Company Overview
Gaja Alternative Asset Management Limited (NSE: GAJA | BSE: 544885) reported strong financial performance for FY 2025-26 and successfully completed its Initial Public Offering in August 2026.
Financial Performance (Consolidated FY25-26)
The company delivered robust growth with consolidated total income of ₹15,780 lakh (28% YoY increase) and profit after tax of ₹8,196 lakh (32% YoY growth). Revenue composition included advisory fees of ₹6,008 lakh, carried interest income of ₹7,541 lakh, and sponsor commitment income of ₹1,674 lakh. PAT margin stood at 51.94% with return on equity of 16.47%. Total assets expanded to ₹70,649 lakh from ₹45,187 lakh in FY25, while investments grew significantly to ₹36,011 lakh from ₹23,768 lakh.
IPO and Capital Structure
Completed ₹550 crore IPO in August 2026 comprising fresh issue of ₹450 crore and OFS of ₹100 crore, priced at ₹152-160 per share with strong subscription of 32.8 times. Proceeds allocated to sponsor commitments, bridge financing repayment, and general corporate purposes. The capital structure was transformed through a 2500:1 bonus issue in June 2025 and preferential allotment of 86,83,566 shares at ₹143.95 per share. Paid-up capital increased to ₹5,644.26 lakh divided into 11,28,85,230 equity shares.
Fund Performance and Sponsor Commitment
Fund performance remained strong across vintages: Fund I (5.61x MOIC, fully realized), Fund II (3.81x MOIC, substantially realized), Fund III (1.88x MOIC, 1st quartile), and Fund IV (1.74x MOIC, 1st quartile). Overall sponsor commitment stood at 6.41% (₹274 crore) across funds, significantly exceeding SEBI's 2.5% requirement.
Corporate Actions and Governance
Board recommended final dividend of ₹0.75 per share (15%) for FY26 aggregating ₹846.64 lakh. Implemented Employee Stock Option Scheme 2025 with 14,96,150 options outstanding at exercise price of ₹143.95. Key governance changes included appointment of Mr. Upendra Kumar Sinha as Non-Executive Chairman and several new independent directors. 27th AGM scheduled for September 26, 2026.
Future Strategy and Expansion
Company outlined expansion plans including Fund V targeting ₹2,500 crore with greenshoe of ₹500 crore, focused on mid-market companies, and Eastgate Secondaries platform for liquidity solutions. Sector focus includes Intelligent Software, Automation, Deeptech & AI, Financial Services, Consumer, and Education.
Subsidiaries and Regulatory Compliance
Subsidiaries showed mixed performance: Gaja Corporate Advisors (loss of ₹199.85 lakh), Gaja Trustee Company (loss of ₹1.31 lakh), Gaja Advisors Cayman (profit of ₹380.88 lakh), and Gaja Advisors Mauritius (profit of ₹7,407.69 lakh). Company maintained full compliance with SEBI LODR Regulations, Companies Act 2013, with all securities dematerialized and clean audit opinions from Nangia & Co LLP.