Date: November 04, 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q1 FY27):

  • Total Income: INR 65.5 Cr (up 26% from INR 51.8 Cr in Q1 FY27)
  • Total Expenses: INR 14.7 Cr (down 26% from INR 19.9 Cr in Q1 FY27)
  • Profit After Tax (PAT): INR 64.7 Cr (up 138% from INR 27.2 Cr in Q1 FY27)
  • EPS (annualized): INR 20.2 (up 113% from INR 9.5 in Q1 FY27)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Total Income: INR 117.3 Cr (up 6% from INR 110.4 Cr in H1 FY26)
  • Total Expenses: INR 34.6 Cr (down 17% from INR 41.6 Cr in H1 FY26)
  • Profit After Tax (PAT): INR 91.9 Cr (up 48% from INR 62.1 Cr in H1 FY26)
  • EPS (annualized): INR 15.1 (up 38% from INR 11.0 in H1 FY26)

Key Financial Metrics

  • Cost-to-Income Ratio: 29.5% for H1 FY27 (improved from 37.7% in H1 FY26)
  • Net Worth: INR 1,106.2 Cr as of September 30, 2026
  • Cash and Liquid Investments: 62% of net worth
  • Debt Position: Zero debt (company is debt-free)

Performance Drivers

  • Q2 FY27 PAT includes a gain of INR 15.0 Cr due to reversal of deferred tax charge
  • Income generated from three of the four Gaja Capital Funds during H1 FY27
  • Treasury income has become a fourth revenue pillar alongside management fees, carried interest, and gains on sponsor commitments

Business Highlights

Existing Funds:

  • Fund IV made two new investments during Q2 FY27, bringing its portfolio to nine companies
  • Fund IV deployment reached 87% of committed capital
  • Fund II experienced a significant liquidity event during the quarter

New Funds:

  • Eastgate Secondaries strengthened its investment team with a senior hire bringing over 20 years of private equity experience

Capital Allocation

  • Board recommended an interim dividend of 10% (INR 0.50 per share)
  • This follows a dividend of 75 paise per share declared for FY26

Management Commentary

Mr. Gopal Jain, Managing Director & CEO, stated: \"Our H1 performance shows the strength of the underlying franchise. We have strengthened the balance sheet. Net worth now exceeds INR 1,100 Cr and we carry no debt. Our strong balance sheet now contributes to growth as treasury income. A significant part of our net worth is in cash and liquid investments which gives us a greatly enhanced capacity to raise new funds.\"

About the Company

Gaja Alternative Asset Management Limited is a listed pure-play alternatives manager and one of India's most established alternative AMCs with over two decades of experience. The company acts as fund manager to India-focused funds (Category II AIFs) and adviser to offshore funds, investing in innovation-led, high-growth, mid-market businesses.