EAAA India Alternatives Ltd

The company is the Edelweiss group’s alternatives arm, managing AIFs and two listed InvITs across real assets and private credit. AUM stood at INR 95,345 cr in June 2026, with INR 48,623 cr being fee-paying AUM. EAAA, part of the Rashesh Shah-led Edelweiss group, has grown its fee income steadily in a supportive industry, but our concerns outweigh this. Venkat Ramaswamy, credited with building the platform, and CEO Subahoo Chordia have both stepped down within a year, distributors and staff take a large share of what the business earns, and its position in private credit has weakened. Capitalised distributor payouts also lift reported profit well above what the business generates in cash. At 41.3x FY26 P/E, a premium to listed peers, we would skip the issue.