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Motilal Oswal Report
Nippon Life India Asset Management Ltd.'s medium-term growth opportunity is increasingly driven by new investor acquisition, deeper geographic penetration and higher wallet share, providing multiple avenues for sustainable AUM growth beyond market-share gains.
The expanding ETF franchise and diversified distribution network further strengthen the franchise, while an increasingly institutionalized investment process supports scalability and consistency of performance.
Near-term earnings leverage could remain constrained by elevated investments, but the focus on profitable AUM rather than market-share maximisation should support franchise quality and returns over the longer term.
The brokerage expects Nippon Life to deliver a CAGR of 18%/19%/19% in revenue/Ebitda/PAT during FY26-28E.
Motilal Oswal has maintained its Buy rating with a 1-year target price of Rs 1,380 (premised on 47x FY28E Core EPS).
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