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Swing Capital

Nippon Life India Asset Management Ltd

NSE: NAM-INDIA BSE: 540767

Nippon Life India Asset Mgt. is engaged in managing mutual funds including exchange traded funds (ETFs); managed accounts, including portfolio management services, alternative investment funds and pension funds; and offshore funds and advisory mandates.(Source : 202003 Annual Report Page No: 01)

₹1,081
52W: ₹712 — ₹1120
PE 46 · Book ₹69.3 · +1460% vs book
Market Cap₹68,999 Cr
Stock P/E46Price to Earnings
ROCE45.2%Return on Capital
ROE35.5%Return on Equity
Div. Yield2%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 18.2% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 32.3%
  • +Company has been maintaining a healthy dividend payout of 94.0%

Weaknesses

  • −Stock is trading at 15.8 times its book value

Shareholding Pattern

Promoters71.93%
FIIs7.35%
DIIs14.77%
Public5.95%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.66%72.49%▼0.272.43%▼0.172.32%▼0.172.25%▼0.172.1%▼0.272.05%▼0.071.93%▼0.1
FIIs6.56%7.73%▲1.28.28%▲0.58.34%▲0.17.59%▼0.87.65%▲0.17.9%▲0.37.35%▼0.6
DIIs14.34%13.47%▼0.913.02%▼0.512.81%▼0.213.45%▲0.612.95%▼0.513.83%▲0.914.77%▲0.9
Public6.43%6.31%▼0.16.26%▼0.06.53%▲0.36.69%▲0.27.3%▲0.66.21%▼1.15.95%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales392432466527545526564612659693
Expenses138147157165168168180191198196
Operating Profit254285309362378359384421461497
OPM %65%66%66%69%69%68%68%69%70%72%
Net Profit265325317344296296385338391383
EPS ₹4.215.165.015.434.674.666.065.326.146

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,528Cr, up 7.8% YoY. OPM at 70%.

Debt Position

Borrowings at ₹66Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.77% (+4.53pp change). FIIs: 7.35% (+2.51pp change). Promoters hold 71.93%.

Margin & Efficiency

ROCE improving from 30% (Mar 2015) to 45% (Mar 2026). Working capital days: -16.

Valuation

PE 46x with 45.2% ROCE. Price is 1460% above book value of ₹69.3. Dividend yield: 2%.

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