EAAA India Alternatives IPO

Strengths · 7

• 01FPAUM, the assets on which the company earns fees, grew from Rs 30,398.01 crore on 31 March 2024 to Rs 44,710.44 crore on 31 March 2026.
• 02Total income rose from Rs 584.25 crore in FY2024 to Rs 963.76 crore in FY2026, and profit after tax from Rs 175.16 crore to Rs 265.20 crore.
• 03Return on equity was 25.97% in FY2026, with a PAT margin of 27.52% on total income.
• 04Debt to equity came down from 0.61 on 31 March 2024 to 0.41 on 31 March 2026, as net worth rose to Rs 1,075.54 crore.
• 05About 77% of AUM comes from repeat clients, and 1,493 clients had invested in more than one fund by 30 June 2026.
• 06Operating cash flow was positive at Rs 235.24 crore in FY2026 after being negative in FY2025 and FY2024.
• 07Management and advisory fees, the steadier fee line, grew from Rs 398.01 crore in FY2024 to Rs 579.07 crore in FY2026.

Risks · 9

• 01The whole issue is an offer for sale of up to Rs 1,500 crore by Edelweiss Securities and Investments Private Limited. The company gets no fresh money.
• 02Promoters and the promoter group hold 95.58% before the issue, and the promoter group already sold 28,40,000 shares in a secondary deal after the DRHP was filed.
• 03Variable additional return was Rs 290.47 crore in FY2026, about 30% of total income. It depends on funds beating hurdle rates and on exits, so it can swing.
• 04GP income fell from Rs 102.14 crore in FY2025 to Rs 79.95 crore in FY2026, and other income was Rs 94.22 crore in FY2026.
• 05Operating cash flow was negative at Rs -120.17 crore in FY2025 and Rs -13.27 crore in FY2024 even though profit rose.
• 06The cost to income ratio was 68.52% in the quarter ended 30 June 2026, against 63.33% a year earlier.
• 07Institutional clients fell from 64.83% of AUM on 31 March 2024 to 47.84% on 31 March 2026, so the client mix has moved towards non-institutional investors.
• 08The Chief Executive Officer Subahoo Chordia resigned on 7 June 2026, an independent director resigned on 30 July 2026 and a senior management member resigned on 1 April 2026.
• 09Total borrowings were still Rs 441.03 crore on 31 March 2026, and current tax was a small part of the tax charge of Rs 73.44 crore, the rest being deferred tax.

EAAA India Alternatives Limited was incorporated in Mumbai on 14 May 2008 as Edelweiss Alternative Asset Advisors Limited. It took its present name on 30 August 2024. The company is an alternative asset manager. It raises money from clients into funds, co-investment PMS schemes and InvITs, and invests that money in real assets and private credit.

The business runs in two main verticals. Real Assets had FPAUM of Rs 25,402.98 crore on 31 March 2026. Private Credit had a further share, and other verticals are small. On 30 June 2026 the Real Assets portfolio included 3.10 million square feet of office space, 4,586 lane kilometres of roads, 1,835 circuit kilometres of transmission lines and 1.73 gigawatts of solar assets. The Private Credit portfolio had 190 investments with 140 completed exits.

The company earns three kinds of income. Management and advisory fees were Rs 579.07 crore in FY2026. Variable additional return, a performance-linked fee earned once a fund crosses its hurdle rate, was Rs 290.47 crore. GP income, the return on the company's own money invested in its funds, was Rs 79.95 crore.

It had 5,936 clients on 31 March 2026 and 11,009 on 30 June 2026. About 77% of AUM comes from repeat clients. On 31 March 2026, 47.84% of AUM was from institutional clients such as pension funds, insurers and banks, and 52.16% from non-institutional clients such as HNIs and family offices. Clients outside India were 41.52% of AUM.

The company had 277 employees on 30 June 2026, including an investment team of 85. It has offices in Mumbai, New Delhi, GIFT City and Singapore and works with 53 distributors, channel partners and offshore relationship managers. The promoters are Edelweiss group companies. This page is based on the addendum to the DRHP dated 13 August 2026, which updates the January 2026 DRHP.

The industry

The CARE Analytics and Advisory report of August 2026, commissioned by the company, says the Indian alternatives industry was USD 151.9 billion in 2025. It expects about USD 267 billion by 2030, a CAGR of about 12% to 14%, with private credit and real assets growing faster than private equity.