HDFC AMC vs Nippon Life: Nuvama identifies 'Flow Kings' as active equity inflows hit Rs 46,900 crore in April - Market News

According to the latest report by the brokerage house Nuvama, strong ‘Systematic Investment Plan’ or SIP inflows and improving lump sum investments indicate that retail participation in equities remains healthy.

The brokerage believes the April data highlights resilience in the mutual fund industry despite the sharp swings in recent months. Rising market levels also helped overall Assets Under Management (AUM) grow sharply during the month.

Nuvama stated, “SIPs continue to remain resilient.”

Stocks in the spotlight

Among listed AMC players, HDFC Asset Management Company (HDFC AMC) and Nippon Life India Asset Management (NAM) remain as preferred picks for Nuvama based on improving flow share and distribution strength.

Nuvama has maintained a ‘Buy’ rating on both stocks. The brokerage has set a target price of Rs 3,170 for HDFC AMC (nearly 15% upside) and Rs 1,150 for Nippon Life India Asset Management (NAM) (nearly 7% upside).

At the same time, Aditya Birla Sun Life AMC and UTI Asset Management Company are currently rated ‘Hold’ by the brokerage, even though both companies showed some recovery in flow trends during April.

Meanwhile, ICICI Prudential Asset Management Company remained under pressure during the month as inflow momentum weakened sharply compared to previous months.

Let’s take a look at what the brokerage house is saying on AMC stocks –

The brokerage house Nuvama noted active equity inflows stood at around Rs 46,900 crore in April 2026, rising 3.8% month-on-month.

Nuvama stated, “Lumpsum recovery layered on top of a structurally resilient SIP base signals flow durability.”

The report highlighted that SIP inflows remained close to record highs at around Rs 31,100 crore despite a slight monthly decline. Lump sum inflows, meanwhile, rose more than 20% sequentially.

The brokerage also pointed out that rising markets helped boost total active equity AUM to nearly Rs 44.7 lakh crore during the month.

Nuvama added that benchmark indices such as the Nifty, Midcap 150 and Smallcap 250 saw strong gains during April, which further supported the industry’s asset growth.

Which fund house is emerging as the bigger bet?

According to the Nuvama report, HDFC AMC emerged as the standout performer in April.

Nuvama stated, “HDFC AMC was the standout, reporting net inflows of INR69.3bn.”

The company’s flow share expanded to 14.8%, which the brokerage noted was the highest in the last five months. According to the report, the sharp improvement in active equity inflows indicates stronger investor traction.

Nippon Life India Asset Management also reported strong numbers. The brokerage highlighted that the company delivered its best flow share print in the recent period.

Nuvama stated, “Passive franchise combined with expanding retail distribution is a compounding combination.”

According to the report, the company continues to benefit from increasing retail participation and growth in passive investment products such as Exchange Traded Funds (ETFs).

Why these stocks are in focus

HDFC AMC sees strong re-acceleration in flows

According to the brokerage report, HDFC AMC’s improving market share in active equity inflows is one of the biggest positives for the stock.

The brokerage believes stronger investor participation and improved distribution trends supported the recovery during April.

Nuvama added that the recent acceleration in flow share could remain an important monitorable for investors going forward.

NAM benefits from passive and retail growth

As per the brokerage report, NAM continues to benefit from the rising popularity of passive investing products.

The brokerage believes expanding retail distribution and consistent inflow momentum remain supportive for long-term growth visibility.

The report added, “April reinforces our conviction.”

Aditya Birla Sun Life AMC recovery trend catches attention

Aditya Birla Sun Life AMC, despite being on a ‘Hold’ rating, also remained in focus after reporting gradual recovery in flow share.

As per Nuvama report, the company’s active equity flow share improved to 1.8% during April after remaining in negative territory in October 2025.

The brokerage added, “Directional recovery is worth watching as a potential re-rating candidate.”

However, the brokerage noted that the recovery is still modest in absolute terms, which is why it has retained a ‘Hold’ stance for now.

UTI AMC turns marginally positive

UTI AMC also saw some improvement during the month.

Nuvama noted that the company swung back into marginally positive inflows after weak trends in previous months.

However, the brokerage house believes that consistency in inflows will remain the key factor for any potential stock re-rating.

The brokerage stated that sustainability of flows will be important to watch in the coming months.

ICICI Prudential AMC sees weaker momentum

ICICI Prudential AMC emerged as one of the weaker performers in April.

According to the brokerage report, inflows declined nearly 43% month-on-month, while its flow share dropped sharply after a strong January performance.

Nuvama added, “ICICI Prudential AMC is the flag this month.”

Debt, liquid and passive fund trends also improve

Apart from equity inflows, debt and liquid schemes also saw recovery during April.

According to the report, debt schemes recorded inflows after witnessing four straight months of outflows. Liquid funds also saw a sharp rebound during the month.

Gold funds and overseas fund-of-funds continued to attract investor interest as global uncertainty remained elevated.

At the same time, passive inflows weakened sequentially, while arbitrage funds saw strong recovery after previous outflows.

What investors need to know

According to the Nuvama report, the mutual fund industry continues to benefit from steady retail participation, rising SIP contributions and growing financialisation of savings in India.

The brokerage believes fund houses gaining active equity market share and strengthening retail distribution networks are likely to remain in focus over the coming quarters.

Disclaimer: The investment ratings and target prices mentioned in this report are sourced from third-party brokerage analysis and do not constitute an offer or solicitation by this publication. Investors are advised that equity investments, particularly in sectoral themes like Asset Management, carry inherent market risks and past performance of mutual fund flows is not a guarantee of future stock returns. Please consult a SEBI-registered investment advisor before making any financial decisions based on these projections.