Nippon Life India Asset Management Limited (NAM-INDIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+20.1%

₹1,177.76

vs ₹981.00 price

Levered DCF

₹807.71

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

59.95

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	33.33×	27.98×	27.48×	18.09×	28.97×	30.64×	36.76×	25.51×
P/B	10.94×	8.68×	7.64×	3.72×	6.2×	6.73×	5.88×	4.82×
P/S	17.38×	16.39×	18.52×	9.69×	16.5×	19.64×	12.68×	8.38×
EV / EBITDA	25.35×	21.15×	21.96×	13.64×	21.14×	22.84×	25.27×	23.09×
Gross margin	94.3%	81.1%	77.6%	77.0%	78.1%	75.4%	74.7%	64.7%
Operating margin	67.2%	63.2%	58.7%	56.7%	58.4%	49.4%	47.8%	35.7%
Net margin	52.1%	57.7%	67.4%	53.6%	57.0%	64.1%	34.5%	32.9%
Current ratio	1.15×	6.39×	1.95×	1.81×	16.53×	2.72×	10.83×	25.45×
Debt / equity	0.02×	0.02×	0.02×	0.02×	0.01×	0.02×	0.03×	0.02×
Interest coverage	281.71×	209.31×	154.54×	192.84×	199.88×	118.42×	101.36×	0×
Dividend yield	2.4%	3.3%	2.7%	5.5%	2.4%	1.5%	2.9%	2.4%
Payout ratio	79.0%	93.4%	73.3%	99.0%	70.7%	45.0%	106.6%	60.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	32.8%	30.5%	27.8%	20.6%	21.4%	21.9%	16.0%	18.9%
Return on invested capital	31.4%	23.2%	18.7%	16.4%	15.7%	12.5%	15.5%	13.5%
Return on assets	29.5%	27.5%	25.3%	18.7%	19.6%	20.1%	14.4%	17.5%
Free cash flow yield	2.8%	1.8%	2.5%	4.4%	2.7%	2.1%	3.9%	3.0%
Earnings yield	3.0%	3.5%	3.6%	5.5%	3.5%	3.3%	2.7%	3.9%
Enterprise value	₹510.4B	₹366.2B	₹304.8B	₹131.2B	₹215.5B	₹208.9B	₹151.3B	₹124.2B
Net debt / EBITDA	0.03×	0.04×	0.04×	0.04×	-0×	0.04×	-0.2×	0.05×
Cash conversion cycle (days)	-200	-39	-19	-3,457	-3,648	-69	-2,140	-709