Sharekhan's research report on Nippon Life India Asset Management
Core performance was largely in line with core PBT rising 26% y-o-y/ down 6% q-o-q. Lower yields were offset by better growth. MF QAAUM grew by 29% y-o-y/ down 2% q-o-q (vs estimates of 4% q-o-q decline). Blended revenue yields fell to 40.7 bps versus 41.3 bps q-o-q / 43.4 bps y-o-y led by lower equity mix q-o-q. Core revenues grew by 21% y-o-y/ down 4% q-o-q. Higher mark-to-market equity declines caused a 4.7% q-o-q drop in equity QAAUM despite strong SIP inflows in Q4FY25.
Outlook
We maintain a Buy with an unchanged PT of Rs. 800. At CMP, the stock trades at 26.4x/ 22.8x its FY2026E/ FY2027E EPS.
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