Nippon Life India Asset Management (NAM-INDIA) Q4 24/25 earnings summary

Executive summary

• Achieved highest-ever annual profit after tax of INR 12.86 billion, up 16% year-over-year, and record operating profit of INR 14.04 billion, up 47% year-over-year for FY25.

• Maintained position as 4th largest AMC in India with mutual fund QAAUM at INR 5.57 trillion, up 29% YoY, and market share at 8.26%.

• Largest unique investor base in the industry at 32.5 million folios, adding 1.5 million in Q4 FY25.

• SIP market share doubled in three years to 10.16% in March 2025, with systematic flows for Q4 FY25 at INR 97.2 billion, up 39% YoY.

• Board declared a total FY25 dividend of INR 18 per share (91% of net profit), including a final dividend of INR 10 per share.

Financial highlights

• Q4 FY25 consolidated revenue from operations at INR 5.67 billion, up 21% YoY; operating profit at INR 3.55 billion, up 26% YoY.

• Q4 profit after tax at INR 2.99 billion, down 13% YoY but up 1% sequentially; full-year profit after tax at INR 12.86 billion, up 16% YoY.

• Operating expenses for Q4 at INR 2.12 billion, up 14% YoY; excluding ESOP, expenses grew 8% YoY.

• Other income for Q4 at INR 0.23 billion, down 75% YoY but up 50% sequentially.

• Financial assets as of March 31, 2025, at INR 37,013 million, with 66% in debt and 19% in equity.

Outlook and guidance

• Expecting cost increase of around 15% ex-ESOP for FY26; ESOP cost guidance for FY26 is INR 48-49 crore, tapering down in FY27.

• Continued focus on retail and HNI segments, with 90%+ of future equity business expected from these segments.

• Strategic initiatives to facilitate international inflows, especially from Japan via GIFT City, and leverage Nippon Life’s global network.

• Ongoing product innovation across mutual funds, ETFs, AIFs, and offshore offerings.

• Expanding digital and physical distribution, with 1,11,400+ distributors and 198 branches.