Nippon Life India Asset Management (NAM IN) – Q2FY27 Result Update – Strong retail presence an advantage – BUY
Published on 23 Oct 2026
NAM saw a steady quarter; core income was in-line as revenue/opex met expectations. An exceptional item of INR968mn was recognized, relating to past investments in YES Bank AT1 bonds; its impact would be ~5% of FY27 core PAT. Blended yield was down 0.4bps QoQ for NAM vs 1.3bps rise for larger peers. While net equity flow market share declined from 11% in Q1FY27 to 9.3% in Q2FY27, it remains above stock equity market share of 7.5%. Market volatility is slowing down MF industry flows, though strong retail presence may help NAM against potential redemptions. We tweak multiple to 37x from 38x on Sep’28 core EPS and change TP to INR1,200 from INR 1,250. Retain ‘BUY’.
