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Nippon Life India AMC reported a strong performance for Q1 FY27

ICICIdirect Research 23 Jul 2026 DISCLAIMER

News: Nippon Life India AMC reported a strong performance for Q1 FY27, with Operating Revenue reaching a record ₹767 crore, reflecting a 26% YoY growth. Operating profit stood at a record ₹494 crore (+31% YoY), maintaining a flat sequential trajectory, while PAT rose 27% YoY to a record ₹504 crore. MF QAAUM grew to ₹7.52 lakh crore (+22.7% YoY), expanding its overall market share to 9.04%. Equity QAAUM reached ₹3.51 lakh crore (+22.3% YoY) with market share rising to 7.38%. Monthly systematic flows reached ₹3,720 crore in June 2026 (+12% YoY), securing a steady SIP market share of 9.84%. Additionally, ETF AUM grew to ₹2.43 lakh crore (commanding a 21.35% market share), while alternative and offshore platforms scaled to ₹14,700 crore in offshore managed AUM and ₹9,580 crore in AIF cumulative commitments

View: Outpacing the broader market, Nippon’s 22.7% YoY MF QAAUM expansion outpaced the industry's ~15% growth, and its 22.3% equity AUM growth outshone the industry. Equity asset mix of 46.7% vs industry average of ~57.2%. Blended revenue yield held steady at 38 bps QoQ, due to moderation in ETF AUM. However, the company guided overall yield decline per year by 1-2 bps and increase in operating expenses growth at 18-20% YoY (guided at 15-16% YoY growth in Q4FY26).

Impact: Neutral

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