EAAA India IPO Peer Comparison Analysis: Is It Worth The Premium Over Listed Peers?

Before you apply for any IPO, one query is value asking: what’s the market already paying for companies like this one?

EAAA India Alternatives opens for bidding on 26 October 2026 at a worth band of INR 1,585–1,665 per share. It is a pure supply on the market of INR 1,200 crore, and the shares are scheduled to record on 2 November 2026. EAAA would be the second listed options supervisor in India. To perceive the honest valuation of the EAAA India IPO, the corporate might be measured towards a listed options peer, together with wealth managers and mutual fund corporations that the market values every single day.

However, no single firm is an ideal match for EAAA India, so we have now grouped friends sensibly and in contrast them on valuation, development, and profitability. Let’s take a deeper look into the EAAA India IPO peer comparability evaluation.

EAAA India in 60 seconds

EAAA manages cash for buyers in belongings past common shares and bonds. It has over 17 years of expertise and runs two major companies: Real Assets, which invests in a mixture of fairness, quasi-equity and debt, and Private Credit, which primarily invests in debt or convertible debt. Its subsidiary Sekura India Management helps each with operations, monitoring and turnaround work.

Four phrases will allow you to learn the remainder of this text:

• AUM (belongings below administration): the entire cash EAAA manages, INR 95,344.88 crore as of 30 June 2026.
• FPAUM (fee-paying AUM): the a part of that cash on which EAAA really earns charges, INR 48,623.18 crore. It has grown about 23.43% a 12 months over the past three monetary years.
• Repeat purchasers: EAAA serves 11,009 shopper relationships, of which 1,493 are repeat purchasers. These repeat purchasers account for 77% of AUM.
• Variable Additional Return: an additional return EAAA earns as soon as a fund beats the return promised to its buyers.

Here is the place FY26 earnings got here from, as per the RHP: 60.08% from administration and advisory charges, 30.14% from Variable Additional Return and eight.30% from earnings on EAAA’s personal investments in its funds. In FY26, income was INR 869.54 crore and internet revenue was INR 265.20 crore.

EAAA India IPO Review: How we picked the friends

EAAA focuses on long-tenure funds in personal credit score and actual belongings, a distinct segment that only a few listed corporations share. So as a substitute of forcing one “perfect” peer, we use three teams. Each group solutions a special query.

• Group A tells us how the market values a listed options supervisor. Gaja is way smaller, although: its FY26 gross sales have been INR 136 crore, towards EAAA’s income of INR 869.54 crore.
• Group B exhibits how the market values corporations that handle cash for rich Indians, typically alongside different companies corresponding to broking or lending.
• Group C is the yardstick for giant, mature asset managers. These corporations principally run mutual funds, so use them for context, not as like-for-like twins.

Note: Peer figures are as of 23 October 2026 at market costs. EAAA’s multiples are on the IPO worth band on FY26 earnings. ICICI Prudential AMC figures are standalone.

EAAA India IPO Valuation: What the Market Pays

On price-to-sales, EAAA sits in the midst of the pack, near Gaja and Aditya Birla Sun Life AMC. On P/E, its band is above most friends, which makes the expansion and high quality sections under vital.

Key Takeaway:

• Price-to-sales: EAAA’s 11.79–12.38 is sort of the identical as Gaja’s 12.2 and slightly below Aditya Birla Sun Life AMC’s 13.2. It is properly under HDFC AMC (21.8), ICICI Prudential AMC (20.9), Nippon Life India AMC (19.2) and Anand Rathi Wealth (29.8).
• P/E: EAAA’s 39.27–41.25 is increased than Gaja (19.1), 360 ONE (33.2) and Nuvama (27.5), and above the mutual fund corporations (19.5 to 37.2). Only Anand Rathi Wealth (81.6) is increased.
• Why a premium could make sense: Investors often pay extra for companies with fast-growing fee-earning belongings and excessive returns on shareholders’ cash. The subsequent two sections present how EAAA scores on each.

Growth Scorecard: How Fast Is EAAA Growing?

EAAA’s fee-paying belongings have grown about 23.43% a 12 months over three years, and its income and revenue have risen yearly since FY24. That places it in the identical wholesome vary because the faster-growing friends.

The desk exhibits every peer’s compound yearly development over the past three years:

EAAA’s three-year numbers from the RHP and IPO Central web page:

EAAA’s FPAUM CAGR for the three monetary years to FY26 is 23.43% per the RHP.

EAAA’s yardsticks differ barely (belongings, income and revenue moderately than the gross sales and revenue development charges above), however all of them level the identical method: regular double-digit development. In the June 2026 quarter, fee-paying belongings reached INR 48,623.18 crore.

EAAA India IPO Peer Comparison: Profitability and Quality Scorecard

EAAA earned 25.97% on shareholders’ cash in FY26, forward of Gaja, 360 ONE and UTI, and near Nuvama and Aditya Birla Sun Life AMC. Its borrowing stage can also be far decrease than the wealth-management friends and has fallen yearly.

ROE (return on fairness) exhibits how a lot revenue an organization earns on its shareholders’ cash. ROCE does the identical on all of the capital used. Operating margin is the share of gross sales left after working prices. Debt-to-equity compares borrowings with shareholders’ cash; decrease means much less borrowing.

EAAA RHP doesn’t report ROCE or working margin.

EAAA’s personal report card from the RHP:

Key Takeaway:

• Steady returns: EAAA has delivered about 26–27% on shareholders’ cash for 3 years in a row.
• Falling borrowing: debt-to-equity improved from 0.61 to 0.41, and was 0.34 at 30 June 2026. 360 ONE (1.67) and Nuvama (2.80) borrow much more, as lending and broking companies sometimes do.
• Steady prices: cost-to-income, the share of earnings spent on working the enterprise, has stayed close to 64% for 3 years.
• Profit margin: EAAA’s internet revenue margin was 30.50% in FY26 on income from operations (IPO Central web page).

EAAA India IPO Peer Comparison: Where the Company Stands Out

Five factors work in EAAA’s favour.

1. Loyal purchasers. Repeat purchasers account for 77% of AUM, and 1,493 of its 11,009 shopper relationships are repeat. Institutions corresponding to pension funds, insurers and banks contribute about 49.32% of AUM.
2. Fee-paying belongings that continue to grow. FPAUM rose from INR 30,398 crore in FY24 to INR 44,710 crore in FY26 and INR 48,623.18 crore as of 30 June 2026.
3. Consistent returns. Return on internet value has stayed between 25.97% and 27.30% throughout FY24, FY25 and FY26.
4. Lower borrowing, 12 months after 12 months. Debt-to-equity fell from 0.61 to 0.53 to 0.41, and was 0.34 at 30 June 2026.
5. A balanced combine of companies. Of its fee-paying belongings, 57.67% are in Real Assets and 39.64% in Private Credit (RHP), so it isn’t depending on a single technique. Management and advisory charges, the steadier earnings stream, made up 60.08% of FY26 earnings.

Final Words

EAAA India IPO valuation is within the mid-range on gross sales and better on revenue, backed by regular development, strong returns and falling borrowing.

Disclaimer: EAAA India IPO peer comparability evaluation is for data solely and isn’t funding recommendation. Figures are from public sources as on the dates acknowledged and will change. Please learn the RHP and seek the advice of a SEBI-registered advisor earlier than investing.

Rajat Bhati is an engineer by coaching (B.E.) with seven years within the inventory market. He covers fairness analysis, technical evaluation, IPO valuations and danger administration at IPO Central, and maintains the year-wise IPO tables and the ASBA and bidding-rule explainers. His purpose is to offer buyers clearer, data-backed selections moderately than ideas.