Nuvama Private client assets stood at ₹ 2,17,868 Cr, grew by 17% YoY. ARR assets grew fa
Slide 21: Key Highlights: Q1 FY26
Key Highlights: Q1 FY26 ▪ Total Cost: Q1 FY26 stood at ₹ 421 Cr, grew by 13% YoY COST o Employee costs: ₹ 316 Cr in Q1, grew by 13% YoY o Opex: ₹ 105 Cr in Q1, grew by 11% YoY ▪ Operating PAT: Q1 FY26 stood at ₹ 264 Cr, grew by 19% YoY PROFITABILITY ▪ Return on Equity improved to 30.3% in Q1 FY26 fr
Slide 22: Consolidated Performance: Q1 FY26
Consolidated Performance: Q1 FY26 Particulars – All figures are in ₹ crores Q4 FY25 Q1 FY26 Q1 FY25 YoY FY24 FY25 YoY Total Revenue 1 771 770 668 15% 2,063 2,901 41% Wealth Management 398 377 320 18% 1,188 1,428 20% Asset Management 13 19 15 37%2 63 59 20% 2 Asset Services 198 193 132 46% 329 655 99
Slide 23: 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) to maximize profitability and RoE Dividend history 31.5% 30.3% ₹ 69 per share: D
Slide 24: Segmental Summary: Q1 FY26
Segmental Summary: Q1 FY26 Asset Services and Wealth Management Asset Management Capital Markets 24
Slide 25: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India ₹ 1,05,716 Cr of client assets ~1,200 RMs and ~7,000 Active External Wealth Managers (EWM) ~1.3 million clients. ~20% serviced by RMs & External Wealth Managers Covering 500+ l
Slide 26: 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 27: Nuvama Wealth: Leveraging technology as a key enabler
Nuvama Wealth: Leveraging technology as a key enabler Single platform for all stakeholders (Client, RM, EWMs) One catering to all wealth management needs Platform Powered by AI, ML and data analytics to drive efficiency and enhance customer experience Onboarding CRM & Sales Portfolio Transactions &
Slide 28: Nuvama Wealth: A refreshed digital presence
Nuvama Wealth: A refreshed digital presence www.nuvamawealth.com Improved navigation and access to wealth management solutions Unbiased solutions, Multi-product platform In-depth analysis & live round-up of markets
Slide 29: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in ₹ Cr CLIENT ASSETS REVENUES 4Y CAGR 20% 4Y CAGR 817 30% 93,846 87,842 1,05,716 31% 574 669 77,930 409 50,889 52,575 17% 275 33,018 189 222 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 OPERATING PBT COST TO INCO
Slide 30: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY) By Solutions By Channel Relationship Manager +17% MPIS NII +18% Brokerage Others External Wealth Manager 75 222 189 64 40% 54% 72% 74% 27% 25% 22% 12% 28% 26% 11% 9% Q1 FY25 Q1 FY26 Q1
Slide 31: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Closing Client Assets (₹ Cr and YoY) Client Assets Composition (₹ Cr) MPIS Net New Money (₹ Cr and YoY) +20% MPIS Loan Broking Others +64% 1,05,716 2,276 87,842 24,960 32,474 +30% 2,747 3,252 1,384 58,968 68,936 1,167 1,054 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q
Slide 32: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team ₹ 2,17,868 Cr of client assets 135+ relationship managers 4,400+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 63 Family Office |
Slide 33: 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 34: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in ₹ Cr CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 17% 19% 1,99,452 1,86,282 2,17,868 31% 519 611 1,69,904 442 1,19,540 1,29,391 341 98,570 19% 210 131 155 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 OPERATING PBT
Slide 35: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr And YoY) Annual Recurring Revenue Transactional Revenue +19% +19% 48 155 41 131 63% 66% 37% 34% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 1. Q1 revenues grew by 19% YoY, driven by strong
Slide 36: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Closing Client Assets (₹ Cr and YoY) Client Assets Composition (₹ Cr) 1 Recurring NNM (₹ Cr and YoY) ARR Earning Assets +17% Transactional Assets 2,17,868 4,684 1,86,282 38,667 48,245 +25% -38% 2,884 1,23,163 1,48,640 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY2
Slide 37: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of ₹ 11,810 Cr Private Markets + Public Markets + Commercial Real Estate 93% of this being fee paying High-Quality Investment Team Strong Distribution 20+ investment pr
Slide 38: 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 39: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE 3Y CAGR 54% 3Y CAGR 43% 11,307 11,810 65% 45 59 7,692 36 6,967 5,581 37% 3,856 18 13 13 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FEE PAYING AUM NO OF STRATEGIES 3Y CAGR 76% 1
Slide 40: Nuvama Asset Management: Performance Metrics
Nuvama Asset Management: Performance Metrics Management fee (₹ Cr and YoY) Client Assets (₹ Cr and YoY) Fee Paying Client Assets (₹ Cr and YoY) +54% +76% +37% 11,810 10,967 18 13 7,692 6,239 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 1. Q1 Management fee grew by 37% YoY, led by healthy growth i
Slide 41: 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 42: Asset Services: A recurring, rising & 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: ₹ Tn 1.3 domestic institutional clients 0.9
Slide 43: Asset Services and Capital Markets: Journey over years
Nuvama Asset Services and Capital Markets: Journey over years CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES 4Y CAGR 19% 4Y CAGR 1,27,333 47% 41% 1,26,046 655 1,07,225 91,156 329 46% 38,708 43,532 171 193 27,056 167 158 132 FY21 FY22 FY23 FY24 FY25 Q1 FY25 Q1 FY26 FY21 FY22 FY23 FY24 FY25
Slide 44: Asset Services and Capital Markets: Performance Metrics
Nuvama Asset Services and Capital Markets: Performance Metrics Revenue - Asset Services (₹ Cr and YoY) Revenue - Capital Markets (₹ Cr and YoY) Profit Before Tax (₹ Cr and YoY) +46% +17% 193 199 -10% 180 225 192 132 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 1. Asset Services Q1 revenues grew b
Slide 45: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence o Best Specialist Private Bank-India - Global Private Banking Innovation Awards, 2025 o Best Specialist Private Bank for UHNW Clients – Global Private Banking Innovation Awards, 2025 o Online Lead
Slide 46: ESG: Growing responsibly through ESG leadership
ESG: Growing responsibly through ESG leadership ENVIRONMENT SOCIAL GOVERNANCE o US GBC Gold certified head office for o ISO 27001:2022 Certified - Information o Aligning our approach towards ESG and interior designing security management system CSR with United Nation Sustainable Development Goals o
Slide 47: Contents Summary
Contents Summary ▪ Necessary fundamentals in place 1. ABOUT US ▪ Adequately capitalized to achieve future goals 2. INDUSTRY OVERVIEW ▪ Well defined trajectory for each segment 3. PERFORMANCE UPDATE 4. STRATEGY 47
Slide 48: 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 49: 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 50: 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 Continue to scale public Expand AUM to 6-8x or Significantly alternatives market strategies Distribution 45-50% CAGR Scale Asset Management On-going On-going Nuvama Jun’25 Priva
Slide 51: 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 52: Annexures
INalatsy.lisys “a nuvama
Slide 53: 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 54: 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 55: 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
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