Nuvama Wealth Management Ltd Management Discussions

Investor preferences continue to evolve from traditional transaction-based investing towards professionally managed and advisory-led solutions. Sustained domestic capital market participation, increasing financial literacy, and the growing complexity of investment decisions have accelerated demand for managed products across wealth segments.

PMS, AIF, mutual funds, structured products, and discretionary portfolio solutions continue to gain market share as investors seek professional expertise, diversification, and risk-adjusted returns. This structural shift is also supporting the industrys transition from distribution-led models towards recurring fee-based advisory relationships, resulting in stronger client engagement and more predictable revenue streams for wealth managers.

Global diversification is increasingly becoming an important portfolio consideration for Indian HNIs and UHNIs, driven by the need to access a broader opportunity set, diversify geographic and currency exposure, and participate in global investment themes. As client wealth grows and investment sophistication increases, demand for offshore investment solutions continues to gain momentum.

This trend is enabled through established regulatory channels, such as the Liberalised Remittance Scheme (LRS) for individuals and the Overseas Direct Investment (ODI) framework for entities, which allow structured, compliant access to international markets and offshore investment structures. These routes are increasingly used by HNIs, UHNIs, and family offices for global portfolio allocation, alternative investments, and overseas structuring.

The development of GIFT City and the International Financial Services Centre (IFSC) ecosystem has further strengthened Indias offshore wealth management infrastructure by providing a regulated platform for accessing global investment opportunities. Wealth managers are increasingly leveraging strategic partnerships with External Asset Managers (EAMs), international product providers, and global investment platforms to offer clients access to international equities, global fixed income, alternative investments, and discretionary portfolio solutions.

Source: PIB

Indias expanding HNI and UHNI population is driving increased demand for comprehensive wealth management solutions beyond traditional investment advisory. Wealth creation through entrepreneurship, capital markets, and business ownership has resulted in greater demand for holistic financial planning, estate structuring, governance frameworks, tax optimisation, and succession planning.

Family offices are emerging as an important segment within the wealth management ecosystem. As family wealth becomes increasingly complex, clients are seeking institutional-quality advisory capabilities and consolidated wealth management platforms to preserve and grow wealth across generations. The next generation is moving forward by establishing structured family offices with dedicated teams to explore new opportunities.

The wealth management industry continues to benefit from an evolving regulatory framework that is enhancing investor protection, transparency and governance standards. Regulatory initiatives across RIAs, PMS, AIFs, mutual funds and broader capital markets have strengthened industry practices, improved disclosure standards and encouraged greater alignment between client interests and advisory recommendations.

Alongside regulatory evolution, policymakers have actively supported product innovation, expanding the investment toolkit available to investors. New structures such as Specialized Investment Funds (SIFs), co-investment opportunities within AIFs, REITs, InvITs, Gold ETFs, fractional ownership platforms and the continued development of the GIFT IFSC ecosystem are providing investors with broader access to differentiated asset classes, global investment opportunities and specialised strategies through regulated channels

Technology continues to reshape the wealth management value chain, enhancing efficiency, scalability, and client engagement. Digital onboarding, portfolio analytics, client reporting, and integrated advisory platforms have become key differentiators across the industry.

The adoption of artificial intelligence is further accelerating this transformation through personalised investment recommendations, predictive analytics, portfolio monitoring, risk assessment, and enhanced client servicing capabilities. AI-driven solutions are enabling

wealth managers to deliver more customised experiences while improving operational productivity and decisionmaking processes.

The competitive landscape continues to evolve with participation from private banks, standalone wealth managers, boutique advisory firms, asset managers, fintech platforms, and global financial institutions seeking to expand their presence in India. The sector has witnessed the entry of several new wealth management platforms and advisory firms, attracted by strong industry growth prospects.

The industry has also seen heightened interest from private equity investors, with significant capital being deployed into wealth management businesses to support platform expansion, technology investments, acquisitions, and talent acquisition. This influx of capital has further intensified competition and accelerated industry consolidation.

At the same time, relationship managers (RMs) remain a critical differentiator in client acquisition and retention, specially in the UHNI and HNI segment. Growing demand for experienced advisory talent has led to increased competition for high-performing RMs, resulting in higher compensation costs and elevated attrition levels across the industry. As competition shifts beyond product offerings toward advisory quality, client experience, and relationship depth, firms are increasingly focussed on strengthening talent retention, technology capabilities, and differentiated service models to sustain growth and market share.

The asset management industry continues to demonstrate structural resilience, supported by rising financial savings, deeper investor participation, expanding distribution networks, and increasing acceptance of professionally managed investment products. Investors are increasingly looking for diversified, transparent and risk-calibrated investment solutions across traditional and alternative asset classes.

Indias managed funds industry is benefiting from the rapid expansion of the countrys wealth base and growing institutionalisation of savings. Large institutional pools of capital, including insurance, retirement and treasury assets, have grown in both scale and sophistication. Together, these trends are expanding the investible asset base, increasing demand for professional investment management and creating a favourable environment for the growth of managed funds across traditional and alternative asset classes.

The assets under management (AUM) of Indias managed funds industry increased to 5 212 lakh crore in FY 2025, from 5 92 lakh crore in FY 2020, registering a CAGR of ~18%, reflecting the accelerating financialisation of savings and deepening capital markets, according to the ascent of alternatives report by Crisil Intelligence in February 2026.

AUM in Indias managed fund industry has risen sharply, increasing from ~45% of nominal GDP in March 2020 to ~64% in March 2025, and is projected to reach ~73% by

2030. This upward trajectory reflects deepening capital market participation and an increasing shift towards professionally managed financial assets across both household and institutional savings.

Indias alternatives industry is witnessing a steady increase in domestic capital participation, driven by growing allocations from family offices, HNIs, UHNIs, banks and government-linked institutions. Rising wealth creation, greater awareness of private market opportunities and the search for differentiated returns are supporting this transition.

A significant opportunity remains in expanding participation from domestic institutional investors, including pension funds, retirement funds, insurance companies and banks. Reflecting this trend, the share of domestic investors in funds raised across Category I and II AIFs increased from 50.3% in March 2024 to 52.7% in June 2025, resulting in incremental fund inflows of approximately 572,667 crore. Greater domestic participation has the potential to further deepen the alternatives ecosystem and support longterm capital formation for entrepreneurship, innovation and infrastructure development.

Source: SEBI

Notes: 1) Based on gross funds raised as on June 30, 2025

2) Funds raised from employees, sponsors, managers and Employee benefit trust data are not included

3) Foreign investors include foreign portfolio investors, foreign venture capital investors, non-resident Indians and others

The asset management landscape is also witnessing the emergence of new fund management platforms established by experienced investment professionals and entrepreneur-led teams. As capital markets deepen and

investor demand becomes more sophisticated, specialised fund managers are increasingly launching focussed strategies across public equities, private markets, private credit, real estate and alternative investments.

The mutual fund industry remains a key beneficiary of Indias increasing financialisation, supported by rising retail participation, growing investor awareness and sustained SIP inflows. Industry AUM increased to 573.7 lakh crore as of March 2026, registering 12.2% YoY growth, while annual SIP contributions reached a record 53.49 lakh crore. The industry also witnessed broad-based participation across investor segments and geographies, with B-30 cities accounting for nearly 18-20% of industry AUM, reflecting deeper penetration beyond metropolitan markets.

Mutual funds continue to benefit from their accessibility, regulatory oversight, product diversity and suitability for long-term wealth creation. The launch of lifecycle funds further expands the product suite by offering goal-based, age-aligned allocation solutions for investors across life stages. As investor participation broadens and financial savings continue to migrate towards market-linked products, the industry remains well positioned to capture a growing share of household wealth.

The introduction of Specialised Investment Funds (SIFs) marks a significant product innovation within the asset management landscape. Positioned between traditional mutual funds and higher-ticket solutions such as PMS and AIFs, SIFs provide eligible investors access to more sophisticated and strategy-led investment approaches within a regulated asset management framework.

Investor adoption has been encouraging, with SIF AUM crossing 523,000 crore as of July 2026. Hybrid-oriented strategies accounted for 71% of total SIF assets, while equity-oriented strategies represented the remaining 29%. The emergence of SIFs reflects growing demand from affluent investors for differentiated, outcome- oriented and risk-adjusted investment solutions, further expanding the industrys product spectrum and growth opportunities.

Source: AMFI, * SIF data is available on AMFI website after Oct-25

The alternatives segment has emerged as one of the fastest-growing areas of Indias asset management industry, driven by increasing investor sophistication, rising allocations from HNIs, UHNIs and family offices, and growing demand for diversification beyond traditional asset classes. Investors are increasingly allocating capital across both listed and private market alternative strategies in pursuit of differentiated return streams, portfolio diversification and access to unique investment opportunities.

The listed alternatives segment, comprising Portfolio Management Services (PMS) and Category III AIFs, continues to witness strong growth as investors seek more customised, concentrated and alpha-oriented investment strategies. PMS solutions are increasingly preferred by affluent investors for their flexibility, portfolio customisation and ability to deliver differentiated investment outcomes. As of April 2026, the PMS industry managed over 542 lakh crore in AUM across more than 2.1 lakh investor accounts, reflecting growing investor sophistication and increased adoption of professionally managed portfolios.

Category III AIFs have also gained traction, supported by increasing acceptance of long-short, market-neutral and other hedge-fund-like strategies. These vehicles provide investors with access to sophisticated listed- market strategies that go beyond traditional long-only approaches, while benefiting from a regulated investment framework. Together, PMS and Category III AIFs are expanding the spectrum of listed-market investment opportunities and driving the evolution of Indias managed investments landscape.

Further, the establishment of Association of Portfolio Managers in India (APMI) by SEBI represents an important milestone for Indias PMS industry, aimed at promoting industry-wide standardisation, strengthening governance and compliance frameworks, enhancing investor protection, and fostering greater transparency. This is expected to further institutionalise the PMS ecosystem and support its long-term growth.

Private markets have become an increasingly important component of investor portfolios, with rising allocations towards private equity, private credit, venture debt, commercial real estate, infrastructure and other private market strategies. Investors are increasingly seeking exposure to long-term growth opportunities, alternative sources of yield and returns that are less correlated with public market cycles.

The AIF industry has been the primary vehicle driving participation in private markets. AIF commitments increased from 53.7 lakh crore in FY 2020 to 513.5 lakh crore in FY 2025, and further to 516.94 lakh crore in FY 2026, reflecting a CAGR of approximately 29%. More than 61% of AIFs have been registered in the last four- and-a-half years, highlighting the rapid expansion of the ecosystem.

Several structural trends are supporting growth in private markets:

• Increasing participation from domestic investors, family offices and institutional capital pools

• Growing demand for private credit as companies seek flexible financing solutions

• Rising allocations to commercial real estate through yield-oriented and income-generating strategies

• Expansion of venture debt as startups seek nondilutive capital alongside equity funding

• Stronger interest in private equity opportunities driven by Indias favourable economic and entrepreneurial landscape

With AIF commitments projected to reach 553-65 lakh crore by FY 2030, private markets are expected to remain one of the fastest-growing segments within Indias managed investments industry, supported by growing domestic capital, increasing investor awareness and expanding access to alternative asset classes.

Source: SEBI, Orisil intelligence

Overall, the outlook for the asset management industry remains constructive, supported by continued financialisation of savings, rising disposable incomes, growing adoption of market-linked products and increasing participation from both retail and institutional investors. Product innovation across mutual funds, alternatives and SIFs is further broadening the investment landscape and creating new avenues for growth.

The industry is also witnessing greater convergence between traditional and alternative asset management, with investors increasingly seeking integrated portfolio solutions rather than standalone products. This trend is expected to favour asset managers with strong investment capabilities, multi-asset expertise, robust distribution networks and technology-enabled operating platforms.

Indias capital markets continue to evolve in scale, sophistication and complexity, driven by rising institutional participation, growth in alternative assets, increasing trading activity, technological advancement and an evolving regulatory framework. These trends are expanding the scope of asset servicing beyond traditional custody and settlement towards integrated solutions spanning custody, clearing, fund administration, regulatory reporting and investor servicing.

Foreign portfolio investors remain a key pillar of Indias institutional market ecosystem, supported by the countrys macroeconomic resilience, market depth and ongoing capital market reforms. While participation has historically been concentrated across established financial centres such as the US, Mauritius, Singapore and the UK, there remains significant scope for broader participation from investors across Europe, the Middle East and Asia-Pacific.

The number of FPIs registered in India increased from 6,831 in FY 2021 to 11,717 in FY 2026, while FPI custody assets stood at 569.6 lakh crore.

The continued growth of AIFs and PMS is increasing demand for specialised custody, fund accounting, valuation support, regulatory reporting and investor servicing capabilities. As alternative strategies gain wider acceptance among institutional and affluent investors, asset servicing platforms are becoming integral to supporting increasingly complex fund structures and investment vehicles.

Total AIF and PMS assets under custody increased more than five-fold from 52.8 lakh crore in FY 2021 to 514.7 lakh crore in FY 2026, while the number of AIF and PMS increased from 907 to 2,353 during the same period.

Institutional investors, asset managers, AIFs, PMS platforms and global investors are increasingly seeking to focus on their core investment and distribution activities rather than managing operational and regulatory processes in-house. As a result, there is growing demand for outsourced solutions spanning custody, settlements, fund administration, reporting, compliance support and investor servicing.

This trend is driving greater adoption of specialised asset servicing platforms that offer scale, operational expertise, technology infrastructure and risk management capabilities, enabling clients to improve efficiency while reducing operational complexity.

The rapid growth of new investment structures such as AIFs, PMS, ETFs, REITs, InvITs, SIFs, structured products and debt-market instruments is expanding the scope of asset servicing. Each product category brings unique operational, reporting and regulatory requirements, increasing demand for integrated and technology-enabled custody and administration solutions.

As investment products become more sophisticated, asset servicing providers are increasingly required to support complex workflows across multiple asset classes and fund structures.

Indias capital markets are becoming increasingly transaction-intensive, supported by deeper participation in equities, derivatives and algorithmic trading strategies. While regulatory measures have sought to strengthen investor protection and curb excessive speculation, derivatives continue to play an important role in market liquidity, price discovery and risk management.

The increasing scale of market activity is driving demand for robust clearing, collateral management, margin monitoring, settlement and reconciliation infrastructure, making operational efficiency and risk control critical differentiators for asset servicing providers.

is the worlds largest derivatives exchange by number of contracts traded, followed by

, which ranks second globally

Source: Statists data.

As Indias financial markets deepen, regulatory frameworks are evolving across investor protection, risk management, reporting standards, settlement processes and operational resilience.

Increasing oversight across market participants, investment vehicles and intermediaries is driving greater focus on compliance, governance and transparency.

In this environment, Asset Services is moving beyond traditional safekeeping and settlement execution to play a more strategic role in enabling market access, supporting complex fund structures, managing regulatory requirements and facilitating faster settlement cycles.

Technology-led platforms with strong compliance, reporting and data capabilities are becoming critical partners for institutions navigating regulatory complexity and scaling participation in Indias capital markets.

Indias capital markets continue to play a critical role in channeling savings into productive investments, supporting entrepreneurship, corporate growth, infrastructure development and wealth creation. Supported by deepening financialisation, rising domestic participation and a growing investor base, India has emerged as one of the worlds most significant capital formation markets across equity, debt and alternative financing channels.

Indias primary market continued to play a pivotal role in capital formation, reinforcing its position as one of the worlds most active fundraising platforms. FY 2026 witnessed a record 366 IPOs, raising approximately 51.9 Tn, a growth of 9.5% over the previous year. Activity was led by the mainboard segment, where 109 IPOs raised nearly 51.7 Tn, accounting for the majority of funds mobilised during the year.

The strong fundraising environment was supported by robust participation across both mainboard and SME segments, reflecting growing investor confidence and continued demand for growth capital. While recent

market volatility, geopolitical uncertainties and valuation considerations have led to some moderation in issuance activity, a healthy pipeline of companies remains positioned to access public markets as conditions stabilise.

A notable structural shift has been the rising influence of domestic capital in the IPO ecosystem. Domestic investors now account for nearly 75% of IPO investments, compared with approximately 57% in FY 2021, underscoring the growing role of mutual funds, insurance companies and retail investors in supporting Indias capital formation journey. This increasing domestic participation is strengthening market resilience and reducing dependence on foreign capital flows.

Source: Company

*Others include InvITs, ReITs, SM-ReITs and debt public issue

Indias private equity and venture capital ecosystem demonstrated resilience and continued momentum in 2025 despite a challenging global macroeconomic environment. As per Private Equity and Venture Capital Trendbook 2026, total investments reached USD 60.7 billion across 1,475 deals, marking an 8% increase in value and 9% growth in deal volume, making it the second- highest year on record. Growth and start-up investments led the recovery, with deal volumes rising 56% and 19%, respectively, while sectoral concentration remained stable with the top five sectors - financial services, infrastructure, real estate, technology and e-commerce - accounting for ~72% of total investments. Real assets (infrastructure and real estate) continued to play a significant role, contributing over one-third of overall capital deployment.

Exit activity remained robust, with total exits reaching USD 32.9 billion across 257 deals, up 17% YoY, driven primarily by a sharp rebound in strategic exits, which grew

211% to account for nearly half of total exit value. Fundraising activity also strengthened significantly, with funds raised reaching an all-time high of USD 23.2 billion across 123 fundraises, reflecting strong investor confidence in Indias long-term growth story. While near-term deployment may remain measured amid global uncertainties and valuation gaps, the industry outlook remains constructive, supported by strong economic fundamentals, a robust IPO pipeline and increasing investor participation.

Indias capital markets have witnessed a structural shift in the composition of investment flows, with domestic capital emerging as an increasingly important source of market liquidity and stability. Historically, market direction was heavily influenced by foreign institutional investor (FII/FPI) flows. However, the rapid growth of mutual funds, insurance companies, pension funds, family offices, and retail investors has created a much larger and more resilient domestic investor base.

Indias capital markets continue to be among the bestperforming globally. According to BCGs India Value Creators Report 2025, India delivered 15.2% average annual total stakeholder returns (TSR) over the last decade,

outperforming major developed and emerging market benchmarks including the S&P 500, Japan and Europe.

This strong long-term performance has reinforced investor confidence, accelerated financialisation of savings and strengthened the role of equity markets as a preferred avenue for long-term wealth creation.

Indias fixed income market has undergone significant structural expansion over the past few years, creating a larger opportunity set for issuers, investors, and intermediaries. Outstanding government securities have nearly doubled from 561 lakh crore in FY 2019 to 5125 lakh crore in FY 2026, while the corporate bond market has expanded from 531 lakh crore to 557 lakh crore over the same period. Secondary market liquidity has also

improved materially, with average daily trading volumes in G-Secs rising from approximately 5300 billion to 5600 billion and corporate bond volumes increasing from 557 billion to 588 billion.

Regulatory initiatives aimed at attracting foreign capital - including greater market access for FPIs, tax and operational reforms, FCNR(B) incentives, and concessional ECB funding facilities - are expected to further deepen debt markets, broaden the investor base, and drive higher issuance activity.

Positioned at the intersection of trust, expertise and scale, we have emerged as one of Indias leading integrated wealth management firms, managing over 54.5 lakh crore of client assets. Serving a diverse clientele that includes individuals, institutions, CXOs and family offices, we offer a comprehensive suite of solutions across investment advisory, portfolio management, estate planning, lending and broking.

Beyond wealth management, our integrated platform encompasses an alternatives-focussed asset management business, as well as market-leading asset services and capital markets franchises. This diversified yet synergistic ecosystem enables us to address the evolving financial needs of clients.

Backed by PAG, a leading global investment firm with over USD 57 billion in AUM and deep institutional expertise, we benefit from strategic support that strengthens our platform. This is complemented by an experienced leadership team with a proven track record across market cycles, enabling disciplined execution and long-term value creation. Together, global expertise and seasoned leadership provide Nuvama with a strong foundation for sustainable growth.

Over the past two decades, we have built a comprehensive and scalable financial services ecosystem spanning Wealth Management, Asset Management, Asset Services and Capital Markets. This integrated platform enables us to address a wide spectrum of client needs through a single relationship, creating meaningful cross-segment synergies and a differentiated value proposition. Our hybrid model combines deep relationship-led advisory with advanced digital capabilities, enhancing client experience while supporting scalable growth across segments. As an early entrant in several of our businesses, we have benefited from over 15 years of investment in people, capabilities and infrastructure, allowing us to

establish leadership positions, achieve scale and create sustainable competitive advantages across our operating segments.

We serve a diversified client base spanning Affluent & HNI, UHNI, Corporate, and Institutional segments across our businesses. As of March 31, 2026, we serve over 1.3 million Affluent and HNI clients, along with 4,750+ UHNI clients and family offices, reflecting the depth and scale of our franchise. We have established a strong presence across 500+ locations, supported by a network of over 75 branches, ~1,250 RMs and ~8,000 active External Wealth Managers, enabling broad market coverage and client access.

Our asset management business segment served more than 4,900 investors, while the capital markets business segment catered to over 1,000+ institutional and corporate clients as of March 31, 2026. Our total client assets stood at 5 4.5+ lakh crore as of March 31, 2026, registering a CAGR of 23% over the past five years, underscoring sustained growth and client trust.

We have delivered consistent growth in revenues and profitability over the past five years, reflecting the strength of our diversified business model. Our multi-stream revenue base provides stability and resilience, supporting secular growth while mitigating the impact of market volatility. Supported by a strong capital position, we remain well-capitalised to pursue growth opportunities, invest in capabilities and deliver resilient performance across market cycles.

We leverage technology to deliver a seamless and differentiated client experience. Our full-stack digital platform provides end-to-end capabilities across the value chain, including digital onboarding, straight- through processing, client servicing, engagement and portfolio reporting. This technology backbone also enhances operational efficiency and scalability, while equipping relationship managers and external partners with advanced tools to deliver personalised, insight-led advisory.

Strong execution across our diversified businesses continued to drive sustainable growth in client assets and earnings. Businesses delivered healthy growth across timeframes, with five-year CAGRs of 23% in client assets, 26% in revenue and 39% in operating PBT.

(5 crore)

Note: Asset Management revenue and operating PBT have not been included in the above tables, as this business commenced in FY 2021 and the numbers remain relatively small, making CAGR comparisons less meaningful.

Consistent financial performance and disciplined capital allocation continue to translate into long-term value creation for our shareholders.

Our integrated ecosystem, balanced revenue streams and multiple growth engines provide stability across cycles and enable us to capture opportunities across segments.

Note: Asset Management revenue and growth not been included in the above tables, as this business commenced in FY 2021 and the numbers remain relatively small, making comparison less meaningful.

(5 crore)

1. One time statutory impact of New Labour Codes

• Revenues grew 8%, from 5 2,901 crore in FY 2025 to 5 3,122 crore in FY 2026.

• Operating PBT increased by 5%, from 5 1,311 crore in FY 2025 to 5 1,382 crore in FY 2026.

• Operating PAT grew by 6%, from 5 986 crore in FY 2025 to 5 1,049 crore in FY 2026.

• Cost-to-Income ratio stood at 56% in FY 2026.

• Return on Equity (RoE) stood at 28.1% in FY 2026.

• Maintained a consistent dividend payout of ~49% of operating PAT for the year.

FY 2026 was a strong year for the Wealth Management franchise, with Nuvama Wealth and Nuvama Private delivering healthy 20% YoY revenue growth. The business added clients, expanded client assets, improved revenue quality and enhanced operating efficiency, supporting higher profitability. Focus revenue streams such as ARR and MPIS continued to outpace overall revenue growth. We also invested across key priorities, including RM hiring, expansion of the EWM network, onshore and offshore presence, technology enablement for RMs and clients, and new product launches to strengthen the client value proposition.

Nuvama Wealth sustained strong business momentum in FY 2026, supported by disciplined execution and continued progress on key strategic priorities. Over the last five years, the business has scaled meaningfully, with revenue growing more than 3x and profit increasing more than 10x. Building on this momentum, the business delivered improvement across key input parameters and translated these into strong, sustainable outcomes during the year.

? Grew by 18% YoY to 5960 crore from 5817 crore in FY 2025

? MPIS revenues rose 38% YoY, increasing contribution to total revenue to 59% from 50% in FY 2025

• Profit before tax: Grew 22% YoY to 5330 crore from 5269 crore in FY 2025

• Cost to income: Stood at 65.7% for FY 2026. Margins expanded by ~135 bps, driven by improved productivity, maturing RM base and sustained quality of earnings

? Grew by 14% YoY to 51,07,110 crore as of March 31, 2026 from 593,846 crore in FY 2025 ? MPIS assets grew by 32% YoY to 539,227 crore ? Loan book grew by 76% YoY to 54,932 crore

• Net Flows: MPIS net flows stood at 58,920 crore, representing 30% of opening MPIS assets

? Enhanced the seniority and depth of the RM base to serve the evolving needs of clients ? Added ~80 senior relationship managers on a net basis during FY 2026

? Platform continues to attract EWMs. Added 1,800+ EWMs in FY 2026

? Completed foundational work across key digital platforms, including One Platform for clients, RMs and EWMs, MARS for portfolio solutions, and the refreshed customer website ? With this foundation in place, the focus is now on enriching these platforms through Al-driven enhancements to improve usability, productivity, decision-making and scalability ? Identified and piloted multiple Al use cases across the value chain, including client and portfolio analytics, client reporting, RM hiring, and learning and development

? Launched an AI-led Pitch Practice Tool for RMs ? Focussed programmes to improve RM productivity across RM cohorts, revenue per RM improved by ~25% YoY

? Shifted from a product-led approach to a more holistic portfolio-led approach ? Introduced family-level reporting to provide a consolidated view of client portfolios ? Enhanced client-level analytics to deliver sharper

insights and improve portfolio conversations ? Achieved an NPS of 85 in FY 2026, reflecting a strong client experience

? Launched Virasat, a comprehensive estate and legacy planning solution for wealth transfer and succession planning

Nuvama Private delivered a robust performance in FY 2026, driven by sustained growth in recurring revenue streams. Over the last five years, revenue has grown by ~4x and profits by ~8x, underscoring the quality and sustainability of earnings across solutions. The business continued to invest in capacity, expand its onshore and offshore presence, strengthen the platform and build its brand.

? Grew by 24% YoY to 5758 crore from 5611 crore in FY 2025

? ARR grew 32% YoY and increased its contribution to total revenue to 59% from 56% in FY 2025

• Profit before tax: Grew by 24% YoY to 5256 crore from 5206 crore in FY 2025 ^•

• Cost to income: Stood at 66.3% for FY 2026, similar levels as FY 2025

? Grew by 4% YoY and stood at 52,06,677 crore as of March 31, 2026, compared with 51,99,452 crore in FY 2025

? ARR-linked assets grew 22% YoY to 554,021 crore from 544,457 crore in FY 2025

• Net Flows: Recurring net new money stood at 59,630 crore, equivalent to 22% of opening ARR assets

? Added 11 relationship managers in FY 2026, increasing the RM count to 146 ? Expanded footprint to 18 locations across Tier I cities and beyond, with the addition of three new locations: Jaipur, Kanpur, and Surat

? Added talent across key international markets, including Dubai and Singapore; offshore team strength now stands at six, with three additions during FY 2026

? Singapore operations went live during the year ? Strong traction in our offshore proposition, with the combined Dubai and Singapore platform achieving breakeven during the year ? Established strategic partnerships with over 10 Banks and Wealth Managers ? Launched a multi-currency portfolio reporting platform to support offshore clients

? Expanded in-house solutions across discretionary and non-discretionary portfolio management, advisory and structuring services ? Unveiled the first edition of Nuvama Privates Exclusive Insight Series, The Exceptionals, featuring conversations with leading Indian ultra-high-net-worth individuals representing cumulative net worth of over 52 lakh crore

? Launched PBQ — Personal Banker Quotient — an AI-enabled RM training module designed to enhance client engagement and improve productivity

? Launched the Nu AI Portal, a platform which brings together a suite of intelligent AI tools that enhance RM productivity, streamline workflows, enable faster and more informed decision-making, and deliver a more seamless, personalised client experience

FY 2026 was a year of platform build-out for Asset Management, focussed on putting key strategic building blocks in place, strengthening leadership and improving distribution. The business enhanced its proposition across public markets, private markets and real assets.

• Revenue: Management fee income increased 31% YoY to 577 crore

? Grew 13% YoY to 512,807 crore ? Fee-paying AUM stood at 510,896 crore

• Net Flows: Stood at 51,798 crore for FY 2026

? Advanced the build-out of a diversified platform across alternatives and public markets, positioning the business for its next phase of growth

? Focussed on deployment across existing strategies

? Expanded the Pre-IPO Private Equity platform with the launch of Crossover 4 under the Crossover strategy

? The segment remained under pressure during the year, amid heightened market volatility and increasing competition from SIFs ? Momentum is expected to improve with the planned launch of Nuvamas own SIFs in FY 2027 and a more supportive external environment ? Flagship fund EDGE completed five years and ranked in Quartile 1 since inception ? Launched Dynamic Asset Allocator Fund

• Mutual Fund and SIF platform: Received final approval for the Mutual Fund licence in June 2026, creating a foundation for the launch of SIFs

? Scaled the commercial real estate strategy during the year, with the fund closing at ~54,000 crore and assets of around 53,800 crore as of FY 2026

? Acquired 3.8 million sq. ft. across three marquee assets; 45% of fund AUM has been committed and 35% deployed

• Private credit: Laid the foundation for a private credit platform to deepen the alternatives offering; CIO hiring has been completed and team hiring is progressing

• Augmented organisational capabilities: Hired CIO for private equity and Chief Business Officer to further strengthen distribution and sales capabilities

Asset Services delivered a resilient performance in FY 2026. Despite a challenging environment marked by lower interest rates, market volatility and the loss of a key client earlier in the year, the business recovered strongly and reinforced its position as one of Indias leading asset servicing platforms.

• Revenue increased 12% YoY to 5734 crore in FY 2026 from 5655 crore in FY 2025

• Assets under custody and clearing stood at 51,25,954 crore as of March 31, 2026

? Laid the foundation for integrating Registrar to an Issue and Share Transfer Agent and trusteeship capabilities domestically, expanding service breadth and creating additional avenues for market share gains

? Progressed international expansion through Global Custodian-Local Custodian (GC-LC) partnership opportunities

? Building solutions for new channels and moved towards a more end-to-end product offering across institutional and domestic channels, including MCX, GIFT City, insurance, SIFs and RTA services

? Internationally, we deepened existing relationships and are expanding into new geographies across Asia, China and the US ? On the domestic side, we continued to gain market share, with ~20% share of all incremental accounts opened in FY 2026 ^•

• Improving enterprise capabilities: Automated and streamlined multiple systems and processes, including OMS, Cosmos and Wealth Spectrum, improving efficiency and strengthening client and employee experience

• Recognition: Achieved a perfect 7/7 score across all categories in the Global Custodian - Agent Banks in Emerging Markets Survey 2025

Capital Markets navigated a challenging market environment in FY 2026, characterised by moderation in secondary market activity, lower equity capital market issuance in the second half and heightened volatility. While select segments saw subdued activity, the business maintained strong positions across investment banking, institutional equities and fixed income, with fixed income emerging as a key growth driver during the year.

• Revenue: Revenue stood at 5613 crore in FY 2026 compared with 5759 crore in FY 2025

• Institutional equities: Performance moderated, reflecting slower market activity through the year

• Investment banking: Maintained a strong IPO position, with market share increasing to 19% by value

? Remained a key growth driver, with revenues growing 34% YoY

? Retained leadership and stood #1 in public debt issuances and ranked #3 among arrangers in private placements

• Strengthening institutional franchise: Leveraged a strong research franchise, corporate access and distribution capabilities to serve domestic and global institutional investors

? Capitalised on increasing FPI participation in the Indian debt market, supported by coverage of over 100 FPI clients

? Strengthened origination across the credit spectrum, from AAA to BBB+ rated issuers, enabling a wider range of investment opportunities across investor risk-return preferences

? Hosted the first AI-powered 21st Nuvama India Investor Conference 2026, themed "India: Shoring up Self-Reliance", with 190 corporates, 1,100 investors and 10,000+ meetings

? Won Gold at the ACEF Global Customer Engagement Summit and Awards for the use of AI

Technology remained a core pillar of Nuvamas FY 2026 strategy, enabling the organisation to build a scalable, intelligent, and future-ready financial services platform. During the year, the company accelerated investments across platform modernisation, digital transformation, cybersecurity, artificial intelligence, and enterprise enablement to enhance client experience, improve productivity, strengthen operational excellence, and support long-term business growth.

FY 2026 saw meaningful progress across Nuvamas digital ecosystem, including upgrades to Wealth platforms, RM- client-partner journeys, trading infrastructure, reporting capabilities, and digital onboarding. The company also strengthened its alternatives platform while supporting the development of its upcoming Mutual Fund and Specialised Investment Fund ecosystem. Asset Services reinforced its position as a technology-led servicing platform through upgrades to COSMOS and DECOB, while Institutional Equities launched Precision 2.0, delivering higher transaction processing capacity, more configurable reports, faster end-of-day reporting, reduced manual interventions, and stronger operational controls.

Artificial Intelligence also emerged as a meaningful business enabler, with adoption across Wealth Management, Asset Services, and Technology functions. AI-led solutions such as the Proposal Builder, Lead Enrichment Engine, and Document Intelligence Platform helped improve relationship manager effectiveness, decision-making, and process efficiency, with key outcomes including 35% of investment proposals generated through AI, 90% RM adoption of the Lead Enrichment Engine, 150+ documents processed weekly, and 25,000 man-hours automated during FY 2026.

In parallel, Nuvama further strengthened its Information Security Management System through enhanced cybersecurity measures, including XDR deployment with Google integration, WAF and API security aligned with CSCR SEBI guidelines, AI-enabled Data Leakage Prevention, third- party penetration testing and vulnerability assessments, mandatory employee training, and robust controls around access, encryption, audits, and protection of personal and sensitive information.

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At Nuvama, we believe our people are the key drivers of sustainable growth and long-term success. We continued to strengthen our commitment to building an inclusive and future-ready workplace through focussed investments in capability development, leadership growth, and employee experience. During FY 2026, over 2,000 employees participated in structured learning interventions across functional, behavioural, leadership, and AI-led capabilities, supporting stronger business performance and readiness for the future.

Our Diversity & Inclusion agenda also gained momentum, with Gen Z employees now constituting 29% of our workforce, targeted initiatives to advance women in leadership, and innovative awareness programmes reinforcing POSH, ethics, and inclusion. Together, these efforts helped foster a culture of belonging, continuous growth, and shared success across the organisation. Through Nuvama Cares, we strengthened holistic wellbeing by extending support across mental, physical, and emotional health, complemented by inclusive medical coverage and well-being leave, helping build a resilient and supported workforce.

We maintain a robust and integrated risk management framework to identify, assess and mitigate key business risks in a timely manner. Our Risk Management Committee provides strategic oversight, while each business unit implements tailored controls aligned to its operating model. We continuously strengthen our control environment through monitoring, governance and periodic reviews to ensure resilience across market cycles.

We maintain a robust internal control framework, including comprehensive internal financial controls, aligned with the scale, nature and complexity of our business. Our internal financial controls system is designed to ensure operational efficiency, reliability of financial and operational information, safeguarding of assets, prevention and detection of fraud, and compliance with applicable laws and regulations.

The internal control system operates on the principle of three lines of defence. The first line comprises business, operations and technology functions, responsible for implementing controls and managing risks. The second line includes risk management and compliance functions, providing policy oversight and ensuring control effectiveness. The third line, internal audit, operates independently to evaluate the adequacy and effectiveness of these controls.

We undertake periodic internal audits, supported by an independent external firm, with comprehensive coverage across key functions including operations, risk, compliance, technology and finance. Audit findings and corrective actions, including those relating to subsidiaries, are reviewed by the Audit Committee on a quarterly basis.

This framework provides reasonable assurance on the effectiveness of our internal controls and governance processes.

During the year, we continued to strengthen our enterprise-wide compliance, governance, and risk management framework through technology-driven initiatives, enhanced supervisory mechanisms, and robust internal controls. A structured programme was initiated for implementation of the Digital Personal Data Protection Act (DPDPA), and formation of a crossfunctional team to drive regulatory preparedness. We implemented multiple automation initiatives across critical processes to enhance operational efficiency, accuracy, and resilience, while also undertaking a comprehensive review of its risk framework and policies to align with evolving regulatory requirements and market conditions.

The surveillance framework was further enhanced through technology-enabled improvements in regulatory alert management and inter-segment surveillance capabilities to facilitate proactive identification of potential market abuse. We continued to evaluate the use of Artificial Intelligence (AI) to strengthen risk management and surveillance through advanced analytics and monitoring capabilities.

Internal controls for prevention of insider trading and protection of confidential information were reinforced through enhanced trading restrictions, monitoring mechanisms for employees with access to MNPI/UPSI, and periodic reviews of communication records.

We also strengthened our compliance framework through review of business processes, enhancement of SOPs, and implementation of supervisory measures for Authorised Persons to improve governance and regulatory adherence. These initiatives have further enhanced our control environment and regulatoryreadiness.

We further enhanced our governance and compliance infrastructure through the adoption and strengthening of digital compliance management tool. This technology-enabled solutions facilitated centralised tracking of statutory and regulatory compliances, automated compliance certifications, timely regulatory filings, and improved oversight of compliance obligations across functions. We also leveraged digital tools for Board and Committee meetings, maintenance of statutory records, approval workflows, and compliance reporting, thereby enhancing transparency, accountability, auditability, and operational efficiency.

During the year under review, we reconstituted our Audit Committee to further strengthen the independence, effectiveness, and oversight of the Boards governance framework. The Committee comprises all Independent Directors of the Board, with four out of five members being Independent Directors and no Executive Director forming part of the Committee, thereby exceeding the statutory requirement of two-thirds Independent Directors. The enhanced composition reflects our commitment to adopting governance standards beyond regulatory requirements and reinforces the Committees role in providing objective oversight over financial reporting, risk management, internal controls, audit functions, and compliance matters.

Over and above the regulatory policies, we have framed and adopted a robust governance framework approved by the Board of Directors which summarises the Groups values and approach towards corporate governance practices enabling us to achieve sustainable growth.

During the year, we continued to deepen our investor engagement and broaden market visibility through a structured investor relations programme. Our research coverage expanded to eleven brokers, comprising nine institutional and two retail brokers, with Bernstein initiating coverage in FY 2026 and Investec in current financial year. This reflects growing institutional interest in the Company and increasing recognition of our integrated wealth management platform.

Our shareholder base remained well diversified, with participation from domestic institutions, foreign institutional investors and retail shareholders. Domestic institutional holding, including AIFs, PMS, mutual funds and insurance companies, stood at 8.3% as of March 2026, while FII shareholding increased to 17%. During the year, we undertook three roadshows across the US, Singapore, Hong Kong and India, participated in nine domestic and international conferences, and engaged with over 250 investors. We also completed a share split, aimed at improving accessibility and making share ownership more inclusive for a wider investor base.

FY 2026 was marked by a strong focus on deepening client engagement, strengthening stakeholder relationships and enhancing Nuvamas brand visibility across markets. Through more than 250 engagement initiatives spanning 30 cities and eight countries, the Group connected with over 30,000 clients, investors, partners, employees and stakeholders. These initiatives included the AI-powered Investor Conference 2026, CXO roundtables, global roadshows, thematic events, partner engagements, community platforms and internal leadership forums — reinforcing Nuvamas position as a trusted and insight-led financial partner.

The year also saw continued investments in brandbuilding through strategic campaigns and market visibility initiatives, including the CNBC TV18 strategic partnership, hyperlocal print campaigns, LinkedIns milestone of 1,00,000 followers and focussed communication around leadership achievements such as Fixed Income Advisory. Nuvamas use of AI in Institutional Equities Conference was recognised with Gold at the ACEF Global Customer Engagement Summit and Awards. Together, these initiatives amplified Nuvamas market narratives, expanded stakeholder reach and strengthened brand recall across key audiences, while laying the foundation for sustained engagement and differentiated brand experiences.

Looking ahead, our businesses are well positioned to benefit from the structural deepening of Indias financial markets. Organised wealth management in India continues to represent a multi-year growth opportunity, and Nuvamas diversified and integrated platform positions us well to participate in this journey while building long-term sustainable competitive advantage.

Across businesses, our focus will remain on scaling sustainably, deepening focus asset pools across ARR and MPIS solutions, investing in talent and technology, and maintaining operating efficiency. We will continue to execute on our strategic priorities across each business:

? Wealth Management: Deepen recurring revenue streams, expand managed products and lending solutions, strengthen offshore and estate planning capabilities, and improve RM productivity through technology-led tools.

? Asset Management: Scale the alternatives platform, broaden public market offerings, build out the Mutual Fund - SIF proposition, and strengthen investment and distribution capabilities.

? Asset Services: Expand the client franchise, strengthen the value proposition, pursue opportunities across GC-LC partnerships, RTA and trusteeship services, and drive operating efficiency.

? Capital Markets: Leverage the investment banking pipeline, enhance institutional coverage, improve equity market share and continue scaling the fixed- income franchise.

As we grow further, we will remain anchored in strong governance, institutional capability building, operating discipline and a client-first approach, with the objective of delivering consistent value for clients and shareholders.

The Management Discussion and Analysis may contain some statements describing the Companys objectives, plans, projections, estimates and expectations, which may be forward-looking statements within the meaning of applicable securities laws and regulations and are based on informed judgements and estimates. Actual results may differ materially from those expressed or implied due to external and internal factors, various risks and uncertainties. These risks and uncertainties include the effect of economic and political conditions in India, volatility in interest rates, new regulations and government policies that may impact the Companys business. The Company does not undertake any obligation to publicly amend, modify, or revise these forward-looking statements based on subsequent developments, information, or events.