WEALTHNSE13 November 2025

Wealth First Portfolio Managers Limited has informed the Exchange about Investor Presentation

Wealth First Portfolio Managers Limited

DATE: 13TH NOVEMBER, 2025

To Manager - Listing Department National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai-400051 SYMBOL: WEALTH

To Head – Listing Operations, BSE Limited P.J. Towers, Fort, Mumbai BSE SCRIP CODE: 544536

Dalal –

400

Street,

001

REF: WEALTH FIRST PORTFOLIO MANAGERS LIMITED

SUB: INVESTOR PRESENTATION ON FINANCIAL RESULT FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2025.

Dear Sir,

Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, find enclosed herewith the investor presentation on the Un-Audited Financial Results for the Quarter and Half Year ended 30th September, 2025.

You are requested to kindly display the same on the Notice Board of the Stock Exchange.

Thanking you.

Yours faithfully,

FOR AND ON BEHALF OF WEALTH FIRST PORTFOLIO MANAGERS LIMITED

ASHISH SHAH MANAGING DIRECTOR DIN: 00089075

Investor Presentation | Q2 & H1 FY26

Investor Presentation Q2 & H1 FY26

Safe Harbour

This presentation and the accompanying slides which have been prepared by Wealth First Portfolio Managers Limited (the “Company”), have been

prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall

not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made

except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no

representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and

reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may

consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are

individually and collectively forward-looking statements . Such forward-looking guidance / statements are not guarantees of future performance and are

subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to,

the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide,

competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation,

changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other

risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied

by this Presentation. The Company assumes no obligation to update any forward-looking information / statement contained in this Presentation. Any

forward-looking information / statements and projections made by third parties included in this Presentation are not adopted by the Company and the

Company is not responsible for such third-party statements and projections.

Q2 & H1 FY26 Financial Highlights

Management Commentary

Commenting on the results and performance for Q2 & H1 FY26, Mr. Ashish Shah, Managing Director of Wealth First Portfolio Managers Limited said:

“Our core revenue stream, Business Activity Income, maintained its growth momentum with a 9.7% YoY rise in Q2 FY26 and 13.3% growth in H1 FY26, reflecting the strength and resilience of our operations. This steady performance underscores our ability to sustain growth despite market volatility.

Total revenue for Q2 FY26 stood at Rs. 20.8 crore, down 11.8% YoY, while PAT stood at Rs. 11.1 crore, a 27% YoY decline, primarily due to lower trading income and other income which were impacted by broader market corrections and mark- to-market adjustments. These short-term fluctuations are inherent to such income streams and do not affect the structural strength of our business.

Our trail-based AUM stood at Rs. 6,011 crore, while total AUA grew 5% YoY to Rs. 12,574 crore, supported by healthy net inflows and favorable market conditions. We expect this positive trajectory to continue in the coming quarters.

Our client base expanded steadily, with 1,010 new clients added during the year, taking the total to 21,237. We also onboarded 502 new client families, bringing the total to 6,717, an 8% increase year-on-year.

On the strategic front, we advanced our growth journey through a joint venture with established market leaders to set up an AMC, combining Wealth First’s experience with the partner’s expertise to bridge product gaps, drive synergies, and tap into India’s rapidly expanding mutual fund market.

Demonstrating our continued focus on delivering shareholder value, the Board has declared an interim dividend of Rs. 8.0 per equity share (face value Rs. 10 each) for H1 FY26.

Strengthened by progress in our AMC venture, strong strategic partnerships, insurance broking approval, and a rapidly evolving financial ecosystem, Wealth First is well-positioned to scale new heights and expand its market presence.”

Mr. Ashish Shah Managing Director

Sustained Growth Momentum Over the Years…

Revenue from Business Activity Income

Trail Base Revenue

(In Rs. Cr)

+33.6%

29.8

33.7

+29.7%

24.0

24.7

10.6

13.4

17.4

11.9

13.5

8.7

H1 FY22

H1 FY23

H1 FY24

H1 FY25

H1 FY26

H1 FY22

H1 FY23

H1 FY24

H1 FY25

H1 FY26

Trail-based AUM

+26.4%

5,896

6,011

2,354

2,885

3,494

7,288

7,988

AUA

+14.6%

8,695

11,973

12,574

Sep-21

Sep-22

Sep-23

Sep-24

Sep-25

Sep-21

Sep-22

Sep-23

Sep-24

Sep-25

*Trail-based AUM includes MF, PMS and AIF

+34%

H1 FY22

H1 FY23

H1 FY24

H1 FY25

H1 FY26

Financial Highlights for Q2 FY26

(In Rs. Cr)

Revenue from Business Activity Income

+9.7%

16.3

Trail Base Revenue

17.9

12.9

PBT from Business Activity Income & Margin (%)^

75.8%

12.4

+1.1%

69.8%

12.5

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

PAT & PAT Margin (%)

Cost to Income (%)*

64.4%

53.3%

-27.0%

15.2

11.1

24.8%

30.7%

Q2 FY25

Q2 FY26

Q2 FY25

Q2 FY26

This slide highlights consolidated data

*Calculation of Cost to Income Ratio: Total Expenses / Revenue from Business Activity Income

^Calculation of PBT from Business Activity Income : [Business Activity Income - Total Expenses] / Revenue from Business Activity Income

• The

Business

Income increased by 9.7% on YoY basis to Rs. 17.9 Cr. in Q2 FY26

Activity

• The broader market declined in Q2 FY26 compared to Q2 FY25. However, our Trail Base Revenue remained flat at Rs. 12.9 Cr. in Q2 FY26, supported by Positive Net Sales in Q2 FY26

• PBT From Business Activity Income stands at Rs. 12.5 Cr. in Q2 FY26. The flattish growth was due to higher one- time other expenses during the quarter

• The reduction in PAT & PAT Margin in Q2 FY26 is majorly because of impact of lower trading activity income, lower other income and increase in one-time expenses

• Cost to Income has increased to 30.7% in Q2 FY26 primarily due to one-time expenses associated with BSE listing, PMS Renewal fee, SIF registration fee, CSR activities and higher employee expense

Financial Highlights for H1 FY26

Revenue from Business Activity Income

+13.3%

29.8

33.7

Trail Base Revenue

+2.9%

24.0

24.7

H1 FY25

H1 FY26

H1 FY25

H1 FY26

AUA

+5.0%

11,973

5,831

164

2,306

3,555

Sep-24

PMS+AIF

12,574

5,868

217

2,506

143

3,770

Sep-25

Fixed Deposit

Direct Equity

Insurance Premium Book

Bonds

PBT from Business Activity Income & Margin (%)^

PAT & PAT Margin (%)

Cost to Income (%)*

+8.2%

64.6%

59.2%

-7.3%

23.1

25.0

29.2

27.0

23.0%

26.4%

H1 FY25

H1 FY26

H1 FY25

H1 FY26

H1 FY25

H1 FY26

This slide highlights consolidated data

*Calculation of Cost to Income Ratio: [Total Expenses] / Revenue from Business Activity Income

^Calculation of PBT from Business Activity Income : [Business Activity Income - Total Expenses] / Revenue from Business Activity Income

(In Rs. Cr)

• The Business Activity Income increased by 13.3% on YoY basis to Rs. 33.7 Cr. in H1 FY26

• The broader market was flat in H1 FY26 compared to H1 FY25. However, our Trail Base Revenue grew by 2.9%, at Rs. 24.7 Cr. in H1 FY26, driven by strong Net Sales in H1 FY26

• PBT From Business Activity Income saw a growth of 8.2% YoY to Rs. 25.0 Cr.

• The reduction in PAT & PAT Margin in H1 FY26 is majorly because of impact of lower other income and increase in one-time expenses

• AUA increased by 5.0% YoY to Rs. 12,574 Cr. in H1 FY26 from Rs. 11,973 Cr. in H1 FY25

• Cost to Income has increased to 26.4% in H1 FY26 primarily due to one-time expenses associated with BSE listing, PMS Renewal fee, SIF registration fee, CSR activities and higher employee cost in H1 FY26. Previous quarter’s AMC expenses have been capitalized and transferred to preliminary and pre- operative expense

Operational Performance

Relationship Managers

Total Clients

6,215

20,227

6,717

21,237

2,780 801 3,437

13,209

13,788

Strong RM Vintage:

2,939 1,158 3,352

• RM count increased by 25% YoY • The RM vintage stood strong with 53% of RMs being associated with the Company for >5 years whereas 30% of RMs being associated with the Company for >10 years

Sep-24

Sep-25

Sep-24

Sep-25

Client Vintage:

RM Vintage (%)*

Clients Vintage (%)*

Total client families

41%

25%

28%

35%

13%

23%

30%

14%

17%

65%

14%

16%

65%

• 81% of our clients are with us for >5 years indicating strong client stickiness

• Total client base has increased by 5% YoY to 21,237 with 1,010 clients added in the last 1 year

• Total client families increased by 8% YoY to 6,717 with 502 client families added in the last 1 year

• The client stickiness is a testament of

our client servicing capabilities

Sep-24

Sep-25

Sep-24

Sep-25

*Rounded off to nearest decimal

0 to 3 years

3 to 5 years

5 to 10 years

>10 years

Equity Net Inflows

Mar-22

Mar-23

Mar-24

Mar-25

Sept-25*

(In Rs. Cr)

1,64,405

1,46,754

1,84,091

4,17,053

1,73,424

Net Inflows – SIP Purchases 39,839

Net Inflows – SIP Purchases -9,218

Net Inflows – SIP Purchases -15,127

Net Inflows – SIP Purchases 1,27,701

Net Inflows – SIP Purchases 6,745

1,24,566

1,55,972

1,99,218

2,89,352

1,66,679

183

155

Net Inflows – SIP Purchases 338

Net Inflows – SIP Purchases 45

Net Inflows - SIP Purchases 106

Net Inflows - SIP Purchases 479

Net Inflows - SIP Purchases 137

399

123

290

634

215

y r t s u d n I

L M P F W

Source: AMFI, Company *Sep-24 - April 2025 to September 2025

Net Inflows of Growth / Equity Oriented Schemes

SIP Purchases

Consolidated Profit and Loss

Particulars (in Rs. Cr) Income

Q2 FY26 Q2 FY25

YoY

Q1 FY26 QoQ

H1 FY26 H1 FY25

YoY

Revenue from operations - Business Activity Income

17.9

16.3

Revenue from operations - Trading Activities

Other Income

Total Revenue

Employee benefit expense

Other expenses

Total Operating Costs

PBT

PBT Margin %

PAT

PAT Margin %

EPS

Particulars (in Rs. Cr)

Mutual Fund

Portfolio Management Services + AIF

Insurance Premium Book

Fixed Deposit

Direct Equity

Bonds

Total AUA

2.7

0.2

3.2

4.0

15.8

9.0

0.1

20.8

23.5

-11.8%

24.9

-16.6%

4.2

1.2

5.4

3.0

0.9

4.0

36.8%

1.9

1.4

3.3

62.8%

33.7

11.7

0.3

45.7

6.1

2.6

8.7

29.8

10.4

5.0

45.1

4.7

2.0

6.7

1.1%

31.2%

15.3

19.5

-21.7%

21.5

-29.0%

36.8

38.3

-4.0%

73.5% 82.8%

86.3%

80.5% 84.8%

11.1

15.2

-27.0%

16.0

-30.7%

27.0

29.2

-7.4%

53.3% 64.4%

10.39

14.23

64.1%

14.98

59.2% 64.6%

25.37

27.38

Sep-25

Sep-24

YoY

5,868

5,831

0.6%

143

217

2,506

3,770

164

2,306

3,555

12,574

11,973

119.4%

35.4%

32.4%

8.6%

6.1%

5.0%

Jun-25

5,868

111

224

2,497

3,809

12,569

QoQ

0.0%

28.6%

17.0%

-3.0%

0.4%

-1.0%

0.0%

The Business Activity Income recorded a 9.7% YoY growth, primarily supported by higher net sales and an uptick in insurance revenue

During Q2 FY26, the decline in revenue from trading activities is due to Mark-to-Market (M2M) drawdown in the equity portion of the portfolio, which, as per accounting standards, must be reported based on their closing value as of the period end

Revenue from other income has declined in Q2 FY26 on QoQ and YoY basis due to unfavorable equity market conditions which resulted in no significant profit bookings

Employee expenses increased by Rs. 1.2 Cr on a YoY basis, primarily due addition of new employees and appraisal / incentive policy payouts made in Q2 & H1 FY26. Employee expenses are generally higher in Q2, as appraisal and incentive payouts are carried out during this quarter in line with the company’s policy.

The increase in other expenses was mainly due to one-time expense such as BSE listing, PMS Renewal fee, SIF registration fee and CSR activities

The reduction in PAT & PAT Margin in Q2 FY26 is majorly because of impact of lower trading activity income, lower other income and increase in one-time expenses

Consolidated Balance Sheet Statement

Sept-25

Mar-25

Particulars (in Rs. Cr)

Sept-25

Mar-25

Particulars (in Rs. Cr)

ASSETS

Non-current assets

Property, Plant and Equipment

Other Intangible Assets

Investments

Deposits with Bank

Deferred Tax Assets (Net)

Other Non-current Assets

Total Non-Current Assets

Current assets

Inventories

Financial Assets

Positional Investment (F & O)

Trade Receivables

Cash and Cash Equivalents

Current Tax Assets (Net)

Other Current Assets

Total Current Assets

Total Assets

1.0

0.1

31.1

9.8

0.1

9.4

0.8

0.1

31.1

9.5

0.1

6.7

EQUITY

Equity share capital

Other equity

Total Equity

LIABILITIES

Other financial liabilities

Total Non-Current Liabilities

51.5

48.3

Current liabilities

94.9

71.5

Borrowings

Trade payables

0.0

1.0

4.2

8.3

0.1

6.2

2.7

0.6

6.8

108.4

160.0

87.9

136.2

Total outstanding dues of creditors other than micro enterprises and small enterprises

Provisions

Other current liabilities

Current Tax Liabilities (Net)

Total Current Liabilities

Total Equity and Liabilities

160.0

136.2

10.7

140.0

150.7

0.7

10.7

117.9

128.5

0.7

0.1

1.2

5.3

1.9

8.6

0.1

0.8

6.1

7.0

Continuous Dividend Payout Over The Years…

Dividend Payout

11.3%

23.1%

17.5%

49.9%

31.5%

40.1

32.1

25.4

16.0

7.0

8.0

The Company has finalised a dividend policy wherein the Company will declare dividend a minimum of 30% of the consolidated profit after tax in a given year to the shareholders

17.7

13.0

2.0

3.0

FY22

FY23

FY24

FY25

H1 FY26

EPS (in Rs.)

DPS (in Rs.)

The Board of Directors has declared an interim dividend of Rs.8.0 per equity share with a FV of Rs. 10/- each for H1 FY26

About Us

• Headquartered in Ahmedabad,

Gujarat

• Over three decades of trusted wealth management expertise

•

Independent, client-first wealth manager focused on financial wellbeing

• Offers smart, end-to-end investment solutions

• First independent advisor listed on

the NSE

• Received SEBI’s In-Principle approval

to launch a Mutual Fund

• Approved by IRDAI to operate as a

Direct Insurance Broker

33rd

Rank in India – MF Distribution

20,759

Clients Vintage: 19% > 5 years

RM Vintage: 48% > 5 years

Team Size

₹58 Cr

Clients

Business Revenue

₹11,623 Cr

Assets Under Administration

Data as on March 2025

Operational Excellence: Five Years of Strategic Growth

Total Clients

Person Years of Experience

Trail-Based AUM: Exceptional Growth Trajectory

16,773

FY20

20,759 FY25

480

FY20

911 FY25

Families Served

New Client Added in a Year

4,851

FY20

6,578 FY25

372

FY20

1,210 FY25

₹5,386 Cr

FY25

₹1,612 Cr

FY20

Strong fundamentals across all key metrics demonstrate sustained institutional strength and market expansion from 2020 to 2025

Our Offerings

PRODUCTS

SERVICES

Fixed Deposits

Treasury Bonds

Direct Bonds

Investment Strategising Asset Research

Trade-Execution- Broking

Portfolio Review and Accounting

Taxable & Tax- Free Bonds

Direct Equity

Mutual Funds

Retirement Planning

Tax Planning

Asset Allocation

International investment options

Pension Products

PMS

Treasury Management

Inheritance Planning

Our Journey

Started out as Dalal & Shah Financial Services Pvt. Ltd. with prime focus on fixed income

CNBC TV18 Financial Advisor Award (West Zone & India)

Became a one-stop financial platform (CDSL + NSE-BSE integration)

First IFA practice listed on NSE

MF AUM crossed ₹5,000 Cr

1990

1996 - 2000

✓ Exclusive distributor for Franklin Templeton schemes

✓ Captured 50% of

Ahmedabad’s retail MF market; early ETF promoter

Avoided NSEL scam — 100% client wealth protection

Protected client wealth during Lehman crisis

Crossed ₹1,000 Cr MF AUM; secured RIA license

✓ SEBI In-Principle approval for AMC

✓ Approval from

IRDAI to act as a Direct Insurance Broker

✓ Listed on BSE

Board of Directors

Mr. Ashish Navnitlal Shah Managing Director (Promoter)

Ms. Hena Ashish Shah Whole-Time Director (Promoter)

Ms. Binal Gandhi Independent Director

Mr. Amit Trivedi Independent Director

Mr. Saurabh Sonthalia Independent Director

Mr. Siddharth Shah Independent Director

Key Management Personal

Mr. Rakesh Shah Chief Investment Officer

Mr. Dhiren Parikh Chief Financial Officer

Mr. Manish Kansara Chief Operations Officer

Mr. Nirad Shah Senior Vice President - Sales

Mr. Nishil Pandya Head - Business Development & Strategy

Ms. Sajni Patel Head - Business Development & Strategy

Mr. Swapneel Shah Chief Operations Manager

Company Strategy

The Wealth First Way: Sustainable Growth Built on Relationships

Built on Trust. Driven by Knowledge. Sustained by Relationships.

Foundation

• ~70% of client base from Gujarat - our cornerstone

• Strong base in Ahmedabad; expanding to Pune & Surat

• Deep-rooted client relationships drive consistent growth

Knowledge & Philosophy

• Knowledge-first engagement through roadshows, clinics & corporate programs

• Focus on financial literacy & long-term conviction

• Clients entrust full portfolios, reflecting deep trust & satisfaction

• We don’t just manage portfolios - we manage peace of mind

Relationships

• Referral-led growth model built on credibility

• Target-free culture empowers Relationship Managers

• Exceptionally low attrition - clients engage with familiar faces

• End-to-end solutions ensure clarity, comfort, and continuity.

Education over persuasion. Relationships over transactions. Trust over targets.

Our Unique Selling Proposition

Simplicity & Integrity Long-term focus over sales tactics

Client Empowerment Education-driven, confident decisions

Transparent Engagement Clear risks, outcomes & returns

Personalised Strategies Tailored, tax-efficient solutions

Capital Protection Risk-managed, fixed income roots

Direct-to-Client No intermediaries, 100% aligned

Vendor-Agnostic Unbiased, independent advice

Customer returns above everything else

What Makes Us Resilient

Process Strength and Sustainability

Robust systems and frameworks built to deliver stability, consistency, and resilience across market cycles

Trust Built Over Time

Rooted in discipline, consistent performance, and integrity, our client relationships have deepened over time - making trust our most valuable asset

Integrated Risk Management

A robust risk framework constantly evaluates internal and external factors to anticipate and mitigate potential threats proactively

Smart & Simple Product Strategy

Focused on straightforward, high-performing products that deliver steady long-term returns

Deep Product Expertise

Extensive research across asset classes enables seamless transition to superior, risk-aligned opportunities

Strategic External Partnerships

We’ve cultivated strong relationships with market experts and fund houses, enhancing our advisory capabilities and reinforcing client protection

Talent Retention and Continuity

We attract and retain exceptional talent across all key teams, ensuring sustained expertise and operational continuity

Client-First Philosophy

Every decision prioritizes maximizing client returns over brand loyalty or market trends

Towards a Larger Vision

Received an in-principle approval to set up an AMC

To participate in India’s journey of mobilization of savings towards investing, we are setting up an AMC under the name of ‘Lakshya Asset Management Private Limited’

Viksit Bharat 2047 Mutual Fund Industry Growth Estimates

Parameters

2024

2047

We are entering into a Strategic Joint Venture

Total MF AUM (Rs. Lakh Cr.)

53.4

2,791

Name

Investment Details

Holding Structure

Wealth First Portfolio Managers

~ ₹41 Cr

JV Partners*

~ ₹20 Cr

*Funds were infused by the Joint Venture partners, Mr. Sanjiv Shah and Mr. Sanjay Gaitonde

69.7%

30.3%

With all formalities completed, we expect final SEBI approval shortly to set up the AMC

No. of AMCs

212

✓ The mutual fund industry will be poised to achieve the

ambitious milestones envisioned for India’s financial future

✓ According to AMFI, per investor AUM is expected to rise

by 10x and mutual fund AUM to GDP ratio to surpass 100% by 2047

✓ As a result of continuous efforts by AMFI to broaden the

Mutual Fund industry in India and support the growing investor base, the AMC count is set to rise ~5x from 44 in 2024 to 212 by 2047

Gaps in current product offerings

Synergy of Wealth First’s experience & Strategic Partner’s Capabilities

Booming Mutual Fund Industry

Opportunity for Growth

Insurance Broking License received from IRDAI

To participate into growing insurance sector, we applied for an insurance broker license and have received IRDAI approval to operate as a Direct Insurance Broker (Life & General) under the name ‘Wealthshield Insurance Brokers Private Limited’

Industry Outlook

Insurance Penetration : India vs Global Average (2023)

Insurance Premium Growth Trends for FY24

Metrics

Total Penetration

Life Penetration

Non-Life Penetration

India

3.7%

2.8%

1.0%

Global

~7.0%

~2.9%

~4.1%

India is significantly underpenetrated in compared to global average with strong headroom for growth

Segment

Premium (Rs. Lakh Cr)

YoY Growth

Life

Non-Life

Rs. 8.30

~6.1%

Rs. 2.90

~12.8%

Strong growth in non-life driven by health and motors Life insurance premium growth remained steady

Industry Overview

Indian Wealth Management is a $2.7 Tn Opportunity

India’s wealth inequality is stark, with the ultra-rich holding a significant share of the country’s assets and this concentration is expected to grow

The top 1% of Indian households account for 30–40% of income, a high share of savings, and nearly 60% of total household wealth, amounting to $11.6 trillion

About 60% of this is in physical assets (land, real estate, gold) and 15% in illiquid financial assets (e.g., founder equity)

The serviceable asset pool of $2.7 trillion, including deposits, is split across specialized wealth managers (~11% share), domestic banks and brokers (limited customization), independent advisors (limited scale), informal advisors (like accountants), and self-managed portfolios

Rising share of financial assets on the balance sheet of India’s rich, and preference for specialized wealth advisory services creates room for high growth, and a long runway for growth for Indian wealth managers

The wealth disparity is high in India with top 1% of households owning ~70% of financial assets

UHNI (~35K HHs)

HNI (~500K HHs)

Affluent (~2.5Mn HHs)

Mass Affluent (~6Mn HHs)

Rest of India (~315 Mn HHs) Rest of India (~315 Mn HHs)

Threshold NW $12 Mn+

Avg. HH Income

Avg. Total Assets

Avg. Fin Assets

$4.8 Mn

$54 Mn

$24 Mn

‘Uber Rich’ v. ‘Rich’ v. ‘Rest of India’

$3-12 Mn

$1-3 Mn

$0.2-1 Mn

$0.7 Mn

$9 Mn

$3.6 Mn

$0.2 Mn

$2 Mn

$0.7 Mn

$33 K

$400 K

$120 K

The ‘Uber Rich’ (UHNI / HNI / Affluent) • Top 1% of Households • 40% of incomes • 60% of Assets • 70% of Fin Assets ($4.5 Tn TAM)

The ‘Rich’ (Uber Rich + Mass Affluent) • Top 3% of Households • 45% of incomes • 70% of Assets • 80% of Fin Assets ($5.2 Tn TAM)

< $0.2 Mn

$5 K

$20 K

$3 K

$1 = Rs 83

•

h c i R

h c i R r e b U

Source: Public Data, Broker Report

Rising Growth in India’s Specialized Wealth Management

Specialized wealth managers form ~11% of the total $2.7 Tn in serviceable assets; Large headroom for growth

• Dedicated wealth managers in India are their assets under projected management from $300 billion to $1.6 trillion by FY35, representing a CAGR of approximately 18%

to grow

This growth is expected to be driven by an expansion in the serviceable asset base— from $2.7 trillion to around $9.3 trillion at a increasing ~13%—alongside of CAGR penetration wealth management services

specialized

•

India HH Net Worth/ Assets ($19.6 Tn)

"Uber Rich" AUM managed by different players ($ Tn)

41%

14%

45%

2.0

0.4

0.3

Self/Unorganized (RIA,IFA, MFDs, etc.)

Includes bank deposits, equity holdings

Domestic Banks WM

Specialized WM

Includes global bank WM units

The share of specialized wealth managers will rise from 11% to 17% of the addressable market, indicating substantial headroom for long-term growth

Uber Rich Serviceable

Uber Rich Unserviceable

Mass Affluent

India's serviceable assets to grow from $3 Tn to $9 Tn (13% CAGR), with specialized WM rising to $1.6 Tn by 2035, growing at ~18% CAGR

Specialised WM (%)

11%

13% CAGR

9.0

17%

3.0

0.3

18% CAGR

1.6

Uber Rich India Serviceable Wealth

Speciaised Wealth Managers

Active Equities AUM poised for +20% CAGR in the medium-term

•

Equities AUM has posted a 27% CAGR over the past decade, driven by approximately 12% CAGR in MTM gains, with the remainder contributed by net inflows

It is expected to continue growing at over 20% CAGR in the medium term, supported by broader consensus expectations of low double-digit nominal GDP growth and corporate earnings growth, high single-digit contributions from SIP flows, and positive lump sum flows on a CAGR basis

The share of equities AUM has nearly doubled from 31% in FY15 to 59% in FY25 and is projected to cross 70% by FY29E

MF industry AUM grew at 10 -yr. CAGR of 19% from INR 11.87 Trn to INR 66.7 Trn as of Mar ’25

All-time high inflows drove equity assets to new heights

+19%

31.4

26.8

23.0

24.5

18.3

11.9

13.5

66.7

55.0

37.6

39.6

4.0

3.7

8.3

6.0

4.2

1.6

1.5

1.8

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY25

-0.3

FY21

FY22

FY23

FY24

FY25

Source: Public Data, Broker Report

Change in AUM (Rs. Lakh Cr)

Net Flows (Rs. Lakh Cr)

Historical Performance

Operational Performance

Relationship Managers

RM Vintage (%)*

1 7

18%

23%

36%

43%

27%

42%

37%

35%

11%

13%

24%

31%

23%

29%

23%

30%

Mar-22

Mar-23

Mar-24

Mar-25

Sep-25

Mar-22

Mar-23

Mar-24

Mar-25

Sep-25

Total Clients

Clients Vintage (%)*

5,205

5,471

5,904

6,578

6,717

17,835

18,540

19,549

20,759

21,237

1,488 1,882 2,253

1,802 986 3,197

2,412 736 3,487

2,841 989 3,451

2,939 1,158 3,352

11%

13%

10%

17%

12%

18%

14%

16%

14%

16%

12,212

12,555

12,914

13,478

13,788

68%

66%

65%

Mar-22

Mar-23

Mar-24

Mar-25

Sep-25

Mar-22

Mar-23

Mar-24

Mar-25

Sep-25

Total client families

*Rounded off to nearest decimal

(In Rs. Cr)

0 to 3 years 3 to 5 years 5 to 10 years >10 years

AUA Growth Over The Years…

Mar-22

Mar-23

Mar-24

Mar-25

Sept-25

3,449

2,531

3,253

3,018

3,410

3,741

3,770

4,420

5,304

5,868

410

1,281

204

1,468

183 48

1,985

2,224

212 60 82

2,506

217 70 143

l a t o T

A U A

R R A

l a t o T

* M U A

Rs. 7,782 Cr.

Rs. 8,078 Cr.

Rs. 10,114 Cr.

Rs. 11,623 Cr.

Rs. 12,574 Cr.

Mutual Fund

PMS + AIF

Insurance Premium Book

Fixed Deposit

Direct Equity

Bonds

+27% CAGR

Rs. 2,620 Cr.

Rs. 3,109 Cr.

Rs. 4,488 Cr.

Rs. 5,386 Cr.

Rs. 6,011 Cr.

*Total ARR AUM includes MF, PMS and AIF

Historical Consolidated Profit & Loss Statement

Particulars (in Rs. Cr)

Income

Revenue from operations - Business Activities

Revenue from operations - Trading Activities

Other Income

Total Revenue (I+II)

Employee benefit expense

Other expenses

Total Operating Expenses

PBT*

PBT Margin %

PAT*

PAT Margin %

EPS

FY25

FY24

FY23

FY22

58.3

-5.2

6.9

60.1

9.0

4.0

13.0

45.1

75.1%

34.1

56.8%

32.05

41.6

12.7

12.6

67.0

8.1

3.0

11.1

55.4

82.8%

42.7

63.7%

40.06

32.0

-2.5

-0.1

29.4

6.7

3.5

10.2

18.7

63.4%

13.8

47.0%

12.98

25.2

6.3

1.9

33.3

5.3

2.9

8.2

24.7

74.2%

18.9

56.6%

17.69

*PBT & PAT includes exceptional item of Rs. 1.5 Cr which pertains to a cyber fraud perpetrated against the Company by third party in FY25

Historical Consolidated Balance Sheet Statement

Mar-25 Mar-24 Mar-23 Mar-22

Particulars (in Rs. Cr)

Mar-25 Mar-24 Mar-23 Mar-22

Particulars (in Rs. Cr)

ASSETS

Non-current assets

Property, Plant and Equipment

Other Intangible Assets

Financial Assets

Investments

Deposits with Bank

Deferred Tax Assets (Net)

Other Non-current Assets

0.8

0.1

0.7

0.2

0.7

0.3

0.8

0.6

31.1

47.6

38.6

17.4

9.5

0.1

6.7

1.0

0.1

7.3

1.0

0.1

8.5

3.0

0.1

9.0

Total Non-Current Assets

48.3

57.0

49.2

30.8

Current assets

Inventories

Financial Assets

Positional Investment (F & O)

Trade Receivables

Cash and Cash Equivalents

Current Tax Assets (Net)

Other Current Assets

Total Current Assets

Total Assets

71.5

57.0

23.8

31.7

0.1

6.2

2.7

0.6

6.8

0.5

4.8

0.4

3.4

2.6

1.0

0.4

3.4

5.4

0.4

87.9

67.9

136.2

124.8

31.1

80.3

40.9

71.7

EQUITY

Equity share capital

Other equity

Total Equity

LIABILITIES

10.7

117.9

107.6

66.0

54.9

128.5

118.3

76.7

65.6

Other financial liabilities

Total Non-Current Liabilities

0.7

Current liabilities

Borrowings

Trade payables

0.04

1.9

Total outstanding dues of creditors other than micro enterprises and small enterprises

0.1

0.04

0.2

Provisions

Other current liabilities

Current Tax Liabilities (Net)

Total Current Liabilities

0.8

6.1

7.0

0.7

5.2

5.9

0.4

2.5

2.9

0.3

1.6

1.4

5.4

Total Equity and Liabilities

136.2

124.8

80.3

71.7

THANK YOU !

Company: Wealth First Portfolio Managers Limited CIN: L67120GJ2002PLC040636

Mr. Nishil Pandya Email id : nishil@wealthfirst.biz

www.wealth-firstonline.com

Investor Relations: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285

Mr. Karan Thakker / Ms. Dhresha Shah karan.thakker@sgapl.net / dhresha.shah@sgapl.net

+91 81699 62562 / +91 98331 05108

www.sgapl.net

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