EAAA India Alternatives IPO

Mainboard • Equity • Offer for sale only

LISTEDMAINBOARDEquity

EAAA India Alternatives

Price band

₹1585 – ₹1665

Lot size

9 shares

Min investment

₹14,985

Issue size

₹1,200 Cr

About the company

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.

EAAA India Alternatives, formerly Edelweiss Alternative Asset Advisors, manages real assets and private credit funds for institutional and wealth clients. Its fee-earning assets under management (FPAUM) stood at Rs 44,710.44 crore on 31 March 2026.

IPO details

Issue price: ₹1,665
Price band: ₹1585 – ₹1665
Face value: ₹5
Lot size: 9
Min investment: ₹14,985
Issue size: ₹1,200 Cr
Sale type: Offer for sale only
Listing on: BSE, NSE
BSE scrip code: 8054
NSE symbol: EDELALTS.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	9	₹14,985
Retail (Max)	13	117	₹1,94,805
S-HNI (Min)	14	126	₹2,09,790
B-HNI (Min)	67	603	₹10,03,995

Investor reservation

CATEGORY	RESERVED
QIB	21,62,161 shares

Objects of the issue

1No fresh issue. The entire offer proceeds go to the selling shareholder

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Revenue from Operations	275.53	869.54	670.26	492.58
Total Income	336.13	963.76	786.54	584.25
Profit After Tax	80.71	265.20	229.78	175.16
Net Worth	1160.38	1075.54	966.45	729.48
Total Borrowing	399.20	441.03	507.49	444.83
Total Assets	2101.84	2170.28	2085.07	1769.66

Key performance indicators

P/E Ratio

33.35

EPS (₹)

49.93

RoE

28.96%

RoNW

28.96%

PAT Margin

24.01%

Debt / Equity

0.34

NAV (₹)

176.67

✓ Strengths

• FPAUM, 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.

• Total 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.

• Return on equity is 28.96% and the PAT margin is 24.01%, as per the latest figures at the source.

• Debt to equity stands at 0.34 on the latest figures, with net worth of Rs 1,160.38 crore on 30 June 2026 against Rs 1,075.54 crore on 31 March 2026.

• About 77% of AUM comes from repeat clients, and 1,493 clients had invested in more than one fund by 30 June 2026.

• Operating cash flow was positive at Rs 235.24 crore in FY2026 after being negative in FY2025 and FY2024.

• Management and advisory fees, the steadier fee line, grew from Rs 398.01 crore in FY2024 to Rs 579.07 crore in FY2026.

⚠ Risks

• The 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.

• Promoters and the promoter group hold 95.03% before the issue and will hold 83.88% after it, and the promoter group already sold 28,40,000 shares in a secondary deal after the DRHP was filed.

• Variable 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.

• GP 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.

• Operating cash flow was negative at Rs -120.17 crore in FY2025 and Rs -13.27 crore in FY2024 even though profit rose.

• The cost to income ratio was 68.52% in the quarter ended 30 June 2026, against 63.33% a year earlier.

• Institutional 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.

• The 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.

• Total 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.

Promoters & holding

Edelweiss Financial Services Limited, Edelweiss Securities and Investments Private Limited, Edel Finance Company Limited and Edelweiss Global Wealth Management Limited

Pre-issue promoter holding

95.03%

Post-issue promoter holding

83.88%

Promoters and the promoter group hold 95.03% before the issue and will hold 83.88% after it, as per the source page.

Data refreshed 09 Nov 2026, 02:00 pm IST. GMP is unofficial market sentiment, not investment advice.