Nippon Life India Asset Management (NAM-INDIA) Q4 25/26 earnings summary

Executive summary

• Fastest-growing AMC among top 10, ranked 4th largest in India, with highest YoY AUM market share increase since June 2019 and QAAUM reaching INR 7.25 trillion, up 30% YoY and 3% QoQ.

• Achieved record annual and quarterly operating profit and profit after tax for FY26; annual PAT at INR 15.29 billion, up 19% YoY, and operating profit at INR 17.48 billion, up 24% YoY.

• Unique investor base reached 23.8 million, with 39.4 million folios and low investor complaints.

• Digital transactions contributed 77% of purchases and new SIPs in Q4 FY26, up 44% YoY.

• Board declared a total FY26 dividend payout of INR 21.50 per share, representing ~91.5% of net profits.

Financial highlights

• Q4 FY26 consolidated revenue was INR 7.39 billion, up 30% YoY and 5% QoQ; operating profit at INR 4.93 billion, up 39% YoY and 8% QoQ.

• Q4 FY26 profit after tax was INR 3.85 billion, up 29% YoY but down 5% QoQ.

• Standalone FY26 revenue from operations was INR 25.28 billion, up from INR 20.65 billion in FY25.

• Standalone FY26 profit after tax was INR 14.98 billion, up from INR 12.52 billion in FY25.

• Cumulative dividend payout over last 12 years reached ~INR 76 billion.

Outlook and guidance

• Expense growth guidance remains at 15%-16% YoY, excluding ESOP costs; ESOP cost for next year projected at INR 35 crore, with total cost of INR 70-75 crore over four years.

• Operating leverage expected to improve as AUM grows, aiming for reduced expense ratio over time.

• Targeting full alignment with SEBI BRSR ESG Value Chain assessment in FY27 and accelerating ESG disclosures.

• Continued focus on digital expansion and systematic investment growth.

• Management prioritizes execution, market share gains, and investor base growth.