Nippon Life India Asset Management Limited (NAM-INDIA) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 17, 2026 5 min read

Nippon Life India Asset Management (NAM-INDIA), the country's 4th largest AMC and operator of Nippon India Mutual Fund, reports Q2 FY 2026-2027 results into a quarter where industry average AUM hit Rs. 87.09 trillion in September but the Nifty 50 fell 5.67% that month — its worst September since 2018. The print will speak to two things: whether overall yield holds at 38 bps as the lower-yielding ETF mix rises, and how much of September's market drawdown flows through the company's investment book into other income.

Quick Details

Results date	October 22, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 766.87 Cr (consolidated, Q1 FY27)
Previous quarter PAT	Rs. 503.70 Cr (consolidated, Q1 FY27)
Market cap	Rs. 68,183.67 Cr
CMP	Rs. 1,065.30

Nippon Life India Asset Management Limited Q2 Results Date and Time

Per the board-meeting intimation dated October 15, 2026, the board will meet on Thursday, October 22, 2026, to approve unaudited financial results for the quarter and half year ended September 30, 2026, and consider declaration of interim dividend, if any — per Regulation 29 of SEBI (LODR) Regulations, 2015. The trading window for designated/connected persons is closed October 1-24, 2026 (both days inclusive), per intimation dated September 28, 2026.

Key Things To Watch

ESOP expense and expense-growth guidance: The FY27 cost guide has moved twice and Q1 ran ahead of it.

FY27 ESOP expense projection of Rs. 60 Cr (Q1 FY27 call) vs Rs. 35 Cr at the Q4 FY26 call and ~Rs. 26 Cr at the Q3 FY26 call — ask for the updated run-rate and reason for revision; Q1 actual was Rs. 13-14 Cr
Expense growth guidance of ~15% (Q3 FY26 call) and 15%-16% ex-ESOPs (Q4 FY26 call) vs Q1 FY27 consolidated operating expenditure already up 19% YoY — ask for the ex-ESOP growth rate

Yield trajectory and SEBI regulation pass-through: Whether the 38 bps overall yield holds as the ETF mix rises.

Overall yield 38 bps in Q1 FY27, constant QoQ; check whether the structural 1-2 bps/year decline guidance is reaffirmed for Q2 FY27
SEBI April 1 changes estimated at 3.5-4 bps impact on equity AUM; confirm full pass-through status — CFO said 'no impact per se on the financials' on the Q1 call
Bullion ETF voluntary inflow restrictions being evaluated for lifting — ask for the decision and timing; gold ETF yield is ~60 bps

Other income vs the September market drawdown: The most volatile line meets the worst September since 2018.

Other income swung from negative Rs. 335 mn (Q4 FY26) to Rs. 1,702 mn (Q1 FY27, +17% YoY); the Rs. 3,767.09 crore investment book (March 31, 2026) faces a quarter where the Nifty fell 5.67% in September
Gold and silver rose through most of the quarter before easing in September; gold ETF inflows hit a 7-month high in September despite a 5% bullion fall

Market share, SIP metrics and Q2 AUM disclosures: Q1 FY27 total AUM, overall MS, equity MS and SIP MS were not disclosed — expect them in the Q2 pack.

Overall AUM market share 8.89% at Q4 FY26 (highest since June 2019); MD called Q1 FY27 SIP market share 'steady' after a dip from 10.02% (Sep-25) to 9.84% (Mar-26) — verify with Q2 FY27 numbers
Systematic flows of Rs. 108.7 bn in Q4 FY26 and annualized SIP book of Rs. 446 bn in Q1 FY27 — track the Q2 trajectory

SIF launches, offshore/DWS JV and SEBI show-cause update: Strategic and regulatory items with pending updates.

SIF strategy in a 'state of readiness' with Rs. 4,000-5,000 crore collected and a profitability-over-AUM strategy — expect a launch/progress update
Offshore AUM trajectory (Rs. 161 bn to Rs. 162 bn over Q2 to Q3 FY26) against 'more positive numbers over the next 2-3 years' guidance, supported by the DWS AIF JV
SEBI Show Cause Notice (FY 2024-25, re: Nippon India MF scheme investments): settlement proceedings filed, no provisions made — any update is material

Frequently Asked Questions

Why did NAM-INDIA's yield stay flat despite rapid ETF growth?

On the Q1 FY27 call, CFO Parag Joglekar said equity yield was 54 bps ex-arbitrage, debt 25 bps, liquid 12 bps and ETF 25 bps, with overall yield constant at 38 bps QoQ. Gold (~60 bps) and silver (~30 bps) ETF yields are higher than the ETF average, helping offset the mix shift.

What is NAM-INDIA's FY27 ESOP expense guidance?

Management projected FY27 ESOP expense of Rs. 60 Cr on the Q1 FY27 call, up from Rs. 35 Cr guided at the Q4 FY26 call and ~Rs. 26 Cr at the Q3 FY26 call. Q1 FY27 actual ESOP expense was Rs. 13-14 crores.

How is the new SEBI regulation on exit loads and TER affecting Nippon India AMC?

Management estimated a 3.5-4 bps impact on equity AUM from the April 1 changes (5 bps exit-load removal, TER slab revision and brokerage reduction), to be mitigated by passing costs through to distributors. The CFO said on the Q1 FY27 call that everything has been mostly passed on and there is 'no impact per se on the financials'.

When does NAM-INDIA expect its SIF (Specialized Investment Funds) business to scale?

The SIF strategy, led by Andrew Holland, has collected Rs. 4,000-5,000 crores with a stated strategy of profitability over AUM growth. Management said in Q1 FY27 it is in a 'state of readiness' with highly differentiated products.

Is NAM-INDIA's revenue growing?

Consolidated revenue from operations rose to Rs. 766.87 Cr in Q1 FY27 from Rs. 738.73 Cr in Q4 FY26 and Rs. 606.61 Cr in the year-ago quarter, with FY26 consolidated revenue up 21% YoY at INR 27,087 mn. Growth is supported by the company's 8.89% overall AUM market share and a 38 bps overall yield.