Nippon Life India Asset Management (NAM-INDIA) Q2 25/26 earnings summary

Executive summary

• Achieved highest ever quarterly operating profit in Q2 FY26, with operating profit up 15% YoY to INR 4.19 billion; fastest growth among top 10 AMCs YTD.

• Maintained position as 4th largest AMC in India, with QAAUM of INR 6,565 billion, up 20% YoY and 7% QoQ; AUM as of September 30, 2025, stood at INR 7.61 trillion.

• Unique investor base reached 21.9 million, with 34.9 million folios and 75% of new purchases/SIPs via digital channels in H1 FY26.

• Profit after tax for Q2 FY26 was INR 3.45 billion, down 4% YoY and 13% QoQ.

• Board declared an interim dividend of INR 9.00 per share for Q2 FY26.

Financial highlights

• Q2 FY26 revenue at INR 6.581 billion, up 15% YoY and 8% QoQ; H1 FY26 revenue at INR 12.647 billion, up 18% YoY.

• Q2 FY26 operating profit at INR 4.19 billion, up 15% YoY and 11% QoQ.

• Q2 FY26 profit after tax at INR 3.45 billion, down 4% YoY and 13% QoQ; H1 FY26 PAT at INR 7.408 billion, up 7% YoY.

• Other income declined 70% YoY in Q2 FY26, impacting overall profitability.

• Operating expenses rose 16% YoY and 5% QoQ, mainly due to branding, technology, and new office costs.

Outlook and guidance

• Management remains bullish on SIF category, with plans for new fund launches and a dedicated team.

• Focus on market share gains, robust SIP flows, and digital channel expansion.

• Targeting full alignment with SEBI BRSR ESG Value Chain assessment by 2026 and full disclosure to UNRPI for 2025.

• Offshore AUM expected to grow despite recent MTM-driven decline.

• Ongoing evaluation of market conditions and business dynamics for optimal IPO proceeds utilization.