Nippon Life Q1 Results Review — Yes Securities Maintains 'Add', Revises Target Price

Nippon Life's total operating expense stood at Rs 2.19 billion, up by 8.5% QoQ and 15.9% YoY. The employee expense for Q1 FY26 was Rs 1.23 billion up 11.0% QoQ and 16.7% YoY.

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Yes Securities Report

Nippon Life India Asset Management Ltd.'s yield declined marginally on sequential basis:

Calculated consolidated revenue yield declined 1 bps QoQ and 2 bps YoY to 40 bps. The share of equity AUM declined -30 bps QoQ to 46.9% in Q1 FY26. The decline in overall yield is mainly due to telescopic pricing. The company has undertaken commission rationalization on three schemes contributing 45% of Equity AUM and any further cut in distributor commission will depend on market conditions.

As usual, Nippon Life guided for a 2-3bps YoY decline in overall yield going forward.

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