Please find enclosed the transcript of the earnings call held on October 22, 2026

October 27, 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 and half year ended September 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 and half year ended September 30, 2026, conducted after the meeting of Board of Directors held on October 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-Q2-FY-2027.pdf Thanking you, Yours faithfully, For Nippon Life India Asset Management Limited Valde Varghese Company Secretary & Compliance Officer Encl: a/a Nippon Life India Asset Management Limited Q2 FY27 Earnings Conference Call October 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. AASHWIN DUGAL – CEO OF NIAIF • MR. SHIN MATSUI-SAN - NOMINEE OF NIPPON LIFE INSURANCE, JAPAN MODERATOR: MR. PRAYESH JAIN – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Page 1 of 22 Data Classification: Public Q2 FY27 Earnings Call Moderator: Ladies and gentlemen, good day, and welcome to the Nippon Life India Asset Management Limited Q2 and H1 FY '27 Earnings Conference Call. 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. Please note that this conference is being recorded. I now hand the conference over to Mr. Prayesh Jain from Motilal Oswal Financial Services Limited. Thank you, and over to you. Prayesh Jain: Thank you, Steve. Good evening, everyone. On behalf of Motilal Oswal, I welcome you all to the Nippon Life India Asset Management 2Q FY '27 earnings conference call. We have Mr. Sundeep Sikka, Managing Director and CEO, and the senior management team along with us. We are thankful to the management for allowing us this opportunity. Just to inform, Mr. Sundeep would be there on the call until 4:40 p.m., post which the other senior members of the management will take the Q&A. I would now like to hand it over to Mr. Sundeep for his opening remarks. Over to you, sir. Sundeep Sikka: Thanks, Prayesh. Good afternoon and welcome to our Q2 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, CEO of our AIF subsidiary - 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 H1 FY27 on overall and equity AUM. 2) We also had the highest increase in overall AUM market share as well as equity AUM market share among the Top-10 AMCs in H1 FY27. Page 2 of 22 Data Classification: Public Q2 FY27 Earnings Call 3) Our market share stood at 9.02%, relatively flat QoQ. 4) Importantly, both Equity Net Sales market share and SIP market share remained well above our Equity AUM market share – both in the high-single digits. 5) Moving to our financial performance, NAM India achieved its highest ever Quarterly Operating Profit at INR 5.23 bn (a growth of 25% YoY). 6) Also, happy to share that the Board of Directors has declared an Interim Dividend of INR 9.50 per share along with the Q2 FY27 results. 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 Q2 FY27 witnessed a correction from prior quarter levels. The NIFTY was down 5% QoQ, the NIFTY Mid Cap index was down 4% QoQ, while the NIFTY Small Cap index was relatively flat QoQ. The repo- rate was flat QoQ at 5.25%, while the 10-Year G-Sec yield increased by 44 bps QoQ to 7.19%. Gold prices were up 2.5%, while silver prices were down 1% QoQ. Now, moving to Industry AUM and flows: 1) Industry QAAUM grew by 13% YoY and 5% QoQ in Q2 FY27 to INR 87.2 trillion. 2) The share of Equity in overall AUM increased by 1% QoQ, ending at 58.2% for Q2 FY27. 3) The Equity category (ex-of Index Funds & Arbitrage) witnessed a gross inflow of INR 2.69 trillion, higher by 9% QoQ, and a net inflow of INR 1.08 trillion, lower by 5% QoQ. 4) Categories with the highest inflows were Small Cap, Mid Cap and Flexi Cap funds. 5) The Fixed Income category i.e. (Debt + Liquid), witnessed a net outflow of INR 59 bn in the quarter after an inflow in the previous quarter. 6) The ETF category had a net inflow of INR 367 bn, higher on a QoQ basis. 7) Quarter-end unique investors in the Mutual Fund Industry increased 11% YoY to 63.1 mn. Page 3 of 22 Data Classification: Public Q2 FY27 Earnings Call Moving on to SIP: 1) Industry SIP flows for the quarter stood at INR 967 bn, up 12% YoY and 3% QoQ. 2) Monthly SIP flows in Sep-2026 stood at INR 325 bn – another all-time high. 3) Contributing SIP folios for Sep-2026 increased 9% YoY and 3% QoQ to 100.6 mn. Now moving to our business performance: 1) We closed the quarter with total assets under management of INR 8.68 trillion. This includes Mutual Funds, Managed Accounts, Offshore Funds and GIFT City. 2) Our Mutual Fund QAAUM grew 19.9% YoY and 4.7% QoQ to reach INR 7.87 trillion. 3) We were the fastest growing AMC in the Top-10 in H1 FY27 on overall and equity AUM and had the highest increase in overall and equity QAAUM market share among the Top-10 AMCs in H1 FY27. I would now like to share a few key highlights for the quarter: 1) Our Mutual Fund market share increased 51 bps YoY to 9.02%. On a QoQ basis it was relatively flat. 2) Our Equity market share increased 27 bps YoY and 2 bps QoQ to 7.40%. 3) We achieved a high single-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 24.3 mn unique investors. We are humbled to have over 1 in 3 Mutual Fund investors invest with us. 5) During the quarter, we also completed the NFO of the Nippon India Income Plus Arbitrage Omni Fund of Fund, raising INR 1.8 bn. I would also like to touch upon some important aspects of our Systematic Book: 1) Our monthly systematic book rose by 2% YoY to INR 37 bn for Sep-2026. This resulted in an annualized systematic book of INR 445 bn. Excluding STP, SIP book growth was 9% YoY. 2) SIP market share stood at 9.84% for Sep-2026, similar to Jun-2026. Page 4 of 22 Data Classification: Public Q2 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 2.49 trillion and a market share of 21.12%, which increased by 135 bps YoY. 2) Our share of industry’s ETF folios and volumes remain strong at around 45%. Our ETFs’ average daily volumes, across key funds, remain far higher than the rest of the Industry. 3) For Gold & Silver ETFs, combined closing AUM for NIMF was ~INR 882 bn, up 6.6% 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]