Key Takeaways
- • Four brokerages, Anand Rathi, Bajaj Broking, GEPL Capital and Ventura Securities, have each issued a "Subscribe" recommendation for the IPO of EAAA India Alternatives Limited.
- • EAAA India Alternatives reported AUM of Rs 95,344.8 crore (Rs 953,448.78 million) as of June 30, 2026, per the company's figures cited in the research.
- • Revenue from operations rose from INR 492.6 crore in FY24 to INR 869.5 crore in FY26, with PAT growing from INR 175.2 crore to INR 265.2 crore over the same period.
- • At the upper price band, the issue is valued at a PE of roughly 33 to 40.6 times FY26 earnings, depending on the brokerage's calculation.
- • The IPO is open for subscription and closes on October 28, 2026, with a price band of Rs 1,585 to Rs 1,665 per share.
Summary
Four brokerages, Anand Rathi, Bajaj Broking, GEPL Capital and Ventura Securities, have recommended subscribing to the initial public offering of EAAA India Alternatives Limited. The company describes itself as one of India's leading alternative investment platforms by assets under management, with more than 17 years of experience managing long-term patient capital focused on real assets and private credit. According to the cited CARE Report, its AUM stood at Rs 95,344.8 crore as of June 30, 2026.
Anand Rathi cites the company's leadership in India's alternatives market, its diversified investment platform, strong growth in fee-paying AUM, robust profitability and a favourable industry outlook. At the upper price band, Anand Rathi values the company at 40.6 times FY26 earnings and 33.2 times FY26 EV/EBITDA, and recommends subscribing for the long term. Bajaj Broking values the issue at a PE of 40 on FY26 earnings. GEPL Capital highlights its wholly owned subsidiary, Sekura India Management, which supports asset operations, maintenance, monitoring and efficiency improvement, and puts the issue at a PE of 33 on FY26 earnings.
Ventura Securities points to healthy growth supported by rising alternative investment allocations and expansion of the fee-paying asset base. Revenue from operations increased from INR 492.6 crore in FY24 to INR 670.3 crore in FY25 and INR 869.5 crore in FY26. PAT rose from INR 175.2 crore to INR 229.8 crore and INR 265.2 crore over the same years. Total AUM grew from INR 54,679 crore in FY24 to INR 59,629 crore in FY25 and INR 72,706 crore in FY26, before reaching INR 95,345 crore by June 2026. In FY26, EBITDA excluding other income was INR 323.3 crore, an EBITDA margin of 37.2%, and the PAT margin was 30.5%, which Ventura attributes to the asset-light, fee-driven nature of the business.
The IPO is open for subscription and closes on October 28, 2026. The price band is Rs 1,585 to Rs 1,665 per equity share, and investors can bid for a minimum of 9 shares and in multiples of 9 thereafter.
Anand Rathi cites the company's leadership in India's alternatives market, its diversified investment platform, strong growth in fee-paying AUM, robust profitability and a favourable industry outlook. At the upper price band, Anand Rathi values the company at 40.6 times FY26 earnings and 33.2 times FY26 EV/EBITDA, and recommends subscribing for the long term. Bajaj Broking values the issue at a PE of 40 on FY26 earnings. GEPL Capital highlights its wholly owned subsidiary, Sekura India Management, which supports asset operations, maintenance, monitoring and efficiency improvement, and puts the issue at a PE of 33 on FY26 earnings.
Ventura Securities points to healthy growth supported by rising alternative investment allocations and expansion of the fee-paying asset base. Revenue from operations increased from INR 492.6 crore in FY24 to INR 670.3 crore in FY25 and INR 869.5 crore in FY26. PAT rose from INR 175.2 crore to INR 229.8 crore and INR 265.2 crore over the same years. Total AUM grew from INR 54,679 crore in FY24 to INR 59,629 crore in FY25 and INR 72,706 crore in FY26, before reaching INR 95,345 crore by June 2026. In FY26, EBITDA excluding other income was INR 323.3 crore, an EBITDA margin of 37.2%, and the PAT margin was 30.5%, which Ventura attributes to the asset-light, fee-driven nature of the business.
The IPO is open for subscription and closes on October 28, 2026. The price band is Rs 1,585 to Rs 1,665 per equity share, and investors can bid for a minimum of 9 shares and in multiples of 9 thereafter.
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