Nippon Life India Asset Management Limited (NAM-INDIA)
Large CapFinancial Services stocks · Large cap · NSE
Nippon Life India Asset Management Limited (NAM-INDIA) is an asset management company offering mutual funds, managed accounts, offshore funds, and AIFs. It aims to build a diversified retail franchise across India, leveraging digital platforms and strategic partnerships.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +26% YoY · PAT +27% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹767 Cr | +26.4% | +3.8% |
| EBITDA | ₹508 Cr | +30.9% | +0.2% |
| Operating margin | 66.0% | +200 bps | -300 bps |
| PAT | ₹504 Cr | +27.3% | +30.9% |
| PAT margin | 65.7% | +47 bps | +1361 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
NAM-INDIA reports highest ever quarterly PAT at INR 5.04 bn (up 27% YoY) and Operating Profit at INR 4.94 bn (up 31% YoY) in Q1 FY27, driven by fastest AUM growth among Top-10 AMCs and increased market share.
NAM-INDIA demonstrated robust Q1 FY27 performance with record PAT and Operating Profit, outpacing Top-10 AMCs in AUM growth and market share gains. Continued investment in digital and brand, coupled with strategic AIF expansion, supports the long-term growth thesis, though rising operating expenses warrant monitoring.
Digital Business & Retail Penetration
Digital purchase transactions & new SIP registrations rose 26% YoY to 4.49 mn. Digital Business contributed 78% of total new purchase transactions.
AIF Business Expansion
Raised INR 2.5 bn of commitments in Q1 FY27. Fundraising underway for Listed Equity, Private Credit, and Direct VC Funds. JV with DWS for Europe access.
Diversified SIP Book
Broad-basing SIP book beyond one or two funds, supported by Fintech platforms and B30 initiatives, helping increase retail penetration.
ETF Leadership
Maintains position as one of the largest ETF players with 21.35% market share and strong share of industry’s ETF folios and volumes (45%+).
AIF Fund Drawdowns
Nippon India Equity Opportunities Scheme 10 (NIEO 10) achieved final close and is fully drawn-down. NIEO 11 completed 2nd drawdown (50% drawn). Nippon India Credit Opportunities Fund (NICO 2) drawn-down 40%.
GIFT City Funds
Currently has 2 feeder funds: Nippon India ETF Nifty 50 BeES GIFT Fund, and Nippon India Large Cap Fund GIFT, with AUM of USD 48 mn.
DWS AIF JV
Awaiting regulatory approvals for DWS to take 40% stake in AIF subsidiary to access European institutional investors.
Equity Market Rebound
NIFTY was up 7% QoQ, while the NIFTY Mid Cap & Small Cap indices were up 17% QoQ and 24% QoQ, respectively, in Q1 FY27.
Industry AUM Growth
Industry QAAUM grew by 15% YoY and 2% QoQ in Q1 FY27 to INR 83.1 trillion.
Fixed Income Inflows
The Fixed Income category (Debt + Liquid) witnessed a net inflow of INR 338 bn in the quarter after an outflow in the previous quarter.
Growing Investor Base
Quarter-end unique investors in the Mutual Fund Industry increased 12% YoY to 61.9 mn.
Moderation in Equity & ETF Inflows
Equity category (ex-Index Funds & Arbitrage) net inflow of INR 1.13 trillion was lower QoQ. ETF category net inflow of INR 291 bn was lower QoQ.
Gold & Silver ETF Volume Decrease
Industry witnessed a decrease in Gold & Silver ETF volumes. NIMF's combined Gold & Silver ETF AUM was down 2.5% QoQ.
Fixed Income Volatility
Industry-wide fixed income flows have been volatile due to interest rate movements.
Sustained High Operating Expenses
Management expects operating expenses to grow in the range of 18% to 20% (ex-ESOP and one-offs) for the next six to eight quarters due to technology and brand investments.
Yield Compression
Management expects blended yield to drop 1 to 2 basis points YoY on equity as AUM size goes up due to pricing changes.
Performance Stress in Large Cap Categories
If performance of certain categories like large cap, multi cap, and larger cap continues to be stressful, there can be moderation in flows.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company highlights both YoY growth for overall performance trends and QoQ for sequential momentum in AUM, market share, and financial metrics, which is relevant for an AMC.
Quarterly PAT
Achieved highest ever Quarterly Profit After Tax at INR 5.04 bn (growth of 27% YoY, 31% QoQ).
Quarterly Operating Profit
Achieved highest ever Quarterly Operating Profit at INR 4.94 bn (growth of 31% YoY, flat QoQ).
Mutual Fund QAAUM Growth
Mutual Fund QAAUM grew 22.7% YoY and 3.7% QoQ to reach INR 7.52 trillion.
Overall AUM Market Share
Mutual Fund market share increased 54 bps YoY and 15 bps QoQ to 9.04%, highest since June 2019.
Strategic Investment in Digital & Brand
Company will continue investing in technology, brand activities, and digital platforms for the next six to eight quarters to build the franchise.
Differentiated SIF Product Strategy
Awaiting regulatory approvals for SIFs; aims to launch highly differentiated products beyond 'me-too' mutual fund plus-plus offerings, leveraging Andrew Holland's team.
International Expansion Focus
Japan and the DWS JV for Europe remain critical markets to attract foreign money into India, with new fund launches and institutional investor approaches planned.
Long-term Investor Education
Driving initiatives to strengthen SIP habits and educate customers on long-term investing through digital platforms, nudges, and campaigns, especially during market volatility.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating Expense Growth (ex-ESOP) | 18-20% expected for next 6-8 quarters | Moderation in growth rate or impact on profitability beyond management's stated range. |
| Blended Yield | 38 bps (flat QoQ), expected to drop 1-2 bps YoY | Faster than expected yield compression impacting revenue growth. |
| AIF Cumulative Commitments | INR 95.8 bn, up 18% YoY | Progress in fundraising for new AIF schemes and regulatory approvals for DWS JV. |
| Equity Net Sales Market Share | Double-digit (ex-Index Funds & Arbitrage) | Maintenance of double-digit share, especially if large cap performance remains stressed. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
61BullishSMA20 +2.1% / mo · MACD −
Technical chart
NAM-INDIAdaily · 1Y · AUTO+34.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.1% over last month) — short-term momentum positive.
- RSI(14) at 43 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 9% off 52W high · 46% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 10.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.3%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
- Quality contributes 19/20 to the score.
Main drags
- Fair-value margin of safety is negative at -7.6%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 71.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Financial Services: 100th pctile, median 62 · Large: 100th pctile, median 73
132 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸12 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 45.30
- P/B
- 15.89
- EV/EBITDA
- 41.90
- Market Cap
- 74208.00Cr
Profitability
- ROE
- 34.50%
- ROCE
- 43.80%
- ROA
- 31.53%
- Dividend Y
- 1.85%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 247.00×
- Altman Z
- 9.06
- Book Value
- 73.00
Cash Flow
- FCF Yield
- 1.54%
- FCF Positive Y
- 12/5
- OCF
- 1466.00 Cr
- EPS TTM
- 25.66
Shareholding
- Promoter Hold
- 71.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.