Thank you. Good morning.

Good morning, everyone, and thank you for joining us today. I wish you all a very happy and healthy 2026.

Today, as usual, I have with me Bharat, our Group CFO, and the SGA team, our investor relation advisors. We'll walk you through the performance for the quarter, discuss the key drivers of our results across the segments, and then also share a bit of strategic outlook for the period ahead.

We can then jump to the Q&A section. Starting with a summary of the results, I think we continue to build on our growth momentum, supported by the core businesses, which are our strategic priorities.

We are seeing the benefits of the value proposition built around the exhaustive platform, which can basically service the full wallet of the client. This, I think, positions us well to continue to capture the growing trends in our industry across the segments in which we operate.

Our revenues for 9 months grew by about 8%, and we witnessed growth across most of the segments, except the core capital markets, which is IB and IE. Wealth, asset services, we saw decent amount of growth, and operating profits after tax for 9 months was about ₹780 crore.

Coming to a bit of outlook on the market, I think while the global conditions remain challenging, it's genuinely a extremely volatile environment given the geopolitical stance of US. Domestic growth, as there is consensus now, should begin to recover.

The policy support through tax measures, RBI action has improved the credit momentum, which should support the gradual recovery in the corporate earnings in the Indian markets. I think with this backdrop, the overall capital markets looks to be supportive.

With the increasing investor confidence and rising participation is continuously translating into healthier flows. The domestic flows are still strong in the capital markets.

Turning to Nuvama over the last 2-3 years, I think we've gone through multiple phases of transformation. Our initial focus, subsequent to demerger, was to ensure a smooth transition and establishing ourselves as an independent company with our own governance framework, brand, rating, and operating system.

This was followed by listing about 9 quarters ago. Since then, our focus has been firmly on driving organic growth across each of the segments and also to unlock synergies across the different segments through what we call One Nuvama program.

I think this approach has worked well till now. Profits have grown by about 45% CAGR over the last 3 years.

9 months now, as I said, was ₹780, compared to 9-month FY '23, which was about ₹253. With this scale, we now are also looking at a set of strategic initiatives aimed to drive better value discovery for the company across each of the segments over the near term.

Starting, let's say, with asset management, business has been historically focused on AIFs and a bit of PMS. We are now expanding this platform to include SIFs.

We, as you are aware, we've already applied for the mutual fund license, and we have the in-principle approval. Only the final approval is pending.

Once that is done, in the next 2 to 3 months, we will launch the SIF, and it's just a migration of our existing well-positioned AIF strategies, which we will transition here. I think that gives a significant better value proposition for the client, which will then bring about growth.

We're also looking at potential M&A opportunities in this segment. We are open to all kinds of ideas, but the primary interest is in alternates where there are managers where they have skill sets of managing money, but do not have the platform to raise capital.

We plan to bring some of these under fold if we get decent opportunities in the market. In wealth management, I think domestic is doing reasonably well, and we have the path well laid out as to how to expand and add capacity and continuously innovate on the product side and invest on the technology side.

I think one major trend which is playing out and which will be visible in the next maybe 5-7 years with greater amount of prominence is that client portfolios will have a decent amount of offshore allocation. Our offshore platform build-out, we are dialing up, and I'll talk about more when we are talking about the private business and the wealth business.

This can also be done through both organic and inorganic routes. Asset services and capital markets, our focus remains on growing our client base and expanding our footprint across different geographies, bringing newer clients into India, especially in the HFT category, and on domestic side on PMS and AIF.

We've done significant amount of work on backward integration here. We are going to add RTA services, which is only for PMS and AIF.

Pretty much most of the things are done, and we should be live in the next 3 months. We will also add trustee solutions so that it becomes a one-stop shop for the domestic PMS and AIF managers and will help us to get significantly higher market share.

Lastly, our One Nuvama program, which we launched in 2023-'24 to accelerate synergies between segments and look at opportunities which can create more value. I think this will evolve.

We'll continuously assess which segments are most synergistic and how we can organize the businesses to ensure that such synergistic opportunities continue to be leveraged by us. Coming to the key highlights of our business segments for this quarter, starting with wealth management, and before we go to wealth and private, I think there are two broad trends which we've been witnessing.

I've been talking about this in the previous calls also. I think, but it makes sense to just distill and talk about the two clear trends which we are seeing and which will which is going to shape how firms will grow in this business.

One, I think the competitive intensity is growing, and at least that's a validation that we are in the right space. In addition to traditional brokers, we are also seeing several private equity backed platforms that are aggressively building teams.

While this competition historically was, restricted to ultra high net worth, we are also seeing it now move toward the HNI segment and the affluent segment. I think over the long term, firms that combine people with an exhaustive platform approach will be best positioned to sustain and win.

That'll require investments and a lot of patience. I don't think these businesses can be built overnight.

Second important trend which I am witnessing now is product innovation and availability of size is becoming extremely important. When I say size, it basically comes in two components.

One is your distribution capability, your reach, your placement capability, because that has become a big attraction of getting new product manufacturers to come to you. Second, in certain pockets of clients, your balance sheet availability, because India is also moving towards leveraging their investment assets.

I think it has become now an integral component if you want to succeed in wealth management business. I think these two are extremely important, otherwise, it will become difficult even to attract good quality people to come to your platform, because as an RM, if I join a platform in which I cannot really service my client, I am depleting my value in the long run.

I think these two trends are extremely visible right now. Coming to numbers, Nuvama Wealth, let's start with our strategic priorities, which is managed products and investment solutions.

We continue to grow this reasonably well. During 9 months, revenues from MPIS grew by about 48%, and closing assets increased by about 30% year-on-year.

This now contributes to 60% of our overall wealth revenues and generated about a net new money of ₹6,500. I think we are broadly on track to deliver 28% to 30% of NNM in this.

Coming to lending, I had mentioned about 2 quarters back that we will now start growing the book. As of end of Q3, our closing book was about ₹4,300 crore, compared to ₹2,800 crore, which was at the beginning of the financial year.

We were able to grow the book by more than 30 38%, 39%, and NII also grew by about 30% in Q3. On the RM front, as I said that over the last 12 to 15 months, we have evolved our strategy and we are, given the complexity and the sophistication of clients which we are now handling here, I think we are migrating the quality upwards.

The number of RMs may not actually reflect the investment which is being made in this segment. The whole population quality you are we are basically changing the orbit to two notches above just to meet our client needs.

We continue to invest in our partner business, which are external wealth managers. We feel very, very enthused and excited about that whole segment and the growth that brings about.

There is a white space there for non-mutual fund distribution, where I think we are playing a pioneer role. Nuvama Private, starting with ARR, this revenue stream now contributes about 60% and has grown by about 30% year-on-year for 9 months FY '26.

Average ARR assets are now about ₹50,000 crore plus and delivered a blended retention of about 90 basis points. Product pipeline here remains robust.

I think we can sustain the growth trajectory. We've also strengthened the leadership across our advisory platform, which is branded as Infinity.

It is basically a combination of discretionary, non-discretionary, and RIA, all three. We've increased our leadership strength there around coverage of key clients, fund management, and the core advisory team.

I think these additions will further help us sharpen the value proposition and grow that part of the book. Quarterly net new money may seem a bit moderated here, but there are no structural concerns.

I think we should not look at it quarter-to-quarter. Overall full-year basis, I think we are broadly on track to deliver 25% growth on the opening assets here.

On the talent side, we continue to attract high-quality talent despite significant competition here, because, as I said, the platform essentially offers a unique value proposition for RMs. I am confident that if they leverage the full platform, their ability to generate revenues and service the clients is significantly superior to majority of the other platforms that exist in the industry today.

Over the last 12 months, we've added about 10% of the capacity, taking the count to nearly about 150. We've strengthened our teams in Hyderabad, Bangalore, and also established new locations: Jaipur, Surat, and Kanpur.

Coming to offshore, our build-out in Dubai and Singapore continues to move well. We've added incremental capacity in both the locations.

We now have established partnerships with multiple banks and asset managers, and can offer a full bouquet today both for inbound and outbound customers. The Dubai office has already broken even, and we expect Singapore to follow in the next maybe 2 quarters or so.

About 5% of our overall private revenues now come from offshore. Moving to asset management, commercial real estate fund, the AUM has now reached about ₹3,000 crore as at the end of quarter 3.

On the deployment front, we are already at about 40%. There are a few good deals in the pipeline.

Once that is done, we should cross 50% comfortably. These are all marquee transactions which have happened.

You would have seen the coverage in some of the newspapers: category A buildings in category A locations. I think they will all end up, whenever we exit, in some REIT.

These can have, a sustained continuous ownership. We are thinking of what structure to create to provide exit and still continue to earn on them.

Given the fact that we are already at 3,000 and 40% is deployed, I think in another quarter, maybe quarter and a half, we should be able to mop up another ₹1,000 crore and wrap up the full fund at ₹4,000 crore. On public markets, net flows were subdued, primarily three reasons.

I think volatility has been significant in the public market space over the last 12 months. There were a few scheduled maturities in this segment, and I think competition from SIF is also creating an impact.

Which is why we fast-forwarded our MF application the minute the SIF rules came. We are hopeful that by quarter 1, we should be able to launch our SIF, subject to the approvals coming in.

We'll be able to migrate our existing strategies into this, and thereafter, I think you will start seeing growth coming back. Even between Q2 and Q3, I think the growth in the gross flows have come back, but because the scheduled maturity, we saw some amount of outflow, but it was significantly lesser than what we saw in Q2.

From a trend perspective, it is improving. There are two new launches in this segment.

We are launching a dynamic asset product, which will be an evergreen product, can get money from clients across seasons. We are also getting a REIT/InvIT product filed, which will give clients exposure We're trying to get a vehicle which can give them exposure to both listed and unlisted spaces, and should be able to launch by the end of this quarter.

On private markets, I think right now we are in consolidation phase. We are completing the deployment of the existing fund and also starting to exit some of the older funds.

We've listed Srikripa Pharma, one of the largest positions in one of our earlier funds, and there are two, three more listings which are going to happen in the next 6 to 8 months. I think subsequent to that is when we see the volume pick up.

Overall, if I were to look at these three strategies and were to look at the next maybe year or so across the three segments, because commercial real estate, we would have finished deployment, and somewhere by the end of Q1, we would have launched our second fund, so that should contribute to maybe ₹2,000 to another ₹3,000 crore. About ₹1,500 crore should come from public markets, and balance between private markets and credit, which we expect to launch again in the next 3 to 4 months.

FY '27, maybe another ₹7,000 to ₹8,000 crore of net new money is what we would target from this fund. Coming to asset services, revenues grew by about 15% year-on-year, 9 months, and 7% quarter-on-quarter, which basically shows the recovery of this business subsequent to the loss of large client, which had happened in the first week of July, basically at the beginning of quarter 2.

Third quarter's basically, we saw meaningful improvement in client assets and float balances. Our closing float balance in Q3 is now already above Q1 levels.

Therefore, subject to regulatory situation remain the way it is, I think Q4 earnings will be at par with Q1, and we will form a base for again coming back to growth numbers in the next 12 months in this business. We've reasonably expanded our client coverage here.

We are, as I said, going to newer geographies, opening up India to newer set of funds which have not earlier looked at India. On the domestic side, in essentially backward integration of our RTA and trustee services will help us increase the market share here.

Coming to core capital markets, institutional equities and investment bank, I think this is where we saw a bit of moderation in the numbers. In this also, institutional equities was essentially flat between the two quarters.

As compared to last year, there was a dip, because last year in this quarter, I think the F&O rules came in the middle of the quarter, you had half a quarter available at higher volumes. On the IB side, fixed income continues to do well.

It was mostly the ECM billing. While we did the mandates, we had the issues, I think the billing essentially moved from one quarter, therefore you saw some amount of dip here.

As I said, fixed income in that part of the business now contributes about 50%, and that continues to do well. I think this is it from my side right now.

I will hand over to Bharat to cover the financial numbers, and then we can jump to Q&A from there. Thank you.

Good morning, everyone, and thank you, Ashish. Ashish has anyways provided the comprehensive overview on the business environment, our strategic initiatives, and the broader market context.

I'll not take much time, given we have an hour call. I'll try and cover the group-level financials more in detail, and anyways, business-level financials, Ashish has covered at least touched on almost all key parameters around growth, around MPIS, around ARR, and the strategy around each businesses.

If you look at on the overall financials, our consolidated client-level assets are now at ₹4.6 lakh crore, which is due to the net new money, as well as the mark to market on the assets. It was ₹4.35 lakh crore as at the end of the previous quarter.

Our revenue was at ₹755 crore. This grew by 4%, and on a 9-month basis, our revenue is around ₹2,300 crore, which is which is a growth of around 8%.

I think looking at the total revenue may not be the best way to look at it. We should look at the individual business segments' contributions.

Like within this growth of 8% on a YoY basis or 4% for the quarter, wealth businesses has actually grown by 18%. Now the wealth businesses contributes almost 57% of the total revenue, which was almost 50% in the same period last year.

The Q3 of FY '25, this was 50%, now we are at 57%. We are moving to a wealth becoming one of the largest revenue contributor in the total revenue line.

That is one part. Secondly, if you look at from a quarter 2 perspective versus quarter 3, there are two elements which I would like to highlight, both on the revenue side as well as on the cost side.

If you look at from the revenue side, there is a drop of the revenue from ₹772 to ₹755 crore. There are two, three key components.

One, Ashish anyways covered, which was the IB and within that ECM billing, which is just a maybe a quarter-on-quarter movement. That's one reason wherein the revenue has dropped.

Secondly, if you look at the private business, the transaction revenue has dropped from ₹100 crore to ₹65 crore or so. This is basically in the quarter 2, we had a lot more syndication related transactional revenue, which was the way it works is that when you do a transaction, the revenue gets booked in the same quarter.

It's not like there is a structural change, it's just that you have maybe more deals in quarter 2 and relatively lesser deals in quarter 3. Having said that, our focus on this continues to be strong.

Like we'll have a lot more such deals coming in the coming quarters. This could be led by our commercial real estate fund, other third-party credit funds, or whenever we launch our our own credit fund, we will have similar transactions.

I think looking at a quarter-on-quarter for transactional revenue in private may not be the best way, and these can obviously have a little lumpy in a quarter. A trend of next 3, 4 quarter is what I would suggest to look at from a transactional revenue consistency.

Those are the two things on the revenue side. Similarly, on the cost side, there are two things: one is the new labour code, which got enacted on 21st of November.

Like everybody in the market, we have also revisited our past service liability, and that has led to almost like a ₹11 crore of one-time impact. For the better performance measurement, we have actually shown the numbers without the new labour code impact in the data book as well as in the investor deck.

That's like one-time impact of around ₹11 crore. Secondly, you will notice that there is a drop in the variable cost of the businesses, which is mainly in the asset services and the capital market.

Now, given we are at the end of quarter 3, we have lot more visibility as to how the year will end. Hence, we have revisited our overall variable bonus for these businesses, and that is where you will see from an incremental provision perspective from a variable cost, there is a drop compared to quarter 2.

We are very comfortable what we have done it, and we are very sure where we will end up at the year. These numbers seems to be pretty aligned with the bonus philosophy of our company.

To that extent, the variable cost has dropped. I think those are the two unusual from a revenue as well as cost compared to quarter 2.

Otherwise, all other key metrics are working very fine. That is the reason you will see that the total cost has from a quarter-on-quarter, it has only gone up by it is down by 8%, and year-on-year, it is up by 4%.

On the opex side also, if you look at, the number has moved from 115 to ₹107 crore. These are just the transaction which has happened in a particular quarter, nothing specific around here.

Our overall guidance in terms of maybe a 10% to 12% growth on the opex on a full year still remains intact. As I mentioned in my previous call, out of this 10%, 12% growth on the opex, 50% of that, anything around 5%, 6%, will go towards the business expansion, like opening up new branches, setting up a verticals within businesses.

Another 4% to 5% will be towards inflation-linked, your rent goes up, your AMCs goes up. That's the broadly the breakup of 10% to 12% expected cost increase.

Those things will continue as we are working on a quarter-on-quarter basis. Overall cost-to-income ratio is now at 53%, and for the 9-month, it is at 55%.

PAT, anyways we discussed, Ashish also covered. The PAT is both without labour code, it's at ₹262 crore, which is a 3% quarter-on-quarter growth, but with the labour impact with the labour code impact, it is broadly same as what it was in quarter 2.

I think those were the key numbers. Ashish anyways covered on lot more on the individual businesses, and I think we can move to Q&A now, given we are left with half an hour.

Over to moderator.

Hi. Thanks for the opportunity.

I wanted an update on the HFT business within the asset services vertical: A, how is the activity trending; and B, your yields have moved up as an offset to Jane Street issues. How sustainable is that bump up in yields?

That is one. B, wanted an update on the litigation that you've talked about in your annual reports in the past with Anugrah.

C, on the PAG situation, if you have anything to share. Those are my questions.

Activity perspective on HFT, I think post the order of SEBI, we saw about 30, 35 days when the market was adjusting to basically understand how the regulator is looking at it. Then, I think regime change also happened somewhere around September, and the signals from the regulator were reasonably positive.

The whole discussion around weekly options and all, also subdued. I think activity now is actually back at similar levels or even more, and volume is also reflective of that, and newer HFTs have started signing up.

Maybe it was a 30, 40 period of adjustment, and then it all came back. Yields, Manas, as we have already mentioned earlier also, is a function of the split of the collateral between deposits and G-Sec.

That is not a very simple this thing. It's a function of how the overall service is being priced.

There is a broking relationship, there's a custody relationship, there's a clearing relationship. We are able to operate as a single one-stop shop and can give a bundled pricing.

Given the size of the clients and how they've looked at the overall pricing, right now the proportion of deposits would be higher than G-Secs, hence the yields have gone up. If you ask me, we can forecast for a 12-month period, and in my view, it should remain between 2.6%, 2.7% to 2.9% kind of range.

Should not migrate much unless we see interest rate movement, significant interest rate movement on the either side. Minor movement will be absorbed.

On Anugrah litigation, I think one major step that has happened is that for the last 2 years, unfortunately, whenever the case was coming for hearing, no significant discussion could happen, because there were maybe other issues which the Supreme Court was handling, which was of higher importance. This time, they have formally admitted the case.

Till now, the admission itself was going up, down, up, down. Formally admitted, and I think by in and now the hearing will start.

I don't think any decision looks to be, to be reached in near future. It may take a couple of years.

Our positioning, our understanding, our assessment of the situation, we are fairly confident that this will be favorable for the company, because whatever we did was in accordance with the law then. On PAG, you had any specific question?

No, just wanted to check any change in position. I think, in the past, you've said that, as management, there is something that you cannot change.

Is there any change in the position?

Not really. As I've always maintained that they're a financial sponsor and they will be a change of ownership at some point in time, but at this point in time, there is nothing that has changed, in the recent past.

Okay. Thank you.

Hi, Ashish and Bharat. Just a few questions.

Firstly, on Nuvama Wealth, if I look at the MPIS revenues sequentially, they have been flat. You had incremental money coming in from these flows.

There should have been equity mark-to-market positive, yet the revenues on MPIS appears to be flattish sequentially. What would you ascribe that to?

See, basically, composition of the MPIS also matters. Now if you break MPIS into two buckets, Prayesh, there is managed products and there is investment solutions.

Managed product is your classic AIF, MF, PMS, and investment solution is your fixed income, MLD, insurance, and largely unlisted and syndication deals. If in the investment solution bucket, there are certain categories which have different kinds of yields.

Your overall flow may not directly correlate in terms of the revenue, because there I just to give an example. if you do insurance, the earning is fairly different from what you get if you do fixed income versus MLD.

I think that composition creates a bit of a quarterly variance. As long as your net new money is on the upward trend, and if you look at the trend of the numbers in MPIS, I don't think there is any structural concern.

There is 11 quarters of growth. If you look at a year-on-year growth, it's about 48% on 9-month basis, and 22% on a Q-on-Q basis.

It's just ₹3 crore down from previous quarter, which I don't think merits any concern from a trend perspective.

Right. Generally, we've been used to seeing consistent growth, and that is the reason, just pointing that out.

The other question was on your asset management piece, where you mentioned that there have been challenges to flows given the volatility in markets on the private equity side on the listed equity side. Is there also a point where because the number of accredited investors is increasing and they are looking to get into smaller ticket size and probably more varied products, is that any cause of concern with respect to incremental flows from a industry perspective?

From the numbers at least what we are seeing, that is not something which we have witnessed as of now, not really, no. Theoretically, what you're saying can have a bearing, but I think it is not visible.

In fact, not at all. None of our discussions internally has brought this topic up.

In fact, in Nuvama Wealth, we were trying to position this to the clients, that if they take accredited status, they can actually go ahead and do a large number of credit funds at a lower ticket, which will give them a much higher diversification. Then what we faced practically on the ground is that the fund managers have a number of investors cap of 1,000, I think.

They don't really want to encourage this significantly unless they have the ability of launching multiple schemes. We'll have to see how that evolves, this whole accredited investors thing.

Got that. Last question on the asset services front, where, we in terms of revenues, we still are, from the peak of what we had, in say in 1Q FY '26 or even for that matter 4Q FY '25, when we had about ₹198 crore of revenues, we still are at about ₹172 crore.

You had kind of alluded to the fact that you will be back to full revenue potential by fourth quarter. Are we on course to do that or probably we're still running behind on that?

Just an extension to that, you mentioned about adding more services here from a RTA perspective. Do you think that, that will kind of add to cost in the initial period and then probably help you get better revenues and profitability over medium term?

Those would be my last questions.

When you look at the revenue in asset services, one component you earn from float, right? Now float-related earning has two components: the float balance itself and the yield.

From a float balance perspective, we will be back to full potential by end of Q1, but yields have compressed from Q4 and Q1 this year because of the rates going down. Whatever residual impact in the difference in revenue which you will see will be because of the fall in yield.

I think in Q1, maybe once the float goes even further up, we will be able to negate the impact of the fall in yield. On the services front, I think large part of the costs are already incurred.

These are not very high opex, capex. These are more license.

Like trustee services do not require a very high amount of expenditure, and marginal increase in market share will be able to compensate. I don't think there will be any sort of impact which you will see in the numbers which are worth discussing that, which we need to highlight, at least as of now, we don't see that.

Great. Thank you so much, and wish you all the best.

Thanks.

Hi. Good morning, sir.

A few questions from my side. First on Nuvama Private and Nuvama Wealth, if you can give us some color on the gross net new money in recurring assets versus the redemptions, so that, across, let's say, the third quarter or maybe 9 months, so that we can get some color on how the gross money into the ecosystem has been shaping up.

The second question is, in terms of the cost variable cost reduction that we have seen, how comfortable are you on fourth quarter? You gave some Bharat gave some color on the fourth quarter, but do you have any more headroom in case, let's say, the revenues were to kind of dip a bit in 4Q also?

Third question is on the IB/IE business. If you can split up the margin profile of the business between DCM, ECM, and your IE.

Just for clarification, I think at the start of the call, you gave some color on the flow expectations in AMC in FY '27. Did I hear it correctly that you're expecting around ₹7,000 to ₹9,000 crore of flows in that?

Let me go one by one. In your gross ARR assets for private, I think would be order of magnitude about ₹4,000, ₹4,500 crore for the quarter, and net we saw was about ₹1,500, ₹1,800.

Balance would be the adjustment in terms of redemption or scheduled maturities and all that. We don't track ARR, non-ARR in wealth, so that we maybe we will check, and when we talk next, we can give that number.

On variable cost, essentially, in this quarter, the adjustment was largely around two businesses. One was in Nuvama Private, because in Q2, we saw the revenues go up, therefore in line with that, the incentive and the bonus provisions went up.

Second was in the capital markets business. In both, we have the flexibility to move up and down.

Broadly, we try to track the variable provisions in line with the revenue, so that we don't have a shock in any quarter. In fourth quarter, it's not that we will have something unreasonable or large come in which is disproportionate to the revenue percentage.

It should be in line with what we have been seeing till now, and our overall cost-income range also should be in line. It will not be materially different.

In terms of the margin profile for ECM, DCM, we've not gone to that level because there are a lot of resources which are also common. Broadly, if one were to this is just a guess.

I don't have actual numbers. DCM would be maybe slightly better margin because people cost could be slightly lower than ECM side.

Maybe one is at 40%, one is at 60%, and blended we operate at 50%. Institutional equity will range from a 50% to 60%, 65% range, depending on the performance of revenues.

When the revenues go significantly up, the cost-income comes down, and vice versa. On AMC, yes, you heard right.

I can just and I can tell you broadly how we are looking at the breakup. Essentially, if you are able to launch our new commercial real estate fund and do maybe ₹2,500, ₹3,000 there, and if credit is also launched, which we are planning maybe by Q1, latest by Q2, and one could do another ₹2,000, ₹3,000 there.

Once we migrate our flagship strategies of current AIF, absolute return and long-short, into SIF, we expect flows to improve, because SIF gives a significantly improved tax profile for the customers. Our absolute return and long-short still are in the top quartile in terms of performance.

I think that will start attracting flows, and it also opens up a large set of distributors. Maybe we will take time to onboard them, because we are not a retail brand, but it opens up the 10 lakh distribution IFA community, as and when they qualify to distribute the same.

I think combination of these three could essentially give us another ₹2,000, ₹2,500. That's if we add all this up, order of magnitude, anywhere between ₹6,500, ₹7,000 to ₹8,000, ₹9,000, without taking into private equity.

I think that will be an added upside element. That's how the numbers add up.

Thanks, Ashish. Just one quick follow-up on the gross flow side.

If you can give the full number for 9 months. Thank you, and all the best.

About ₹15,000 crore. Sorry, ₹13,000 crore, ₹13,000 crore.

Thank you. Thank you, and all the best.

Yeah. Thanks for the opportunity.

My first question is towards the net flows. I think, if we look at this quarter, Nuvama Private, has seen a considerable uptick led by the transactional segment, while wealth has seen a decline from around ₹3,800 to ₹3,250 odd crore.

Now going to financial year '27, how do you see net flows actually spanning out? That would be my first question.

Net flows become important in two things: one, for private, we should look at the ARR net flows. ARR net flows this year for private right now is about 9 months basis, about ₹6,500 crore.

Order of magnitude, it should end up at around anywhere between 23% to 25% of the opening. Let's say we are right now sitting at about ₹52,000 crore of assets in ARR.

If we end the year at, say, 54, 55, and you take a range of, say, 20% to 25% of that, you're looking at ₹10,000 to ₹11,000 crore or maybe ₹12,000 crore next year in Nuvama Private. If you come to sort of Nuvama Wealth, I think similar, about 25% to 30% of the opening book, which we will have in the MPIS segment.

That's how essentially one should track the net flow numbers.

All right, sir. That is helpful.

My second question is on the cost-to-income. I think you have guided for 10% to 12%, increase in opex.

Does that also cover the RM addition that we are doing? Because that will be a little

No,

no,

no. No.

When we speak our lingo, opex means everything else other than people cost. People cost is different.

People cost, I think if I look at a 9-month console, we would have grown by about 7% year-on-year, and by the end of the year, maybe it can be slightly higher, but order magnitude this only. Opex is everything else other than people cost.

There, last year, we were about ₹410 crore. I think this year we should end up anywhere between ₹440 to ₹445 crore.

That's the 10% increase, this is what we talk about.

Okay. Understood.

That is very clear. Just lastly, on basically the RM addition, I think we are adding about 10%, to our RM strength.

I think this strategy will continue, right, over next 2 to 3 years? Yes.

Absolutely. Yes, yes, yes.

This continues.

All right. Thanks, and wish you all the best.

Thank you.

sir. Thanks for the opportunity.

First question is on private wealth. There is an increase in yield in this quarter.

What has led to that increase? Secondly, what is the run rate of transactional revenue that we should build in this business?

Yield increase typically happens because of the composition of the products in the ARR basket. Sometimes if the salience of Category II will increase slightly, because there you earn about 30 odd percent in year one, so that gives a bump-up.

On a BAU basis, I think any range between 80 to 85, 90 bps is what we will continue to see there. In transactional income, broadly, this year we should see about 20% growth.

Last quarter, we saw about ₹100, ₹110 crore of revenue. This quarter, we saw 64, ₹65.

I think anywhere between ₹70, ₹80 crore is a decent run rate till going forward is what we are going to see.

Second question is on wealth management. Yeah.

Yeah. Go on.

On wealth management, can you give some color on MPIS income, how much of the revenue is upfronted, how much is, let's say, trail-based, etc.? See,

overall wealth management, around 60% comes from MPIS, and about, say, 20% comes from NII, and balance is your broking and others. If I look at full wealth management as a bucket, around 55% comes from ARR.

If I subtract 20 of NII from there, around 30%, 35% will come from recurring revenues within the MPIS bucket. So 60 divided by 2, let's say about 30% to 35% of that 60 breakup.

So 20%, 25% would be upfront, and 30%, 35% would be recurring.

Last question is on asset management. In that segment, the yields are quite volatile among segments with private markets, public markets, and real estate.

What is leading to this volatility in yields, and how should we model this?

Actually, it's a temporary this thing. In real estate, what happens is that every time a new in till the time you close the fund, right?

Right now, we have reached about ₹3,000 crore. As I said, another ₹1,000 crore, we will hit the end of the fund.

After that, the yield will stabilize, because every time till the closure, when a new investor comes, at that point in time, in that quarter, you charge fees from the beginning. In any quarter, if let's say we move from 3,000 to 4,000 in one quarter, on that ₹1,000 crore, in that quarter, from the beginning till the till end of quarter 4, the full fees will be charged.

Once we hit 4,000 on commercial real estate, the fees will stabilize, which will be order of magnitude 50, 55 basis points. On private equity, you can assume it to be around 50, 55 basis points.

On public markets, the fees have been fairly steady at around 60, 62 basis points.

Sure. There will be element of carry also, right, in these businesses?

No, right now, this is zero carry. As of now, we have not taking carry into consideration.

We take carry as and when it comes. If we change that policy in the future, we will tell you.

Sure, sir. Thank you, sir.

Thank you. That's it from my side.

Hi. I just wanted to ask you a question about this institutional equity segment.

We have been seeing significant declines over the last few quarters. What parameter would you use to say that there is potentially a bounce back, whether this is the number of active institutional clients or is it the overall cash volumes that will help us to say that we will start getting back to a year-on-year growth?

I think two things: one is the cash volume, and second is the derivative volume. These are the two components that essentially, once they start moving up, and if the market share remains intact, which typically for us remains intact, then you start seeing growth coming back.

Okay. Are you seeing any early signs of it?

Yes, at least in this quarter, we have seen quarter-on-quarter, there is an improvement in the average daily turnover, because on a year-on-year basis, Q4 will become full, I think, clean quarter where the F&O rules, if you remember, came middle of Q3 last year. Half of Q3 had higher numbers in F&O volumes, and then it subdued.

Q4 onwards, you get a base which is with the new F&O rules. This Q4 will be the first quarter.

I think you should see a year-on-year uptick start happening, because the base effect will come into action.

Okay. Thank you.

Hi, sir. Good morning.

Sir, just two questions. First on the lending book, we highlighted that we are seeing some strong growth in the wealth business, where we have scaled it up to ₹4,300 crore.

Now, how should we see this for the next year? Similarly, in the private also, where we are at around close to ₹2,400, ₹2,500 crore.

How should we overall look?

Ideally, see, we love to grow it in line with the business, anywhere between 20% to 30% is what we will target for next year.

Sure, sir. Sir, just like we have also highlighted we also touched upon this advisory piece in the Nuvama Private, which is Infinity.

Currently, what is the overall current AUM over there, and how should we see this in respect to the distribution business in the ultra HNI segment?

I think right now we are not separately disclosing. It's a part of the ARR AUM.

We are also discussing internally on whether to call it out separately. Give us a couple of quarters, and maybe we can give you the numbers.

It's growing significantly within the ARR AUM.

Sure, sir. Yeah.

Thank you, sir.

Thank you for the opportunity. Ashish, probably the question on asset services still remains to me, because if I look at 1Q FY '25, your yield or retention was 1.4%.

Now it is more than double of that, 2.88%. Just to understand, this model really works on retention or is it you calculate a growth number, how much you want to achieve from the clients, and then accordingly, you rebalance the cash and G-Sec component so that incremental revenue doesn't fall?

Whether building a model around the yield is actually right or how do we understand this way to look at this business?

I think what you're saying is quite pertinent. Actually, last year, in Q1, we had the large client, right?

Now the large client was disproportionately large as compared to others, therefore there was an adjustment. Actually, the answer to both your approaches is a yes.

That is the challenge, that if somebody becomes very large, then the correlation with yield will fall off, because then you will target a growth and adjust the cash and non-cash securities. If they're all within a particular range, then I think the yield works, which is the case right now.

I don't see this breaking suddenly in the near future and should be in the range of 2.6% to 2.9% in terms of the yield on the clearing balance. Now why it was 1.4% and becomes 2.9% is how that clearing balance is split between cash and G-Sec, which what you said was absolutely right, that if somebody becomes very big and they want to reduce the cash, then we will have to target a growth and therefore adjust accordingly.

I don't think for the next 12 to 24 months, we have to model for that. We don't see any client going to that size.

Incrementally, 2.6% to 2.8% kind of a number is a realistic number to build in?

Yes. That's right.

Understood. Maybe for the first time, asset clearing revenue AUM grew, which means whatever migration needed to happen from insti to wealth, or even the fall which happened from the large client, now we assume this growth to come back kind of a thing in the assets under clearing?

Correct. That's right.

Okay. Lastly, just want to check, this recent SEBI came out with a paper that on FIIs, the netting is allowed.

That's only for cash market, not for derivatives. Anyways, derivative

is

margin-based business, doesn't matter.

In this revenue, we don't make any significant from the cash in asset clearing?

No. Cash-related float is insignificant.

Okay. Understood.

Lastly, Ashish, is on the flow number. I know I asked this question typically that you gave a guidance of around ₹20,000 crore for the year, closer to ₹20,000 crore, and now we are at ₹14,000-odd crore.

We need to get closer to ₹5,800 to ₹6,000 crore for the fourth quarter to achieve that number. You're saying a growth of 20% to 30% on that number for the next year.

Just wanted to understand, given the two core pieces, that is private and wealth, saw a sequential decline Q-o-Q, means your confidence on delivering 20k kind of a number, is there any macro factor because market sentiment for weekend meaningfully in last maybe 2 weeks maybe 3, 4 weeks or 1, 1.5 months? Then how your RMs interacting with the clients, how do you see whether the money will come or they are waiting and watching?

Something any color on those will be very useful to understand.

Largely around the product calendar or the products which you have, which are non-correlated to equity markets, is what gives us the confidence to be, in line with that number, because equity flows are equity flows. They will always keep moving.

At least in the higher net worth segment and ultra high net worth segment, they are not as, I would say, consistent as the SIP retail flows. The non-equity component, which is your alternates, fixed income, MLDs, and within alternates, different categories, there you see reasonable degree of certainty, and there if you have a product calendar which is decent, then you have a reasonable amount of control.

I will never say 100% predictability on where the flows will be, but reasonable amount of control on the flows.

Ashish, then in the current year, around 19k, 20k, and next year around 26k net flow number is achievable in your view?

About 19, 20k, and next year between 25 to 26 is what we target, yeah.

Understood. That's it from my side.

Thanks.

Thank you.

Hello. Am I audible, sir?

Yes.

Hello?

Yes, you're audible.

Yeah. Can you just give me a summary for the FY '27 guidance overall, and the new launches and products that you'll be introducing throughout FY '27?

We don't normally give guidance on revenue and PAT numbers, but what we say is that we aspire to have a 20%-plus growth. This year, because of the adjustment of asset services, we will not end up at that, but I think once the base is formed, we should come back to that same level of growth, anywhere between 20% to 25% on the overall business.

That's what we target. I don't think we give any guidance.

In terms of new products, at least on the asset management side, there's a dynamic asset fund, there's a REIT/InvIT fund, there will be a credit fund, there will be a new commercial real estate fund. These four we have visibility currently.

Okay. What will be the percentage of revenues, if you could help me with that, for the new launches?

These are all asset management products, they will run at a management fee structure of, anywhere between 1.5% to 1.75%, which gets split between the asset management and the wealth management businesses in terms of distribution and management fee, and then there'll be some carry. Each product will have a different structure.

Sir. That's helpful.

Thank you so much.

Yeah.

Yeah.

Thank you. Thank you all for coming back again.

Hope to see you again in the next quarter. Thank you.

Thank you.