Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹14985
HNI (Min Lot)
sNII / High Net-Worth Tier
₹209790
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
30%
Market Maker
0%
QIB
20%
NII / HNI
15%
Retail
35%
Institutional Corporate Dossier
EAAA India Alternatives
COMPANY PROFILE & DNA
Incorporation / Founded
14-05-08
Active Vintage
Corporate Headquarters
Mumbai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Edelweiss Financial Services Limited, Edelweiss Securities and Investments Private Limited, Edel Finance Company Limited, Edelweiss Global Wealth Management Limited
⚙️ Business Overview & Portfolio
Core Offerings
EAAA India Alternatives Limited is a leading alternative asset management firm in India managing real assets and private credit strategies
🎯 Target Market & End-Use
Revenue Drivers
Alternative investment fund management, asset management, and portfolio management services for institutional, UHNI, and HNI clients
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Scaled and experienced player in the large and expanding Indian real assets and private credit market with a diversified multi-strategy platform
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Offer for Sale
₹1200 Cr
Allocation
🎯 Objective 02
Achieve Listing Benefits
Not Mentioned
Allocation
🎯 Objective 03
Not Mentioned
Not Mentioned
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 336.13 | 963.76 | 786.54 | 584.25 |
| EBITDA | 116.86 | 394.60 | 333.43 | 249.17 |
| Profit After Tax (PAT) | 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 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
963.76
₹ Cr
YoY Growth
22.53%
3-Year CAGR
28.44%
394.60
₹ Cr
YoY Growth
18.35%
3-Year CAGR
25.84%
265.20
₹ Cr
YoY Growth
15.41%
3-Year CAGR
23.05%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 24.66% | 23.78% | 24.15% | Stable |
| ROCE (Capital Employed)ROCE | 26.02% | 22.62% | 23.29% | Strong |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
0.6
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.41 | 0.37 | Low |
| EPS (₹) | ₹41.26 | ₹50.22 | Accretive |
| ROE (%) | 24.66% | 24.66% | Good |
| ROCE (%) | 26.02% | 26.76% | Good |
| P/E (Valuation) | 40.36 | 33.15 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 444.09 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| EAAA India Alternatives Limited IPO CANDIDATE | 963.76 | 33.15 (Ask) | 26.02% | 24.66% (Post Issue) | 40.94% |
| 360 One WAM Limited | ₹ 4361.62 Cr | 35.67 | 0 | 14.39% | 33.27% |
| Aditya Birla Sun Life AMC Limited | ₹ 1845.03 Cr | 29.84 | 0 | 25.10% | 64.93% |
| Anand Rathi Wealth Limited | ₹ 1148.83 Cr | 90.69 | 0 | 47.54% | 47.70% |
| HDFC Asset Management Company Limited | ₹ 4122.16 Cr | 33.76 | 0 | 32.93% | 79.92% |
| Nippon Life India Asset Management Limited | ₹ 2708.74 Cr | 43.99 | 0 | 34.48% | 52.88% |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Scaled and experienced player in Indian real assets and private credit market
- Diversified multi-vertical platform with consistent track record
- Diverse and longstanding institutional and HNI client base
- Dedicated portfolio operating platform and robust risk management systems
Weaknesses
Internal Operational Constraints
- High dependence on key management personnel and investment teams
- Past instances of negative operating cash flows due to working capital cycles
- Concentrated exposure in specific private credit and real asset funds
- Lack of direct brand ownership for EAAA trademark requiring NOC from promoter
Opportunities
External Growth Tailwinds
- Low penetration of alternative investments in India presenting significant market potential
- Growing wealth and institutional LP allocations towards private credit and yield assets
- Regulatory tailwinds expanding AIF investment scope and LP participation
- Scope to scale offshore fundraising through international subsidiaries and GIFT City branch
Threats & Risks
External Macro & Sector Headwinds
- Intense market competition from banks NBFCs and established asset managers
- Illiquidity and credit default risks associated with underlying fund investments
- Evolving regulatory and tax frameworks impacting compliance and fund structures
- Adverse macroeconomic downturns or interest rate volatility affecting asset valuations
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
Score 9/10 (Base 4, Sector +2, Co +4, Risk -1) | SECTOR MOAT: Indian alternatives AUM growing at 12-14% CAGR driven by institutional allocations and low penetration | COMPANY MOAT: Strong entry barriers with 17+ year track record, 24.66% ROE, 26.02% ROCE, 40.94% OPM, and 77% AUM from repeat clients | KEY RISKS: Top 10 clients drive 26.20% FPAUM alongside past negative operating cash flows | VERDICT: Dominant alternative asset manager with high margins and client stickiness poised for secular growth.
30
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-