HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Nippon Life India Asset Management Limited
NSE: NAM-INDIAFinancial ServicesAsset Management
- Last close
- ₹922.60
- Day change
- −₹53.40 (−5.47%)vs
- Market cap
- ₹64,004 crIndian rupees
- Research updated
- 4 reports
Follow Nippon Life India Asset Management
Create an account, then follow this company for weekday briefs. You will return to Nippon Life India Asset Management after signing in.
About Nippon Life India Asset Management
Nippon Life Asset Management Limited is a publicly owned investment manager. The firm launches and manages equity and fixed income mutual funds for its clients. It also manages exchange traded funds for its clients. The firm invests in the public equity, fixed income and commodity markets. Nippon Life Asset Management Limited was previously known as Reliance Nippon Life Asset Management Limited. Nippon Life Asset Management Limited was founded on February 24, 1995 and is based in Mumbai, India. Nippon Life India Asset Management Limited operates as a subsidiary of Nippon Life Insurance Company.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: NAM-INDIA
- Chief executive
- Mr. Sundeep Sikka M.B.A.
- Employees
- 1,142
- Headquarters
- Mumbai, India
- ISIN
- INE298J01013
Public research · Report of
Business model & financial foundation
NAM India (NSE: NAM-INDIA), Asset Management: revenue of ₹2,709 crore in FY26 (+21.4% on FY25), an EBITDA margin of 66.3%, net profit of ₹1,529 crore and net cash of ₹4,069 crore.
- Revenue, FY26 (₹ crore)
- 2,709
- consolidated
- Revenue growth, FY26
- +21.4%
- on FY25
- EBITDA margin, FY26
- 66.3%
- EBITDA (Derived operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,529
- to owners
- Return on equity, FY26
- 34.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,069
- Net debt including investment liquidity
- Market capitalisation (₹ crore)
- 64,004
- at the close of 22 Oct 2026
Company profile
NAM India manages Nippon India Mutual Fund, ETFs, managed accounts, alternative funds and offshore mandates. Revenue comes from asset-based fees; asset appreciation and persistent flows drive average AUM, while mix and regulated fee schedules determine yield. Its ETF scale and large investor base support acquisition, but market-linked treasury gains can obscure core operating earnings.
| Item | Value |
|---|---|
| Legal name | Nippon Life India Asset Management Limited (formerly Reliance Nippon Life Asset Management Limited) |
| Exchange and ticker | NSE: NAM-INDIA; BSE: 540767 |
| ISIN | INE298J01013 |
| CIN | L65910MH1995PLC220793 |
| Sector | Financial Services |
| Industry | Asset Management |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹64,004 crore (22 Oct 2026) |
| Shares outstanding | 63.81 crore shares (FY26) |
| Price | ₹976.0 (close, 22 Oct 2026) |
| 52-week range | ₹795.8 - ₹1,270 (to 22 Oct 2026) |
| Website | https://mf.nipponindiaim.com/ |
Corporate structure and shareholding
Parent: Nippon Life Insurance Company.
| Entity | Holding | Business |
|---|---|---|
| Nippon Life India AIF Management Limited | 100% | Alternative investment fund manager; proposed DWS 40% JV pending approval |
| Nippon Life India Asset Management (Singapore) Pte Ltd | 100% | Offshore asset management and advisory |
49% associate Reliance Capital Pension Fund Ltd has surrendered licence and is to be wound up.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 72.05% | 71.93% | 71.80% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 7.90% | 7.35% | 7.04% | |
| Domestic institutions | 13.83% | 14.77% | 15.49% | |
| of which mutual funds | 8.73% | 9.95% | 11.05% | |
| Retail | 6.21% | 5.95% | 5.67% | |
| Other | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
NAM India earns management fees on mutual-fund average AUM, with a growing ETF/passive mix; investment income on its own balance sheet is a material but volatile secondary earnings source. Q2 FY27 MF QAAUM was INR787,100 crore and closing MF AUM INR754,000 crore.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Asset Management Company (HDFCAMC) | Large listed MF manager; more equity-heavy mix |
| ICICI Prudential Asset Management Company (ICICIAMC) | Leading diversified active mutual fund manager |
| Aditya Birla Sun Life AMC (ABSLAMC) | Diversified MF manager, greater fixed income weight |
| UTI Asset Management Company (UTIAMC) | MF and managed-account franchise; lower margins |
| Canara Robeco Asset Management Company (CRAMC) | Smaller equity-focused listed MF manager |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,307 | 1,350 | 1,643 | 2,231 | 2,709 |
| Cost of revenue (vendor classification) * | 285.6 | 310.6 | 367.3 | 422.0 | 494.9 |
| Other operating costs (vendor classification) * | 171.9 | 198.5 | 249.7 | 286.1 | 331.0 |
| EBITDA (vendor classification) * | 818.1 | 822.9 | 1,024 | 1,479 | 1,840 |
| EBIT * | 992.5 | 931.7 | 1,359 | 1,701 | 1,979 |
| Finance costs | 3.82 | 3.97 | 6.24 | 6.74 | 7.00 |
| Reported profit before tax before associate share | 988.7 | 927.7 | 1,352 | 1,694 | 1,972 |
| Total tax expense current plus deferred | 245.3 | 204.8 | 246.2 | 408.6 | 443.8 |
| Net profit after tax and share of associate | 744.2 | 723.3 | 1,107 | 1,286 | 1,529 |
| Diluted EPS (₹) | 11.80 | 11.53 | 17.53 | 20.03 | 23.63 |
| Other income | 166.8 | 394.1 | 290.0 | 224.3 | |
| Fee and commission expenses | 50.1 | 62.0 | 71.8 | 78.3 | |
| Employee benefits expenses including ESOP | 302.9 | 336.0 | 429.0 | 505.3 | |
| Other expenses excluding fee and commission | 202.2 | 251.5 | 288.3 | 330.2 | |
| Depreciation amortisation and impairment | 29.8 | 29.1 | 30.6 | 40.3 | |
| Derived operating EBITDA excluding other income | 794.7 | 993.7 | 1,442 | 1,795 | |
| Profit attributable to owners | 723.3 | 1,107 | 1,286 | 1,529 | |
| Interest income | 0.00 | ||||
| Fees and commission income | 0.00 | ||||
| Net interest income | -7.00 | ||||
| Operating expenses (all but finance costs and impairment) | 954.1 | ||||
| Operating profit before impairment | 1,972 | ||||
| Impairment on financial instruments | 0.00 | ||||
| Share of associates and joint ventures | 1.25 | ||||
| Basic EPS (₹) | 24.05 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,479 | 3,516 | 3,982 | 4,213 | 4,659 |
| Borrowings excluding lease liabilities | 47.2 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash equivalents plus other bank balances | 47.9 | 272.7 | 270.6 | 287.7 | 302.1 |
| Trade receivables | 75.4 | 96.9 | 130.3 | 70.7 | 79.3 |
| Total trade payables | 56.0 | 66.2 | 50.1 | 58.9 | 95.6 |
| Property, plant and equipment | 604.0 | ||||
| Capital work in progress * | 0.05 | 2.49 | 1.61 | 4.08 | 2.26 |
| Total assets | 3,797 | 3,861 | 4,375 | 4,670 | 5,192 |
| Total investments | 3,023 | 3,513 | 3,324 | 3,767 | |
| Lease liabilities | 54.1 | 78.6 | 88.0 | 75.3 | |
| Net debt including investment liquidity | -3,296 | -3,783 | -3,611 | -4,069 | |
| Loans (net of impairment allowance) | 0.03 | ||||
| Deposits | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash inflow from operating activities | 979.3 | 860.7 | 777.5 | 1,200 | 1,466 |
| Free cash flow (vendor definition) * | 572.7 | 573.7 | 765.6 | 658.5 | 1,387 |
| Dividends paid | -526.3 | -716.1 | -811.2 | -1,202 | -1,208 |
| Purchase of PPE and intangible assets | -6.77 | -12.6 | -11.9 | -538.5 | -79.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares: diluted weighted average or paid-up period-end | 62.00 | 62.72 | 63.17 | 63.47 | 63.81 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 571.3 | 587.9 | 566.5 | 606.6 | 658.1 | 705.3 | 738.7 | 766.9 |
| Cost of revenue (vendor classification) * | 126.1 | 125.2 | 126.4 | 141.3 | 153.1 | 146.2 | 159.1 | |
| Other operating costs (vendor classification) * | 70.8 | 77.0 | 75.0 | 77.2 | 82.1 | 85.4 | 99.9 | |
| EBITDA (vendor classification) * | 495.1 | 401.1 | 388.2 | 534.1 | 545.4 | 473.6 | 678.0 | |
| EBIT * | 487.7 | 393.4 | 379.6 | 525.7 | 534.5 | 461.4 | 666.1 | |
| Finance costs | 1.66 | 1.65 | 1.80 | 1.80 | 1.80 | 1.77 | 1.63 | 1.57 |
| Reported profit before tax before associate share | 486.1 | 391.7 | 377.8 | 523.9 | 455.5 | 532.8 | 459.8 | 664.5 |
| Total tax expense current plus deferred | 126.1 | 96.5 | 79.5 | 128.2 | 111.3 | 129.1 | 75.3 | 161.4 |
| Net profit after tax and share of associate | 360.1 | 295.4 | 298.6 | 396.1 | 344.6 | 403.9 | 384.7 | 503.7 |
| Diluted EPS (₹) | 5.60 | 4.58 | 4.65 | 6.13 | 5.32 | 6.22 | 5.93 | 7.75 |
| Other income | 120.8 | 15.4 | 23.0 | 146.0 | 36.6 | 75.3 | -33.5 | 170.2 |
| Fee and commission expenses | 19.2 | 18.7 | 15.9 | 18.6 | 19.8 | 19.6 | 20.3 | 20.3 |
| Employee benefits expenses including ESOP | 106.9 | 106.5 | 110.5 | 122.6 | 123.3 | 133.5 | 125.9 | 138.8 |
| Other expenses excluding fee and commission | 70.8 | 77.0 | 75.0 | 77.2 | 85.5 | 82.1 | 85.4 | 99.9 |
| Depreciation and amortisation | 7.43 | 7.74 | 8.60 | 8.44 | 8.82 | 10.9 | 12.2 | 12.0 |
| Derived operating EBITDA excluding other income | 374.4 | 385.7 | 365.2 | 388.1 | 429.5 | 470.1 | 507.1 | 507.8 |
| Profit attributable to owners | 360.1 | 295.4 | 298.6 | 396.1 | 344.6 | 403.9 | 384.7 | n.r. |
| Interest income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Fees and commission income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Net interest income | -1.80 | -1.80 | -1.77 | -1.63 | -1.57 | |||
| Operating expenses (all but finance costs and impairment) | 226.9 | 237.4 | 246.0 | 243.8 | 271.0 | |||
| Operating profit before impairment | 523.9 | 455.5 | 532.8 | 459.8 | 664.5 | |||
| Impairment on financial instruments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Share of associates and joint ventures | 0.44 | 0.39 | 0.18 | 0.24 | 0.61 | |||
| Basic EPS (₹) | 6.24 | 5.42 | 6.34 | 6.04 | 7.89 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 23.0% | 3.3% | 21.7% | 35.8% | 21.4% |
| EBITDA margin | 58.9% | 60.5% | 64.6% | 66.3% | |
| Net margin | 53.6% | 67.4% | 57.7% | 56.5% | |
| Return on equity | 20.7% | 29.5% | 31.4% | 34.5% | |
| Return on capital employed | 29.7% | 26.5% | 36.2% | 41.5% | 44.6% |
| Return on assets | 18.9% | 26.9% | 28.4% | 31.0% | |
| Net debt (₹ crore) | -3,296 | -3,783 | -3,611 | -4,069 | |
| Net debt / EBITDA | -4.15x | -3.81x | -2.51x | -2.27x | |
| Interest cover | 259.8x | 234.7x | 217.7x | 252.4x | 282.7x |
| Asset turnover | 0.36x | 0.35x | 0.40x | 0.49x | 0.55x |
| Receivable days | 21 | 26 | 29 | 12 | 11 |
| Payable days (on revenue) | 16 | 18 | 11 | 10 | 13 |
| Cash conversion | 1.19x | 0.70x | 0.93x | 0.96x | |
| Capex intensity | 0.5% | 0.9% | 0.7% | 24.1% | 2.9% |
| Free cash flow (₹ crore) | 972.5 | 848.1 | 765.6 | 661.0 | 1,387 |
| Dividend payout | 99.0% | 73.3% | 93.4% | 79.0% | |
| EPS, diluted (₹) | 11.80 | 11.53 | 17.53 | 20.03 | 23.63 |
| Book value per share (₹) | 56.11 | 56.06 | 63.04 | 66.38 | 73.01 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Derived operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including investment liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Derived operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Nippon Life India Asset Management includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Nippon Life India Asset Management
- Research reportLatest
- Research report
- Research report
- Research report
Same sector
More research in Financial Services
ICICI Bank Limited
NSE: ICICIBANK
Financial Services · Banks - Regional
₹1,394.20 last close on 23 Oct 2026 −0.31%Research updated
State Bank of India
NSE: SBIN
Financial Services · Banks - Regional
₹958.60 last close on 23 Oct 2026 −1.18%Research updated
Bajaj Finance Ltd.
NSE: BAJFINANCE
Financial Services · Credit Services
₹928.95 last close on 23 Oct 2026 −1.40%Research updated
Life Insurance Corporation of India
NSE: LICI
Financial Services · Insurance - Life
₹381.50 last close on 23 Oct 2026 −1.55%Research updated
Kotak Mahindra Bank Ltd.
NSE: KOTAKBANK
Financial Services · Banks - Regional
₹430.50 last close on 23 Oct 2026 −1.49%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.