Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q1 FY27 Earnings Presentation
54 slides from Nuvama Wealth Management's earnings presentation, Aug 5, 2026
Slide 1: Exchange filing cover letter: Investor Presentation Q1 FY27
NWML/SEC/2027/42 August 5, 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 - 4
Slide 2: Nuvama Investor Presentation Q1 FY27
NUVAMA Investor Presentation Q1 FY27 Exchange rate of 1 USD = INR 91 has been assumed 1
Slide 3: Contents
Contents 1 2 3 4 About Us Industry Performance Strategy Overview 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 ▪ Integrated wealth management platform with exhaustive 2. INDUSTRY OVERVIEW suite of offerings ▪ Only established player with proven execution acro
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 $ 58+ Billion 3,500+ employees across 100+ offices 1,250+ RMs Strong Governance Unique Proposition Experienced board and Multi Client
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 ~9
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 stands at the intersection of growth, market maturity 1. ABOUT US and a large opportunity size ▪ Making India world’s largest emerging wealth pool 2. INDUSTRY OVERVIEW ▪ Creating a structural opportunity for wealth management platforms 3. PERFORMANCE UPDATE 4. STRATEGY 12
Slide 14: India at the intersection of growth, market maturity and large opportunity
India stands at the intersection of growth, market maturity and a large opportunity size Thailand Source: BCG Global Wealth Report 2026 – The Great Reordering, “Where the Next Wave of Wealth Is Coming From”. Figures are 2025–2030 estimates 13
Slide 15: Making India world's largest emerging wealth pool
Making India world’s largest emerging wealth pool India leads EM wealth creation, accounting for ~35% of the US$ 7 Tn opportunity in the >US$250k client segment by 2030 WEALTH TO BE ADDED BY 2030 INDIA’S SHARE IN EM WEALTH WEALTH CAGR THROUGH 2030 GROWTH OF MILLIONAIRES BY 2029 US$ 2 Tn+ ~35% ~12% 5
Slide 16: Creating a structural opportunity for wealth management platforms
Creating a structural opportunity for wealth management platforms 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 pools CAPITAL MARKET and b
Slide 17: Contents Summary
Contents Summary ▪ Delivered highest ever quarterly profit of US $ 34 Mn in Q1 FY27, 1. ABOUT US driven by a healthy all-round performance across businesses: o Wealth Management continues to deliver strong and sustainable growth with profits increasing by 20% YoY 2. INDUSTRY OVERVIEW o Asset Service
Slide 18: Consolidated Performance Q1 FY27
Consolidated Performance Q1 FY27 17
Slide 19: Business Summary: Q1 FY27
Business Summary: Q1 FY27 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,850+ 1,250+ US $ 39,988 Mn Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange Trade
Slide 20: Business Summary: Q1 FY27
Business Summary: Q1 FY27 All figures are in US $ Mn STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES REVENUES COST TO INCOME 100 85 YoY 55% 55% 18 % Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 OPERATING PAT RETURN ON EQUITY 34 30.3% 29.5% 29 YoY YoY 16 % 1% Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 19
Slide 21: Key Highlights: Q1 FY27
Key Highlights: Q1 FY27 ▪ Client Assets: Q1 FY27 stood at US $ 58,916 Mn, higher by 16% YoY o Nuvama Wealth client assets stood at US $ 13,593 Mn, grew by 17% YoY. MPIS assets grew faster, by 32% YoY CLIENT ASSETS o Nuvama Private client assets stood at US $ 26,395 Mn, grew by 10% YoY. ARR assets gr
Slide 22: Key Highlights: Q1 FY27
Key Highlights: Q1 FY27 ▪ Total Cost: Q1 FY27 stood at US $ 55 Mn, grew by 19% YoY COST o Employee costs: US $ 41 Mn in Q1, higher by 17% YoY o Opex: US $ 14 Mn in Q1, grew by 24% YoY ▪ Operating PAT: Q1 FY27 stood at US $ 34 Mn, grew by 16% YoY PROFITABILITY ▪ Return on Equity stood at 29.5% in Q1
Slide 23: Consolidated Performance: Q1 FY27
Consolidated Performance: Q1 FY27 Particulars – All figures are in US $ Mn Q4 FY26 Q1 FY27 Q1 FY26 YoY FY25 FY26 YoY Total Revenue 1 91 100 85 18% 319 343 8% Wealth Management 52 49 41 19% 157 189 20% Asset Management 1 2 2 24%2 6 6 31% 2 Asset Services 23 28 21 34% 72 81 12% Capital Markets 15 20 2
Slide 24: 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% 29.5% ~US $ 0.15 per s
Slide 25: Segmental Summary: Q1 FY27
Segmental Summary: Q1 FY27 Asset Services and Wealth Management Asset Management Capital Markets 24
Slide 26: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India US $ 13,593 Mn of client assets 1,100+ RMs and 8,500+ Active External Wealth Managers (EWM) 1.3+ million clients. ~20% serviced by RMs & External Wealth Managers Covering 500+
Slide 27: 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 28: 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 29: 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 Relationship Manager +13% MPIS NII +19% Brokerage Others External Wealth Manager 27 10 24 8 54% 58% 74% 74% 25% 22% 12% 11% 26% 26% 9% 9% Q1 FY26 Q1 FY27 Q
Slide 30: 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) +17% MPIS Loan Broking Others +34% 13,593 335 11,617 3,569 4,703 +32% 250 357 608 7,575 8,144 116 138 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 0.
Slide 31: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team US $ 26,395 Mn of client assets 150+ relationship managers 4,850+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 68 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 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 34: 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 +27% Transactional Revenue +22% 22 6 17 5 66% 59% 34% 41% Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 1. Q1 revenues grew 27% YoY, supported by conti
Slide 35: 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 +10% Transactional Assets 26,395 317 23,942 5,302 6,431 +21% -62% 119 16,334 17,651 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 0.8
Slide 36: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of US $ 1,457 Mn Private Markets + Public Markets + Commercial Real Estate 83% of this being fee paying High-Quality Investment Team Strong Distribution 25+ investment
Slide 37: 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 38: 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 39: 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) +24% +12% - 1,457 2.4 1,298 1,205 1,205 1.9 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 1. Q1 management fees grew 24% YoY 2. Closing AUM stoo
Slide 40: 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 41: 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: US $ Bn 13.9 13.8 domestic institutional cl
Slide 42: 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 43: 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) +34% +1% +19% 28 20 20 30 25 21 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Q1 FY27 1. Asset Services, momentum remained
Slide 44: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence in Q1 FY27 o Best Specialist Private Bank - India – Global Private Banking Innovation Awards 2026 o Best Product Innovation : Highly Acclaimed – Global Private Banking Innovation Awards 2026 o Outs
Slide 45: 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 SO 27001 for information security BRSR report for FY26 - completed with designing. management system assurance on ESG core principles Green Energy: 56% of total energy consumed Net P
Slide 46: 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 45
Slide 47: 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 48: 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 49: 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 50: 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 51: Annexures
INalatsy.lisys “a nuvama
Slide 52: 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 53: 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 54: 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 — Q1 FY27 Earnings Presentation on 6ix