Investor Presentation

November 11, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra – Kurla Complex, Bandra (East) Dalal Street Mumbai – 400 051 Mumbai – 400 001 Scrip Symbol: EDELALTS Scrip Code: 545008 Sub.: Earnings Update Please find enclosed herewith the Earnings Update of the Company for the second quarter and half year ended September 30, 2026. Kindly take the same on record. Thanking you, Yours faithfully, For EAAA India Alternatives Limited Deepak Mukhija Company Secretary & Compliance Officer Membership No.: ACS 17454 Encl.: As above EAAA India Alternatives Limited CIN Number: U67190MH2008PLC182205 | Edelweiss House, Off C.S.T. Road, Kalina, Mumbai 400098 +91 (22) 4019 4700 | investors@eaaa.in | www.eaaa.in EAAA India Alternatives Limited Earnings Update – H1 FY27 Contents Key Financial Updates H1 FY27 3 Industry Overview 5 Our Business Model & Approach 11 Our Differentiators 16 Key Business Updates 23 Key Focus Areas 30 Governance 32 Annexures 35 • FPAUM Grew by 23% on 3-year CAGR basis Key Financial • Total Income grew by 35% YoY Updates • PAT grew by 35% YoY • RoE increased to 29.4% H1 FY27 • Interim Dividend declared ₹7 per share (Face Value ₹5) for Q2 FY27 Robust Growth Across Key Metrics FEE-PAYING AUM (FPAUM) TOTAL INCOME (H1 FY27) PROFIT AFTER TAX (H1 FY27) ₹49,164 Cr ₹616 Cr ₹169 Cr 28% YoY 35% YoY 35% YoY 3-year FPAUM CAGR COST TO INCOME (H1 FY27) RETURN ON EQUITY INTERIM DIVIDEND per share (for Q2 FY27) 23% 64.6% 29.4% ₹7 (140%) • Indian Alternatives - A Large & Scalable Opportunity Industry • Patient Capital increasingly focused on diversification • Yield & Income strategies poised to outpace the Industry Overview • Alternatives - A diversification solution for growing wealth & institutional capital of India Indian Alternatives is a Deeply Underpenetrated Market Alternatives is an underpenetrated market in India… … And is expected to nearly double by CY30 Alternatives AUM as % of CY2025 GDP Indian Alternatives AUM (₹ Lakh Cr) 30.7% 25.1 Growth Potential 17.4% 14.3 9.8% 3.9% India Asia Europe North America CY25 CY30F India poised for a structural multi-decadal growth in Alternatives Industry as economy crosses $10 trillion Patient Capital is Diversifying Allocation across Asset Management segments Asset Management Public Markets Private Markets Liquid Long Term Patient Capital Yield & Income Strategies • Mutual Funds Growth Strategies Infrastructure, Commercial office, Private Equity, Venture Capital • PMS / Cat III AIF Credit Strategies Institutions, Large Family Office & UHNI / HNI segments looking to diversify risk & solutions for Yield & Income Yield & Income Strategies are Poised to Outpace the Industry… By CY30, 42% of Indian Alternatives Industry (~₹25.1 Lakh Cr) will comprise of Yield & Income Strategies (~₹10.6 Lakh Cr) Indian Alternatives AUM (₹ Lakh Cr) 25.1 Tailwinds 14.3 Increasing Domestic Wealth + Need for 12.1 regular yield generating non-equity correlated investment avenues Yield & Income Strategies 16-18% CAGR 10.6 Higher Allocation by Domestic CY25 to CY30F 4.8 Institutions with macro drivers CY15 CY21 CY25 CY30F Yield & Income Strategy Growth Strategy Yield & Income Strategies to grow faster due to increase in wealth and higher allocation by Institutions Alternatives - the Answer to the Need for Diversification for Growing Domestic Wealth Macro Trends Total Wealth Leading to demand for Non-traditional to be added by 2030 Investment Avenues that are ✓ Rise of Private Wealth in India with IPOs, Stake Sales, Dividends, etc. ✓ Non-equity Correlated ✓ Higher Penetration of Wealth Managers advising on broader asset allocations & diversification ✓ Provide Regular Yield into bespoke solutions through Lakh Cr Alternatives ✓ Capital Preservation Focus ✓ With increasing wealth, investors look at investments in Products that offer Stable Yields & Capital preservation US Family Office allocation towards Alternatives is around 54%, India to follow similar trend Indian Institutional Allocation Gap will Fuel the Next Phase of Growth for Alternatives Untapped Indian Institutions pool of capital for Alternatives Pool of Domestic Institutional Capital in India (₹ Lakh Cr) ✓ Globally, Institutions’ exposure to Alternatives is 79.1 ~20-45% (Pensions) & ~5-7% (Insurance) ✓ ₹2.53 Lakh Cr - Indicative Pool of Domestic Institutional Capital Available for Investments in Alternatives 31.3 17.3 ✓ Positive Development For The Industry - NPS Bharat Fund of Funds Platform launched in 2026 to channel long-term domestic pension capital Life insurance EPFO NPS Non-life into Alternatives Indian Institutions at the cusp of investing in Alternatives, leading to next wave of growth of the industry Our Business • Understanding our Business Model Model & • Understanding Variable Additional Return (‘VAR’) Approach • Unit Economics Understanding Our Business Model (1/2) Who are we & what do we manage? ✓ We are a large Multi-Strategy Alternative Asset Manager with over 17 years of Vintage & proven Track record in India ✓ We manage Patient Capital in 6 – 8 years closed ended AIF structures focussed on generating Yield & Income for our clients ✓ Our focus is on non-equity correlated strategies like Infrastructure, Commercial Real Estate & Special Situations to generate risk-adjusted returns Whom do we raise Capital from? ✓ We have large diversified Client base across Global & Domestic Institutions, HNI, UHNI & Large FOs in India. 5,750+ Clients, 77% AUM from Repeat Clients nd rd th ✓ Multiple Strategies across vintages raise capital every 2-3 years. As on date, 3 of our flagship strategies are raising funds for their 2 , 3 & 4 Vintage ✓ We measure FPAUM growth in 3-year CAGR and focus on growing it by ~20-30% CAGR over long term, QoQ variability in fund raise is part of business model What are our differentiators? ✓ We have built and scaled multiple strategies over last 17 years. We focus on building Capabilities before Capital which allows us to deliver performance ✓ Sekura our in-house operating Asset Management platform is a key feature of our business model and we will continue to invest in the same. ✓ Our Cost-to-Income ratio include investments made in capabilities ahead of strategy launches, Long term accretive but may have QoQ variability Alternatives Asset Management is a multi-decadal growth story & Our Business model is built for Long Term Growth Understanding Our Business Model (2/2) How do we generate Revenue? ✓ We receive regular Management fees, Yield & Income flows on GP investments in Funds & VAR earnings are generated based on performance ✓ After 17 years of track record, multiple funds including 3 flagship strategies, all 3 Income streams have become diversified, regular & predictable ✓ Yield & Income strategies provide higher predictability in estimating Revenue streams as underlying assets are non-equity correlated & real assets How do we generate PAT & how much is the contribution of VAR? ✓ For Yield & Income strategies - Revenue yields on FPAUM at ~240-260 bps, Cost at ~165-175 bps and PAT at ~65-70 bps are sustainable over period ✓ Sustainable PAT growth of ~25-30% part of the business model through diversified funds & multiple vintages ✓ Majority of VAR generated is shared with Team on performance basis, VAR contribution to the PAT to remain at ~25-30% range over long term What are the key things we will track? ✓ A disciplined Balance sheet, with borrowing largely for working capital & DE Ratio of <= 1x of Net Worth ✓ Stable PAT yields of ~65-70 basis points, with Dividend payout ratio of ~50% ✓ Strong RoE of ~25-30%+ A recurring-income model built for ~25–30% PAT growth and ~25–30%+ RoE Understanding VAR – Diversified & Recurring Income across Strategies FY24 FY25 FY26 H1 FY27 1 2 6 7 Funds earning VAR each dot is one fund 1 2 4 5 Strategies contributing with the strategies added Special Situations + Infrastructure Yield + Performing Credit + Commercial Re [Showing first 8,000 characters — download PDF for full document]