Nippon Life India Asset Management (NAM IN) – Q1FY27 Result Update – Equity QAAuM QoQ growth was best-in-class – BUY
Published on 23 Jul 2026
NAM saw a steady quarter; revenue was a bit higher although opex missed PLe by 4.9% due to QoQ increase other opex that was up 17% due to more spends on technology and brand activities. There was no impact on revenue due to TER change as blended yields were stable QoQ at 40.8bps. Led by strong performance equity QAAuM growth was best-in-class at 6.3% QoQ. Market share in SIP and net equity flows at ~11% each remain higher than stock equity AuM market share which increased by 24bps QoQ to 7.48%. While we like NAM due to strong fundamentals, current valuation at 36x on FY28E core EPS, leaves limited upside. We tweak multiple to 36x but as we roll forward to Sep’27 core EPS, we raise TP to INR 1,225 from INR 1,050. Retain ‘BUY’.
