Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q4 FY25 Earnings Presentation
64 slides from Nuvama Wealth Management's earnings presentation, Jun 13, 2025
Slide 1: Cover letter to stock exchanges
NWML/SEC/2026/21 June 13, 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 - 40
Slide 2: Investor Presentation Q4 FY25 and FY25
NUVAMA Investor Presentation Q4 FY25 and FY25 1
Slide 3: Contents
Contents 1 2 3 4 5 About Us Industry Overview Year Gone By Performance Strategy 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 2. INDUSTRY OVERVIEW ▪ Integrated wealth management platform with exhaustive suite of offerings 3. YEAR GONE BY ▪ Only established player with prove
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 $ 50+ 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 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 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 of 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 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% 339 +19% 241 167 +32% 184 139 155 119 117 88 89 77 57 56 45 39 39 38 19 20 19 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 2. INDUSTRY OVERVIEW strong growth drivers ▪ Making this a self-reinforcing loop culminating in a structural 3. YEAR GONE BY and scalable opportu
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, 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 ▪ 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 18: 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 19: Continue to strengthen key metrics across segments
Continue to strengthen key metrics across segments WEALTH MANAGEMENT ONE PLATFORM, US $ 34.3+ Billion # 1,300+ US $ 8.6+ Billion MARS, NUWAi, MILES,CHATBOT 18% YoY 9% YoY 32% YoY Multiple Technology Client Assets Relationship Managers ARR + MPIS Client Assets developments ASSET MANAGEMENT Absol
Slide 20: Delivered strong and sustainable outcomes
Delivered strong and sustainable outcomes All figures are in US $ Mn REVENUE OPERATING PROFITS COST TO INCOME 4Y CAGR YoY 4Y CAGR YoY 4Y DELTA YoY 31% 41% 49% 65% 18% 7% 339 115 73% 241 70% 69% 184 70 62% 155 117 43 55% 34 23 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY
Slide 21: Creating long term value for stakeholders
Creating long term value for stakeholders All figures are in US $ Mn 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 408 31.5% 339 23.6% 264 224 16.3% 16.6% 17.8% ~US $ 0.81 per shar
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: Contents Summary
Contents Summary ▪ Revenues: Q4 FY25 stood at US $ 90 Mn, grew by 29% YoY 1. ABOUT US and FY25 at US $ 339 Mn, grew by 41% YoY ▪ Operating PAT: Q4 FY25 stood at US $ 30 Mn, grew by 41% 2. INDUSTRY OVERVIEW YoY and FY25 at US $ 115 Mn, grew by 65% YoY ▪ Strong YoY performance across business segments
Slide 29: Consolidated Performance Q4 and FY25
Consolidated Performance Q4 and FY25 28
Slide 30: 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 Investment Solutions Managed Products 4,250+ 1,300+ US $ 34,304 Mn Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange T
Slide 31: Business Summary: Q4 and FY25
Business Summary: Q4 and FY25 All figures are in US $ Mn All % are YoY STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY FULL YEAR REVENUES COST TO INCOME 90 339 62% 70 55% 241 29% 41% 7% Q4 FY24 Q4 FY25 FY24 FY25 FY24 FY25 OPERATING PAT RETURN ON EQUITY 30 115 31.5% 21 70 23.6% 41%
Slide 32: Key Highlights: Q4 and FY25
Key Highlights: Q4 and FY25 ▪ Client Assets: Q4 FY25 stood at US $ 50,369 Mn, grew by 24% YoY o Nuvama Wealth client assets stood at US $ 10,976 Mn, grew by 20% YoY. MPIS assets grew by 29% YoY CLIENT ASSETS o Nuvama Private client assets stood at US $ 23,328 Mn, grew by 17% YoY. ARR assets grew fas
Slide 33: Key Highlights: Q4 and FY25
Key Highlights: Q4 and FY25 ▪ Total Cost: Q4 FY25 stood at US $ 51 Mn, grew by 22% YoY and FY25 at US $ 186 Mn, grew by 24% YoY o Employee costs: US $ 36 Mn in Q4, grew by 22% YoY and FY25 at US $ 138 Mn, grew by 30% YoY COST • Continued investments in wealth and asset management to scale and deepen
Slide 34: Consolidated Performance: Q4 and FY25
Consolidated Performance: Q4 and FY25 Particulars – All figures are in US $ Mn Q3 FY25 Q4 FY25 Q4 FY24 YoY FY24 FY25 YoY Total Revenue 1 85 90 70 29% 241 339 41% Wealth Management 42 47 39 21% 139 167 20% Asset Management 2 2 2 17% 2 7 7 20% 2 Asset Services 20 23 13 85% 38 77 99% Capital Markets 20
Slide 35: 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 $ 0.81 per share: Declared in May‘25 to maximize profitability and RoE 31.5%
Slide 36: Segmental Summary: Q4 and FY25
Segmental Summary: Q4 and FY25 Asset Services and Wealth Management Asset Management Capital Markets 35
Slide 37: Nuvama Wealth
Nuvama Wealth One of the leading wealth managers in Affluent and HNI client segments Well scaled Wide presence across India US $ 10,976 Mn 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+
Slide 38: 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 39: 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 40: Nuvama Wealth: Journey over years
Nuvama Wealth: Journey over years All figures are in US $ Mn CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 10,976 30% 9,115 31% 78 96 67 5,952 6,149 48 3,862 32 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 OPERATING PBT COST TO INCOME 4Y CAGR 4Y DELTA 79% 27 32 23% 21 90% 80% 10 69% 65% 67%* 3 FY21 FY
Slide 41: 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 +22% MPIS NII Relationship Manager External Wealth Manager +17% 96 Brokerage Others 32 78 27 48% 50% 73% 72% +17% +14% 24% 23% 21 25 8 7 18% 17% 27% 28% 10
Slide 42: 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) MPIS Loan Broking Others +30% +20% 10,976 756 9,115 2,692 3,482 +29% 581 365 328 5,932 7,046 126 121 FY24 FY25 FY24 FY25 FY24 FY25 1.00% 0.88% Yield on
Slide 43: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team US $ 23,328 Mn 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 44: 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 45: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in US $ Mn CLIENT ASSETS REVENUES 4Y CAGR 4Y CAGR 19% 19,872 23,328 31% 61 71 15,133 52 13,981 11,529 40 25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 OPERATING PBT COST TO INCOME 4Y DELTA 4Y CAGR 59% 22 24 19% 19 85% 14 65% 64% 64%* 66% * 4
Slide 46: 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 +18% Transactional Revenue +11% 71 24 61 22 57% 56% +24% +12% 21 6 7 17 43% 44% Q4 FY24 Q4 FY25 FY24 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 1. Q4 reven
Slide 47: 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 +52% +17% Transactional Assets 23,328 1,181 19,872 3,909 5,200 +33% 777 13,235 15,455 FY24 FY25 FY24 FY25 FY24 FY25 0.95% 2 0.84% Yield
Slide 48: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of US $ 1,322 Mn Private Markets + Public Markets + Commercial Real Estate 92% of this being fee paying High-Quality Investment Team Strong Distribution 20+ investment
Slide 49: 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 50: 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 3Y CAGR 1,322 43% 65% 5 7 815 4 653 451 2 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FEE PAYING AUM NO OF STRATEGIES 3Y CAGR 52% 1,223 7 8 643 4 458 351 2 FY22 FY23 FY24 FY25
Slide 51: 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) +62% 1,322 +90% +30% 1,223 7 5 815 643 31% 2 1 Q4 FY24 Q4 FY25 FY24 FY25 FY24 FY25 FY24 FY25 1. Q4 Management fee grew by 31% YoY 2. Fee-paying AUM
Slide 52: 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 53: 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 14.7 domestic institutional clients
Slide 54: 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 4Y CAGR 4Y CAGR 14,742 47% 41% 77 10,661 38 4,527 5,091 3,164 19 20 19 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 REVENUES - CAPITAL MARKETS 4Y CAG
Slide 55: 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) +99% +59% 127% 77 89 100 56 +85% 38 +16% 63% 44 23 16 19 25 13 16 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 F
Slide 56: 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 57: 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 58: 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 59: 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 60: 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 61: Annexures
INalatsy.lisys “a nuvama
Slide 62: 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 63: 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 64: 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