Nomura on NAM AMC :Buy, TP Rs 1230
Analyst day takeaways
Reaffirmed its focus on absolute earnings growth and profitable scale rather than market share at any cost.
Its customer franchise – 40.2mn folios and reach of 24.1mn unique investors (39% of MF investors) in Jun26 – provides a strong base to compound AUM as the industry expands
HNI share gains, MFD-led distribution and a maturing digital ecosystem strengthen participation in both active and passive industry growth
Maintain constructive view on stock
September 1, 2026 72
