Nippon Life India Asset Management Ltd. · NSE:NAM_INDIA
Nippon Life India Asset Management — Q3 FY26 Earnings Presentation
55 slides from Nippon Life India Asset Management's earnings presentation, Jan 29, 2026
Slide 1: Cover letter to stock exchanges
January 29, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Dalal Street, Fort, Plot No. C/1, G Block, Bandra Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 BSE Scrip Code: 540767 NSE Scrip Symbol: NAM-INDIA Dear Sir(s), Su
Slide 2: Investor Presentation Q3 FY26
INVESTOR PRESENTATION Q3 FY26 For the quarter ended Dec -2025
Slide 3: Contents
Contents 1 Mutual Fund Industry 2 Nippon Life India Asset Management Limited 3 ESG Focus 4 Financial Overview 5 Annexures 2
Slide 4: Mutual Fund Industry
Mutual Fund Industry g e Ce gS WA <> Nippon Life india Asset Management Ltd 3
Slide 5: Quarterly AUM Trend
Quarterly AUM Trend Industry QAAUM (INR trillion) 68.6 77.1 81.0 12.1% 12.0% 12.7% 9.5% 8.9% 8.5% 17.6% 18.3% 17.8% 3.4% . 4.0% 4.0% 57.4% 56.8% 57.0% Dec-24 Sep-25 Dec-25 Equity Arbitrage Debt Liquid ETFs ▪ Proportion of Equity assets has remained in a stable range over the last year ▪ Growth in Eq
Slide 6: Segment-wise Mix & Geographic Spread
Segment-wise Mix & Geographic Spread Segment-wise MAAUM Location-wise MAAUM B-30 18% Retail HNI 27% 34% Corporate 40% T-30 82% ▪ Individual segment contributes 60% of AUM ▪ B-30 locations contribute 18% of AUM Source: AMFI Data based on MAAUM for the last month of the quarter 5
Slide 7: Systematic Investments
Systematic Investments Monthly SIP Flows (INR bn) Contributing SIP Folios (mn) SIP AUM (INR bn) 16,634 15,523 13,631 294 310 98 265 83 93 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 ▪ Steady growth witnessed in the monthly SIP flows (+17% YoY) ▪ Monthly SIP flows in Dec-2025 at IN
Slide 8: Nippon Life India Asset Management
Nippon Life India Asset Management 7
Slide 9: NAM India At A Glance
NAM India At A Glance One of the largest Asset Managers in India, with track record of ~30 years International NAM India Mutual Funds Managed Accounts INR 162 bn AUM INR 8.16 trn* INR 7.05 trn* INR 940 bn (Advisory INR 18 bn) GIFT City – INR 3.7 bn Locations Distributors Folios Employees Reach 271 1
Slide 10: Key Highlights (1/2)
Key Highlights (1/2) AUM & Market Share Rank QAAUM INR 7,010 bn, +23% YoY/+7% QoQ Maintained rank of 4th Largest AMC MS 8.65%, +35 bps YoY/+14 bps QoQ 1 based on Total and Equity QAAUM 2 Fastest growing AMC YTD in Top-10 AMCs No.1 Non-Bank Sponsored AMC and Highest YTD MS increase across Industry Fo
Slide 11: Key Highlights (2/2)
Key Highlights (2/2) ETF QAAUM INR 2,093 bn Profitability 5 +39% YoY / +14% QoQ 6 Q3 FY26 Profit After Tax at INR 4.04 bn Market share at 20.31% (+37% YoY / +17% QoQ) +217 bps YoY / +54 bps QoQ Digital Employee Focus 4.32 Mn Digital transactions in Q3 FY26 Won # Hat-trick for NAM India for Best Empl
Slide 12: A Complete Asset Manager
A Complete Asset Manager Comprehensive Product Bouquet AUM Spread Across Asset Classes Offerings across MF, AIF/PMS and Offshore Equity constitutes 47% of MF AUM Diverse MF offerings in active/passive space ETFs constitute 30% of MF AUM Wide Reach Strong Physical & Digital Distribution Largest inves
Slide 13: Comprehensive Product Bouquet
Comprehensive Product Bouquet Mutual Fund AIF – 18 Schemes Active – 46 Schemes Passive – 55 Schemes Public Equity Real Estate Credit Equity Equity (Index Structured Credit Market Cap based Funds/ ETFs) Sector Broad Market Tech VC Thematic Sector International Thematic/Strategy International PMS - 6
Slide 14: MF AUM Spread Across Asset Classes
MF AUM Spread Across Asset Classes NIMF QAAUM (INR bn) 8.31%* 8.51%* 8.65%* 5,700 6,565 7,010 26.4% 27.9% 29.9% 7.3% 6.6% 5.6% 15.2% 15.5% 15.3% 2.7% 2.3% 2.3% 48.5% 47.6% 47.0% Dec-24 Sep-25 Dec-25 Equity Arbitrage Debt Liquid ETFs ▪ Share of Equity AUM has declined marginally but remains in the 47
Slide 15: Optimal Mix of Investors
Optimal Mix of Investors NIMF MAAUM (INR bn) Investor segment-wise MAAUM 5,776 6,664 7,117 NIMF 28% 32% 40% 40% 40% 40% (8.6%)* (8.8%)* (8.7%)* 29% 31% 32% (7.2%)* (7.8%)* (8.2%)* Industry 27% 34% 40% 31% 29% 28% (9.4%)* (9.2%)* (9.2%)* Dec-24 Sep-25 Dec-25 Retail HNI Corporate Retail HNI Corporate
Slide 16: Wide Reach
Wide Reach B-30 MAAUM / Total MAAUM B-30 Folios (mn) 11.8% 11.9% 12.5% NIMF 19.9% 14.8 16.3 12.6 Industry 18.4% Dec-24 Sep-25 Dec-25 B-30 MAAUM (INR bn) 9.2% 9.1% 9.4% 1,322 1,415 1,181 Dec-24 Sep-25 Dec-25 Market Share Source: AMFI; Calculated on MAAUM 15
Slide 17: Wide Reach
Wide Reach Unique Investors (mn) Total Folios (mn) Overall Distribution Mix 38.0% 38.4% 38.4% 13.8% 13.9% 14.0% Direct MFDs NDs Banking Dist. 23% 21.9 22.7 34.9 36.7 20.0 31.0 59% 8% 10% Dec-24 Sep-25 Dec-25 Dec-24 Sep-25 Dec-25 ▪ NIMF has among the largest investor bases in the industry ▪ NIMF’s ma
Slide 18: Strong Physical Distribution
Strong Physical Distribution Total base of empaneled distributors at over 1,21,800 with highest single distributor concentration at ~5% of assets 106 78 95 1,21,500+ Banking National Alternate Mutual Fund Distributors Distributors (incl. PSU banks) Distributors Distributed Assets Distributed Assets
Slide 19: Strong Domestic Presence
Strong Domestic Presence Well diversified presence with touchpoints spread across India 100% 271 Of India’s 750 Offices and Districts serviced touchpoints 97% 200/71 Of India’s 19,500+ Branches/ Pincodes serviced REMG Locations 18
Slide 20: Segment-Focused Business Verticals
Segment-Focused Business Verticals Key Clients Group (KCG) Experienced Institutional sales team managing specific target segment of clients with focused business approach by maintaining relationship with Large corporate groups, Banks and financial Institutions and aim to enhance market share from th
Slide 21: Powering Scalable Growth through a Unified NIMF Digital Ecosystem
Powering Scalable Growth through a Unified NIMF Digital Ecosystem Data, AI & Intelligence Acquisition & Retention Framework ints Digital Destinations hpo uc Investor To App Website User Growth Direct/B2C Fintech & Digital Distributors NRIs Baby Boomer Kanwar Singh <Kanwar.D.Singh@nipponindiaim.com>;
Slide 22: Strong Digital Presence
Strong Digital Presence Lumpsum & New SIP Registration Digital Purchases (mn)* Q3 FY26 4.32 6% Q3 FY25 4.08 Digital Business Every three seconds, transactions Digital 4.32 Mn 77% 48/min more than two (New purchase contribution Q3 FY26 Q3 FY26 Q3 FY26 Lumpsum Purchases + New SIP to total NIMF or New
Slide 23: Steady Systematic Transactions
Steady Systematic Transactions Quarterly Systematic Book (INR bn) Q3 FY26 Book (INR bn) +394% 97.7 107.2 109.8 90.5 36.5 37.6 35.7 52.7 18.3 19.4 27.4 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Oct-25 Nov-25 Dec-25 Avg. Avg. Avg. Avg. Avg. FY26 FY26 FY26 SIP accounts continuing for >5 years As of Dec-2025 49
Slide 24: ETF - Leadership Position Maintained
ETF - Leadership Position Maintained One of the largest One of bouquet the largest ofof2724ETFs bouquet inthe ETFs in the industry industry across across Equities, Equities, Debt, & Debt & Commodities Commodities 51% 48% 20% INR 2,094 bn INR 348 bn Volume Share* Share of folios^ Market Share^ ETF QA
Slide 25: Nippon India Alternative Investments (NIAIF)
Nippon India Alternative Investments (NIAIF) Total Commitment Raised (Till date) Dec-24 Sep-25 Dec-25 INR 69.8 bn INR 87.2 bn INR 89.2 bn ▪ Currently offers products across four business lines namely Public Equity, Real Estate, Private Credit & Venture Capital ▪ Fund raising currently underway for:
Slide 26: Facilitating Japanese Inflows into India via GIFT City
Facilitating Japanese Inflows into India via GIFT City Assets Under Management Dec-24 Sep-25 Dec-25 NA INR 2.7 bn INR 3.7 bn ▪ GIFT City funds crossed AUM of USD 40 mn across below mentioned schemes: o Nippon India Large Cap Fund GIFT, a Feeder fund investing in existing Nippon India Large Cap Fund
Slide 27: Offshore Business - Creating 'Expressways' Globally
Offshore Business - Creating ‘Expressways’ Globally Key presence Singapore Dubai Japan (INR bn) 188 180 180 21 Advisory 19 18 Managed 167 161 162 Dec-24 Sep-25 Dec-25 Other International Tie Ups Xtrackers India Govt. Bond UCITS ETF (Europe) Godo Kaisha Genkai India Investment (Japan) Bualuang Bharat
Slide 28: Process Orientation - Investments
Process Orientation - Investments Risk Rating of Securities Factor Analysis Quantitative Assessment Risk Optimisation tool analysing considering Business Risk and key factors and comparing the Management Risk portfolio & benchmark construct Fund Casing Investment Objective Analyst Detailed framework
Slide 29: PDCA Approach
PDCA Approach Plan Do Check Act ▪ Within fund ▪ Analysis and ▪ Monthly fund ▪ Adjustment in mandate (target prediction of review by the Fund portfolio for return, risk, macro economy Management Team better risk-return benchmark, and market investment ▪ Risk and return ▪ Refine theme, etc.), ▪ Portfo
Slide 30: Investment Team
Investment Team 73 Members Investment Team Strength 27 16 Equity MF Fixed Income MF 22 6 2 Managed Accounts SIF Offshore Business ▪ ~1,000 years cumulative experience of Investment Team ▪ 21+ years average tenure of CIOs with NAM India ▪ Dedicated Teams for Credit Research, Real Estate, and Venture
Slide 31: ESG Focus
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Slide 32: ESG - Driving Responsible Growth
ESG - Driving Responsible Growth To create a sustainable future for our stakeholders by integrating environmental, Vision social and governance (ESG) principles into our business operations, investment processes and stewardship Environment Governance Social Our Stewardship Excellence Responsibility
Slide 33: CSR
CSR NAM India allocated INR 233 mn towards CSR initiatives in FY26 Number of Beneficiaries Focus Areas NGO Partners from projects in FY25 & 26* SDG Linkage ▪ Tata Memorial Centre 4,700 Healthcare Community members from ▪ Vision Foundation of India economically weaker section Education & Skill 3,233
Slide 34: Financial Overview
Financial Overview g27e™ Fe S @ eS WA <> Nippon Life india Asset Management Ltd _ ,,
Slide 35: Financial Summary
Financial Summary Consolidated Q3 Q3 Change Q2 Change 9M 9M Change Particulars (INR mn) FY25 FY26 FY25 (YoY) FY26 (QoQ) FY26 FY25 (YoY) Revenue from Operations 7,053 5,879 20% 6,581 7% 19,700 16,642 18% 22,307 Operating Expenditure 2,478 2,116 17% 2,392 4% 7,157 6,146 16% 8,264 Finance cost 18 17 7%
Slide 36: Investment Book
Investment Book Particulars (INR mn) Dec 31, 2025 Sep 30, 2025 Investment in NIMF’s schemes 29,040 30,880 - Debt 23,810 26,128 - Equity 5,230 4,752 Bank FDs and tax-free bonds 3,850 3,880 Other assets 2,890 2,599 - Equity (AIF Schemes + Others) 1,166 1,103 Total 35,781 37,359 Other Other FDs & Asset
Slide 37: Dividend History
Dividend History Earnings Per Share (INR) - Dividend Payout (INR bn) Consolidated, Diluted 11.41 10.37 20.0 17.5 6.84 7.16 10.9 11.8 11.5 4.93 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 ▪ Total Dividend INR 18.00 per share in FY25. ▪ ~91% of FY25 standalone earnings shared with shareholders ▪
Slide 38: Thank you for your time!
@ eota Thank you for your time! g ee x hl gS WA <> Nippon Life inal Asset Management Ltd 37
Slide 39: Annexure
Annexure e977“ we o> Aug gS WA <> Nippon Life india Asset Management Ltd _ ;,
Slide 40: Macro Trends
Macro Trends <> Nippon Life india Asset Management Ltd 39
Slide 41: Rapid Industry AUM Growth Over The Last Decade
Rapid Industry AUM Growth Over The Last Decade CAGR for MF AUM: 3-yr: 21%/5-yr: 22%/10-yr: 19% MF AUM (INR trillion) % of GDP 20% 18% 16% 16% 15% 13% 12% 11% 11% 9% 9% 66.7 55.0 37.7 40.0 32.2 22.7 24.6 24.7 13.6 18.6 12.1 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Source: RBI, SEBI, MOS
Slide 42: Under-penetration Presents High Growth Potential
Under-penetration Presents High Growth Potential MF AUM/GDP 133% 87% 101% 66% 68% 58% 58% 59% 20% World Brazil Canada Germany India Japan Sweden United United Kingdom States Unique MF Investors 3.1% 3.7% ▪ Mutual Fund penetration in India is low 2.4% 2.6% as % of GDP vs global average 1.6% 54 ▪ Roug
Slide 43: Key Enablers – Robust Economic Growth
Key Enablers – Robust Economic Growth India GDP (INR trillion) CAGR: 10% YoY growth 19% 14% 11% 12% 11% 11% 12% 10% 10% 6% 301 331 269 236 171 189 201 199 125 138 154 -1% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ▪ India is now the 4th largest economy in the world ▪ GDP growth rate is a
Slide 44: Key Enablers – Financialisation of Savings
Key Enablers – Financialisation of Savings Gross Financial Savings (INR trillion) CAGR: 11% % of Household Savings 68.1% 60.5% 57.9% 62.4% 58.9% 60.5% 55.1% 58.4% 62.8% 52.1% 51.5% 31 34 26 29 23 12 13 15 16 21 23 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 No. of demat accounts (mn) ADTO
Slide 45: Key Enablers – Favourable Demographics
Key Enablers – Favourable Demographics ~60% of India’s population is in the working age group 65 yrs and above 7% 0-14 yrs 45-64 yrs 27% 20% 15-44 yrs 46% Source: NFHS-5; 2019-21 statistics 44
Slide 46: Key Enablers – Increased Awareness
Key Enablers – Increased Awareness Investor education and awareness initiative by AMFI The initiative has reached out to Indians across states and languages through TV, Digital, Print and other media 45
Slide 47: Key Enablers – Easy Accessibility
Key Enablers – Easy Accessibility Smartphone Penetration in India UPI Transaction Volumes (bn) CAGR: 72% 71% 75% 186 66% 61% 54% 131 46% 35% 84 29% 19% 23% 46 13 22 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FY20 FY21 FY22 FY23 FY24 FY25 ▪ Smartphone penetration (% of population) in India is
Slide 48: About Nippon Life Insurance
About Nippon Life Insurance 47
Slide 49: Profile
Profile ▪ Largest market share in Japan among private life insurers in terms of premium income ▪ Total assets over JPY 96 Trillion Key Figures1 Presence in India Premium income (Consolidated)1 JPY 7,861.3 bn Total assets (Consolidated) JPY 96,342.6 bn Asset Management Shareholding – 72.3% Solvency m
Slide 50: Nippon Life Group
Nippon Life Group Nippon Life Domestic Insurance Business Asset Management Business Global Insurance Business Nippon Life Australia and Nippon Life Insurance Company New Zealand NOHC Pty Ltd (51.0%) Nissay Asset TAIJU LIFE INSURANCE Management Corporation (100.0%) IndusInd Nippon Life COMPANY LIMITE
Slide 51: Board Of Directors
Board Of Directors e977“ we o> Aug gS WA <> Nippon Life india Asset Management Ltd 6
Slide 52: Profile of Board Members
Profile of Board Members Mr. Upendra Kumar Sinha (Independent Director & Chairman) a 1976 batch IAS officer of Bihar cadre, during his 3 decades plus of experience has held several responsible government positions in India, including as Joint Secretary (Banking) and Joint Secretary (Capital Markets)
Slide 53: Profile of Board Members
Profile of Board Members Mr. Ashvin Parekh (Independent Director) is a qualified Chartered Accountant and has set up the advisory firm that provides services to the Boards and the management of BFSI companies. He retired as a Senior Partner from Ernst & Young in June 2013. Earlier, he was the ED of
Slide 54: Profile of Board Members
Profile of Board Members Mr. Kosuke Kuroishi (Associate Director) serves as General Manager, Global Asset Management Business Unit, Global Business Headquarters at Nippon Life Insurance Company (NLI). In his over 25-year professional career, he has performed various roles, including corporate planni
Slide 55: Disclaimer
Disclaimer This presentation does not constitute a prospectus, an offering circular, an advertisement, a private placement offer letter or offer document or an offer, or a solicitation of any offer, to purchase or sell any securities under the Companies Act, 2013 and the rules made thereunder, the S
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