1. SEBI regulation impact passed through to distributors Delivered - At the Q4 FY26 call, management guided the new SEBI regulation (effective 1st April) impact at around 3.5-4 bps, to be minimized for P&L, and committed to passing the entire regulatory impact to distributors - "it's pass-through". In Q1 FY27, the 5 bps exit load/TER change impact was "mostly passed on everything to the distributors through the commission alignment and there is no impact per se on the financials".
2. DWS collaboration - 40% AIF stake and product launches Pending - At the Q3 FY26 call, management announced a non-binding agreement with DWS Group to acquire up to 40% stake in Nippon Life India AIF Management Limited, with collaboration in passive products and global distribution; by Q1 FY27 management said "maybe in the subsequent earnings call we'll have something more concrete to share". DWS is to take the 40% stake in the AIF subsidiary with the company awaiting regulatory approvals, and no product launches or closing disclosed through Q1 FY27.
3. SIF launches - couple of funds "in due course" Pending - At the Q1 FY26 call, management said SIF products would be launched "in due course" with the team led by Andrew Holland - "we will be launching a couple of funds"; by Q1 FY27 the products were in "state of readiness", to launch "as and when we get our approvals". A 6-member SIF team is in place and SIF schemes collected \~₹4,000-5,000 cr over 3-4 months from Q3 FY26, but no formal SIF product launch was disclosed through Q1 FY27.
4. Distributor commission rationalization - proportionate sharing model Delivered - At the Q1 FY25 call, management said brokerage on all new business would continue to be reduced proportionately with TER movement, later extended to the back book and more schemes quarter-by-quarter. The small-cap fund's entire book was rationalized in Q2 FY25, Large Cap & Multi Cap (\~₹76,000 cr AUM) in Q3 FY25, reaching \~60% of equity AUM across 4 schemes by Q2 FY26, with the entire regulatory impact passed through to distributors by Q4 FY26.
5. Couple of India-dedicated funds in Japan within 6-9 months Partial - At the Q2 FY25 call, management said over the next 6 to 9 months a couple of new India-dedicated funds would be launched in Japan, managed by NAM India. The Nippon India ETF Nifty 50 BeES GIFT Fund launched in Q1 FY26 with Nissay Asset Management, which fed it via its Nissay India Equity Fund in Japan, and NAM India launched the first NISA scheme in Japan - but no second Japan-dedicated fund was disclosed.
6. More GIFT City fund launches through CY2025 Partial - At the Q3 FY25 call, management said more GIFT fund launches "will likely happen later during the calendar year", with the pipeline later naming the Long Short Equity Fund, a second Fund of Funds, Digital Innovation Fund 2-B and Sharp Equity Fund. The Nippon India ETF Nifty 50 BeES GIFT launched in Q1 FY26, taking GIFT City AUM to USD 48 mn by Q1 FY27, but the Sharp Equity Fund and Digital Innovation Fund 2B remained in pipeline as of Q1 FY27.
7. Expense growth - 8-10% FY25/FY26, revised up to 18-20% Partial - At the Q4 FY24 call, the CFO guided expense growth for FY25/FY26 "in the range of 8% to 10% excluding ESOP cost", revised repeatedly upward to \~15% (Q2 FY25), 15-17% (Q3 FY25) and 18-20% ex-ESOP plus one-offs for 6-8 quarters (Q1 FY27). Actuals ran at 16% for FY25, 15.8-17% through FY26 quarters and 19% YoY in Q1 FY27 - tracking the revised guidance, not the original 8-10%.
8. EPFO mandate - ₹15,000 cr AUM and ₹5-6 cr bottom line per annum Pending - At the Q2 FY24 call, management guided the EPFO mandate would give approximately ₹15,000 cr per annum of AUM and a net bottom line of about ₹5-6 cr per annum, reiterated at Q3 FY24. EPFO investments commenced July 2023 with the company seeing about one-fourth of incremental EPFO flows, but no subsequent disclosure of EPFO AUM or bottom-line contribution appears in the record.
9. Blended yield compression - 2-3 bps a year for 3-4 years Delivered - At the Q2 FY24 call, management guided 2-3 bps compression in blended yields annually for the next 3-4 years before stabilizing, later refined to "1 to 2 basis points every year". Blended yield moved from \~41 bps in Q2 FY24 to 36 bps by Q1 FY26 and 38 bps in Q1 FY27 - roughly 1-2 bps a year, within the guided range with the horizon still open.
10. ESOP cost - new grants not significant, tapering Delivered - At the Q4 FY22 call, management said new ESOP grants vesting "in the next four years" would "not be as significant as what we have given originally"; a fresh grant of ₹85-90 cr over four years followed at Q4 FY24, with FY25 cost guided at \~₹45 cr and FY26 at ₹48-49 cr. Actuals came in at \~₹7 cr for FY24, \~₹43 cr for FY25 and \~₹43 cr for FY26, with the original grant's cost tapering as guided.
11. Branch expansion - limited, no significant additions Delivered - At the Q4 FY22 call, management said there would be no major branch expansion beyond the current 270 locations - "maybe few could be added, but it will not be any significant number", later quantified as "maybe 5, 10 branches in a year". Locations moved only from 270 in Q4 FY22 to 271 by Q1 FY27, and branches from 192 in FY24 to 200 in FY26 - broadly flat with only incremental additions.
12. Equity market share up in three to four quarters Delivered - At the Q4 FY22 call, management expected equity market share to move up "in three to four quarters" via the lag effect as equity performance improved, reiterated at Q1 FY23. Equity market share rose from 6.12% in March 2022 to 6.53% by September 2023 and 7.38% by June 2026, climbing steadily through the stated horizon and beyond.
13. Dividend payout - 60-90% of standalone PAT, ongoing Delivered - At the Q4 FY22 call, management committed the dividend policy would continue with "broadly 100% of the profits" distributed going forward, under the stated policy of distributing 60-90% of standalone PAT. Payouts ran at 96% in FY22, \~100% in FY23, \~99% in FY24, \~91% in FY25 and \~91.5% in FY26 - every year meeting or exceeding the top of the guided range.
14. IPO proceeds deployment - value-accretive strategic initiatives Delivered - In the FY22 annual report, management said it would continue exploring deployment of remaining IPO proceeds (₹617 cr raised; ₹334 cr utilised by March 2022) towards value-accretive and strategic initiatives, but would not rush. Utilisation crept to ₹367 cr by March 2023, ₹393 cr by March 2024 and ₹399.68 cr by March 2026, with the ₹165 cr inorganic allocation fully unutilised through December 2024 and no acquisitions fructified.