Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q2 FY26 Earnings Presentation
59 slides from Nuvama Wealth Management's earnings presentation, Nov 4, 2025
Slide 1: Exchange cover letter: Earnings Release & Investor Presentation
NWML/SEC/2026/62 November 4, 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: Earnings Release: Nuvama Group Reports Steady Q2 FY26
Earnings Release Annexure 1 For Immediate Publication Nuvama Group Reports Steady Q2 FY26; Wealth Businesses Lead with 27% YoY Profit Growth o Declared interim dividend of ₹ 70 per share for half year ended 30th September 2025 o Announces sub-division of Equity Shares from ₹10 to ₹2 Face Value Mumba
Slide 3: Key Highlights by segment
segments; Wealth Management continues to attract robust new flows; in Asset Management, we secured in-principle approval to set up a mutual fund, which will enable us to launch SIFs; in Asset Services, we continue to see YoY growth led by higher engagement with our existing and new clients; and in C
Slide 4: About Nuvama Group
About Nuvama Group Nuvama has built a strong foundation of trust and reputation in the Indian market over 30 years. As one of India’s leading integrated wealth management firm in India, Nuvama oversees ₹4,36,452 Cr of client assets and caters to a diverse set of clients which includes 13+ lac afflue
Slide 5: Nuvama Q2 FY26
Annexure 2 NUVAMA Investor Presentation Q2 FY26 1
Slide 6: Contents
Contents 1 2 3 4 About Us Industry Performance Strategy Overview Update 2
Slide 7: 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 8: 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 9: 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 10: Comprehensive wealth management platform
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 11: 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 12: 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 13: Established wealth manager covering client segments
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 14: Unique business model across ecosystem
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 15: A high growth company with diversified 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 16: 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 17: India's wealth landscape - 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 18: Alternatives markets in India
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 19: Self-reinforcing loop of structural 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 20: 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 21: Consolidated Performance Q2 FY26
Consolidated Performance Q2 FY26 17
Slide 22: 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 ₹ 3,18,573 Cr Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange
Slide 23: Business Summary: Q2 and H1 FY26
Business Summary: Q2 and H1 FY26 All figures are in ₹ Cr All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY HALF YEARLY REVENUES COST TO INCOME 740 772 1,542 1,407 54% 56% 4% 10% 2% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 OPERATING PAT RETURN ON EQUITY 258 254 4
Slide 24: Key Highlights: Q2 and H1 FY26
Key Highlights: Q2 and H1 FY26 ▪ Client Assets: Q2 FY26 stood at ₹ 4,36,452 Cr, lower by 1% YoY o Nuvama Wealth client assets stood at ₹ 1,07,769 Cr, grew by 8% YoY. MPIS assets grew faster, by 27% YoY CLIENT ASSETS o Nuvama Private client assets stood at ₹ 2,10,805 Cr, grew by 2% YoY. ARR assets gr
Slide 25: Key Highlights: Q2 and H1 FY26
Key Highlights: Q2 and H1 FY26 ▪ Total Cost: Q2 FY26 stood at ₹ 437 Cr, grew by 12% YoY and H1 FY26 at ₹ 858 Cr, grew by 12% YoY COST o Employee costs: ₹ 322 Cr in Q2, grew by 8% YoY and H1 FY26 at ₹ 638 Cr, grew by 10% YoY o Opex: ₹ 115 Cr in Q2, grew by 23% YoY and H1 FY26 at ₹ 221 Cr, grew by 17%
Slide 26: Consolidated Performance: Q2 and H1 FY26
Consolidated Performance: Q2 and H1 FY26 Particulars – All figures are in ₹ crores Q1 FY26 Q2 FY26 Q2 FY25 YoY H1 FY25 H1 FY26 YoY Total Revenue 1 770 772 740 4% 1,407 1,542 10% Wealth Management 377 438 347 26% 667 815 22% Asset Management 19 14 17 20%2 32 32 28% 2 Asset Services 193 160 152 5% 284
Slide 27: 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) ₹ 70 per share: Declared in Nov‘25 to maximize profitability and RoE 31.5% 28.9%
Slide 28: Segmental Summary: Q2 FY26
Segmental Summary: Q2 FY26 Asset Services and Wealth Management Asset Management Capital Markets 24
Slide 29: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India ₹ 1,07,769 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 30: 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 31: 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 32: 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 33: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in ₹ Cr CLIENT ASSETS 8% REVENUES 4Y CAGR 4Y CAGR 817 30% 31% 574 1,07,769 1,00,060 669 93,846 77,930 18% 463 409 392 50,889 52,575 275 33,018 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 OPERATING PBT COST TO INC
Slide 34: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY) By Solutions By Channel +18% MPIS NII Relationship Manager +19% 463 Brokerage Others External Wealth Manager 160 392 134 41% +19% 58% +19% 71% 74% 241 84 203 71 27% 22% 21% 11% 29% 26%
Slide 35: 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) +8% MPIS Loan Broking Others +34% 1,07,769 4,680 1,00,060 27,481 34,935 +27% 3,494 2,868 3,980 68,577 67,947 1,135 907 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1
Slide 36: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team ₹ 2,10,805 Cr 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 37: 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 38: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in ₹ Cr CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 2% 19% 1,99,452 2,05,764 2,10,805 31% 519 611 1,69,904 442 28% 1,19,540 1,29,391 341 352 98,570 275 210 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 OPERATING PBT C
Slide 39: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY) Annual Recurring Revenue +28% Transactional Revenue +30% 352 115 275 +38% 88 +37% 56% 60% 197 66 144 48 40% 44% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25
Slide 40: 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 +2% Transactional Assets -13% 6,126 2,05,764 2,10,805 5,360 40,705 50,621 +24% 1,40,841 1,39,498 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26
Slide 41: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of ₹ 11,878 Cr Private Markets + Public Markets + Commercial Real Estate 93% of this being fee paying High-Quality Investment Team Strong Distribution 25+ investment pr
Slide 42: 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 43: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE 3Y CAGR 15% 3Y CAGR 43% 11,307 10,288 11,878 65% 45 59 28% 6,967 36 35 5,581 27 3,856 13 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FEE PAYING AUM NO OF STRATEGIES 3Y CAGR 36% 1
Slide 44: 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) +15% +36% +28% 11,045 11,878 35 10,288 27 8,113 20% 17 15 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 45: 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 46: 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 47: 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% 41% 1,26,046 1,25,164 655 1,06,000 91,156 24% 329 353 284 38,708 43,532 171 27,056 167 158 FY21 FY22 FY23 FY24 FY25 H1 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25
Slide 48: 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) +24% -1% 353 422 -19% 423 419 284 340 +5% -16% 224 -28% 231 152 160 193 161 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26
Slide 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: Annexures
INalatsy.lisys “a nuvama
Slide 57: 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 58: 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 59: 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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