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Prabhudas Lilladher's research report on Nippon Life India Asset Management

NAM saw a stable quarter as core numbers i.e. QAAuM and core income were in-line. Overall and equity QAAuM declined by 2.2%/5.1% QoQ owing to equity market correction in Feb’25. As a result, equity share fell by 137bps QoQ leading to fall of 0.6bps in blended yields. As per the company, commission has been rationalized for 45-50% of equity AuM. Market share in net equity flows (exNFO) continues strong in FY25; it was 10.6% (11.8% in FY24) and reduction was lower than larger peers. Closing equity AuM for industry corrected by 3.0% over Dec’24-Mar’25 and equity markets have been volatile due to uncertain global macros. Industry equity flows contracted MoM by 17% in Mar’25 which remain a key monitorable.

Outlook

Over FY25-27E we expect core PAT CAGR of 10.6%. We roll forward to Mar’27 core EPS but maintain multiple at 31x (stock is valued at 27.6x); revise TP to Rs700 from Rs725. Retain ‘BUY’.

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Nippon Life India Asset Management - 29042025 - prabhu

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