NIPPON L I A M LTD

Manages investment portfolios on behalf of individual and institutional investors, primarily through mutual funds, exchange-traded funds (ETFs), and alternative investment funds (AIFs). Revenue is earned as a percentage fee on assets under management (AUM), so the scale of the business is best read through AUM rather than sales. In Q1 FY27, mutual fund quarterly average AUM stood at INR 7.52 trillion (+22.7% YoY), giving a 9.04% share of the Indian mutual fund industry (highest since June 2019), with equity AUM share at 7.38% and 24.1 million unique investors. The ETF franchise held INR 2.43 trillion in AUM with a 21.35% industry share, and the AIF business carried INR 95.8 bn in cumulative commitments. The company also runs a 78%-digital purchase channel and operates through a joint venture in which DWS Group is taking a 40% stake in the AIF subsidiary, pending regulatory approvals. Operating costs are dominated by people (18.7% of FY26 revenue) and other operating expenses including marketing and distribution (12.2%), with negligible raw material cost since this is a fee-based financial services business rather than a manufacturing one.