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Nippon Life India Asset Management Q3FY26
30 Jan 2026, 1:35PM

  • Revenue from operations growth at 20% YoY and 7% QoQ was in-line with estimates and was driven by healthy growth in AUM and stable yields
  • Other income was higher than our expectation, while total expenses were lower mainly due to lower discretionary spends.
  • EBITDA margin (calc) improved by 105 bps YoY and 139 bps QoQ largely owing to better cost control.
  • Overall yield stood at 37 bps versus 36 bps QoQ, largely stable yield on AUM was owing to better yield from gold and silver ETF segment.
  • Net profit at Rs 403.7 crore was up 36.7% YoY and was 7% ahead of our estimates.
  • The company posted mutual fund QAAUM growth of 23% YoY and 7% QoQ and gained market share.
  • We have BUY rating on the stock and would come out with detailed note shortly. 

Particulars (Rs Cr) - Consolidated

Q3FY26

Q3FY25

YoY

Q2FY26

QoQ

Revenue from operations

705.3

587.9

20.0

658.1

7.2

Other income

75.3

15.4

388.4

36.6

105.7

Total income

780.6

603.3

29.4

694.7

12.4

Expenses:

 

 

 

 

 

Employee benefits expense

133.5

106.5

25.3

123.3

8.3

Finance costs

1.8

1.7

7.3

1.8

-1.7

Fees and commission expenses

19.6

18.7

4.6

19.8

-1.0

Depreciation and amortization exp

10.9

7.7

40.2

8.8

23.0

Other expenses

82.1

77.0

6.7

85.5

-4.0

Total Expenses

247.8

211.6

17.1

239.2

3.6

PBT

532.8

391.7

36.0

455.5

17.0

Total tax

129.1

96.5

33.8

111.3

16.0

PAT

403.7

295.3

36.7

344.3

17.3

 

 

 

 

 

 

EBITDA

470.1

385.7

21.9

429.5

9.4

EBITDA Margin (calc)

66.7

65.6

105 bps

65.3

139 bps

 

 

 

 

 

 

Revenue % of MF AUM

0.402

0.413

-1 bps

0.401

0 bps

 

 

 

 

 

 

Mutual Funds QAAUM

701000

570000

23.0

656500

6.8

 Actual versus estimates

Particular (Consolidated)

Q3FY26

Q3FY26E

Var

Revenue

705.3

702.7

0.4%

EBITDA

470.1

455.7

3.2%

PAT

403.7

377.3

7.0%

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