NSE: NAM-INDIA · BSE: 540767
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mutual fund management fees, ETF management fees, AIF and alternative investment fees, Advisory and other income. Asset-light, fee-based financial services; AUM-linked revenues with high operating margins and no raw material cost.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,307 | 1,350 | 1,643 | 2,231 | 2,709 |
| EBITDA (ex other income) | 791 | 795 | 994 | 1,442 | 1,795 |
| margin % | 60.5 | 58.9 | 60.5 | 64.6 | 66.3 |
| Owners' profit | 744 | 0 | 0 | 1,286 | 1,529 |
| EPS, as reported (₹) | 12.00 | 11.61 | 17.71 | 20.34 | 24.05 |
| ROE % · ROCE % | 21.4 · — | 20.6 · — | 27.8 · — | 30.5 · — | 32.8 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 580 | 584 | 777 | 1,200 | 1,466 |
| Capex | (7) | (10) | (12) | (539) | (79) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 571 | 588 | 567 | 607 | 658 | 705 | 739 | 767 |
| Profit before tax | 486 | 392 | 378 | 524 | 456 | 533 | 460 | 664 |
| Net profit | 360 | 295 | 299 | 396 | 345 | 404 | 385 | 504 |
| EPS (₹) | 5.69 | 4.66 | 4.71 | 6.24 | 5.42 | 6.34 | 6.04 | 7.89 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ICICI PRUDENTIAL AMC LTD | 1,37,899 | 52.1 | 33.06 | — | 79.1 | — | — | 84.0 |
| HDFC AMC LIMITED | 98,592 | 26.9 | 10.68 | — | 31.0 | — | — | 101.2 |
| NIPPON L I A M LTD ◆ | 59,340 | 36.1 | 12.74 | — | 32.8 | — | 20.6 | 88.4 |
| ADIT BIRL SUN LIF AMC LTD | 25,131 | 24.9 | 6.22 | — | 24.1 | — | — | 90.7 |
| UTI ASSET MNGMT CO LTD | 10,604 | 23.0 | 2.35 | — | 10.5 | — | 7.8 | 65.9 |
| CANARA ROBECO AMC LIMITED | 4,155 | 14.9 | 5.57 | — | 27.3 | 35.9 | — | 88.2 |
| SHRIRAM ASSET MANAGEMENT CO.LT | 425 | — | 2.79 | — | (13.3) | — | — | (370.7) |
| IL&FS INVESTMENT MANAGERS | 239 | 47.5 | 1.13 | — | 2.3 | — | 3.5 | 36.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.1 | 26.9 | 5 of 7 | 33% |
| P/B | 12.7 | 5.9 | 7 of 8 | 14% |
| ROE | 32.8 | 25.7 | 2 of 8 | 86% |
| EBITDA margin | 88.4 | 86.1 | 3 of 8 | 71% |
| Revenue growth | 26.4 | 20.0 | 3 of 6 | 60% |
| Profit growth | 27.2 | 13.9 | 2 of 6 | 80% |
| Market cap | 59340 | 17868 | 3 of 8 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27 operating profit up 25%; SEBI settlement cuts profit | investor communications | medium | — | — |
| 23 Oct 2026 · Company to attend Ashika investor conference on November 5, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Q2 FY27 earnings call audio recording uploaded | investor communications | low | — | — |
| 22 Oct 2026 · Nippon Life India AMC files Q2 FY27 IPO proceeds monitoring report | compliance | low | — | — |
| 22 Oct 2026 · No deviation in use of 2017 IPO proceeds | compliance | minimal | — | — |
| 22 Oct 2026 · NAM India Q2 FY27 investor presentation: AUM up 20% YoY, PAT down 6% YoY | investor communications | medium | — | — |
| 22 Oct 2026 · Interim dividend Rs 9.50 per share, Q2 results declared | corporate actions | high | — | — |
| 22 Oct 2026 · Interim dividend of Rs. 9.50 per share; Q2 FY27 results declared | corporate actions | high | — | — |
| 22 Oct 2026 · Nippon Life India AMC Q2 revenue up 22 percent, declares Rs 9.50 dividend | results | high | — | — |
| 22 Oct 2026 · Revenue rises 21%, net profit slips 6%; Rs 9.50 interim dividend declared | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.