Nippon Life India Asset Management Ltd

- The company has raised cumulative commitments of INR 89.2 billion across various Alternative Investment Funds (AIFs), up 28% YoY, indicating ongoing strategic investments in AIF asset classes. - Fundraising is underway for two Listed Equity AIFs, one Private Credit fund, and a Direct VC Fund, showing current and planned capital deployment. - The maiden Private Credit fund (NICO 1) is fully drawn down and deployed, and the second series (NICO 2) has been launched, highlighting active investment in private credit. - Offshore funds AUM grew 7% in 9M FY26 to INR 162 billion, with inflows from Asia and Europe, indicating strategic global expansion. - AIF is entering a joint venture with DWS aiming to increase global flow into India, marking a strategic investment for international growth. - GIFT City funds AUM grew 35% QoQ to USD 41 million, showing increased investments in the GIFT City ecosystem. No specific mention of traditional capex was highlighted in the call.

- Industry QAAUM grew 18% YoY and 5% QoQ to INR 81 trillion in Q3 FY26, indicating a healthy market growth environment. - NAM India’s Mutual Fund QAAUM grew 23% YoY and 7% QoQ, the fastest among Top-10 AMCs, reflecting strong AUM traction. - Market share at 8.65% is the highest since June 2019, with equity net sales and SIP market share in high-single digits. - SIP monthly flows reached an all-time high of INR 310 billion in Dec-2025, up 5% QoQ and 17% YoY, supporting sustained recurring inflows. - ETF category net inflows stood at INR 522 billion, with Gold & Silver ETFs combined AUM crossing INR 1 trillion in Jan-2026, signaling strong demand. - Strategic collaboration with DWS aims to boost offshore flows and global distribution, expected to improve offshore business in 2-3 years. - Operating profit and revenue both showed double-digit growth; operating expenses guided to grow ~15% YoY, supporting margin expansion. - SIF (Specialized Investment Funds) segment is early-stage but targeted as a key future growth vertical with higher yields.

- Operating expense growth is expected around 15% (plus or minus 1-2%) next year, indicating moderate cost increments. - For Q3 FY26, Operating Profit grew 22% YoY and 9% QoQ; 9M FY26 Operating Profit grew by 20% YoY, showing strong earnings momentum. - Profit After Tax grew 37% YoY and 17% QoQ in Q3 FY26; 9M FY26 PAT grew 16% YoY, reflecting strong profitability. - ESOP expense expected to increase to ~Rs. 26 crore for next financial year from Rs. 11 crore in Q3 FY26. - No material incremental impact anticipated from new Labour Code on staff cost beyond the one-time gratuity charge already accounted for. - Management remains focused on sustaining growth, with continued investments in key business areas like SIF and passive segments. - Overall, earnings and profitability are expected to maintain a positive and steady growth trajectory over the medium term.

- As per the Q3 FY26 earnings call transcript, there is no explicit mention of the current or expected order book or pending orders. - The discussion focuses mainly on AUM growth, market share, ETF performance, systematic flows, and strategic collaborations (e.g., minority stake sale to DWS in AIF subsidiary). - There is mention of a non-binding agreement with DWS for strategic collaboration but no details on a confirmed order book or pending transactional orders. - The transcript mainly covers fund inflows, market sentiments, ESOP expenses, operating expenses, and business performance metrics rather than specific order books.

- Fundraising is currently underway for two of Nippon India AMC's Listed Equity AIFs, one Private Credit fund, and a Direct VC Fund. - The company launched its maiden Private Credit fund, Nippon India Credit Opportunities Fund (NICO 1), which is now fully drawn down and deployed. - Based on the success of NICO 1, the second series, NICO 2, has been launched. - There is no explicit mention of any new equity fundraising in the provided transcript.