Analysts/Institutional Investor Meet/Con. Call Updates

NWML/SEC/2027/41 August 5, 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 - 400 051. BSE Scrip Code: 543988 NSE Symbol: NUVAMA Subject: - Transcript of earnings conference call Dear Sir(s) / Madam(s), Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and further to our intimation dated July 23, 2026, regarding the earnings conference call scheduled on Friday, July 31, 2026, to discuss the Company’s performance for the quarter ended June 30, 2026, please find enclosed herewith transcript of the aforesaid earnings conference call. The same is also made available on the website of the Company www.nuvama.com. We wish to confirm that no unpublished price sensitive information was shared/discussed in the aforesaid earnings conference call. Kindly take the same on record. Thanking you, Yours faithfully, For Nuvama Wealth Management Limited Sneha Patwardhan Company Secretary and Compliance Officer Encl: as above Nuvama Wealth Management Limited Corporate Identity Number: L67110MH1993PLC344634 Registered Office: 801- 804, Wing A, Building No. 3, Inspire BKC, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400 051 • Tel No. +91 22 6620 3030 • secretarial@nuvama.com • nuvama.com “Nuvama Wealth Management Limited Q1 FY27 Earnings Conference Call” July 31, 2026 Disclaimer: This document is subject to errors and may or may not contain words which have been included / omitted due to human error while transcribing the conference call. Any and all information should be verified with the company by the reader. MANAGEMENT: MR. ASHISH KEHAIR – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – NUVAMA WEALTH MANAGEMENT LIMITED MR. BHARAT KALSI – GROUP CHIEF FINANCIAL OFFICER – NUVAMA WEALTH MANAGEMENT LIMITED SGA, INVESTOR RELATIONS ADVISOR – NUVAMA WEALTH MANAGEMENT LIMITED Page 1 of 21 Nuvama Wealth Management Limited July 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Nuvama Wealth Management Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will remain in the listen- only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star, then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Ashish Kehair, MD and CEO, for opening remarks. Thank you, and over to you, sir. Ashish Kehair: Thank you. Good afternoon, everyone, and a very warm welcome to all of you for joining us today. As always, it's a pleasure to connect with you all. Joining me today on the call is Bharat, our Group CFO, along with our Investor Relations Advisor, SGA. We'll begin with a brief overview of our performance for the quarter. Once I and Bharat are done, we can quickly jump to take your questions. Just a quick summary. I think it was a strong beginning for us this year, delivering record quarterly profits and healthy all-around performance across all our businesses. This was also reflected in a significant milestone for us this quarter. Client assets crossed INR5 lakh crores. Our quarterly revenues crossed INR900 crores, and our quarterly PAT crossed INR300 crores, an all-time high for us. ROE still stands near 30% and remains to be one of the best in the industry. Before I discuss business performance, let me just share some quick observations on how the industry is evolving and how we see the opportunity ahead. I think I've said some of these before, so I'll be brief. Some of you may find it repetitive, but I think, nevertheless, it merits a discussion. Firstly, I think the value of full platform models is becoming increasingly evident. Across the industry, you'll witness that if someone is a standalone wealth manager or asset manager, they are trying to build capital market capabilities, while the traditional capital market broking and investment banking firms are clearly seeking to strengthen their wealth franchise. So I think that convergence is clearly visible across the market now, which we've been talking about for 5-6 years, but this is inevitable. This is going to happen. Second, I think independent wealth management as a cluster is becoming an emerging powerful force. A lot of new entrants are coming into this business, whether it's banks bringing focus back or private equity funded players, a lot of action you are seeing in this segment. Third, I think in addition to ultra-high-net-worth, which, of course, has been mainstream for quite some time now. The affluent and HNI segment is also emerging as a very, very attractive opportunity. It's extremely large, it's growing. It's omnipresent across the country. And it remains structurally underserved and it remains difficult to serve. It's not a very easy segment to crack. It takes time, but it is an attractive opportunity. Page 2 of 21 Nuvama Wealth Management Limited July 31, 2026 And lastly, I think it merits to say that technology and more so generative AI is playing a very, very transformative role. I don't know how it is going to evolve in the next 4-5 years. But I think it is definitely going to bring in lots of efficiency for everybody. Some may be slightly ahead in the curve, like it happens in any technology innovation. Initially, it is always non-mainstream, a few people do it. And in 2-3 years, it becomes mainstream. It becomes par for course, it becomes hygiene, most of the players have it. So I don't think people need to panic about it. We are investing around it. We are investing heavily. And I think it will benefit most of the industry because it will bring efficiency in every part of the value chain, which we deal with. With that context, let me now quickly share a few highlights across our businesses, starting with Nuvama Wealth. I think we took a call long back that putting the power of choice in the hands of the client is a central differentiator to us. And this is what this business represents. Our MPIS model is a strong reflection of this philosophy; the platform empowers clients to define their objectives and access to investment solutions across the board. It's not narrow; it doesn't confine the clients to choose from only 1 or 2 categories. It keeps it open because we understand that every client is unique and their needs are unique, and it can be fulfilled through the wide range of solutions available. Revenue from MPIS grew by about 20% year-on-year. Net new money, one of the highest quarters ever. We crossed INR3,000 crores in this. And overall assets also increased about 32% year-on-year hitting INR42,500 crores. I think one of the interesting observations which we are seeing that Tier 2 and beyond is expanding faster. I think now it has started contributing to more than 35% and growing even in the MPIS segment. Second, I think the success in this model ultimately is driven by the quality of advice, which gets delivered to the client. And to support this, we continue to invest in our talent ecosystem, which begins by hiring the right cohort, the right seniority. And as I mentioned last time, we are doing a seniorization of the entire team. We added ~40 more net relationship managers in that cohort this quarter. Third, to continue my discussion on tech. We are deliberate and intentional in investing in technology and AI across the value chain, and this business, I think, will get the most of it. We've introduced concepts like Nuggets. This is an AI-based chatbot which services, RMs and our external wealth managers. We have something called a RM Buddy, which is a voice-enabled AI assistant for supervisors and RMs to manage their whole life c [Showing first 8,000 characters — download PDF for full document]