NAM-INDIA Q2 FY27 Guidance vs Delivery (NAM-INDIA Management Mirror)

Sep'26 Qtr Operating Expense Growth at 14% YoY, Short of 18-20% Guided in Jun'26 Qtr

In Sep'26 Qtr results, operating expenses were reported at INR 2.72 billion, representing a 14% YoY increase. This growth fell short of the 18% to 20% expense growth target upgraded in the Jun'26 Qtr concall from the initial 15% to 16% guided in the Mar'26 Qtr. Moving forward, management reaffirmed guidance for 18% to 20% overall cost growth over the next 2 to 18 quarters, driven by continuous investments in technology, brand, and digital platforms. While mutual fund AMC employee costs are expected to remain relatively flat, management guides that incremental costs will emerge in the AIF subsidiary over the next 3 to 6 quarters due to ongoing senior additions and team expansion. Total ESOP expenses for the full year are now guided at ~INR 58 crore, slightly downgraded from the ~INR 60 crore target set in the Jun'26 Qtr.