Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q3 FY26 Earnings Presentation
56 slides from Nuvama Wealth Management's earnings presentation, January 2026
Slide 1: Nuvama Investor Presentation Q3 FY26
NUVAMA Investor Presentation Q3 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 ▪ Overall performance sustained in Q3 FY26; Wealth Businesses 1. ABOUT US posts strong growth o Wealth Management delivers 18% YoY growth in Q3 FY26, aided by healthy inflows across products and 2. INDUSTRY OVERVIEW solutions o Asset Services revenues grew by 7% QoQ led by improved
Slide 17: Consolidated Performance Q3 FY26
Consolidated Performance Q3 FY26 17
Slide 18: Business Summary: Q3 and 9M FY26
Business Summary: Q3 and 9M FY26 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,700+ ~1,300 ₹ 3,29,047 Cr Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange
Slide 19: Business Summary: Q3 and 9M FY26
Business Summary: Q3 and 9M FY26 All figures are in ₹ Cr All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY NINE MONTHS REVENUES COST TO INCOME1 755 2,130 2,297 723 54% 55% 4% 8% 1% Q3 FY25 Q3 FY26 9M FY25 9M FY26 9M FY25 9M FY26 OPERATING PAT1 RETURN ON EQUITY1 252 262
Slide 20: Key Highlights: Q3 and 9M FY26
Key Highlights: Q3 and 9M FY26 ▪ Client Assets: Q3 FY26 stood at ₹ 4,61,954 Cr, higher by 2% YoY o Nuvama Wealth client assets stood at ₹ 1,11,356 Cr, grew by 9% YoY. MPIS assets grew faster, by 30% YoY CLIENT ASSETS o Nuvama Private client assets stood at ₹ 2,17,691 Cr, grew by 4% YoY. ARR assets g
Slide 21: Key Highlights: Q3 and 9M FY26
Key Highlights: Q3 and 9M FY26 ▪ Total Cost: Q3 FY26 stood at ₹ 404 Cr, grew by 4% YoY and 9M FY26 at ₹ 1,262 Cr, grew by 9% YoY COST o Employee costs1: ₹ 296 Cr in Q3, higher by 1% YoY and 9M FY26 at ₹ 934 Cr, grew by 7% YoY o Opex: ₹ 107 Cr in Q3, grew by 13% YoY and 9M FY26 at ₹ 328 Cr, grew by 1
Slide 22: Consolidated Performance: Q3 and 9M FY26
Consolidated Performance: Q3 and 9M FY26 Particulars – All figures are in ₹ crores Q2 FY26 Q3 FY26 Q3 FY25 YoY 9M FY25 9M FY26 YoY Total Revenue 1 772 755 723 4% 2,130 2,297 8% Wealth Management 438 430 363 18% 1,030 1,245 21% Asset Management 14 15 14 33%2 46 47 30% 2 Asset Services 160 172 173 0%
Slide 23: Capital Management Strategy
Capital Management Strategy: Focused on driving growth & creating long-term shareholder value CAPITAL MANAGEMENT PRINCIPLES IMPROVING SHAREHOLDER RETURNS CORPORATE ACTIONS 1. Disciplined capital management Return on Equity (RoE) Dividend history1 to maximize profitability and RoE ₹ 14 per share: Dec
Slide 24: Segmental Summary: Q3 FY26
Segmental Summary: Q3 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 ₹ 1,11,356 Cr of client assets ~1,100 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: Journey over years
Nuvama Wealth: Journey over years All figures are in ₹ Cr CLIENT ASSETS 9% REVENUES 4Y CAGR 1,11,356 4Y CAGR 817 18% 30% 93,846 1,01,821 31% 574 669 602 711 77,930 409 50,889 52,575 275 33,018 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 OPERATING PBT1 COST TO IN
Slide 29: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY)1 By Solutions By Channel +18% MPIS NII Relationship Manager +21% External Wealth Manager 711 Brokerage Others 247 602 203 47% 58% 72% 74% +18% +26% 248 25% 87 210 69 22% 19% 11% 28% 26%
Slide 30: 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) +9% MPIS Loan Broking Others +28% 1,11,356 6,545 1,01,821 28,643 37,241 +30% 5,101 2,969 4,314 69,361 68,671 848 1,130 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M
Slide 31: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team ₹ 2,17,691 Cr of client assets 145+ relationship managers 4,700+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 65 Family Office |
Slide 32: 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 33: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in ₹ Cr CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 4% 19% 1,99,452 2,08,638 2,17,691 31% 519 611 25% 534 1,69,904 442 428 1,19,540 1,29,391 341 98,570 210 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 OPERATING PBT1
Slide 34: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY)1 Annual Recurring Revenue +25% Transactional Revenue +26% 534 181 428 144 58% 59% +19% +20% 182 66 153 55 42% 41% Q3 FY25 Q3 FY26 9M FY25 9M FY26 9M FY25 9M FY26 Q3 FY25 Q3 FY26 9M FY2
Slide 35: 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 +4% Transactional Assets -13% 7,999 2,08,638 2,17,691 6,944 42,323 52,452 +24% 1,42,550 1,44,238 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26
Slide 36: Introducing 'The Exceptionals'
Introducing ‘The Exceptionals’ The Report (the Insight Series) Nuvama Private unveiled the first edition of its Exclusive Insight Series, The Exceptionals, capturing intimate conversations with India’s leading Ultra High Net Worth Individuals representing a cumulative net worth exceeding ₹2 lakh cro
Slide 37: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of ₹ 12,605 Cr Private Markets + Public Markets + Commercial Real Estate 93% of this being fee paying High-Quality Investment Team Strong Distribution 25+ 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 12% 3Y CAGR 12,605 30% 43% 11,307 11,267 65% 45 59 55 42 6,967 36 5,581 3,856 13 FY22 FY23 FY24 FY25 9M FY25 9M FY26 FY22 FY23 FY24 FY25 9M FY25 9M FY26 FEE PAYING AUM NO OF STRATEGIES 3Y CAGR 38% 5
Slide 40: Nuvama Asset Management: Performance Metrics
Nuvama Asset Management: Performance Metrics Management fee (₹ Cr and YoY)1 Client Assets (₹ Cr and YoY) Fee Paying Client Assets (₹ Cr and YoY) +12% +30% +38% 12,605 55 11,267 11,747 42 8,504 33% 20 15 Q3 FY25 Q3 FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 1. Q3 Management fee grew by 33%
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 8% 4Y CAGR 1,30,320 15% 47% 41% 1,26,046 1,20,302 655 525 91,156 457 329 38,708 43,532 171 27,056 167 158 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 FY21 FY22 FY23 FY24 FY25 9
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)1 +15% -2% 525 639 625 596 -20% 457 478 - -4% 173 172 -21% 215 174 206 138 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Q3 FY25 Q3 FY26 9
Slide 45: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence in Q3 FY26 o Best Performer in Equities Derivatives – Institution - Bombay Stock Exchange (BSE) India o Top Performer in Clearing Equity Derivatives Segment – Indian Clearing Corporation Limited (I
Slide 46: ESG: Growing responsibly through ESG leadership
ESG: Growing responsibly through ESG leadership ENVIRONMENT SOCIAL GOVERNANCE US GBC Gold certified head office for ISO 27001 for information security Published BRSR report for FY25 interior designing management system Aligning our approach towards ESG and CSR Minimizing scope 2 emissions by procuring
Slide 47: ESG: Together for positive change
ESG: Together for positive change Environmental Awareness Nature Trail walk at BNHS Miyawaki plantation growing well 1. BNHS: Bombay Natural History Society 47
Slide 48: 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 48
Slide 49: 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 50: 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 51: 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 Dec’25 Priva
Slide 52: 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 53: Annexures
INalatsy.lisys “a nuvama
Slide 54: 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 55: 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 56: 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 — Q3 FY26 Earnings Presentation on 6ix