Nuvama Wealth Management Ltd

Key Update

• On August 24, 2026, the company allotted 6,02,701 equity shares on ESOP/ESAR exercise.
• Post-allotment, share capital rose from 18,36,15,547 to 18,42,18,248 shares.

Meeting Details

• Date of call: July 31, 2026.
• Type and mode: earnings conference call; audio recording hosted on company website.

Participants

• Company management (roles not specified) participated.

Purpose

• Discuss the quarterly performance for the quarter ended June 30, 2026.

Additional Notes

• Presentation shared with stock exchanges; recording available on company site.

Business Overview

• Integrated wealth management platform spanning wealth management, asset services, asset management, and capital markets.
• Strategy focuses on organic growth, technology/AI, and disciplined governance and capital allocation.
• Promoter PAG backing with strong governance and long track record.
• Q1 FY27 client assets exceed ₹5 lakh crore signaling scale and trust.

Operational Highlights

• Wealth Management revenues ₹447 Cr in Q1 FY27, up 19% YoY.
• Wealth Management PBT ₹149 Cr in Q1 FY27.
• Wealth client assets ₹3,63,892 Cr; up 12% YoY.
• MPIS revenues grew 13% YoY; MPIS NNM ₹3,044 Cr.
• Nuvama Wealth revenues ₹250 Cr; MPIS revenues grew strongly.
• Nuvama Private revenues ₹198 Cr; ARR up 14% YoY.
• Private ARR NNM ₹1,083 Cr; underlying flows healthy above ₹1,800 Cr.
• Nuvama Asset Management AUM ₹13,261 Cr; CRE-led growth; PRIME fund close ₹4,000 Cr.
• Asset Services revenues up 34% YoY; assets under custody ₹1,58,986 Cr.
• Capital Markets revenues flat YoY; PBT ₹269 Cr, up 19%.

Financial Performance

• Total revenue ₹909 Cr; YoY growth 18%.
• Costs ₹501 Cr; cost-to-income 55%.
• Operating PAT ₹306 Cr; YoY growth 16%.
• ROE 29.5% in Q1 FY27.
• Total client assets ₹5,36,139 Cr at Q1 end.
• ARR assets ₹58,521 Cr; ARR NNM ₹1,083 Cr.
• Dividends per share ₹14 in May 2026 and Nov 2025; payout ~49% FY26.

Strategic Priorities & Outlook

• Strategy unchanged: invest in organic growth, deepen client relationships, embrace technology and AI.
• Focus on scaling Asset Management; launch SIF strategies and offshore wealth initiatives.
• Capital allocation: disciplined deployment, potential M&A, return capital to shareholders.

Capital Structure & Liquidity

• Capital management emphasizes disciplined profitability and RoE.
• Prime CRE fund final close ₹4,000 Cr indicates CRE funding success.

Governance & Leadership

• Promoter PAG; MD & CEO Ashish Kehair lead the group.
• Board ESG/CSR committees established; BRSR completed; governance policies in place.
• Dividend history demonstrates consistent payouts; ₹14 per share in May 2026 and Nov 2025.
• 4,850+ UHNI families; 1.3+ million affluent & HNIs; 1,000+ institutions served.
• ESG alignment with UN SDGs; biannual information security audits; no major non-compliance.

Financials

• Consolidated and standalone unaudited results approved for quarter ended June 30, 2026.
• Standalone revenue from operations Rs 424.33 Cr; total income Rs 430.87 Cr.
• Standalone PAT Rs 254.70 Cr; quarterly EPS basic Rs 13.98, diluted Rs 13.61.
• Q1 debt-equity 0.42; net worth Rs 2,105.37 Cr; net profit margin 59.11%.
• Consolidated debt-equity 2.88; net worth Rs 4,192.19 Cr; PAT Rs 305.64 Cr.
• Impairment on Pickright Rs 16.71 Cr for year ended Mar 31, 2026.
• EPS restated for Jun 2025 due to share subdivision.

Segment performance

• Capital markets segment revenue Rs 172.09 Cr; holding company activities Rs 250.17 Cr.
• Total standalone segment revenue Rs 430.87 Cr; segment PBT Rs 257.00 Cr.
• Capital markets PBT Rs 22.49 Cr; holding co PBT Rs 250.17 Cr; unallocated Rs 0.47 Cr.

Capital raises & acquisitions

• Up to Rs 500 Cr in NCDs via private placement; subject to member approval.
• Acquire 26% stake in Pickright; Pickright becomes wholly owned subsidiary.
• Cash consideration Rs 2.08 Cr; 1,34,787 shares at Rs 10 face, Rs 144 premium.
• Completion targeted within 2 months from intimation.
• Post-acquisition, 26% held; Pickright remains subsidiary.

Investments & subsidiaries

• Investment in NAML up to Rs 100 Cr in one or more tranches.
• NAML FY26 turnover Rs 135.52 Cr; net worth Rs 97.50 Cr.
• NAML is a WOS; arm's length basis; no promoter group interest.

Governance & approvals

• Independent Directors re-appointed: Birendra Kumar and Anisha Motwani for 3 years.
• Term starts July 22, 2027; subject to member approval.
• Disclosures: Pickright and NAML related parties; transactions at arm's length.

Notes & disclosures

• CP proceeds used per objects; no deviations from offer document.
• NCSL lien case resolved; Supreme Court SLP dismissed July 17, 2026.
• Share sub-division of equity shares; EPS restatement for prior periods.
• Results published on BSE/NSE and company website.

Key Update

• On July 27, 2026, approved allotment of 67,745 equity shares.
• Share capital increased from 18,25,28,816 to 18,25,96,561 shares of Rs 2.

SEBI administrative update

• Administrative Warning from SEBI dated July 17, 2026 regarding NWML’s merchant banking of public issues.
• Observations relate to documentation and process; NWML advised to be careful to avoid recurrence.
• No impact on financials, operations, or subsidiaries reported.

Regulatory update

• SEBI issued an Administrative Warning on July 17, 2026 to NWML as merchant banker.
• Observations relate to documentation and process improvements for public issues; no financial or operational impact.
• Administrative Warning received July 17, 2026; NWML advised to avoid recurrence.
• No change to NWML's financials, operations or subsidiaries.