Analysts/Institutional Investor Meet/Con. Call Updates

July 23, 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), Sub.: Transcript of the earnings conference call for the quarter ended June 30, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call for the quarter ended June 30, 2026, conducted after the meeting of Board of Directors held on July 22, 2026, for your information and records. The above information is also available on the website of the Company: https://mf.nipponindiaim.com/InvestorServices/pdfDocuments/Conference-Call-Transcript-for-Q1- FY-2027.pdf Thanking you, Yours faithfully, For Nippon Life India Asset Management Limited Valde Varghese Company Secretary & Compliance Officer Encl: a/a Data Classification: Public Nippon Life India Asset Management Limited Q1 FY27 Earnings Conference Call July 22, 2026 MANAGEMENT: • MR. SUNDEEP SIKKA – MANAGING DIRECTOR & CEO • MR. SAUGATA CHATTERJEE – PRESIDENT & DEPUTY CEO • MR. PARAG JOGLEKAR – CHIEF FINANCIAL OFFICER • MR. AMOL BILAGI – DEPUTY CHIEF FINANCIAL OFFICER • MR. ARPANARGHYA SAHA – CHIEF DIGITAL OFFICER • MR. ASHISH CHHUGANI – HEAD OF AIF • MR. AASHWIN DUGAL – DEPUTY HEAD OF AIF • MR. SHIN MATSUI-SAN - NOMINEE OF NIPPON LIFE INSURANCE, JAPAN MODERATOR: MR. KARTIKEYA MOHATA – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Page 1 of 21 Data Classification: Public Q1 FY27 Earnings Call Moderator: Ladies and gentlemen, good day and welcome to the Nippon Life India Asset Management Q1 FY'27 Earnings Conference Call hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing * then 0 on your touchtone phone. I now hand the conference over to Mr. Kartikeya Mohata from Motilal Oswal Financial Services. Thank you and over to you, sir. Kartikeya Mohta: Yeah, thank you. Good evening, everyone. On behalf of Motilal Oswal, I welcome you all to Nippon Life India Asset Management's 1Q FY'27 earnings conference call. We have along with us Mr. Sundeep Sikka, Managing Director and CEO, and the senior management team. We are thankful to the management for allowing us this opportunity. I would now like to hand it over to Mr. Sundeep sir for his opening remarks. Over to you, sir. Sundeep Sikka: Thanks, Kartikeya. Good evening and welcome to our Q1 FY27 earnings conference call. We have with us, President & Deputy CEO - Saugata Chatterjee, CFO – Parag Joglekar, Deputy CFO - Amol Bilagi, Chief Digital Officer - Arpan Saha, Head AIF - Ashish Chugani, Deputy Head AIF - Aashwin Dugal and Shin Matsui-san, nominee from Nippon Life Insurance (Japan). I would first like to share key highlights of our performance and post that I will hand-over to Parag, to speak in greater detail on the recent Industry trends as well as our performance, post which we will move on to QnA. Coming to the Key Highlights: 1. I would like to start by mentioning that NAM India was the fastest growing AMC in the Top-10 AMCs in Q1 FY27 on overall and equity AUM, both on a YoY & QoQ basis. 2. This led to a continued increase in our overall AUM and equity AUM market share. 3. We had the highest increase in AUM market share in the Industry in Q1 FY27, both YoY & QoQ. In fact, we even had the highest absolute AUM growth in the Industry in Q1 FY27. Page 2 of 21 Data Classification: Public Q1 FY27 Earnings Call 4. Our market share at 9.04% is our highest since June 2019. 5. Importantly, both Equity Net Sales market share and SIP market share remained well above our Equity AUM market share – with SIP market share in high-single digits and Equity Net Sales market share in double digits for the quarter. 6. Moving to our financial performance, NAM India achieved its highest ever Quarterly Profit After Tax at INR 5.04 bn (a growth of 27% YoY), as well as highest ever Quarterly Operating Profit at INR 4.94 bn (a growth of 31% YoY). Now I will hand over the call to Parag for further details on Industry trends and our performance. Parag Joglekar: Thanks, Sundeep. Let me start off with the markets: Equity markets in Q1 FY27 witnessed a rebound from prior quarter levels. The NIFTY was up 7% QoQ, while the NIFTY Mid Cap & Small Cap indices were up 17% QoQ and 24% QoQ, respectively. The repo-rate was flat QoQ at 5.25%, while the 10 Year G-Sec yield decreased by 29 bps QoQ to 6.75%. Gold and silver prices declined 3% & 1% QoQ, respectively. Now, moving to Industry AUM and flows: 1. Industry QAAUM grew by 15% YoY and 2% QoQ in Q1 FY27 to INR 83.1 trillion. 2. The share of Equity in overall AUM increased by 0.8% QoQ, ending at 57.2% for Q1 FY27. 3. The Equity category (ex-of Index Funds & Arbitrage) witnessed a gross inflow of INR 2.46 trillion and a net inflow of INR 1.13 trillion – both were lower QoQ. 4. Categories with the highest inflows were Flexi Cap, Small Cap and Mid Cap funds. 5. The Fixed Income category i.e. (Debt + Liquid), witnessed a net inflow of INR 338 bn in the quarter after an outflow in the previous quarter. 6. The ETF category had a net inflow of INR 291 bn, lower on a QoQ basis. 7. Quarter-end unique investors in the Mutual Fund Industry increased 12% YoY to 61.9 mn. Page 3 of 21 Data Classification: Public Q1 FY27 Earnings Call Moving on to SIP: 1. Industry SIP flows for the quarter stood at INR 939 bn, up 16% YoY and 1% QoQ. 2. Monthly SIP flows in Jun-2026 stood at INR 318 bn – near the all-time high level. 3. Contributing SIP folios for Jun-2026 increased 13% YoY and 1% QoQ to 97.8 mn. Now moving to our business performance: 1. We closed the quarter with total assets under management of INR 8.62 trillion. This includes Mutual Funds, Managed Accounts, Offshore Funds and GIFT City. 2. Our Mutual Fund QAAUM grew 22.7% YoY and 3.7% QoQ to reach INR 7.52 trillion. 3. We were the fastest growing AMC in the Top-10 in Q1 FY27 on overall and equity AUM, both on a YoY and QoQ basis and had the highest increase in QAAUM market share among all AMCs in Q1 FY27. I would now like to share a few key highlights for the quarter: 1. Our Mutual Fund market share increased 54 bps YoY and 15 bps QoQ to 9.04%. 2. Our Equity market share increased 34 bps YoY and 22 bps QoQ to 7.38%. 3. We achieved a double-digit Net Sales market share in the Equity segment (ex-of Index Funds & Arbitrage). 4. We continue to have the largest investor base in the Mutual Fund industry, with 24.1 mn unique investors. We are humbled to have over 1 in 3 Mutual Fund investors invest with us. I would also like to touch upon some important aspects of our Systematic Book: 1. I am happy to share that there has been continued momentum in our systematic flows. 2. Our monthly systematic book rose by 12% YoY to INR 37.2 bn for Jun- 2026. This resulted in an annualized systematic book of INR 446 bn. 3. SIP market share stood at 9.84% for Jun-2026, similar to Mar-2026. Page 4 of 21 Data Classification: Public Q1 FY27 Earnings Call Moving on briefly to the ETF Segment: 1. We continue to be one of the largest ETF players with AUM of INR 2.43 trillion and a market share of 21.35%, which increased by 159 bps YoY. 2. Our share of industry’s ETF folios and volumes remains strong at 45%+. Our ETFs’ average daily volumes, across key funds, remain far higher than the rest of the Industry. 3. This quarter, the Industry witnessed a decrease in Gold & Silver ETF volumes. Combined Closing AUM in these 2 ETFs for NIMF was ~INR 827 bn, down 2.5% QoQ. 4. In QAAUM terms, our Gold & Silver ETFs represent ~32% of ETF AUM and 12% of MF AUM. Moving on to our digital franch [Showing first 8,000 characters — download PDF for full document]