Nippon Life India AMC
Nippon Life India AMC
Capital Markets F&OKey Fundamentals
MidcapAMC Mutual FundCapital MarketsTapetide Score
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Key Insights
Strengths
3- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 31.9%
- Company has been maintaining a healthy dividend payout of 90.8%
Weaknesses
1- Stock is trading at 16.3 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoNippon Life India Asset Management Ltd commands a market cap of ₹74,795 Cr with a PE of 46.4x and a price-to-book of 16.3x. The company has delivered a 3-year ROE of 32% and compounded profit growth of 28% over three years while remaining virtually debt-free, though its valuation multiples are significantly elevated relative to book value.
- Virtually debt-free balance sheet provides financial resilience and flexibility for growth investments without leverage risk
- Exceptional return on equity track record with 3-year ROE of 32% and last year ROE of 34%, indicating highly efficient capital deployment
- Strong compounded profit growth of 28% over 3 years and 18% over 5 years, reflecting consistent earnings momentum
- Healthy dividend payout ratio of 90.8% with a current dividend yield of 1.81%, rewarding shareholders with substantial cash returns
- Revenue growth remains robust at 25% CAGR over 3 years and 23% TTM, suggesting sustained business expansion
- Stock has delivered a 1-year return of 45% and 3-year CAGR of 53%, reflecting strong market confidence in the business model
- Long-term compounded profit growth of 14% over 10 years demonstrates durability of the earnings franchise across market cycles
- Asset-light business model inherent to the AMC sector supports the high 5-year ROE of 28% and 10-year ROE of 25% without requiring heavy capital expenditure
- Stock trades at 16.3x book value, a steep premium that leaves limited margin of safety if growth decelerates
- PE ratio of 46.4x is elevated, requiring sustained high earnings growth to justify the current price level
- TTM profit growth of 21% has decelerated compared to the 3-year CAGR of 28%, signaling potential earnings growth moderation
- 10-year sales CAGR of only 8% suggests that the recent revenue acceleration may not be sustainable over full market cycles
- Dividend payout ratio of 90.8% leaves very little retained earnings for organic reinvestment or acquisitions, potentially constraining future growth
- Capital markets sector is inherently cyclical — revenue and AUM are tied to equity market levels, and a prolonged downturn could compress earnings significantly
- 5-year stock CAGR of 22% is notably lower than the 3-year CAGR of 53%, indicating that much of the recent price appreciation is concentrated in a short period and may reflect momentum rather than fundamentals
- 5-year compounded sales growth of 16% versus the 3-year rate of 25% highlights dependence on recent favorable market conditions for the higher growth trajectory
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Stock drops 2% intraday Aug 17
Shares fell 2.07% to ₹1,177.80 in morning trade on Aug 17, despite Moneycontrol maintaining a 'Very Bullish' sentiment as of Aug 12.
- Rich valuation multiples Aug 17
P/E at 33.33, P/B at 11.01, EV/EBITDA at 25.26, and P/S at 18.94 as of March 2026, suggesting premium pricing that leaves limited margin of safety.
- Q1 FY27 PAT ₹5.04 bn Aug 31
NAM India reported Q1 FY27 PAT of ₹5.04 bn with total AUM reaching ₹8.62 trn, presented at the analyst meet on Aug 31.
- Revenue doubles in 5 years Aug 17
Annual revenue grew 107% from ₹1,306.64 cr (2022) to ₹2,708.74 cr (2026); net profit rose 106% from ₹743.37 cr to ₹1,528.13 cr over the same period.
- Strong Q1 YoY growth Aug 17
Q1 FY27 revenue rose to ₹766.87 cr from ₹606.61 cr YoY, net profit jumped to ₹503.09 cr from ₹395.68 cr, and EPS grew from ₹6.24 to ₹7.89.
- Zero debt, rising ROE Aug 17
Debt-to-equity remains 0.00 with ROE improving from 21.39% (2022) to 32.82% (2026). Interest coverage at 288.46.
- Dividend raised to ₹21.50 Aug 17
Total dividend per share increased to ₹21.50 in FY26 from ₹18.00 in FY25, including a final dividend of ₹12.50 (Apr 27, 2026) and interim of ₹9.00 (Oct 30, 2025).
- Very Bullish analyst sentiment Aug 17
Moneycontrol analysis as of Aug 12, 2026 indicates 'Very Bullish' sentiment for NAM India despite the recent price dip.
- Hong Kong investor roadshows Sep 11
NAM India scheduled back-to-back investor meets in Hong Kong — CITIC CLSA Forum on Sep 23 and BofA Asia Pacific Conference on Sep 24, 2026.
- Mumbai conference circuit Sep 9
Company participating in Anand Rathi G-200 Summit (Sep 22) and J.P. Morgan India Conference (Sep 21) in Mumbai with one-on-one and group sessions.
- Elara India Dialogue meet Aug 25
NAM India to host analyst and institutional investor meeting on Sep 3, 2026 in Mumbai as part of Ashwamedh – Elara India Dialogue.
- Sell-side analyst group meet Aug 24
In-person sell-side analyst group meeting scheduled in Mumbai on Aug 31, 2026, disclosed under SEBI Regulation 30.
- Tokyo non-deal roadshow Aug 19
NAM India conducted a non-deal investor roadshow in Tokyo on Aug 24-25, 2026 with Nomura, targeting institutional investors.
TL;DR: NAM India is delivering strong operational performance with AUM at ₹8.62 trn, Q1 FY27 PAT of ₹5.04 bn, and five-year revenue and profit both doubling — all on a zero-debt balance sheet with ROE above 32%. The primary risk is valuation stretch at 33x P/E and 11x P/B, which could limit near-term upside. The company is actively engaging global and domestic institutional investors through a dense schedule of roadshows and conferences from Aug through Sep 2026, signaling confidence in its growth narrative. The fundamental trend remains firmly positive, though investors should watch for AUM flow sustainability and any fee compression in the competitive AMC space.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 354 | 397 | 423 | 468 | 505 | 571 | 588 | 567 | 607 | 658 | 705 | 739 | 767 |
| Expenses | 152 | 156 | 164 | 178 | 189 | 197 | 202 | 201 | 218 | 229 | 235 | 232 | 259 |
| Operating Profit | 202 | 241 | 259 | 291 | 316 | 374 | 386 | 365 | 388 | 430 | 470 | 507 | 508 |
| OPM % | 57% | 61% | 61% | 62% | 63% | 66% | 66% | 64% | 64% | 65% | 67% | 69% | 66% |
| Other Income | 117 | 78 | 107 | 92 | 131 | 121 | 15 | 23 | 146 | 37 | 75 | -34 | 170 |
| Interest | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 8 | 7 | 7 | 7 | 7 | 7 | 8 | 9 | 8 | 9 | 11 | 12 | 12 |
| PBT | 310 | 310 | 358 | 374 | 439 | 486 | 392 | 378 | 524 | 456 | 533 | 460 | 664 |
| Tax % | 24% | 21% | 21% | 8% | 24% | 26% | 25% | 21% | 24% | 24% | 24% | 16% | 24% |
| Net Profit | 236 | 244 | 284 | 343 | 332 | 360 | 295 | 299 | 396 | 345 | 404 | 385 | 504 |
| EPS in Rs | 3.78 | 3.91 | 4.53 | 5.44 | 5.26 | 5.69 | 4.66 | 4.7 | 6.23 | 5.41 | 6.34 | 6.03 | 7.88 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 951 | 1,311 | 1,435 | 1,735 | 1,647 | 1,192 | 1,419 | 1,533 | 1,512 | 2,036 | 2,518 | 2,924 | 2,869 |
| Expenses | 484 | 787 | 837 | 1,082 | 940 | 594 | 505 | 516 | 555 | 649 | 789 | 914 | 954 |
| Operating Profit | 468 | 524 | 598 | 653 | 707 | 598 | 914 | 1,017 | 957 | 1,386 | 1,729 | 2,010 | 1,915 |
| OPM % | 49% | 40% | 42% | 38% | 43% | 50% | 64% | 66% | 63% | 68% | 69% | 69% | 67% |
| Other Income | 3 | 3 | 1 | 14 | 3 | 1 | 1 | 2 | 5 | 2 | 3 | 9 | 249 |
| Interest | 0 | 0 | 0 | 2 | 0 | 6 | 4 | 4 | 4 | 6 | 7 | 7 | 7 |
| Depreciation | 7 | 4 | 18 | 9 | 10 | 33 | 33 | 27 | 30 | 29 | 31 | 40 | 44 |
| PBT | 464 | 522 | 581 | 656 | 700 | 560 | 877 | 989 | 928 | 1,352 | 1,694 | 1,972 | 2,113 |
| Tax % | 24% | 24% | 31% | 30% | 30% | 26% | 23% | 25% | 22% | 18% | 24% | 23% | — |
| Net Profit | 354 | 396 | 402 | 457 | 487 | 415 | 680 | 744 | 723 | 1,107 | 1,286 | 1,529 | 1,637 |
| EPS in Rs | 308 | 344 | 349 | 7.45 | 7.94 | 6.78 | 11.04 | 11.96 | 11.61 | 17.58 | 20.27 | 23.97 | 25.66 |
| Div. Payout % | 40% | 36% | 0% | 81% | 76% | 74% | 72% | 92% | 99% | 94% | 89% | 90% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 12 | 12 | 612 | 612 | 612 | 616 | 622 | 623 | 630 | 635 | 638 |
| Reserves | 1,495 | 1,750 | 1,831 | 1,753 | 1,958 | 1,981 | 2,484 | 2,857 | 2,892 | 3,352 | 3,578 | 4,021 |
| Borrowings | 30 | 30 | 30 | 0 | 0 | 0 | 0 | 0 | 0 | 79 | 88 | 75 |
| Other Liabilities | 166 | 139 | 179 | 357 | 206 | 288 | 291 | 318 | 345 | 314 | 369 | 458 |
| Total Liabilities | 1,702 | 1,931 | 2,051 | 2,722 | 2,776 | 2,881 | 3,392 | 3,797 | 3,861 | 4,375 | 4,670 | 5,192 |
| Fixed Assets | 7 | 12 | 251 | 258 | 256 | 324 | 301 | 296 | 305 | 331 | 868 | 916 |
| CWIP | 0 | 0 | 0 | 3 | 1 | 2 | 1 | 0 | 2 | 2 | 4 | 2 |
| Investments | 835 | 911 | 947 | 993 | 1,290 | 1,885 | 2,550 | 2,942 | 3,023 | 3,513 | 3,324 | 3,767 |
| Other Assets | 860 | 1,008 | 854 | 1,469 | 1,229 | 671 | 540 | 559 | 530 | 530 | 475 | 507 |
| Total Assets | 1,702 | 1,931 | 2,051 | 2,722 | 2,776 | 2,881 | 3,392 | 3,797 | 3,861 | 4,375 | 4,670 | 5,192 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -42 | 218 | 556 | 376 | 386 | 605 | 456 | 580 | 587 | 777 | 1,200 | 1,466 |
| Investing | 441 | -25 | -316 | -260 | -35 | 37 | -402 | -125 | 98 | -104 | -82 | -326 |
| Financing | -404 | -174 | -300 | -92 | -359 | -468 | -239 | -426 | -712 | -671 | -1,116 | -1,150 |
| Net Cash Flow | -5 | 19 | -61 | 24 | -7 | 174 | -185 | 29 | -27 | 3 | 2 | -10 |
| Free Cash Flow | -44 | 209 | 299 | 361 | 378 | 601 | 436 | 573 | 574 | 767 | 659 | 1,389 |
| CFO/OP | 12 | 69 | 120 | 87 | 85 | 126 | 69 | 78 | 79 | 74 | 91 | 95 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 7 | 17 | 11 | 8 | 23 | 18 | 12 | 18 | 23 | 23 | 10 | 10 |
| Cash Conversion Cycle | 7 | 17 | 11 | 8 | 23 | 18 | 12 | 18 | 23 | 23 | 10 | 10 |
| Working Capital Days | 127 | 115 | 124 | -36 | 25 | -25 | -19 | -5 | -4 | 6 | -9 | -16 |
| ROCE % | 30% | 31% | 32% | 31% | 28% | 22% | 31% | 30% | 27% | 36% | 41% | 44% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about Nippon Life India AMC
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Company Information
Nippon Life India Asset Mgt. is engaged in managing mutual funds including exchange traded funds (ETFs); managed accounts, including portfolio management services, alternative investment funds and pension funds; and offshore funds and advisory mandates.(Source : 202003 Annual Report Page No: 01)
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