Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q2 FY26 Earnings Presentation
56 slides from Nuvama Wealth Management's earnings presentation, Nov 18, 2025
Slide 1: Stock exchange cover letter for investor presentation
NWML/SEC/2026/71 November 18, 2025 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
Slide 2: Nuvama Investor Presentation Q2 FY26
NUVAMA Investor Presentation Q2 FY26 Exchange rate of 1 USD = INR 88.5 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 $ 49+ Billion ~3,400 employees across 100+ offices ~1,300 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 ~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 +41% +31% 328 +19% 233 161 +32% 178 134 149 115 113 85 86 74 55 54 44 38 37 37 19 19 18 2 8 7 7 - FY21 FY22 FY23 FY24 FY25 Wealth Management Asset Management Asset Services Capital Ma
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 strong growth drivers 2. INDUSTRY OVERVIEW ▪ Making this a self-reinforcing loop culminating in a structural and scalable opportunity 3. PERFORMA
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 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 17: Contents Summary
Contents Summary ▪ Nuvama reports steady Q2 FY26; Wealth Businesses lead 1. ABOUT US with 27% YoY profit growth o Wealth and Private businesses continued to drive growth in Q2 FY26. Profit before tax from these 2. INDUSTRY OVERVIEW segments rose 27% YoY in Q2 and 23% YoY in H1 o Asset Services and C
Slide 18: Consolidated Performance Q2 FY26
Consolidated Performance Q2 FY26 17
Slide 19: Business Summary: Q2 and H1 FY26
Business Summary: Q2 and H1 FY26 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,500+ ~1,300 US $ 35,997 Mn Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchang
Slide 20: Business Summary: Q2 and H1 FY26
Business Summary: Q2 and H1 FY26 All figures are in US $ Mn All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY HALF YEARLY REVENUES COST TO INCOME 84 87 174 159 54% 56% 4% 10% 2% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 OPERATING PAT RETURN ON EQUITY 29 29 54 59
Slide 21: Key Highlights: Q2 and H1 FY26
Key Highlights: Q2 and H1 FY26 ▪ Client Assets: Q2 FY26 stood at US $ 49,317 Mn, lower by 1% YoY o Nuvama Wealth client assets stood at US $ 12,177 Mn, grew by 8% YoY. MPIS assets grew faster, by 27% YoY CLIENT ASSETS o Nuvama Private client assets stood at US $ 23,820 Mn, grew by 2% YoY. ARR assets
Slide 22: Key Highlights: Q2 and H1 FY26
Key Highlights: Q2 and H1 FY26 ▪ Total Cost: Q2 FY26 stood at US $ 49 Mn, grew by 12% YoY and H1 FY26 at US $ 97 Mn, grew by 12% YoY COST o Employee costs: US $ 36 Mn in Q2, grew by 8% YoY and H1 FY26 at US $ 72 Mn, grew by 10% YoY o Opex: US $ 13 Mn in Q2, grew by 23% YoY and H1 FY26 at US $ 25 Mn,
Slide 23: Consolidated Performance: Q2 and H1 FY26
Consolidated Performance: Q2 and H1 FY26 Particulars – All figures are in US $ Mn Q1 FY26 Q2 FY26 Q2 FY25 YoY H1 FY25 H1 FY26 YoY Total Revenue 1 87 87 84 4% 159 174 10% Wealth Management 43 49 39 26% 75 92 22% Asset Management 2 2 2 20%2 4 4 28% 2 Asset Services 22 18 17 5% 32 40 24% Capital Market
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) ~US $ 0.79 per share: Declared in Nov‘25 to maximize profitability and RoE 31.5%
Slide 25: Segmental Summary: Q2 FY26
Segmental Summary: Q2 FY26 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 $ 12,177 Mn 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+
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: 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 29: 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 30: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in US $ Mn CLIENT ASSETS 8% REVENUES 4Y CAGR 4Y CAGR 92 30% 10,604 11,306 12,177 31% 65 76 18% 8,806 52 46 44 5,750 5,941 31 3,731 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 OPERATING PBT COST TO INCOME 4Y CAGR
Slide 31: 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 Brokerage Others External Wealth Manager +19% 52 18 44 41% 15 +19% 58% +19% 71% 74% 27 10 23 8 27% 22% 21% 11% 29% 26% 1
Slide 32: 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) +8% MPIS Loan Broking Others +34% 12,177 529 11,306 3,105 3,947 +27% 395 324 450 7,749 7,678 128 103 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 0.8
Slide 33: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team US $ 23,820 Mn of client assets 140+ relationship managers 4,500+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 65 Family Office |
Slide 34: 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 35: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in US $ Mn CLIENT ASSETS REVENUES 4Y CAGR 2% 4Y CAGR 19% 19,198 22,537 23,250 23,820 31% 69 59 50 28% 13,507 14,620 39 40 11,138 31 24 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 OPERATING PBT COST TO INCOME 4Y
Slide 36: 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 +28% Transactional Revenue +30% 40 13 31 +38% 10 +37% 60% 56% 22 7 16 5 40% 44% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H
Slide 37: 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 +2% Transactional Assets 692 -13% 23,250 23,820 606 4,599 5,720 +24% 15,914 15,763 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 0.87
Slide 38: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of US $ 1,342 Mn Private Markets + Public Markets + Commercial Real Estate 93% of this being fee paying High-Quality Investment Team Strong Distribution 25+ investment
Slide 39: 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 40: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years All figures are in US $ Mn ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE 3Y CAGR 15% 3Y CAGR 7 43% 1,278 1,162 1,342 65% 5 28% 4 4 787 631 3 436 1 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FEE PAYING AUM NO OF STRATEGIES 3
Slide 41: Nuvama Asset Management: Performance Metrics
Nuvama Asset Management: Performance Metrics Management fee (US $ Mn and YoY) Client Assets (US $ Mn and YoY) Fee Paying Client Assets (US $ Mn and YoY) +15% +36% +28% 1,342 1,248 4 1,162 3 917 20% 2 2 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 1. Q2 Management fee grew by 20% Y
Slide 42: 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 43: 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 14.2 domestic institutional clients
Slide 44: 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 15% 4Y CAGR 47% 14,243 14,143 11,977 41% 74 10,300 24% 37 40 32 4,374 4,919 3,057 19 19 18 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26
Slide 45: 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) +24% 40 -1% 48 -19% 48 47 32 38 +5% -16% 18 25 -28% 26 17 22 18 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1
Slide 46: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence o Most Effective Investment Service Offering - Private Banker International Global Wealth Awards 2025 o Highly Acclaimed: Best Private Bank for Alternative Investments - Global Private Banking Inno
Slide 47: 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 for information security o Published BRSR report for FY25 interior designing management system o Aligning our approach towards ESG and o Minimizing scope 2 emissions by p
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 47
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 Sep’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 — Q2 FY26 Earnings Presentation on 6ix