NAM-INDIA
Large CapNippon Life India Asset Management Limited
Financial Services
Nippon Life India Asset Management Limited (NAM-INDIA) is one of India's largest asset managers with a ~30-year track record. It offers a comprehensive product bouquet across Mutual Funds, AIF/PMS, and Offshore, serving over 23.8 million unique investors through a wide physical and digital distribution network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 75/100Rev +30% YoY · PAT +29% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹739 Cr | +30.3% | +4.8% |
| EBITDA | ₹507 Cr | +38.9% | +7.9% |
| Operating margin | 69.0% | +500 bps | +200 bps |
| PAT | ₹385 Cr | +28.8% | -4.7% |
| PAT margin | 52.1% | -63 bps | -520 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
NAM-INDIA reports strong Q4 FY26 performance with PAT up 29% YoY and QAAUM growing 30% YoY, driven by robust equity and ETF asset growth and increased market share.
The company demonstrates strong AUM growth and profitability, outperforming the industry in several key metrics like market share increase and ETF segment leadership. Sustained systematic flows and digital adoption are positive, but reliance on market-linked equity and ETF AUM could introduce volatility.
MF AUM Spread Across Asset Classes (Mar-26)
Latest issuer-disclosed distribution across 5 reported categories.
ETF Leadership
Maintained category leader position in ETFs with highest liquidity, 21.40% market share, and 57% YoY QAAUM growth.
Systematic Investment Flows
Steady growth in quarterly systematic book, reaching INR 108.7 bn in Q4 FY26, with an annualized book of ~INR 447 bn.
Digital Adoption
Digital transactions contributed 77% to overall purchase + new SIP transactions in Q4 FY26, with 5.04 Mn digital transactions.
Alternative Investments & GIFT City
Total commitment raised for NIAIF at INR 93.3 bn (+26% YoY). GIFT City funds AUM at INR 3.6 bn, with new fund launches and pipeline.
Branches and Touchpoints
The company has 271 offices and touchpoints, including 200 branches and 71 REMG locations, servicing 100% of India's 750 districts.
Mutual Fund Industry Growth
Industry QAAUM grew to INR 81.5 trillion in Mar-26 (+21% YoY), with equity assets aided by strong retail participation.
Financialisation of Savings
Households increasingly prefer financial assets; number of demat accounts increased ~4x in the last 5 years.
Increased Awareness & Accessibility
Investor education initiatives and rising smartphone penetration (75% in 2024) coupled with UPI transaction growth (61% CAGR FY21-26) enhance market reach.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing long-term growth and seasonal trends in AUM and profitability. QoQ comparison provides insight into sequential momentum, particularly for AUM flows, market share gains, and operational efficiency in the asset management business.
QAAUM (INR bn)
QAAUM INR 7,250 bn, +30% YoY / +3% QoQ.
Market Share (%)
Overall Market Share 8.89%, +63 bps YoY / +24 bps QoQ. Equity Market Share 7.16%, +24 bps YoY / +3 bps QoQ.
Profit After Tax (INR bn)
Q4 FY26 Profit After Tax at INR 3.85 bn, +29% YoY / -5% QoQ.
Systematic Flows (Quarterly, INR bn)
Q4 FY26 Systematic Flow - INR 108.7 bn, +12% YoY / -1% QoQ. Annualised Sys. Book of ~INR 447 bn.
ESG Commitments
Targeting full alignment with SEBI BRSR ESG Value Chain assessment in FY27 and accelerating path towards carbon neutral operational emissions.
Alternative Fund Raising
Fundraising is underway for Public Equity AIFs (Scheme 10 & 11), Venture Capital AIF (Scheme 2A), and Private Credit AIF (Scheme 2).
GIFT City Fund Pipeline
Pipeline includes Nippon India Digital Innovation Fund 2B, a Fund of Funds investing in India-focused venture capital funds.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total QAAUM | INR 7,250 bn | Sustained YoY and QoQ growth, particularly in higher-margin equity and alternative segments. |
| Overall Market Share | 8.89% | Continued expansion of market share, especially in equity and ETF categories, indicating competitive strength. |
| Quarterly Systematic Flow | INR 108.7 bn | Consistent growth in monthly/quarterly SIP flows, reflecting retail investor confidence and stable asset base. |
| Digital Transaction Contribution | 77% | Further increase in digital adoption for purchases and SIP registrations, indicating efficiency and reach. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +20.9% / mo · near 52W high
Technical chart
NAM-INDIAdaily · 5Y+24.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 53. Wait for confirmation.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
- Quality contributes 19/20 to the score.
Main drags
- Valuation is weaker at 3/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 100th percentile of the scored universe and 100th percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 71.9%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Financial Services: 100th pctile, median 62 · Large: 98th pctile, median 74
135 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸12 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 44.10
- P/B
- 14.45
- EV/EBITDA
- 36.77
- Market Cap
- 67397.00Cr
Profitability
- ROE
- 34.50%
- ROCE
- 43.80%
- ROA
- 29.45%
- Dividend Y
- 2.04%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 256.43×
- Altman Z
- 9.07
- Book Value
- 73.00
Cash Flow
- FCF Yield
- 1.69%
- FCF Positive Y
- 12/5
- OCF
- 1466.00 Cr
- EPS TTM
- 23.97
Shareholding
- Promoter Hold
- 71.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.