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Asset Management · FY2025–26 · Annual Report Deep-Dive

A Symphony of Numbers

Nippon Life India Asset Management closed FY2025–26 with a profit after tax of ₹1,529 crore — its highest ever — up 19% year on year.

FY26 Scorecard — Five Headline Numbers

Total AUM: ₹7,73,481 Cr · +18% YoY
MF QAAUM Growth: ₹7,24,965 Cr · +30% YoY (fastest, Top-10 AMCs vs industry +21%)
Operating Profit: ₹1,748 Cr · +24% YoY (highest ever)
QAAUM Market Share: 8.89% · +63 bps — largest gain in entire industry
Unique Investors: 2.38 Cr · 38.8% market share — #1 in India
Revenue from Operations: ₹2,709 Cr · +21% YoY

FY26 P&L Scorecard

Revenue from Ops: ₹2,709 Cr (+21%)
Operating Profit: ₹1,748 Cr (+24%)
Profit Before Tax: ₹1,934 Cr (+17%)
PAT (Highest Ever): ₹1,529 Cr (+19%)
Basic EPS: ₹23.54 (FY25: ₹19.79)
Return on Equity: 34.5% (FY25: 31.4%)
Dividend per Share: ₹21.5 (₹9 interim + ₹12.5 final)
Payout Ratio: ~91.5% of standalone profit

Market-Share Gains at a Glance

MF QAAUM Growth (YoY): +30% vs 21% industry
QAAUM Market Share: 8.89% (+63 bps)
Share-gain rank: #1 in industry (1/3/5 yr)
HNI MAAUM Growth: +45% YoY · 9.00% share (+165 bps)
Retail MAAUM Growth: +20% YoY · 9.46% share
B-30 AUM: ₹1,43,133 Cr (+28% YoY)
B-30 Market Share: 9.92% (+76 bps) · 20.1% of MF AUM

ETF Flywheel — Key Metrics

ETF QAAUM: ₹2,42,004 Cr
Share of Total QAAUM: 33.4%
YoY Growth: +57%
ETF Market Share: 21.40% (+234 bps)
Passive Schemes: 57 ETF & Index Funds
Active Schemes: 46
Equity QAAUM Growth: +25% YoY | 7.16% share
Debt QAAUM Growth: +17% YoY | 7.12% share
Liquid QAAUM: -7% YoY
Flagship: Nippon India ETF Nifty 50 BeES

SIP Engine at a Glance

SIP Market Share (Mar 2026): 9.84%
Share in Mar 2022: 5.15%
Gain (4 years): +469 bps
Monthly Systematic Book: ₹3,722 Cr (+17% YoY)
Annualised Run-Rate: ~₹44,700 Cr
SIP AUM: ₹1.52 L Cr (+17% YoY)
Systematic Folios: 1.08 crore
SIP Accounts >5 Years (NIMF): 47%
Industry Average (>5 Years): 31%
Unique Investor Share: 38.8% — #1 in Industry

Multi-Engine Growth Beyond Mutual Funds

AIF Inflows FY26: ~₹1,900 Cr
AIF YoY Growth: ~50%
AIF Total Commitments: ~₹9,330 Cr
AIF AUM: ~₹5,580 Cr
DWS Group Stake in NIAIF: 40% (Nov 2025)
Active AIF Schemes: 18 across 4 lines
PMS + Managed Accounts AUM: ₹88,459 Cr
New PMS Products FY26: 2 (High Yield, REITs & InvITs)
Offshore AUM: USD 1.7 Bn (₹15,520 Cr)
Offshore Geographies: Asia, ME, Europe, US, LatAm
GIFT City Products: Large Cap GIFT + Nifty 50 BeES GIFT
GIFT City Tie-up: Nissay AM (Japanese NISA)

NAM India's alternatives platform has reached genuine scale. NIAIF's 18 active schemes span Public Equity (Cat III), Structured Credit, Real Estate Credit, and Tech Venture Capital — and the 40% stake acquired by DWS Group in November 2025 brings European distribution reach and institutional credibility to a platform already compounding at ~50% inflow growth.

PMS and Managed Accounts crossed ₹88,459 crore AUM by March 2026, with two new income-oriented mandates added in FY26. Offshore, the Singapore and Dubai operations serve investors across six continents with USD 1.7 billion in AUM, while GIFT City products open a direct channel to Japanese NISA capital via Nissay Asset Management — a signal of the global ambition underpinning the next leg of NAM India's growth.

34.5%

Return on Equity — FY26

PAT +19% YoY · Dividend payout ~91.5%

Three Dials to Watch

QAAUM Market Share: 8.89% → 9%+
AIF Commitments: ₹9,330 cr → ₹10,000 cr
Offshore AUM: USD 1.7B → USD 2B
ETF Market Share: 21.4% — structural moat
SIP Accounts >5 yrs: 47% of NIMF folios
Sponsor NLI Assets: JPY 119 trillion
India GDP Growth: 7.6% in FY26