Slides
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NUVAMA Investor Presentation Q3 FY26 1 Annexure 2
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Contents 2 1 About Us 2 Industry Overview 3 Performance Update 4 Strategy
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▪ Strong institutional ownership: PAG (promoter of company), one of the largest Asia-based alternative investment managers ▪ Integrated wealth management platform with exhaustive suite of offerings ▪ Only established player with proven execution across Affluent, HNI and UHNI client segments ▪ High growth company with diversified and superior quality of earnings Contents Summary 3 1. ABOUT US 2. INDUSTRY OVERVIEW 3. PERFORMANCE UPDATE 4. STRATEGY
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Strong Governance Experienced board and management team Unique Proposition Multi Client Segment Comprehensive Platform Hybrid Channel ABOUT Nuvama 4 Integrated Wealth Management platform Legacy 30+ years of existence Client-first foundation Wide Presence ~3,400 employees across 100+ offices Proven Execution Revenue FY25: ₹ 2,901 cr - 31% CAGR 4Y Operating PAT FY25: ₹ 986 cr - 49% CAGR 4Y Serving UHNI & Family Offices HNI & Affluent Individuals Corporates & Institutions Well Scaled Client Assets of ₹ 4.6+ trillion ~1,300 RMs 1. All figures are as on 31st December 2025 unless mentioned otherwise
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ASIA’S PREMIER ALTERNATIVE ASSET MANAGER Deep regional and sectorial expertise across market cycles Global best practice in risk management and governance Deep global and India network Adding strategic value to Nuvama Majority owned by PAG (promoter of company) a LEADING INVESTMENT FIRM 5 Assets Under Management 1 USD 55B+ One of the largest Asia-based alternative investment managers with USD 55B+ of assets under management in private equity, real assets, credit & markets Number of offices 2 13 Total Employees 1 ~830 1. As of 30th September 2025 2. Additional offices in London and New York
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COMPREHENSIVE WEALTH MANAGEMENT PLATFORM with exhaustive suite of offerings 6 UHNI and Family Offices Affluent and HNI Corporates and Institutions Our vision is to provide our clients with comprehensive and tailored wealth management solutions and advice 1. Products Third Party Product Distribution Proprietary (In-house manufactured products) 3. Capital Markets Exchange Traded Products Investment Banking 2. Advisory Wealth Advisory Institutional Investor Access 5. Integrated Technology Platform Onboarding, Transactions Servicing, Reporting, Advice 4. Capital Lending Against Securities ESOP Funding Margin Trading Facility Empowering Clients and Relationship Managers We Serve We Provide Access To
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1. Built Businesses - Backed By High- quality Parentage 2. Global Partnership Validating Platform Strength 3. Transitioned Smoothly, Operating with Independent Board, Governance, Operations and Management 4. Listed, Strong Governance Company to Deliver Long-term Value with PAG as the Promoter Wealth Management business carved-out and demerged from Edelweiss as a separate entity acquires a controlling stake Evolved from individual businesses into an INTEGRATED WEALTH MANAGEMENT PLATFORM 7 1996 - 2000 2000 - 2005 2005 - 2021 2021 2022 - 2023 Q2’FY24 NUVAMA Integrated ecosystem driving superior client experience and accelerating business growth Investment Banking Institutional Equities Investment Banking Investment Banking Institutional Equities Wealth & Asset Management Independent Board Independent Credit Rating Tech transition & investments Strengthened governance New Brand & Headquarters Asset Services
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Culture Client High UHNI and Family Offices RM / Client Orientation High Networth & Affluent Individuals Low Mass Retail WELL-POSITIONED in this evolving wealth space 8 Breadth of Offering Single-Product Multi-Product Limited-Solutions Full-Platform Product Orientation Solution Orientation Brokers Domestic Banks Private Banks Boutique Fintech Only scaled player in both client segments with “Full Platform” capabilities Established Wealth Managers
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As an ESTABLISHED WEALTH MANAGER, we cover client segments constituting majority of wealth 9 UHNI HNI & AFFLUENT MASS MARKET RETAIL ~35K Households 70-75% of total financial wealth~30 lacs Households
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UNIQUE BUSINESS MODEL, enabling value and seamless client solutioning across ecosystem 10 UHNI Family Offices & Business Owners Corporates & Institutions Affluent Individuals HNI Small & Medium Business Owners ONE NUVAMA Unique Products Client Insights Advisory & Research Referrals & Distribution
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₹ 1,322 484 750 1,016 1,188 1,428 - 20 68 63 59 167 171 158 329 655 336 389 331 476 759 FY21 FY22 FY23 FY24 FY25 Wealth Management Asset Management Asset Services Capital Markets A HIGH GROWTH COMPANY with diversified and superior quality of earnings 11 All figures are in ₹ crore % are YoY Revenue 1 ₹ 998 +32% +19% 1. Capital Markets segment includes Institutional Equities (IE) & Investment Banking (IB) ₹ 1,575 +31% ₹ 2,063 +41% ₹ 2,901
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Contents Summary 12 1. ABOUT US 2. INDUSTRY OVERVIEW 3. PERFORMANCE UPDATE 4. STRATEGY ▪ India’s wealth landscape - powered by secular growth trends ▪ Alternatives markets in India - poised to transform backed by strong growth drivers ▪ Making this a self-reinforcing loop culminating in a structural and scalable opportunity
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PRESENT TRENDS OUTLOOK Wealth under management is expected to triple in the next five years India’s wealth landscape - powered by secular growth trends 13 WEALTH TO GDP USA INDIA 6.5x 4.5x SHARE OF FINANCIAL WEALTH USA INDIA 70% 25% PROFESSIONALLY MANAGED WEALTH USA INDIA 75% 15% DEMAND SIDE 1. Rising affluence and growth beyond tier 1 cities 2. Favoring investment assets over traditional financial assets 3. Shift from product to portfolio 4. Growing need for advice: Digital-first and Be-spoke SUPPLY SIDE 1. Rising competition and convergence of business models 2. Digital transformation 3. Evolving regulations and compliance costs
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PRESENT TRENDS OUTLOOK Alternates market size to grow by over 5x in the next decade MUTUAL FUNDS AUM TO GDP USA INDIA 92% 18% ALTERNATIVES AS A % OF TOTAL AUM GLOBAL INDIA 15% 7% AIF AUM TO GDP GLOBAL INDIA 19% 2% Alternatives markets in India - poised to transform backed by strong growth drivers 14 DEMAND SIDE 1. Rising allocations from HNIs and UHNIs to alternates 2. Search for alpha & risk- adjusted returns 3. Need to diversify across asset classes SUPPLY SIDE 1. Talent migration 2. Product innovation 3. Evolving regulatory framework 4. Macro trends like economic formalization, urbanization, and infrastructure growth
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Making this a self-reinforcing loop culminating in a structural and scalable opportunity 15 SECULAR GROWTH IN WEALTH MANAGEMENT MARKET INFRASTRUCTURE EXPANSION - ASSET SERVICES GROWTH IN ASSET MANAGEMENT CAPITAL MARKET DEVELOPMENT BUSINESS EXPANSION, PROFESSIONAL GROWTH WEALTH CREATION ECONOMIC GROWTH Rising incomes, corporate profits Strong GDP growth, demographics, digital push Capital demand, market listings, urbanization, income growth, formal jobs, financialization Custody, Clearing, Expanding service portfolios Growing capital pools and burgeoning investor base Mutual funds, AIFs, PMS scaling
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▪ Overall performance sustained in Q3 FY26; Wealth Businesses posts strong growth o Wealth Management delivers 18% YoY growth in Q3 FY26, aided by healthy inflows across products and solutions o Asset Services revenues grew by 7% QoQ led by improved client engagement and market share o Capital Markets revenue moderated in Q3; Fixed Income continues to demonstrate growth ▪ Operating PAT1: Q3 FY26 stood at ₹ 262 Cr, grew by 4% YoY and 9M FY26 at ₹ 780 Cr, grew by 7% YoY Contents Summary 16 1. ABOUT US 2. INDUSTRY OVERVIEW 3. PERFORMANCE UPDATE 4. STRATEGY 1. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 8 Cr (net of taxes) in Q3 and 9M FY26. Including this impact, the growth for Q3 and 9M FY26 would be 1% and 6% respectively
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Consolidated Performance Q3 FY26 17
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Business Summary: Q3 and 9M FY26 18 MOST COMPREHENSIVE PRODUCT SUITE SERVING WIDE AND GROWING SALES COVERAGE WELL SCALED PLATFORM Wealth Management Investment Solutions Managed Products Advisory Exchange Traded Lending Solutions Estate Planning Solutions Family Office Solutions Corporate Advisory Treasury Services Asset Management Private Markets Public Markets Commercial Real Estate Asset Services Capital Markets (IE and IB) 4,700+ Ultra High Networth Families 1.3+ million Affluent and High Networth Individuals 1,000+ Corporates and Institutions ~1,300 Wealth RMs 25+ Investment Professionals 50+ Senior Institutional Coverage Bankers ₹ 3,29,047 Cr Client Assets Wealth Management ₹ 12,605 Cr AUM Asset Management ₹ 1,20,302 Cr Client Assets Custody & Clearing 1. All figures are as on 31st December 2025
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STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY NINE MONTHS REVENUES COST TO INCOME1 OPERATING PAT1 RETURN ON EQUITY1 252 262 Q3 FY25 Q3 FY26 723 755 Q3 FY25 Q3 FY26 Business Summary: Q3 and 9M FY26 19 All figures are in ₹ Cr All % are YoY 4% 4% 731 780 9M FY25 9M FY26 7% 2,130 2,297 9M FY25 9M FY26 8% 54% 55% 9M FY25 9M FY26 1% 31.8% 28.4% 9M FY25 9M FY26 3% 1. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 8 Cr (net of taxes) in Q3 and 9M FY26. Including this impact, Q3 and 9M FY26 Operating PAT growth would be 1% and 6%. Cost-to-Income and Return on Equity for 9M FY26 would be 55% and 28.1% respectively
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Key Highlights: Q3 and 9M FY26 20 CLIENT ASSETS ▪ 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 o Nuvama Private client assets stood at ₹ 2,17,691 Cr, grew by 4% YoY. ARR assets grew faster, by 24% YoY o Nuvama Asset Management AUM stood at ₹ 12,605 Cr, grew by 12% YoY o Nuvama Asset Services assets under clearing and custody stood at ₹ 1,20,302 Cr, grew by 13% QoQ REVENUE ▪ Total Revenues: Q3 FY26 stood at ₹ 755 Cr, grew by 4% YoY and 9M FY26 at ₹ 2,297 Cr, grew by 8% YoY o Wealth Management Q3 revenues grew by 18% YoY and contributed to 57% of the total revenues o Asset Management Q3 revenues (Management fees) grew by 33% YoY o Asset Services Q3 revenues grew by 7% QoQ and remained steady YoY o Capital Markets Q3 revenues were lower by 21% YoY
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Key Highlights: Q3 and 9M FY26 21 COST ▪ Total Cost: Q3 FY26 stood at ₹ 404 Cr, grew by 4% YoY and 9M FY26 at ₹ 1,262 Cr, grew by 9% YoY 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 16% YoY PROFITABILITY ▪ Operating PAT2: Q3 FY26 stood at ₹ 262 Cr, grew by 4% YoY and 9M FY26 at ₹ 780 Cr, grew by 7% YoY ▪ Return on Equity1 stood at 28.4% in 9M FY26 as compared to 31.8% in 9M FY25 1. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 11 Cr in Q3 and 9M FY26. Including this impact, Q3 and 9M FY26 Employee cost growth would be 4% and 8% respectively 2. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 8 Cr (net of taxes) in Q3 and 9M FY26. Including this impact, Q3 and 9M FY26 Operating PAT growth would be 1% and 6%. Cost-to-Income and Return on Equity for 9M FY26 would be 55% and 28.1% respectively
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Consolidated Performance: Q3 and 9M FY26 22 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% 457 525 15% Capital Markets 161 138 174 -21% 596 478 -20% Total Costs 437 404 389 4% 1,155 1,262 9% Employee Cost 322 296 295 1% 872 934 7% Opex 115 107 95 13% 283 328 16% Operating PBT3 335 351 333 5% 975 1,035 6% Operating PAT3 254 262 252 4% 731 780 7% Exceptional items (net of taxes)4 - 8 - - - 8 - Profit after Tax 254 254 252 1% 731 772 6% Cost to Income5 57% 53% 54% 1% 54% 55% 1% Return On Equity5 27.7% 27.4% 32.3% 5% 31.8% 28.4% 3% 1. Total Revenue includes minor amount towards corporate and eliminations 2. YoY change in Asset Management represents management fee 3. Operating PBT is before share of profit from associates and exceptional items and Operating PAT is after share of profit from associates, Non controlling interests and before exceptional items 4. Exceptional Items: One-time statutory impact of New Labour Codes 5. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 8 Cr (net of taxes) in Q3 and 9M FY26. Including this impact, Cost to Income for Q3 and 9M FY26 would be 55% and Return on Equity would be 26.5% and 28.1% respectively
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CORPORATE ACTIONS Dividend history1 ₹ 14 per share: Declared in Nov‘25 ₹ 13.8 per share: Declared in May‘25 ₹ 12.6 per share: Declared in Oct’24 ₹ 16.3 per share: Declared in Jul’24 Consistent payout of ~48% of annual operating profits for last two financial years Completed sub-division of 1 equity share of ₹10/- each, fully paid-up, into 5 equity shares of ₹2/- each, fully paid-up in Dec’25 23 Capital Management Strategy: Focused on driving growth & creating long-term shareholder value CAPITAL MANAGEMENT PRINCIPLES 1. Disciplined capital management to maximize profitability and RoE 2. Investments to drive organic business growth 3. Build a fortress and flexible balance sheet 4. Capitalize on attractive M&A opportunities 5. Return capital to shareholders IMPROVING SHAREHOLDER RETURNS 16.3% 16.6% 17.8% 23.6% 31.5% 28.4% FY21 FY22 FY23 FY24 FY25 9M FY26 Return on Equity (RoE) ₹ 3,837 Cr Net Worth 31st Dec 2025 1. Dividend per share has been adjusted to reflect the impact of the share split
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24 Wealth Management Asset Management Asset Services and Capital Markets Segmental Summary: Q3 FY26
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Well scaled Wide presence across India ₹ 1,11,356 Cr of client assets ~1.3 million clients. ~20% serviced by RMs & External Wealth Managers ~1,100 RMs and ~7,000 Active External Wealth Managers (EWM) Covering 500+ locations in India, including ~70 Nuvama branches Nuvama Wealth Differentiated tech and product platform High customer satisfaction ~50 investment solutions across asset classes [ third party & inhouse ] Leader in hybrid model combining the best of tech & human expertise Net Promoter Score of 84 Delivering superior experience supported by digital platforms 25 One of the leading wealth managers in Affluent and HNI client segments
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Nuvama Wealth: Value Proposition 01 Multi-Product and Open Architecture Wide bouquet of investment solutions across asset classes and access to seasoned products 02 Unbiased Solutions Offering unbiased and customized solutions as per client’s needs, portfolio and risk appetite 03 Hybrid Ecosystem Combining technology with human (RM and EWM) interface to deliver superior customer experience 26
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Nuvama Wealth: Leveraging technology as a key enabler 27 One Platform Digital onboarding of customers & EWMs Onboarding Integrated for RMs & EWMs CRM & Sales Management Unbiased portfolio evaluation Portfolio Solutions Multi-asset unified reporting Transactions & Reporting Online service requests & chatbots Digital Servicing Digital education, training & evaluation Knowledge Building Single platform for all stakeholders (Client, RM, EWMs) catering to all wealth management needs Powered by AI, ML and data analytics to drive efficiency and enhance customer experience
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1. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 4.9 Cr in 9M FY26. Including this impact, 9M FY26 Operating PBT growth would be 19% and Cost to Income for 9M FY26 would be 66% CLIENT ASSETS REVENUES OPERATING PBT1 COST TO INCOME1 26 84 177 231 269 203 247 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 90% 80% 69% 65% 67% 66% 65% FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 33,018 50,889 52,575 77,930 93,846 1,01,821 1,11,356 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Nuvama Wealth: Journey over years 28 275 409 574 669 817 602 711 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 4Y CAGR 30% All figures are in ₹ Cr 4Y CAGR 31% 4Y CAGR 79% 4Y DELTA 23% 9% 18% 21%
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Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY)1 1. Q3 revenues grew 18% YoY, driven by MPIS and strong momentum in lending book 2. Q3 MPIS revenue grew by 22% YoY and share of MPIS in total revenue for 9M stood at 58% 3. Strengthened platform via AI-driven product and feature enhancements, rolled out curated portfolio insights, enabled advanced client reporting and enhanced RM product knowledge and skill development Nuvama Wealth: Performance Metrics 10% 8% 19% 11% 25% 22% 47% 58% 9M FY25 9M FY26 MPIS NII Brokerage Others 28% 26% 72% 74% 9M FY25 9M FY26 Relationship Manager External Wealth Manager 29 By Solutions By Channel 1. MPIS: Managed Products & Investment Solutions 2. Profit before tax excludes the one-time statutory impact of New Labour Codes amounting to ₹ 4.9 Cr in Q3 and 9M FY26. Including this impact, PBT growth for Q3 and 9M FY26 would be 19% 210 248 602 711 Q3 FY25 Q3 FY26 9M FY25 9M FY26 +18% +18% 69 87 203 247 Q3 FY25 Q3 FY26 9M FY25 9M FY26 +21% +26%
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Closing Client Assets (₹ Cr and YoY) Client Assets Composition (₹ Cr) MPIS Net New Money (₹ Cr and YoY) 1. Client assets stood at ₹ 1,11,356 Cr as at end of Q3 FY26, grew by 9% YoY led by flows in MPIS and loan book 2. MPIS client assets, stood at ₹ 37,241 Cr as at end of Q3 FY26, grew at 30% YoY 3. 9M FY26 NNM from MPIS remains strong at ₹ 6,545 Cr, grew by 28% YoY, led by sustained healthy flows in managed products 848 1,130 69,361 68,671 2,969 4,314 28,643 37,241 9M FY25 9M FY26 MPIS Loan Broking Others 5,101 6,545 9M FY25 9M FY26 Nuvama Wealth: Performance Metrics 30 1,01,821 1,11,356 9M FY25 9M FY26 0.86% 0.89% Yield on average assets +9% +28% +30% 1. NNM: Net New Money
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Nuvama Private Amongst top 2 independent private wealth players 31 Well scaled High-quality team ₹ 2,17,691 Cr of client assets 4,700+ families 145+ relationship managers Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Family Office | Corporate Advisory | Treasury Services Net Promoter Score of 65 Delivering superior experience supported by digital platforms
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Nuvama Private : Value Proposition CLIENT PROFILE Family Offices In-house Expertise For All Family Office Needs Business Owners/ Entrepreneurs Bespoke Solution For Individuals & Their Businesses Cxo & Partners Preferred Advisor To Top Brass Of The Corporate World 32 Preserve and sustainably grow clients’ wealth through bespoke solutions across suite of offerings (E) Research Capabilities Robust fundamental research across sectors. In depth Alts & technical research (F) Credit Solutions Robust fundamental research across sectors. In depth Alts & technical research (G) Capital Markets Leading capital market franchise providing custody, clearing services with advisory capabilities (C) Managed Accounts Institutionalized Portfolio Management Approach through managed accounts (D) Wealth Structuring Holding Structure/ Ring Fencing/ Citizenship Planning/ Succession Planning (A) Bespoke Solution Suite Facilitate opportunities in startups, VC IB, Real Estate etc. that are good strategic fit (B) Investment Advisory Investment Policy Statement (IPS) based portfolio creation, management & risk control (J) Offshore Services Setting up structures, guiding on different modes of remitting money overseas & advising on Investments in Offshore Jurisdictions (K) Other Valued Services Tax advisory & tax planning Insurance planning Philanthropy (H) Corporate Advisory (IB) Buy Back Stake Sale M&A Acquisitions (I) Forex Desk Advisory, Treasury & FX audit, Risk Management Policy And Live Terminals
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85% 65% 64% 64% 66% 66% 66% FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 32 119 159 185 206 144 181 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Nuvama Private : Journey over years 33 CLIENT ASSETS REVENUES OPERATING PBT1 COST TO INCOME1 98,570 1,19,5401,29,391 1,69,904 1,99,452 2,08,638 2,17,691 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 210 341 442 519 611 428 534 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 All figures are in ₹ Cr * FY24 and FY25 like-to-like C/I ratio, excluding impact of change in AIF revenue recognition would have been ~58% in FY24 and 59% in FY25 4Y CAGR 19% 4Y CAGR 31% 4Y CAGR 59% 4Y DELTA 19% * 25% 26% 4% 1. Excludes the one-time statutory impact of New Labour Codes amounting to ₹ 2.8 Cr in 9M FY26. Including this impact, 9M FY26 Operating PBT growth would be 24% and Cost to Income for 9M FY26 would be 67%
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Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY)1 1. Q3 revenues grew 19% YoY, driven by ARR revenues, which increased45% YoY 2. ARR growth was led by managed products, up66%, and growth in the lending book. In 9M, ARR contributed59% of total revenue 3. Launched AI-enabled RM training module ‘PBQ’ to enhance client engagement and drive productivity 4. Continued offshore build-out in Dubai and Singapore, added incremental capacity and deployed new processes and systems across transaction processing and client reporting 153 182 428 534 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Nuvama Private: Performance Metrics 34 42% 41% 58% 59% 9M FY25 9M FY26 Annual Recurring Revenue Transactional Revenue+25% 55 66 144 181 Q3 FY25 Q3 FY26 9M FY25 9M FY26 +26% +20%+19% 1. Profit before tax excludes the one-time statutory impact of New Labour Codes amounting to ₹ 2.8 Cr in Q3 and 9M FY26. Including this impact, PBT growth for Q3 and 9M FY26 would be 15% and 24% respectively 2. PBQ: Personal Banker Quotient
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Closing Client Assets (₹ Cr and YoY) Client Assets Composition (₹ Cr) 1 Recurring NNM (₹ Cr and YoY) 1. Client assets stood at ₹ 2,17,691 Cr as at end of Q3 FY26, grew by 4% YoY 2. ARR earning assets stood at ₹ 52,452 Cr, growing by 24% YoY, driven by growth in managed product and loan book 3. ARR NNM remained strong at ₹ 6,944 Cr for 9M FY26, equaled 16% of opening assets, led by strong flows in managed products 4. Unveiled the 1st edition of exclusive insight series “The Exceptionals”(Refer Slide 36) 1,42,550 1,44,238 42,323 52,452 9M FY25 9M FY26 ARR Earning Assets Transactional Assets 7,999 6,944 9M FY25 9M FY26 0.84% 0.84% Nuvama Private: Performance Metrics 2,08,638 2,17,691 9M FY25 9M FY26 Yield on average ARR assets 35 +4% -13% +24% 1. Client Assets Composition excludes held away assets
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36 Introducing ‘The Exceptionals’ Launch The Report (the Insight Series) 36 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 crore ‘The Exceptionals’ was launched by Rahul Dravid at St.Regis in a curated gathering of over 200 distinguished UHNI clients. Going beyond wealth creation, the launch event celebrated the values, decisions, and mindsets that have shaped some of India’s most inspiring entrepreneurial journeys Building on the success of The Exceptionals, Nuvama Private will extend the series to UHNI communities in other regions, spotlighting inspiring UHNI stories and experiences to foster learning, aspiration, and meaningful dialogue The Series
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Scaling with Speed Active Strategies AUM of ₹ 12,605 Cr 93% of this being fee paying Private Markets + Public Markets + Commercial Real Estate Nuvama Asset Management High-Quality Investment Team Strong Distribution 25+ investment professionals with long and successful track record Includes in-house wealth and 30 third party distributors 37 Focused and high-performing alternatives asset management business
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Nuvama Asset Management: Value Proposition 01 Differentiated Solutions Addressing client needs by offering unique products, powered by deep insights from wealth clients 02 Proven Fund Management Capabilities Established track record across public markets and private products. Delivering top quartile performance 03 Technology Platform Enabling Reach Feature-rich digital platform enhancing experience and allowing access to tier 2 and 3 cities 38
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ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE FEE PAYING AUM NO OF STRATEGIES 13 36 45 59 42 55 FY22 FY23 FY24 FY25 9M FY25 9M FY26 Nuvama Asset Management: Journey over years 39 3,001 3,912 5,495 10,457 8,504 11,747 FY22 FY23 FY24 FY25 9M FY25 9M FY26 2 4 7 8 8 8 FY22 FY23 FY24 FY25 9M FY25 9M FY26 3,856 5,581 6,967 11,307 11,267 12,605 FY22 FY23 FY24 FY25 9M FY25 9M FY26 3Y CAGR 43% 3Y CAGR 65% 3Y CAGR 52% 1. Management fees includes fee from commercial real estate strategy. Commercial real estate (CRE) is a 50:50 JV with Cushman and Wakefield. Nuvama’s share in Profit/ loss of this JV is included in the consolidated financials. 30% 12% 38%
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Management fee (₹ Cr and YoY)1 Client Assets (₹ Cr and YoY) Fee Paying Client Assets (₹ Cr and YoY) 1. Q3 Management fee grew by 33% YoY, driven by commercial real estate strategy 2. Closing AUM stood at ₹ 12,605 Cr as at end of Q3 FY26, grew by 12% YoY 3. CRE AUM stood at ₹ 2,950 Cr as at the end of Q3, grew by 72% YoY, remains on track for final closure in Q4 4. Mutual fund license: Received in-principle approval to act as sponsor in Oct 2025, remains on track to launch SIF schemes by early next year, subject to regulatory approvals 8,504 11,747 9M FY25 9M FY26 Nuvama Asset Management: Performance Metrics 11,267 12,605 9M FY25 9M FY26 +12% +38% 40 1. Management fees includes fee from commercial real estate strategy. Commercial real estate (CRE) is a 50:50 JV with Cushman and Wakefield. Nuvama’s share in Profit/ loss of this JV is included in the consolidated financials. 15 20 42 55 Q3 FY25 Q3 FY26 9M FY25 9M FY26 +30% 33%
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41 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 distribution across geographies and full-service IB capabilities across IPO, QIP, PE, M&A and Fixed Income solutionsWorld class be-spoke solutions with fast growing market share Serving 275+ clients (FII, AIF, PMS) Serving 900+ institutional clients. Closed 500+ IB deals Assets under Custody and Clearing of ₹ 1,20,302 Cr Providing high-quality services to FII, DII, funds, corporates and private wealth clients (family office, promoters, selling shareholders) Refer next slide for detailed business insights
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1. Industry overview 2. Nuvama’s strategic choice 3. Moats built 4. Results delivered a) Strong fundamentals: Markets infrastructure business. Backing growth in India’s financial activity b) Fast growing: Assets under custody; robust CAGR of 14% and 43% for FPI and AIF/PMS in last 5 years c) Strong tailwinds: Similar to Wealth and Asset Management a) Dual growth engine: Benefiting from growing wealth and capital markets b) High quality earnings: Recurring revenues and superior unit economics c) Sticky: Less sensitive to the short-term volatilities and high on governance d) Deepens relationship: Capability to serve key needs of an asset manager a) Only non-bank integrated platform: WM, AM, AS, CM b) One stop platform: Serving end to end needs of an asset managers c) Best-in-class Infrastructure: State-of-the-art Technology, Risk management solutions (efficiency, controls) d) Be-spoke servicing: Addressing specific client needs a) Sustained and robust growth: Client assets grew to 3x and revenues grew to 4x over last 2 years b) Improved market share: ~20% of relevant new clients in our select segments c) Won accolades: Recognized by global industry bodies as ‘The leading custodian’ and won many other awards Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY23 FY24 FY25 FY26 51 107 198 0.4 0.9 1.3 Asset Services: A recurring, rising & resilient business 42 Client Assets: ₹ Tn Revenue: ₹ Cr Comprehensive solution suite Fund Set-up Advisory Securities Custody Derivatives Clearing Order Management system Fund Accounting ADDRESSING ALL NON- INVESTING NEEDS OF AN IM We serve select International and domestic institutional clients FII DII Deepening Capital Markets Increasing Wealth Pools Alternatives becoming mainstream Structural growth across parameters Assets under custody Number of Investors FPI AIF/PMS FPI AIF/PMS ₹ 81 Tn ₹ 15 Tn 12K 2K 14% 43% 13% 21% Source: SEBI, NSDL WM: Wealth Management, AM: Asset Management, AS: Asset Services and CM: Capital Markets 5Y CAGR As on Dec-25
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Nuvama Asset Services and Capital Markets: Journey over years 43 CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES REVENUES - CAPITAL MARKETS 27,056 38,708 43,532 91,156 1,26,046 1,30,3201,20,302 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 167 171 158 329 655 457 525 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 336 389 331 476 759 596 478 FY21 FY22 FY23 FY24 FY25 9M FY25 9M FY26 4Y CAGR 47% 4Y CAGR 41% 4Y CAGR 23% 15% 20% 8%
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Revenue - Asset Services (₹ Cr and YoY) Revenue - Capital Markets (₹ Cr and YoY) Profit Before Tax (₹ Cr and YoY)1 1. Asset Services Q3 revenues, grew 15% in 9M FY26, reflecting underlying business strength, robust client engagement and growth across both - international and domestic client segments 2. Capital Markets Q3 revenues were lower by 21% YoY led by moderation in market volumes 3. Fixed Income continues to witness strong flows led by active FPI participation and increased domestic client engagement Nuvama Asset Services and Capital Markets: Performance Metrics 44 173 172 457 525 Q3 FY25 Q3 FY26 9M FY25 9M FY26 +15% 215 206 639 625 Q3 FY25 Q3 FY26 9M FY25 9M FY26 -2% - -4% 174 138 596 478 Q3 FY25 Q3 FY26 9M FY25 9M FY26 -20% -21% 1. Profit before tax excludes the one-time statutory impact of New Labour Codes amounting to ₹ 2.6 Cr in Q3 and 9M FY26. Including this impact, PBT growth for Q3 and 9M FY26 would be -6% and -3% respectively
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45 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 (ICCL) o Top Performer in Clearing Equity Cash Segment – Indian Clearing Corporation Limited (ICCL) 15+ awards in FY26 and counting… Doing it right ! Driving growth, earning recognition
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ENVIRONMENT SOCIAL GOVERNANCE US GBC Gold certified head office for interior designing Minimizing scope 2 emissions by procuring green energy for Mumbai Corporate Office. Emissions stood at 1,516 tCO2e for 9M FY26 Waste reduced to 175 MT in 9M FY26 (segregation practices implemented) All e-waste is disposed via certified vendors Water saving initiatives undertaken like sensors and aerators in taps, dual flush system, etc. Awareness around conscious usage of natural resources Introduced recycled tissue papers in Head Office Published BRSR report for FY25 Aligning our approach towards ESG and CSR with United Nation Sustainable Development Goals First Information Security Systems Audit conducted in FY25 All employees were trained on data privacy and security Zero cases of environmental non-compliance, corruption, bribery, conflict of interest and data privacy breaches Board approved ESG policy in place Board level ESG Committee in place Strengthened CSR governance by introducing Internal Approval Committee ISO 27001 for information security management system Net promoter score for 9M FY26 at 81 Gender diversity as of Dec’25 stood at 26.5% across organization, 13% at senior management and 12.5% at Board 3 differently abled employees across the firm as of Dec’25 Over 7,000 hours of business-specific trainings, focusing on managerial development and leadership essentials to build future-ready leaders CSR focus areas: “Investing in making The Children - The Future more capable” and “Environmental sustainability” ESG: Growing responsibly through ESG leadership
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47 Environmental Awareness Nature Trail walk at BNHS Miyawaki plantation growing well 1. BNHS: Bombay Natural History Society ESG: Together for positive change
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Contents Summary 48 1. ABOUT US 2. INDUSTRY OVERVIEW 3. PERFORMANCE UPDATE 4. STRATEGY ▪ Necessary fundamentals in place ▪ Adequately capitalized to achieve future goals ▪ Well defined trajectory for each segment
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Unique hybrid fulfilment model of Technology + RMs Full stack digital capabilities across value chain + Proven engine for RM acquisition and growth 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 suite of solutions, Best-in-class Proven execution with diversified & scalable revenue streams and strong capital base Revenue streams have grown consistently in last 4 years and are profitable. Profits in last 4 years for Wealth grew at CAGR of 69% and Asset Services & Capital Markets at CAGR of 43%. Significant potential up-side from Asset Management in coming years Our STRATEGIC ADVANTAGE Scaled & Multi-client segments with reach across India Only pure play wealth manager serving HNI, Affluent clientele, a large and under serviced client segment 49
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STRATEGY FOCUS AREAS EXECUTION MARKERS Grow Wealth Management Sep’23 In 5 years grow clients and client assets to 2-2.5x or 15-20% CAGR Dec’25 Achieved CAGR of 20% YoY Building entire ecosystem with People at center. Double RM capacity in 3-5 years Leverage tech to optimize cost-to- serve, improve productivity and enhance experience Client, RM, EWM Continue journey from product to portfolio solutions Expand to NRI client segment and deepen existing relationships Well DEFINED TRAJECTORY for each segment 50 Grow ARR Assets and Income Expand capacity and footprint. Double RM capacity in 3-5 years Build full stack offshore wealth management Make ecosystem future ready. Focus on tech, data and governance
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STRATEGY FOCUS AREAS EXECUTION MARKERS Significantly Scale Asset Management Sep’23 In 5 years grow AUM to 6-8x or 45-50% CAGR Dec’25 Achieved CAGR of 37% YoY Well DEFINED TRAJECTORY for each segment 51 Build full suite of alternatives Continue to scale public market strategies Expand Distribution On-going Private Equity Venture Debt Real Assets1 Launch Planned Private Credit On-going Long Short Absolute Return Mid - Small Cap Flexi Cap Nuvama Private Wealth Domestic Banks, Wealth Managers, Institutions International Institutions, NRIs 1. Commercial Real Estate Fund - JV with Cushman & Wakefield
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STRATEGY FOCUS AREAS EXECUTION MARKERS Asset Services Grow assets under Clearing and Custody Sep’23 In 5 years grow clients assets to 2-2.5x or 15-20% CAGR Dec’25 Achieved CAGR of 31% YoY Well DEFINED TRAJECTORY for each segment 52 International Institutional Client Group Grow clients and expand footprint. Continue to invest in areas of strength Domestic Institutional Client Group (AIF, PMS) Grow clients and enhance product proposition Enterprise (Technology and Operations) Get future ready to support scale. Increase automation, improve client experience and enhance controls
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Annexures 53
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Experienced and Independent composition with good mix of business and functional skills Birendra Kumar Chairperson & Independent Director Ashish Kehair Managing Director and CEO Shiv Sehgal Executive Director Nikhil Srivastava Non-Executive Nominee Director Aswin Vikram Non-Executive Nominee Director Anisha Motwani Independent Director Sameer Kaji Independent Director Kamlesh S. Vikamsey Independent Director 54 Annexure 1: Our Board
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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 ventures (“Nuvama”). Actual results may vary from the forward-looking statements contained in this presentations due to various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in the securities market, new regulations and Government policies that may impact the businesses of Nuvama as well as the ability to implement its strategy. The information contained herein is as of the date referenced and Nuvama does not undertake any obligation to update these statements. Nuvama has obtained all market data and other information from sources believed to be reliable or are its internal estimates unless otherwise stated, although its accuracy or completeness can not be guaranteed. Some part of the presentation relating to business wise financial performance, balance sheet, asset books of Nuvama and industry data herein is reclassified/regrouped based on Management estimates and may not directly correspond to published data. The numbers have also been rounded off in the interest of easier understanding. Numbers have been re-casted, wherever required. Prior period figures have been regrouped/reclassified wherever necessary. All information in this presentation has been prepared solely by the company and has not been independently verified by anyone else. Past performance may not be indicative of the performance in the future and no representation or warranty expressed or implied is made regarding future performance. This presentation is for information purposes only and does not constitute an offer or recommendation to buy or sell any securities of Nuvama. This presentation also does not constitute an offer or recommendation to buy or sell any financial products offered by Nuvama. Any action taken by you based on the information contained herein is your responsibility alone and Nuvama or its directors or employees will not be liable in any manner for the consequences of such action taken by you. Nuvama and/or its directors and/or its employees may have interests or positions, financial or otherwise, in the securities mentioned in this presentation. Nuvama Wealth Management Limited | Corporate Identity Number • L67110MH1993PLC344634 For more information, please visit www.nuvama.com NOTES: Slide 7: Pursuant to approvals received from SEBI and exchanges, Nuvama Wealth Management Limited was listed on BSE and NSE on 26th September 2023 Slide 8: Company research and estimates Slide 9: Kotak Wealth Report, Karvy Wealth Report, Mckinsey Wealth Reports, Credit Suisse Global Wealth Reports | 2017-2022 and company estimates Slide 11: Revenue incorporates impact of phase 3 demerger to include merchant banking & advisory services businesses. Revenue calculated by reducing finance cost and variable business expenses from gross revenue. Total revenue includes minor amount towards corporate and eliminations - FY21 ₹ 10 Cr, FY22 ₹ (8) Cr, FY23 ₹ 2 Cr and FY24 ₹ 7 Cr. Asset Management business was started in FY21 and new schemes were launched in FY22 Slide 13: IMF, OECD, Federal Reserve, Karvy Wealth Reports, World Bank, Credit Suisse Global Wealth Reports 2021,2022, Citi Research, Financial Times and internal company estimates Slide 14: Avendus, AMFI, SEBI, Preqin, BCG reports, PWC report Slide 25 & 31: Company internal data sources, company research, Asian Private Banker and Care Report Slide 20,30,40: Management fees includes fee from commercial real estate strategy. Commercial real estate (CRE) is a 50:50 JV with Cushman and Wakefield. Nuvama’s share in Profit/ loss of this JV is included in the consolidated financials. Slide 1-54: Revenue and Operating PAT incorporates impact of phase 3 demerger to include merchant banking and advisory services businesses. Revenue is calculated by reducing finance cost and variable business expenses from gross revenue. Operating PAT excludes non-recurring expenses mainly includes demerger, listing, change in brand name and transition related expenses - FY21: ₹ 53 cr, FY22: ₹ 58 cr, FY23: ₹ 60 cr and Q1FY24: ₹14 cr. Operating PBT is before share of profit from associates and Operating PAT is after share of profit from associates and non-controlling interests Slide 1-54: Nuvama data and metrics presented are for or as on end of period as specified and may have been rounded off for presentation purposes 55
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Thank You For any investor related information of the company kindly email us at investor.relations@nuvama.com # 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 Asset Services and Capital Markets 5 Bridge to Financial Statements For more details refer data book published on our website. Click here to access. 56