Please find enclosed the transcript of the earnings call held on July 22, 2026

AI summary - NAM India was fastest growing AMC in Top-10 on overall and equity AUM in Q1 FY27 - Market share reached 9.04%, highest since June 2019; equity net sales and SIP market share remain above equity AUM share - Q1 FY27 PAT at INR 5.04 bn (+27% YoY), Operating Profit INR 4.94 bn (+31% YoY) - Industry QAAUM grew 15% YoY to INR 83.1 tn; equity share rose to 57.2% - Mutual Fund QAAUM grew 22.7% YoY to INR 7.52 tn; SIP market share steady at 9.84% - Digital transactions up 26% YoY; digital business 78% of new purchases - AIF commitments up 18% YoY to INR 95.8 bn; offshore managed AUM INR 147 bn - Revenue INR 7.67 bn (+26% YoY); other income INR 1.70 bn; operating expenses INR 2.73 bn (+19% YoY) - Expense growth guided at 18-20% ex-ESOP for next 6-8 quarters - Equity yield stable at 54 bps ex-arbitrage; TER pass-through mostly complete - SIF product launch pending approvals; JV with DWS for European access progressing - Retail and corporate channels both growing; fintech and digital channels driving direct inflows - 90-95% of AUM in top two performance quartiles; focus on trust and process over performance selling - ESOP expense approx INR 60 cr for FY27 - Gold ETF inflows restricted above INR 25 cr; retail flows continue; physical gold supply stable