EAAA India Alternatives Ltd IPO
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- Minimum investment
- ₹14,985
- Price band
- ₹1,665 – ₹0
- Lot size
- 9 shares
- Issue size
- ₹1,200 Cr
- Face value
- ₹5
- IPO document
- Offer PDF
Schedule
Bidding for this IPO has closed- IPO open date, Completed
- IPO close date, Completed
- Allotment date, Upcoming
- Funds unblock or debit, Upcoming
- Listing date, Upcoming
Updated
*All values are in ₹ crore
- 2024
- ₹584 Cr
- 2025
- ₹787 Cr
- 2026
- ₹964 Cr
- Scaled and experienced player in the large and expanding Indian real assets and private credit market.
- Diversified, multi-strategy platform offering a wide range of alternative investments products, with a consistent track record.
- Diverse and longstanding client base with significant potential to scale their commitments.
- Technology-enabled institutional platform.
- Dedicated portfolio operating and management platform.
- Comprehensive risk management systems.
- Led by a seasoned management team with extensive industry experience.
EAAA India Alternatives IPO: Key Strengths, Risks
Key strengths
- Established alternatives platform: Established in 2008, EAAA India Alternatives is an alternatives asset management company that offers real assets and private credit funds. On June 30, 2026, its AUM was ₹95,344.88 crore.
- Growing fee base: Growth in its FPAUM was at a 23.43% CAGR during FY2023-FY2026, from ₹23,775.85 crore to ₹44,710.44 crore.
- Improving financial performance: Total income grew at a CAGR of 28.44% during FY2024-FY2026, from ₹584.25 crore to ₹963.76 crore. Profit after tax rose to ₹265.20 crore from ₹175.16 crore in FY2024. ROE in FY2026 was 25.97%.
- Diverse client base: As of June 30, 2026, EAAA had 11,009 client relationships, including 1,493 repeat clients, in India, North America and Europe.
Key risks
- Dependence on Variable Additional Return: Variable Additional Return contributed 30.14% of total income in FY2026 and 32.41% in Q1 FY2027. Its timing and receipt are unpredictable, which could make cash flows volatile.
- Foreign client exposure: Clients outside India accounted for 33.80% of AUM as of June 30, 2026. Client concentration and clients failing to honour capital calls could affect the company's ability to invest.
- Offer for sale and valuation: The IPO is entirely an offer for sale, so the company will not receive any proceeds. The upper band implies a pre-IPO P/E of 40.59x, and the company has no directly comparable Indian listed peers.
EAAA India Alternatives Financials
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total income (₹ crore) | 963.76 | 786.54 | 584.25 |
| PAT (₹ crore) | 265.20 | 229.78 | 175.16 |
| PAT margin (%) | 27.52 | 29.21 | 29.98 |
| Net worth (₹ crore) | 1,075.54 | 966.45 | 729.48 |
| Total borrowings (₹ crore) | 441.03 | 507.49 | 444.83 |
| Debt/equity (x) | 0.41 | 0.53 | 0.61 |
| Return on Equity (%) | 27.97 | 27.10 | 27.30 |
Revenue by Income Source
| Income source (% of total income) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Management and advisory fees | 60.08 | 60.97 | 68.12 |
| Variable Additional Return | 30.14 | 24.25 | 16.19 |
| GP income | 8.30 | 12.99 | 13.47 |
| Others | 1.48 | 1.80 | 2.22 |
EAAA India Alternatives Peer Comparison
| Company | Diluted EPS (₹) | P/E |
|---|---|---|
| EAAA India Alternatives | 40.36 | NA |
| 360 One WAM | 29.19 | 35.67x |
| Aditya Birla Sun Life AMC | 33.68 | 29.84x |
| Anand Rathi Wealth | 47.17 | 90.69x |
| HDFC Asset Management Company | 66.50 | 33.76x |
| Gaja Alternative Asset Management | 7.17 | 16.47x |
| Nippon Life India Asset Management | 23.63 | 43.99x |
| Nuvama Wealth Management | 56.06 | 30.99x |
| UTI Asset Management Company | 31.41 | 27.93x |
| ICICI Prudential Asset Management Company | 66.73 | 45.95x |