EAAA India Alternatives Limited – Investor Presentation Summary

Key Operational Highlights

  • FPAUM (Fee-Paying Assets Under Management) stood at ₹49,164 Cr as of September 30, 2026, a 28% year-on-year (YoY) increase from ₹38,552 Cr in H1 FY26.
  • FPAUM grew at a 23% compounded annual growth rate (CAGR) on a 3-year basis (September-23 to September-26).
  • The company has a large diversified client base of 5,750+ clients, with 77% of AUM from repeat clients.
  • Key drivers include consistent fundraising across market cycles, disciplined deployment, and steady realizations, underscoring the quality of underlying portfolios.

Segment-wise Performance

Not Specified

Financial Highlights

H1 FY27 (Half Year Ended September 30, 2026) Consolidated Results:

  • Total Income: ₹616 Cr (H1 FY26: ₹457 Cr), a 35% YoY increase.
  • PAT (Profit After Tax): ₹169 Cr (H1 FY26: ₹125 Cr), a 35% YoY increase.
  • PAT Margin: 27.4% (vs 27.4% in H1 FY26).
  • Return on Equity (RoE): 29.4% (vs 25.1% in H1 FY26).
  • Earnings Per Share (EPS) - Basic: Not provided for H1; Q2 FY27 EPS was ₹13.68.
  • Yield on Average FPAUM: 2.62% (includes a 1.41% Management Fee Yield).
  • PAT Yield on Average FPAUM: 0.72% (includes 0.16% from Net VAR).
  • Cost-to-Income Ratio: 64.6% (vs 64.4% in H1 FY26).

Q2 FY27 (Quarter Ended September 30, 2026) Consolidated Results:

  • Total Income: ₹280 Cr (Q2 FY26: ₹246 Cr), a 14% YoY increase.
  • PAT: ₹88 Cr (Q2 FY26: ₹69 Cr), a 27% YoY increase.
  • PAT Yield on Average FPAUM: 0.71% (Q2 FY26: 0.72%).
  • RoE: 29.4% (Q2 FY26: 26.6%).

Drivers of financial performance: Growth was driven by a 24% increase in Management & Advisory Fees to ₹333 Cr and a 121% increase in GP Income to ₹79 Cr, partly offset by a 37% decrease in Net Variable Additional Return (VAR) to ₹50 Cr.

Dividend: An interim dividend of ₹7 per equity share (Face Value ₹5) was declared for Q2 FY27.

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

As of September 30, 2026 (Consolidated):

  • Net Worth: ₹1,219 Cr (19% increase YoY from ₹1,023 Cr).
  • Total Borrowings: ₹316 Cr (38% decrease YoY from ₹508 Cr).
  • Debt to Equity (D/E) Ratio: 0.26 times (vs 0.50 times in H1 FY26).
  • Cash & Cash Equivalents including Bank Balance: ₹193 Cr (17% decrease YoY from ₹234 Cr).
  • Total Assets: ₹2,132 Cr (4% increase YoY from ₹2,054 Cr).

Financial Health Insights: The company maintains a disciplined balance sheet with a low Debt-to-Equity ratio, focused on working capital needs.

Capex & Cash Flow Health

Not Specified

Strategic & R&D Initiatives

  • The company's key strategic differentiator is Sekura, its in-house operating asset management platform. It employs 66 dedicated experts managing assets spread across 18 states.
  • Sekura utilizes technology for due diligence, 24x7 on-ground presence, a centralized control room, and advanced maintenance (preventive, corrective, predictive) to improve asset performance and operational efficiency.
  • The platform manages a diverse portfolio, including 1.73 GWp across 14 solar assets, 1,835 circuit kms of transmission lines, and 5.7 Mn sq. ft. across 5 commercial offices.
  • Strategic Rationale: The focus is on building capabilities before capital to deliver performance and generate risk-adjusted returns from non-equity correlated strategies like Infrastructure, Commercial Real Estate, and Special Situations.

Industry Trends & Business Environment

  • The presentation cites industry reports projecting the Indian Alternatives Industry to reach ~₹25.1 Lakh Cr by CY30, with Yield & Income Strategies comprising 42% (~₹10.6 Lakh Cr) of this and growing faster.
  • Macro trends driving demand include the rise of private wealth in India (~₹222 Lakh Cr to be added by 2030), higher penetration of wealth managers, and investor demand for non-equity correlated, yield-generating products with capital preservation.
  • A positive development noted is the launch of the NPS Bharat Fund of Funds Platform in 2026 to channel domestic pension capital into Alternatives.
  • Impact on Company: These trends support the company's core business model of managing patient capital in closed-ended AIF structures focused on yield and income.

Management Commentary & Growth Outlook

  • Strategic Outlook: The company describes its business as a "recurring-income model built for ~25–30% PAT growth and ~25–30%+ RoE."
  • The long-term business model targets sustainable PAT yields of ~65-70 basis points on FPAUM and a dividend payout ratio of ~50%.
  • Key Focus Areas: Sustained FPAUM growth through steady fundraising and disciplined deployment; deepening and widening of the client base; delivering strong financials and dividend payouts.
  • The company will track a disciplined balance sheet (DE Ratio <= 1x of Net Worth) and aims for a strong RoE of ~25-30%+.

Governance

  • The board is composed of 8 members with multi-sector experience.
  • It includes 5 Independent Directors, 2 Non-Executive Non-Independent Directors, and an Executive Chairman and Whole-Time Director.
  • Key members include Sunil Nawal (Executive Chairman), Neeta Mukerji, and Balagopal Chandrasekhar (Independent Directors).