Nippon Life India Asset Management (NAM-INDIA) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly operating profit of INR 4.58 billion and profit after tax of INR 4.04 billion in Q3 FY26, with total AUM reaching INR 8.16 trillion and mutual fund QAAUM at INR 7.01 trillion, up 23% YoY and 7% QoQ.

• Fastest growing AMC among top 10, with QAAUM market share at 8.65%, the highest since 2019, and leadership in ETF and SIP segments.

• Unique investor base reached 22.7 million, with 36.7 million folios and low investor complaints.

• Digital transactions accounted for 77% of new purchases in Q3 FY26, with 4.32 million digital transactions processed.

• Board approved strategic collaboration with DWS Group, with DWS to acquire up to 40% stake in the AIF subsidiary and broader collaboration planned.

Financial highlights

• Q3 FY26 consolidated revenue was INR 7.05 billion, up 20% YoY and 7% QoQ; total income reached INR 7.81 billion.

• Operating profit rose 22% YoY to INR 4.58 billion; PAT increased 37% YoY and 17% QoQ to INR 4.04 billion.

• EPS (consolidated, diluted) for FY25 was INR 11.5; interim dividend of INR 9.00 per share paid in November 2025.

• Operating expenses grew 17% YoY; other income was INR 0.75 billion, up 3.9x YoY.

• Dividend payout ratio for FY25 at ~91% of standalone earnings.

Outlook and guidance

• Expense growth guidance maintained at 15% for the next year.

• Management focuses on market share growth, digital adoption, and expanding systematic investment flows.

• Ongoing work to improve FlexiCap fund performance and increase market share in this category.

• Continued focus on digital enablement, ESG integration, and expanding product offerings.

• Ongoing evaluation of market conditions and business dynamics to ensure optimal use of IPO proceeds.