Nuvama Wealth Management Limited · NSE:NUVAMA
Nuvama Wealth Management — Q2 FY27 Earnings Presentation
58 slides from Nuvama Wealth Management's earnings presentation, Nov 6, 2026
Slide 1: Exchange cover letter for earnings release and presentation
NWML/SEC/2027/65 November 6, 2026 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Tower, Exchange Plaza, 5th Floor, Plot C/1, G Block, Dalal Street, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 001. Mumbai -
Slide 2: Annexure 1: Earnings Release
Annexure 1 Earnings Release For Immediate Publication Nuvama delivers another quarter of diversified growth; Q2 PAT up 26% YoY to ₹319 Cr o H1 PAT reaches ₹625 Cr o Client Assets reach ₹5.5 trillion Mumbai, 6th November 2026: Nuvama Wealth Management Limited (NSE, BSE: NUVAMA), one of India’s leadin
Slide 3: CEO commentary and key highlights
Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said, “We delivered another quarter of strong performance, with Q2 operating profits growing 26% YoY and RoE remaining strong at ~29%. Wealth Management continued its track record of consistent compounding with record net flows, A
Slide 4: Asset Management, Asset Services and Capital Markets highlights
2. Asset Management a) Management fee: ₹17 Cr in Q2, lower by 2% YoY and ₹39 Cr in H1 FY27, up 11% YoY b) Closing AUM: Stood at ₹12,000 Cr, grew by 1% YoY c) Received SEBI’s approval to launch Specialized Investment Fund platform, Numa SIF, and offer SIF products under the platform 3. Asset Services
Slide 5: Nuvama Q2 FY27
NUVAMA Investor Presentation Q2 FY27 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 ₹ 5.5 trillion 3,600+ employees across 100+ offices 1,300+ RMs Strong Governance Unique Proposition Experienced board and Multi Client Se
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 60B of assets under management in private equity, real assets, credit & markets Assets Under Management 1 Number of offices 2 Total Employees 1 ~USD 60B 13 ~9
Slide 10: 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 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 with 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 14: 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 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 +8% +41% ₹ 3,122 +31% ₹ 2,901 1,718 +19% ₹ 2,063 1,428 +32% ₹ 1,575 1,188 ₹ 1,322 1,016 ₹ 998 750 759 734 655 613 484 476 336 389 331 329 167 171 158 20 68 63 59 57 - FY21 FY22 FY23 F
Slide 16: Contents Summary
Contents Summary ▪ India stands at the intersection of growth, market maturity 1. ABOUT US and a large opportunity size ▪ Making India world’s largest emerging wealth pool 2. INDUSTRY OVERVIEW ▪ Creating a structural opportunity for wealth management platforms 3. PERFORMANCE UPDATE 4. STRATEGY 12
Slide 17: India at the intersection of growth, maturity and opportunity
India stands at the intersection of growth, market maturity and a large opportunity size Thailand Source: BCG Global Wealth Report 2026 – The Great Reordering, “Where the Next Wave of Wealth Is Coming From”. Figures are 2025–2030 estimates 13
Slide 18: Making India world's largest emerging wealth pool
Making India world’s largest emerging wealth pool India leads EM wealth creation, accounting for ~35% of the US$ 7 Tn opportunity in the >US$250k client segment by 2030 WEALTH TO BE ADDED BY 2030 INDIA’S SHARE IN EM WEALTH WEALTH CAGR THROUGH 2030 GROWTH OF MILLIONAIRES BY 2029 US$ 2 Tn+ ~35% ~12% 5
Slide 19: Structural opportunity for wealth management platforms
Creating a structural opportunity for wealth management platforms SECULAR GROWTH IN WEALTH MANAGEMENT MARKET INFRASTRUCTURE EXPANSION - ASSET SERVICES Custody, Clearing, Expanding service portfolios GROWTH IN ASSET Mutual funds, AIFs, MANAGEMENT PMS scaling Growing capital pools CAPITAL MARKET and b
Slide 20: Contents Summary
Contents Summary o Nuvama Group delivered a strong performance in Q2 and H1 FY27, 1. ABOUT US with operating profit rising 26% YoY to ₹319 Cr in Q2 FY27 and 21% YoY to ₹625 Cr in H1 FY27 o Wealth Management delivered another quarter of consistent 2. INDUSTRY OVERVIEW compounding, profits grew 22% Yo
Slide 21: Consolidated Performance Q2 and H1 FY27
Consolidated Performance Q2 and H1 FY27 17
Slide 22: Business Summary: Q2 and H1 FY27
Business Summary: Q2 and H1 FY27 MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED SERVING PRODUCT SUITE SALES COVERAGE PLATFORM Wealth Management Investment Solutions Managed Products 4,900+ 1,300+ ₹ 3,71,129 Cr Client Assets Advisory Ultra High Networth Families Wealth RMs Wealth Management Exchange
Slide 23: Business Summary: Q2 and H1 FY27
Business Summary: Q2 and H1 FY27 All figures are in ₹ Cr STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES QUARTERLY HALF YEARLY REVENUES COST TO INCOME 937 1,846 772 1,542 56% 55% 21% 20% 1% Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 OPERATING PAT RETURN ON EQUITY 319 625 254 518 28.9%
Slide 24: Key Highlights: Q2 and H1 FY27
Key Highlights: Q2 and H1 FY27 ▪ Client Assets: Q2 FY27 stood at ₹ 5,46,964 Cr, higher by 25% YoY o Nuvama Wealth client assets stood at ₹ 1,29,177 Cr, grew by 20% YoY. MPIS assets grew faster, by 32% YoY CLIENT ASSETS o Nuvama Private client assets stood at ₹ 2,41,952 Cr, grew by 15% YoY. ARR asset
Slide 25: Key Highlights: Q2 and H1 FY27
Key Highlights: Q2 and H1 FY27 ▪ Total Cost: Q2 FY27 stood at ₹ 507 Cr, grew by 16% YoY and H1 FY27 at ₹ 1,008 Cr, grew by 17% YoY COST o Employee costs: ₹ 382 Cr in Q2, higher by 19% YoY and H1 FY27 at ₹ 752 Cr, grew by 18% YoY o Opex: ₹ 125 Cr in Q2, grew by 9% YoY and H1 FY27 at ₹ 256 Cr, grew by
Slide 26: Consolidated Performance: Q2 and H1 FY27
Consolidated Performance: Q2 and H1 FY27 Particulars – All figures are in ₹ crores Q1 FY27 Q2 FY27 Q2 FY26 YoY H1 FY26 H1 FY27 YoY Total Revenue 1 909 937 772 21% 1,542 1,846 20% Wealth Management 447 501 438 14% 815 948 16% Asset Management 22 15 14 -2%2 32 37 11% 2 Asset Services 259 245 160 53% 3
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) Dividend history1 to maximize profitability and RoE ₹ 14 per share: Declared in
Slide 28: Segmental Summary: Q2 and H1 FY27
Segmental Summary: Q2 and H1 FY27 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 ₹ 1,29,177 Cr of client assets 1,150+ RMs and 8,500+ 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: Journey over years
Nuvama Wealth: Journey over years All figures are in ₹ Cr YoY YoY CLIENT ASSETS REVENUES 5Y CAGR 14% 5Y CAGR 18% 27% 93,846 1,07,110 28% 817 960 77,930 669 574 50,889 52,575 409 33,018 275 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 YoY OPERATING PBT COST TO INCOME 5Y CAGR 22% 5Y DEL
Slide 32: Nuvama Wealth: Performance Metrics
Nuvama Wealth: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY) By Solutions By Channel +13% MPIS NII Relationship Manager +20% Brokerage Others External Wealth Manager 525 191 463 160 +14% 58% 56% +21% 74% 74% 275 102 241 84 22% 24% 11% 11% 26% 26%
Slide 33: 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) +20% MPIS Loan Broking Others +35% 1,29,177 6,333 1,07,769 34,935 45,996 +32% 4,680 3,980 6,360 67,947 75,870 907 952 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 H1 FY26 H1
Slide 34: Nuvama Private
Nuvama Private Amongst top 2 independent private wealth players Well scaled High-quality team ₹ 2,41,952 Cr of client assets 150+ relationship managers 4,900+ families Comprehensive Solutions High customer satisfaction Investments | Lending | Estate Planning Net Promoter Score of 66 Family Office |
Slide 35: 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 36: Nuvama Private: Journey over years
Nuvama Private : Journey over years All figures are in ₹ Cr YoY CLIENT ASSETS YoY REVENUES 5Y CAGR 5Y CAGR 24% 4% 16% 1,99,452 2,06,677 29% 611 758 1,69,904 519 1,29,391 442 1,19,540 98,570 341 210 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 OPERATING PBT YoY COST TO INCOME 5Y DELTA
Slide 37: Nuvama Private: Performance Metrics
Nuvama Private: Performance Metrics Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY) Annual Recurring Revenue +20% Transactional Revenue +23% 424 141 352 115 +15% 56% +24% 64% 82 226 197 66 44% 36% Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 Q2 FY26 Q2 FY27 H1 FY26
Slide 38: 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 +15% Transactional Assets +13% 2,41,952 6,068 2,10,805 5,360 50,621 62,862 +24% 1,39,498 1,58,794 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY2
Slide 39: Nuvama Asset Management
Nuvama Asset Management Focused and high-performing alternatives asset management business Scaling with Speed Active Strategies AUM of ₹ 12,000 Cr Private Markets + Public Markets + Commercial Real Estate 81% of this being fee paying High-Quality Investment Team Strong Distribution 25+ investment pr
Slide 40: 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 41: Nuvama Asset Management: Journey over years
Nuvama Asset Management: Journey over years All figures are in ₹ Cr YoY ASSETS UNDER MANAGEMENT REVENUES - MANAGEMENT FEE YoY 4Y CAGR 13% 4Y CAGR 31% 12,807 35% 11,307 56% 59 77 6,967 45 5,581 36 3,856 13 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FEE PAYING AUM YoY NO OF STRATEGIES 4Y CAGR 4
Slide 42: Nuvama Asset Management: Performance Metrics
Nuvama Asset Management: Performance Metrics Management fee (₹ Cr and YoY)1 Client Assets (₹ Cr and YoY) Fee Paying Client Assets (₹ Cr and YoY) +1% +11% 11,045 -11% 11,878 12,000 39 9,775 35 -2% 17 17 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 1. Management fees and AUM remaine
Slide 43: A clear, differentiated identity built around the way investors think
A clear, differentiated identity built around the way investors think THE POSITIONING KICKING OFF WITH TRACK RECORD IN ALTERNATIVES “For the α Mindset” Equity Long-Short speaks to informed investors Fund1 India's largest who think beyond 5+ years equity long- convention short AIF3 o Similar strategy
Slide 44: 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 45: 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 1.3 domestic institutional clients
Slide 46: Asset Services and Capital Markets: Journey over years
Nuvama Asset Services and Capital Markets: Journey over years All figures are in ₹ Cr CLIENT ASSETS - ASSET SERVICES REVENUES - ASSET SERVICES YoY 5Y CAGR - 5Y CAGR 12% 36% 35% 1,26,046 1,25,954 734 655 91,156 329 38,708 43,532 27,056 167 171 158 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY2
Slide 47: 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) +43% +5% +26% 504 340 357 527 419 353 +53% +9% +34% 245 161 175 259 160 193 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q2 FY27
Slide 48: Doing it right! Driving growth, earning recognition
Doing it right ! Driving growth, earning recognition Recognized with prestigious awards for excellence in Q2 FY27 o Best Private Bank for HNWIs - India – The Asset Triple A Private Capital Awards 2026 o Leading Clearing Member - Custodian Participants – MCX Awards 2026 o Leading Institutional Partic
Slide 49: ESG: Embedding ESG into everything we do
ESG: Embedding ESG into everything we do ENVIRONMENT SOCIAL GOVERNANCE US GBC Gold certified head office for interior SO 27001 for information security BRSR report for FY26 - completed with designing management system assurance on ESG core principles Green Energy: 56% of total energy consumed Net Pr
Slide 50: 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 46
Slide 51: 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 ~60 billion Management team with visionary leadership having experienced multiple business cycles Integrated and differentiated platform Comprehensive sui
Slide 52: 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 53: Well defined trajectory for each segment
Well DEFINED TRAJECTORY for each segment EXECUTION STRATEGY FOCUS AREAS MARKERS Sep’23 In 5 years grow Build full suite of alternatives Continue to scale public Expand AUM to 6-8x or Significantly market strategies Distribution 45-50% CAGR Scale Asset On-going On-going Nuvama Management Private Equi
Slide 54: 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 55: Annexures
INalatsy.lisys “a nuvama
Slide 56: 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 57: 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 58: 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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