Questions across 2 calls

Manas Agrawal

Bernstein

Nuvama Wealth Management Limited

Nuvama Wealth Management Limited CC-May26.pdf · 2026-05-12

I have a couple of questions. I'll start with the relatively easier ones. ECM, there are a couple of large IPOs that are coming. How should we think about our market share on revenue for the year? Are we present -- active in those deals or not? And second, from a regulation perspective , 1st of April, Mutual funds have cut commissions. So what is the impact for the business or the consol from that perspective? On the asset services business, I wanted to just understand. On yield trajectory because I understand yields were elevated and now rates have come down. So you've seen some amount of contraction going ahead? How do we think about that? The last question is on wealth. You talked about a 25% increase in revenue per RM. Is that all AI productivity? Is that including MTM flows, et c., how to think about number of clients per RM in a steady state? Those are the questions?

Understood. Any indication on the mutual fund commission cut impact?

Anand Rathi Wealth Limited

Anand Rathi Wealth Limited CC-Apr26.pdf · 2026-04-10

So a couple of questions. One, I think in the statutory results, there is some discussion around subscription to ARGFL shares. I want to just understand what is the quantum and how much stake do we have now? What valuation this transaction is happening at? Because I understand this is a group company, which is unlisted. Part B is, can you just explain what is the asset sale that is leading to profit being recognized in other income? And third is ESOP at fair value (he was referring to face value instead of fair value in subsequent part of question also) . A lot of companies issue ESOPs at a discount to CMP, not at fair value, there is a big gap. So I want to understand, is this ESOP concentrated in KMPs? Is this spread across the company? Those were the 3 questions.

I understand that. So typically, unlisted companies do issue at face value. My question was a lot of listed companies issue closer to CMP. But that's -- okay. I'll look at it, and I'll discuss offline. On the profit...