Gaja Alternative Asset Management Ltd (GAJA)
🎯 Key Takeaways
- Gaja Alternative Asset Management Ltd is transitioning from a private fund manager to a publicly listed entity with a globally aligned structure, leveraging strong sponsor backing and scalable performance-driven earnings. The company has raised INR 450 Cr via IPO, received SEBI approval for Fund V (INR 2,500 Cr), and is targeting institutional-grade alternatives exposure.
- Revenue declined 20.3% QoQ to ₹16 in Q1FY27.
- ⚠️ 1) Profitability volatility: Recent quarter showed negative OPM (-18.9%), indicating short-term margin pressure despite strong LTM trends. 2) Executio
- Market Cap
- ₹1,581
- P/B Ratio
- 2.61
- Debt/Equity
- 0.07
📖 The Story
Gaja Alternative Asset Management Ltd is transitioning from a private fund manager to a publicly listed entity with a globally aligned structure, leveraging strong sponsor backing and scalable performance-driven earnings. The company has raised INR 450 Cr via IPO, received SEBI approval for Fund V (INR 2,500 Cr), and is targeting institutional-grade alternatives exposure. Its financial trajectory reflects early-stage growth with improving profitability trends, supported by sponsor commitment and structured fund expansion.
📰 What's Happening
In Q1 FY27 (ended June 30, 2026), Gaja reported consolidated revenue of INR 51.8 Cr, up 26% YoY and 148% QoQ, driven by growth in total income. PAT rose 35% QoQ to INR 27.2 Cr, with LTM PAT up 38% YoY to INR 89.1 Cr. The company declared a 15% final dividend (INR 0.75/share) and increased payout ratio to 12.5%. It secured SEBI approval for Fund V (INR 2,500 Cr) and Eastgate Secondaries (INR 1,500 Cr), raised INR 450 Cr via IPO (INR 450 Cr primary), and saw net worth grow to INR 633.6 Cr. The investor presentation filed on September 10, 2026, highlighted sponsor alignment at 7.1% average commitment and plans for 10-12 investments from Fund V.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 31 | 20 | 16 |
| Operating Profit | 14 | 3 | -3 |
| OPM % | 44.5% | 14.1% | -18.9% |
| Net Profit | 20 | 4 | 27 |
| EPS | ₹1.75 | ₹0.30 | ₹2.37 |
The company's financial performance shows a clear inflection point: revenue grew from INR 31 Cr in Q1 FY25 to INR 51.8 Cr in Q1 FY27, while PAT rebounded from INR 20 Cr to INR 27.2 Cr in the same period. Despite a temporary dip in profitability in the most recent quarter (OPM at -18.9%), the LTM metrics indicate sustained growth, with PAT up 38% YoY. This suggests that while short-term volatility exists, the underlying trend is driven by scalable income streams and strategic fund launches, aligning with management's narrative of transitioning into a high-growth alternatives platform.
🔮 Management Outlook & What's Next
Management emphasized the scalability of performance income as a key growth driver and outlined plans to raise INR 2,500 Cr for Fund V and INR 1,500 Cr for Eastgate, targeting 10-12 investments from Fund V. They highlighted sponsor commitment at 7.1% average and noted the firm's unique position connecting India's savings system to alternatives. The investor presentation (filed September 10, 2026) underscored the transition to a listed, globally structured entity with institutional-grade infrastructure, positioning future growth around expanding AUM and monetizing exits in PE/VC through Eastgate.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2026 | Mar 2026 |
|---|---|---|
| Equity Capital | 56 | 56 |
| Reserves | 550 | 518 |
| Borrowings | 42 | 46 |
| Total Liabilities | 706 | 659 |
| Fixed Assets | 13 | 5 |
| Investments | 360 | 343 |
| Total Assets | 706 | 659 |
The balance sheet shows a strengthening financial position, with equity and reserves rising to INR 633.6 Cr from INR 534.0 Cr YoY, indicating retained earnings and capital growth. Borrowings remain low at INR 42-46 Cr, suggesting minimal leverage. The company has ample liquidity, supported by INR 450 Cr from IPO proceeds and no significant debt burden, enabling strategic investments in fund launches and operational expansion without dilutive financing.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -15 |
| Investing | -109 |
| Financing | +152 |
| Net Cash Flow | +46 |
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 5.98 L Cr | 29.4 | 10.4% | — | 3.82 |
| BAJAJFINSV | 2.77 L Cr | 27.3 | 11.4% | — | 5.50 |
| SHRIRAMFIN | 2.32 L Cr | 17.4 | 11.5% | — | 3.80 |
| ICICIAMC | 1.55 L Cr | 31.0 | 111.5% | — | 0.00 |
| JIOFIN | 1.43 L Cr | 67.3 | 2.3% | — | 0.17 |
| TATACAP | 1.39 L Cr | 25.4 | 8.4% | — | 5.28 |
| CHOLAFIN | 1.38 L Cr | 23.8 | 9.3% | — | 6.93 |
| BAJAJHLDNG | 1.20 L Cr | 13.6 | 12.4% | — | 0.00 |
| MUTHOOTFIN | 1.10 L Cr | 9.7 | 14.4% | — | 3.88 |
| PFC | 1.08 L Cr | 4.1 | 9.8% | — | 7.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Profitability volatility: Recent quarter showed negative OPM (-18.9%), indicating short-term margin pressure despite strong LTM trends. 2) Execution risk in fund deployment: Raising INR 4,000 Cr across Fund V and Eastgate requires successful capital deployment and investment execution, with no guarantee of timely or profitable exits. 3) Market sensitivity: As a listed alternative asset manager, performance is tied to PE/VC market cycles, which remain volatile amid global macro uncertainty.
📋 Recent Filings
- 🔴 offer document2026-10-01Gaja Alternative Asset Management disclosed that the Hon'ble High Court of Madras terminated execution proceedings involving its subsidiary Gaja Trust…
- Announcement2026-09-28Gaja Alternative Asset Management Ltd announced that its trading window for insider transactions will close on October 1, 2026, ahead of the upcoming …
- 🟡 Board Meeting2026-09-26Gaja Alternative Asset Management held its 27th AGM on September 26, 2026 via video conference, adopting audited FY2025-26 financials, declaring a 15%…
- 🟡 voting results2026-09-26At the 27th AGM held on September 26, 2026 via video conference, shareholders approved all resolutions including adoption of audited financials, 15% f…
- 🔴 Announcement2026-09-17Gaja Alternative Asset Management Limited held its first quarterly earnings call on September 10, 2026, to discuss unaudited consolidated and standalo…
- 🔴 Financial Results2026-09-10Gaja Alternative Asset Management reported unaudited consolidated revenue of **₹5,182.82 lakhs** for Q1 FY27, up from ₹2,089.94 lakhs in the prior qua…
- 🔴 Financial Results2026-09-10Gaja Alternative Asset Management reported unaudited consolidated revenue of **₹5,182.82 lakhs** for Q3 FY2026, up from **₹2,089.94 lakhs** in Q3 FY20…
- 🔴 Financial Results2026-09-10Gaja Alternative Asset Management reported Q1 FY27 total income of INR 51.8 Cr, up 26% YoY and 148% QoQ, with PAT rising 35% YoY to INR 27.2 Cr. LTM t…
- 🔴 Financial Results2026-09-10Gaja Alternative Asset Management Limited announced the un-audited financial results for the quarter ended June 30, 2026, releasing consolidated and s…
- 🔴 Announcement2026-09-10Gaja Alternative Asset Management disclosed the audio recording of its Q1 FY27 earnings call held on September 10, 2026, to discuss results for the qu…
🧠 Analyst's Read
Gaja is positioning itself as a scalable, sponsor-backed alternative asset platform with strong institutional tailwinds, but near-term execution and margin stability will be critical. Investors should monitor Fund V capital deployment progress, Eastgate's exit realization timeline, and whether OPM trends stabilize in upcoming quarters.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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