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 AUM at INR 7.01 trillion; maintained position as 4th largest AMC in India and fastest growing among top 10.

• Unique investor base reached 22.7 million, with 36.7 million folios and low investor complaints; largest unique investor base in the industry.

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

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

• Recognized for employee engagement and best employer awards.

Financial highlights

• Q3 FY26 revenue at INR 7.05 billion, up 20% YoY and 7% QoQ; operating profit up 22% YoY and 9% QoQ; PAT up 37% YoY and 17% QoQ.

• Consolidated total income for Q3 FY26 was INR 7.81 billion, up from INR 6.95 billion in Q2 FY26.

• EPS (consolidated, diluted) for FY25 was INR 11.5; total dividend payout INR 18.00 per share, ~91% of standalone earnings.

• Other income at INR 0.75 billion, up 3.9x YoY; operating expenses at INR 2.48 billion, up 17% YoY.

• Interim dividend of INR 9.00 per equity share was paid in November 2025.

Outlook and guidance

• Operating expense growth guidance of ~15% for next year, with ESOP expense expected at INR 26 crore.

• Management expects continued investment in AIF and SIP verticals, focusing on profitability over AUM growth and expanding digital enablement and ESG integration.

• Systematic flows annualized at INR 451 billion, with SIP AUM up 22% YoY and monthly SIP flows at all-time high.