Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q4 FY25 Earnings Presentation
63 slides from Nuvama Wealth Management's earnings presentation, May 2025
Slide 1: Investor Presentation Q4 FY25 and FY25
NUVAMA Investor Presentation Q4 FY25 and FY25 1
Slide 2: Contents
Contents 1 2 3 4 5 About Us Industry Overview Year Gone By Performance Strategy 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 2. INDUSTRY OVERVIEW ▪ Integrated wealth management platform with exhaustive suite of offerings 3. YEAR GONE BY ▪ Only established player with prove
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 ₹ 4.3+ 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 57B of assets under management in private equity, real assets, credit & markets Assets Under Management 1 Offices In Asia 2 Total Employees 3 ~USD 57B 8 ~830
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 2. INDUSTRY OVERVIEW strong growth drivers ▪ Making this a self-reinforcing loop culminating in a structural 3. YEAR GONE BY and scalable opportu
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 ▪ Progressed on our strategic guiding principles 1. ABOUT US ▪ Continue to strengthen key metrics across segments 2. INDUSTRY OVERVIEW ▪ Delivered strong and sustainable outcomes ▪ Creating long term value for stakeholders 3. YEAR GONE BY 4. PERFORMANCE UPDATE 5. STRATEGY 16
Slide 17: Progressed on our strategic guiding principles
Progressed on our strategic guiding principles Scale Relationship Managers Quality Geographies Customer value Distributors proposition Clients Annuity Client Assets Granularity Technology Leverage Experience Efficiency Business model Capital Operating 17
Slide 18: Continue to strengthen key metrics across segments
Continue to strengthen key metrics across segments WEALTH MANAGEMENT ₹ 2.9+ trillion # 1,300+ ₹ 0.7+ trillion ONE PLATFORM, MARS, NUWAi, MILES,CHATBOT 18% YoY 9% YoY 32% YoY Multiple Technology Client Assets Relationship Managers ARR + MPIS Client Assets developments ASSET MANAGEMENT Absolute L
Slide 19: Delivered strong and sustainable outcomes
Delivered strong and sustainable outcomes All figures are in ₹ Cr REVENUE OPERATING PROFITS COST TO INCOME 4Y CAGR YoY 4Y CAGR YoY 4Y DELTA YoY 31% 41% 49% 65% 18% 7% 2,901 986 73% 2,063 70% 69% 597 1,575 62% 1,322 998 368 55% 292 200 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY2
Slide 20: Creating long term value for stakeholders
Creating long term value for stakeholders All figures are in ₹ Cr NETWORTH RETURN ON EQUITY DIVIDEND 4Y CAGR YoY 4Y DELTA YoY Consistent payout of ~48% of annual 21% 21% 15% 8% operating profits for last two financial years 31.5% 3,490 2,895 23.6% 2,254 ₹ 69 per share: Declared in May‘25 1,9
Slide 21: Backed by a solid foundation
Backed by a solid foundation Human Capital Brand Leading with values, Doing it right ! listening with intent, Driving growth, growing with purpose earning recognition One Nuvama ESG Powering growth Growing responsibly through a synergistic through Environmental, ecosystem Social, and Governance lead
Slide 22: Powering growth through a synergistic ecosystem
Powering growth through a synergistic ecosystem Leveraging synergies between wealth management, asset management, asset services and capital market businesses Enabling value and seamless client solutioning asset services IE & IB Harnessing all the platform capabilities 22
Slide 23: Leading with values, listening with intent, growing with purpose
Leading with values, listening with intent, growing with purpose EMPOWERING GROWTH AND BUILDING A STRONG CULTURE CREATING A LISTENING HOLISTIC APPROACH ON CELEBRATING IMPACT OF E-F-G ORGANISATION WELL BEING 1 2 3 4 Excellence in Execution , Fairness, Growth o Widespread upskilling through o Launched
Slide 24: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with over 20+ prestigious awards for excellence o Global Custodian Emerging Markets Agent Banks Survey 2024 o India's Best for Digital Solutions – Euromoney Private Banking Awards, 2025 o BFSI – WOW Workplace Award, 2025 o Elets BFSI Ex
Slide 25: Growing responsibly through ESG leadership
Growing responsibly through ESG leadership ENVIRONMENT SOCIAL GOVERNANCE o US GBC Gold certified head office for o ISO 27001 for information security o Published first BRSR report for FY24 interior designing management system o Aligning our approach towards ESG and o Minimizing scope 2 emissions by
Slide 26: ESG: Building blocks for sustainable future
ESG: Building blocks for sustainable future Tree Plantation drives (Feb’25) Leadership Talk (Feb’25) Walk for Hope (Dec’24) Planted 3,500 trees, one on behalf of Our leaders provided guidance to 9th grade Donated ₹1.25 lakhs per participant for every employee students on career and life terminally i
Slide 27: Contents Summary
Contents Summary ▪ Revenues: Q4 FY25 stood at ₹ 771 Cr, grew by 29% YoY and 1. ABOUT US FY25 at ₹ 2,901 Cr, grew by 41% YoY ▪ Operating PAT: Q4 FY25 stood at ₹ 255 Cr, grew by 41% YoY 2. INDUSTRY OVERVIEW and FY25 at ₹ 986 Cr, grew by 65% YoY ▪ Strong YoY performance across business segments in Q4:
Slide 28: Consolidated Performance Q4 and FY25
Consolidated Performance Q4 and FY25 28
Slide 29: Business Summary: Q4 and FY25
Business Summary: Q4 and FY25 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management ₹ 2,93,298 Cr Investment Solutions Managed Products 4,250+ 1,300+ Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange Tr
Slide 30: Business Summary: Q4 and FY25
Business Summary: Q4 and FY25 All figures are in ₹ Cr All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY FULL YEAR REVENUES COST TO INCOME 771 2,901 62% 55% 596 2,063 29% 41% 7% Q4 FY24 Q4 FY25 FY24 FY25 FY24 FY25 OPERATING PAT RETURN ON EQUITY 255 986 31.5% 181 597 23.
Slide 31: Key Highlights: Q4 and FY25
Key Highlights: Q4 and FY25 ▪ Client Assets: Q4 FY25 stood at ₹ 4,30,651 Cr, grew by 24% YoY o Nuvama Wealth client assets stood at ₹ 93,846 Cr, grew by 20% YoY. MPIS assets grew by 29% YoY CLIENT ASSETS o Nuvama Private client assets stood at ₹ 1,99,452 Cr, grew by 17% YoY. ARR assets grew faster,
Slide 32: Key Highlights: Q4 and FY25
Key Highlights: Q4 and FY25 ▪ Total Cost: Q4 FY25 stood at ₹ 435 Cr, grew by 22% YoY and FY25 at ₹ 1,590 Cr, grew by 24% YoY o Employee costs: ₹ 308 Cr in Q4, grew by 22% YoY and FY25 at ₹ 1,180 Cr, grew by 30% YoY COST • Continued investments in wealth and asset management to scale and deepen prese
Slide 33: Consolidated Performance: Q4 and FY25
Consolidated Performance: Q4 and FY25 Particulars – All figures are in ₹ crores Q3 FY25 Q4 FY25 Q4 FY24 YoY FY24 FY25 YoY Total Revenue 1 723 771 596 29% 2,063 2,901 41% Wealth Management 363 398 330 21% 1,188 1,428 20% Asset Management 14 13 17 17% 2 63 59 20% 2 Asset Services 173 198 107 85% 329 6
Slide 34: 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) ₹ 69 per share: Declared in May‘25 to maximize profitability and RoE 31.5% 2. In
Slide 35: Segmental Summary: Q4 and FY25
Segmental Summary: Q4 and FY25 Asset Services and Wealth Management Asset Management Capital Markets 35
Slide 36: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India ₹ 93,846 Cr of client assets 1,200+ RMs and ~7,000 Active External Wealth Managers (EWM) 1.2+ million clients. ~20% serviced by RMs & External Wealth Managers Covering 500+ loc
Slide 37: 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 38: 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 39: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in ₹ Cr CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 93,846 817 30% 77,930 31% 574 669 50,889 52,575 409 33,018 275 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 OPERATING PBT COST TO INCOME 4Y CAGR 4Y DELTA 79% 231 269 23% 177 90% 80% 84 69% 65% 67%*
Slide 40: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY) By Solutions By Channel +22% MPIS NII Relationship Manager +17% 817 Brokerage Others External Wealth Manager 269 231 669 48% 50% 73% 72% +17% +14% 24% 23% 183 215 58 66 18% 17% 27% 28%
Slide 41: 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) MPIS Loan Broking Others +30% +20% 6,460 93,846 23,018 29,768 +29% 77,930 4,969 3,117 2,806 50,720 60,241 1,075 1,030 FY24 FY25 FY24 FY25 FY24 FY25 1.00% 0.88% Y
Slide 42: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team ₹ 1,99,452 Cr of client assets 130+ relationship managers 4,250+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 64 Family Office |
Slide 43: 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 44: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in ₹ Cr CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 19% 1,99,452 31% 519 611 1,69,904 442 1,19,540 1,29,391 341 98,570 210 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 OPERATING PBT COST TO INCOME 4Y DELTA 4Y CAGR 59% 185 206 19% 159 85% 119 65% 64
Slide 45: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr And YoY) Annual Recurring Revenue +18% Transactional Revenue +11% 611 206 519 185 57% 56% +24% +12% 183 55 62 147 43% 44% Q4 FY24 Q4 FY25 FY24 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 1. Q4 rev
Slide 46: 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 +52% 1,99,452 10,097 33,421 44,457 +33% 1,69,904 6,642 1,13,156 1,32,144 FY24 FY25 FY24 FY25 FY24 FY25 0.95% 2 0.84% Y
Slide 47: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of ₹ 11,307 Cr Private Markets + Public Markets + Commercial Real Estate 92% of this being fee paying High-Quality Investment Team Strong Distribution 20+ investment pr
Slide 48: 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 49: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE 3Y CAGR 3Y CAGR 11,307 43% 65% 45 59 6,967 5,581 36 3,856 13 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FEE PAYING AUM NO OF STRATEGIES 3Y CAGR 52% 10,457 7 8 5,495 4 3,912 3,001 2 FY22 FY23 FY24 FY25 FY22 FY2
Slide 50: 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) +62% 11,307 +90% +30% 10,457 59 45 6,967 5,495 31% 17 13 Q4 FY24 Q4 FY25 FY24 FY25 FY24 FY25 FY24 FY25 1. Q4 Management fee grew by 31% YoY 2. Fee-paying AU
Slide 51: 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 52: 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 53: 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 4Y CAGR 47% 41% 1,26,046 655 91,156 329 38,708 43,532 27,056 167 171 158 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 REVENUES - CAPITAL MARKETS 4Y CAGR 23% 759 476 389
Slide 54: 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) +99% +59% 127% 655 759 855 476 +85% 329 63% 376 198 +16% 163 216 107 140 133 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24
Slide 55: Contents Summary
Contents Summary 1. ABOUT US ▪ Necessary fundamentals in place ▪ Adequately capitalized to achieve future goals 2. INDSUTRY OVERVIEW ▪ Well defined trajectory for each segment 3. YEAR GONE BY 4. PERFORMANCE UPDATE 5. STRATEGY 55
Slide 56: 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 57 billion Management team with visionary leadership having experienced multiple business cycles Integrated and differentiated platform Comprehensive sui
Slide 57: 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 58: 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 Mar’25 Priva
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 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 60: Annexures
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Slide 61: 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 62: 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 63: 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 FY25 Earnings Presentation on 6ix