EAAA India Alternatives Limited
What they do: The company operates as an alternative asset manager. Revenue from operations increased from ₹4,925.79 million in FY2024 to ₹8,695.40 million in FY2026.
By IPO Milega Research · Published
FY2026 revenue was ₹8,695.40 million and net profit was ₹2,651.97 million, with a 32.9% two-year revenue CAGR and a 30.5% net margin.
- GMP (unofficial)
- +0%
- Grey market premium
- Opens
- 26 Oct
- In 3 days
- Min. investment
- N/A
- One lot
GMP is an unofficial grey market indication. GMP updated 22 Oct, 21:05 IST.
- Price band
- ₹1585-1665
- Lot size
- N/A
- Min. investment
- N/A
- Issue size
- Approx 1260.57 Crores
- Open26 Oct 2026
- Close28 Oct 2026
- Allotment29 Oct 2026
- Listing2 Nov 2026
Overview
₹₹1665 (+0%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
This IPO is entirely an offer for sale. The company receives none of the money : all ₹1,200 Cr goes to the selling shareholders.
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance8.0
- Flexibility8.0
- Timing5.0
- Risk4.0
Three-year growth in revenue, profit and fee-earning AUM, recurring management fees and a 30.5% FY2026 net margin support fundamentals. Performance-linked income, regulatory and liquidity risks, and the absence of fresh capital temper expected gains. The available fundamentals do not establish issue valuation.
Strengths4
- Built a platform with more than 17 years of experience and 26 active funds across real assets and private credit.
- Raised ₹475,262.50 million in capital commitments, deployed ₹382,293.99 million and realised ₹312,329.40 million across the stated three financial years and quarter ended June 30, 2026.
- Reported 11,009 client relationships; repeat clients contributed 77% of AUM as of June 30, 2026.
- Maintained a management and advisory fee yield of 1.43%–1.49% from FY2024 through the quarter ended June 30, 2026.
Concerns5
- Variable Additional Return contributed 32.41% of income in the June 2026 quarter; only ₹3,976.54 million of ₹6,847.20 million accrued since FY2024 had been realised. Illiquid-asset valuations are subjective and clawbacks may reach 100% of this return.
- The top 10 clients represented 26.20% of FPAUM, exposing revenue to client concentration and capital-call defaults. Fee pressure and historical growth may also affect future income.
- Interest-rate movements may reduce credit returns, raise borrowing costs, depress asset valuations and delay fund exits, while market losses and limited investment opportunities could reduce profits.
- Liquidity and funding exposure includes past negative operating cash flows, ₹3,991.97 million of secured borrowings, covenant-default risk, possible higher borrowing costs after a downgrade, and ₹867.78 million owed to one material creditor.
- Regulatory exposure includes multi-jurisdictional requirements, pending SEBI settlement applications and administrative warnings concerning investment processes, investor disclosures and policy implementation. The risk summary also cites RBI and SEBI penalties.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9851 lots, 9 shares
- Retail Maximum1,94,80513 lots, 117 shares
- S-HNI Minimum2,09,79014 lots, 126 shares
- S-HNI Maximum9,89,01066 lots, 594 shares
- B-HNI Minimum10,03,99567 lots, 603 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 9 | 14,985 |
| Retail Maximum | 13 | 117 | 1,94,805 |
| S-HNI Minimum | 14 | 126 | 2,09,790 |
| S-HNI Maximum | 66 | 594 | 9,89,010 |
| B-HNI Minimum | 67 | 603 | 10,03,995 |
Timing
5.0/10The issue’s timing chiefly depends on investor appetite and valuation for the company’s shares. Its size may require substantial demand, while the absence of stated market or sector conditions limits the case for an especially favorable window.
- Time to market
- The company has appointed multiple book-running lead managers and key offer intermediaries, indicating preparation for execution. This supports readiness, though it does not establish favorable market timing.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 6.0
- Listing on
- BSE, NSE
Key milestones
- 26 Oct 2026IPO Opens
- 28 Oct 2026IPO Closes
- 29 Oct 2026Basis of Allotment
- 2 Nov 2026Listing Date
Financials
7.0/10- Revenue
- ₹964 Cr
- +22.5%
- Profit after tax
- ₹265 Cr
- +15.4%
- Net margin
- 27.5%
- -1.7 pts
- Assets
- ₹2,170 Cr
- +4.1%
- Return on equity
- 26.0% (FY2026 net profit divided by average FY2025-FY2026 equity)
- Debt to equity
- 0.13
- Current ratio
- 1.75x
- Revenue CAGR
- 32.9%
- Return on net worth
- 28.96%
- NAV per share (₹)
- 176.67
- Price to book
- 10.17
Financial performance trend
Amount ₹ in croresFY2026 revenue was ₹8,695.40 million and net profit was ₹2,651.97 million, with a 32.9% two-year revenue CAGR and a 30.5% net margin. Growth and earnings are strong, while debt securities and an entirely secondary offer temper the assessment.
FY2026 borrowings were ₹1,427.97 million, comprising current borrowings; non-current borrowings were nil. Debt securities were a further ₹2,982.30 million. The IPO is an offer for sale, so no proceeds go to the company or repay debt.
Fresh issue goes to the company. OFS goes to the selling shareholders.
The Promoter Selling Shareholder is selling shares aggregating up to ₹12,000 million.
The offer is entirely an offer for sale. The promoter receives the proceeds, less offer expenses and applicable taxes; the company receives no proceeds and is not raising fresh capital. The stated benefits include listing, visibility, and liquidity for the shares.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks3
- Operational risks4
- Regulatory risks4
Risk is elevated due to volatile, partly unrealised incentive income, concentrated clients, borrowing and liquidity exposure, regulatory scrutiny, pending litigation and tax claims, and investment and operational uncertainties.
How the company offsets these
The company has filed tax appeals and a rectification application, sought quashing of criminal proceedings, responded to SEBI, and filed settlement applications. These matters remain pending.
Financial risks4
- Variable Additional Return is volatile and partly unrealised; subjective asset valuations and clawbacks may reduce income.
- Past negative operating cash flows, secured borrowings of ₹3,991.97 million, covenant risk, funding needs and dependence on fund exits create liquidity and financing exposure.
- The ₹867.78 million balance due to one material creditor and employee bonuses linked to Variable Additional Return may constrain profitability and cash flows.
- Tax claims total ₹2,058.71 million across relevant parties; the company faces a ₹343.67 million assessment demand and related pending penalty proceedings.
Market risks3
- Interest-rate changes may affect investment returns, borrowing costs, valuations, exits and available opportunities.
- Client concentration, potential capital-call defaults, competition and fee pressure may affect revenue and FPAUM growth.
- Foreign-exchange and overseas-market exposure, market losses and the absence of directly comparable Indian listed peers add uncertainty to performance and valuation.
Operational risks4
- Fund deployment or monitoring failures, limited control over investees, conflicts of interest and illiquid investments may impair returns.
- Talent retention costs are linked to Variable Additional Return; bonuses were ₹1,610.87 million in FY2026.
- Business disruption, end-user computing, dependence on third parties and inadequate insurance could affect continuity or increase losses.
- Pending trademark registrations, lack of ownership of the EAAA marks, potential royalties and third-party infringement claims create intellectual-property exposure; the company also does not own its offices.
Regulatory risks4
- Extensive multi-jurisdictional regulation creates compliance and enforcement exposure; the risk summary cites an RBI compounding penalty and a SEBI settlement.
- SEBI inspection observations led to pending settlement applications and administrative warnings concerning investment processes, investor disclosures and policy implementation.
- Pending criminal complaints and proceedings involve the company, promoters and directors; other director-related criminal matters also remain pending.
- Tax assessments, appeals and claims create potential liabilities; the company’s assessment includes disallowed expenses, a transfer-pricing adjustment and a demand.
Performance
8.0/10EAAA India Alternatives manages real-asset and private-credit funds, earning management and advisory fees, performance-linked variable returns and income from its own fund investments. AUM was ₹953,448.78 million as of June 30, 2026, while FY2026 total income was ₹9,637.59 million and profit was ₹2,651.97 million. Growth, recurring fees and repeat-client commitments are strengths; earnings also depend on fund performance and fair-value movements.
- Historical growth
- From FY2024 to FY2026, total income grew at an approximately 28.4% CAGR and profit at an approximately 23.1% CAGR. Fee-earning AUM grew at a 23.43% three-year CAGR to ₹447,104.42 million in FY2026. FY2026 total income rose 22.53% year on year, while profit increased from ₹2,297.79 million to ₹2,651.97 million., Strong growth, with recurring fee income complemented by variable fund-performance returns.
- Market comparison
- The company describes itself as one of India’s leading alternatives platforms by AUM. The industry outlook cited projects global private alternatives AUM growth of 11%–13% annually for CY2025–CY2030 and APAC growth of 9%–11%. No company-specific peer financial comparison is provided, so relative returns, margins and scale versus named peers cannot be assessed.
- Future potential
- Potential is supported by rising institutional and high-net-worth investor participation, infrastructure financing needs and industry growth projections. AUM growth and revenues remain exposed to fund performance, market conditions, regulation and competition; past growth may not continue.
- Operational consistency
- The financial results show three consecutive profitable financial years, growing total income and positive growth in fee-earning AUM. The latest quarter also recorded year-on-year income and profit growth, though expenses grew faster than income in that comparison and performance-linked revenue creates variability.
- Experience
- The platform reports more than 17 years of experience managing long-term capital. The supplied information does not provide individual executives’ biographies or detailed leadership tenure.
- Track record
- Fundraising across later fund series, repeat-client contributions and reported investment realisations indicate client retention and execution capability. Employee benefits and operating costs rose as the business expanded.
Key achievements
- 01Built a platform with more than 17 years of experience and 26 active funds across real assets and private credit.
- 02Raised ₹475,262.50 million in capital commitments, deployed ₹382,293.99 million and realised ₹312,329.40 million across the stated three financial years and quarter ended June 30, 2026.
- 03Reported 11,009 client relationships; repeat clients contributed 77% of AUM as of June 30, 2026.
- 04Maintained a management and advisory fee yield of 1.43%–1.49% from FY2024 through the quarter ended June 30, 2026.
Flexibility
8.0/10The platform serves institutional and non-institutional clients across India and international markets, with onshore and offshore coverage. It has expanded its client base and fund offerings, and FPAUM grew at a 23.43% three-year CAGR to ₹447,104.42 million in FY2026.
Management and advisory fees contributed 60.08% of FY2026 total income, supporting recurring revenue. FY2026 profit was ₹2,651.97 million, while the debt-to-equity ratio declined to 0.41 from 0.61 in FY2024. Variable additional returns and GP income remain performance-sensitive. The offer is an Offer for Sale, so the company receives no proceeds.
The company manages 26 active funds across Real Assets and Private Credit and has dedicated investment, asset management, coverage and enterprise teams. Sekura supports portfolio operations, efficiency improvement and turnaround management, while the risk framework covers investment and portfolio monitoring.
EAAA India Alternatives shows strong adaptability through a multi-strategy platform, a growing client base and repeated product launches. Fee income and profitability support flexibility, while performance-linked revenue and the absence of primary IPO proceeds limit financial flexibility.
- Product diversification
- The platform spans infrastructure and commercial real estate yield, perpetual capital, energy transition, performing credit, special situations, real estate credit, investment-grade credit and co-investment PMS. Real Assets and Private Credit accounted for 57.67% and 39.64% of FPAUM, respectively, at June 30, 2026.
- Future adaptability
- The broad strategy range, repeat-client relationships and established fund-raising record provide a base for further growth. Newer strategies such as Energy Transition offer room to address changing investment demand. Growth will depend on continued fundraising, fund performance and investor confidence; the IPO itself provides no capital to the company.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.