Nuvama Wealth Management presented its ‘Industry & Strategic Overview’ by Mr. Ashish Kehair, MD and CEO, at the Nuvama India Conference 2026. The presentation detailed structural tailwinds—financialization, market participation, and regulatory maturity—shaping the ecosystem. It showcased strong historical performance, with revenues tripling and profits quintupling over five years, while outlining strategic priorities for responsible growth over the next 3-5 years across its diverse business segments.
Nuvama India Conference 2026: Key Presentation Summary
Nuvama Wealth Management shared its forward-looking insights during the Nuvama India Conference 2026 held on February 10, 2026, at the Grand Hyatt, Mumbai. The keynote address, delivered by Mr. Ashish Kehair, MD and CEO, focused on the evolution of the wealth management ecosystem in India, emphasizing future opportunities and Nuvama’s strategic response.
I. Evolution of the Wealth Management Ecosystem
The presentation identified three primary structural tailwinds shaping the industry:
- Tailwind # 1: Financialization of household savings: This involves a structural shift from physical to financial assets. Financial Household (HH) Assets grew from ₹278 tn (Mar-23) to ₹353 tn (Mar-25), reflecting a CAGR of ~13%. Investment asset flows grew by 2.5x in 2 years, while SIP flows reached ₹2.9 tn in FY25.
- Tailwind # 2: Broadening & deepening of market participation: Capital markets are becoming mainstream. Demat accounts grew from 3.6 Cr in 2019 to 21.6 Cr in 2025. Retail ownership in NSE stocks is at ~18.75%. Access to capital markets is expanding, with over 160 IPO/QIPs raising ~₹3 tn in FY25.
- Tailwind # 3: Institutionalization & regulatory maturity: This drives value migration towards institutionalized platforms due to increasing product complexity, the need for advanced technology (AI, integrated reporting), and a structural shift in customer expectations towards comprehensive wealth advisors.
These factors are collectively leading to a larger, deeper, more resilient wealth management ecosystem.
The Next Decade: Projections and Changes
The outlook for the next decade suggests a shift rewarding stewardship over scale:
- Product focus moving from simple products to Portfolio and advice-led models.
- Monoline, sub-scale businesses consolidating into Integrated platforms & ecosystems.
- Domestic-only exposure evolving into Globally integrated asset allocation.
- Digital enablement transforming into AI-driven intelligence.
Structurally, Financial HH assets are projected to grow ~4x to ~₹1600 tn by 2035. Organized wealth managed HH assets are expected to grow ~10x from ~₹25-30 tn today to ~₹250 tn in 10 years, indicating a structurally expanding, multi-player industry.
II. Nuvama’s Strategic Response and Achievements
Nuvama has established a multi-segment model under a ‘One Nuvama’ culture, focusing on four core components: Manufacturing (Asset Management), Distribution (Wealth/Private), Market Infrastructure (Asset Services), and Research, Origination & Placement (Capital Markets).
Key Achievements Over the Last 5 Years:
The company delivered strong outcomes through focus areas:
- Platform Building: Adopted technology and institutionalized service standards.
- Efficiency: Achieved proficient capital allocation and productivity gains to drive operating leverage.
- Governance Strengthening: Augmented capabilities, built training frameworks, and published the 1st BRSR report in FY25.
The financial outcome shows revenues tripling and profits quintupling. Cost to Income improved significantly from 73% in FY21 to 55% in FY25 (and 9M FY26), while Return on Equity rose from 16.3% in FY21 to 31.5% in FY25.
Segment Highlights:
- Wealth Management (HNI/Affluent): Established as the #1 Player, focusing on multi-product, unbiased solutions.
- Private (UHNI segment): Positioned as the #2 Player, offering full-service capabilities including offshore propositions.
- Asset Management: Scaled AUM to ~₹13K Cr, focusing on diversified and alternative strategies.
- Asset Services: Achieved a ~20% share in new client wins for its recurring revenue stream business.
- Capital Markets: Demonstrated strong domain knowledge, growing market share in fixed income and improving coverage across institutions.
Priorities Over the Next 3-5 Years
Nuvama plans to grow responsibly by enhancing value discovery across its business lines:
- Wealth & Private: Focus on scaling business, growing offshore reach, and sharpening the value proposition through transition to systematic investment solutions and AI-driven transformation.
- Asset Management: Aims to significantly scale AUM by launching a Private Credit strategy, scaling other real assets (Infra, Energy), and obtaining an MF license to launch SIF.
- Asset Services: Will focus on scaling internationally, tapping into new domestic segments like SIF, and ensuring future readiness through increased automation.
- Capital Markets: Priorities include improving market share in Institutional Equities/IB, growing fixed income services, and leveraging credentials to Deepen One Nuvama synergy with wealth management clients.
Bringing It All Together
The core takeaways confirm a significant runway for India’s wealth management sector. Success will be defined by integrated, full-solution platforms that compound trust, where customer experience, governance, and AI-led intelligence are table stakes, all while reducing complexity to ensure scalable operating efficiency.
Source: BSE
