Nippon Life India Asset Management (NAM IN) – Analyst Meet Update – Profitable growth trajectory to continue – BUY
Published on 02 Sep 2026
We attended NAM analyst meet, wherein senior management reiterated its strategy of (1) profitable growth, (2) focus on sticky/granular flows through unique investor addition and (3) deeper regional penetration by increasing presence in B100/B200 markets. Market leadership in gold+silver ETF (33% market share) is a unique advantage due to better profitability while being a hedge to active equity. Risk management is robust with preference for superior risk-adjusted returns & long-term performance over short-term ranking. Market share in net equity flows/SIP at 11/12% remains higher than stock equity AUM market share of 7.5%. We tweak multiple to 38x from 36x on Sep’28 core EPS and raise TP to INR1,250 from INR1,225. Retain ‘BUY’.
