Gaja Alternative Asset Management Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Income for Q2 FY27 was ₹65.5 Cr, up 26% compared to Q1 FY27.
  • Total Income for H1 FY27 (half-year ended September 2026) was ₹117.3 Cr, up 6% compared to H1 FY26.
  • PAT for Q2 FY27 was ₹64.7 Cr, up 138% compared to Q1 FY27.
  • PAT for H1 FY27 was ₹91.9 Cr, up 48% compared to H1 FY26.
  • Net worth increased to ₹1,106.2 Cr as of September 2026, up 92% over ₹574.6 Cr as of September 2025.
  • Debt-free balance sheet with cash and liquid investments of ₹690 Cr as of September 2026.
  • Dividend (interim) of 10% @ ₹0.50 per share declared for FY27.
  • Dividend for FY26, announced last quarter, stood at 15% @ ₹0.75 per share.
  • New funds, Fund V and Eastgate Secondaries Fund I, making steady progress towards capital raising targets.

Key drivers of operational performance: Strong growth in performance income (particularly carried interest from Fund II), treasury income growth, and improved cost efficiency.

Segment-wise Performance

Performance is reported by fund strategy rather than traditional segments:

  • Fund II (Vintage 2008): Fully deployed, substantially realized at 3.8x gross MOIC (top quartile performance). Generated significant carried interest in Q2 FY27.
  • Fund III (Vintage 2016): Fully deployed across 10 investments, partially realized with 1.9x gross MOIC (top quartile performance for its vintage).
  • Fund IV (Vintage 2023): 87% deployed as of date, with two new investments in Q2 FY27 taking portfolio to nine companies. Tracking 2.0x gross MOIC (top quartile performance for its vintage).
  • Fund I (Vintage 2005): Fully deployed and fully realized with 5.6x gross MOIC (top quartile performance).

Explanation of significant changes in segment performance: Fund II's carried interest was a significant driver of overall growth in performance income during the quarter.

Financial Highlights

Q2 FY27 Financials:

  • Revenue: ₹65.5 Cr
  • EBITDA: Not explicitly disclosed
  • PAT: ₹64.7 Cr
  • EPS: ₹20.2 (annualized)

H1 FY27 Financials:

  • Revenue: ₹117.3 Cr
  • PAT: ₹91.9 Cr
  • EPS: ₹15.1 (annualized)

Margin Analysis:

  • Cost to Income ratio for H1 FY27: 29% (down from 38% for H1 FY26)

YoY/QoQ comparison:

  • Q2 FY27 PAT up 138% QoQ and 54% YoY (₹64.7 Cr vs ₹42.0 Cr in Q2 FY26)
  • H1 FY27 PAT up 48% YoY (₹91.9 Cr vs ₹62.1 Cr in H1 FY26)

Drivers of financial performance: Performance income growth (55% QoQ to ₹46.2 Cr), reversal of deferred tax charge of ₹15.0 Cr, and treasury income growth.

Key Risks: Potential tax liability towards fair value gains of sponsor commitments (addressed through tax reversal).

Income Stream Breakdown

Q2 FY27 Income Composition:

  • Fee income: ₹15.0 Cr (-4% QoQ)
  • Performance income: ₹46.2 Cr (+55% QoQ)
  • Treasury income: ₹4.3 Cr (-33% QoQ)

H1 FY27 Income Composition:

  • Fee income: ₹30.6 Cr (+4% YoY)
  • Performance income: ₹75.9 Cr (-3% YoY)
  • Treasury income: ₹10.8 Cr (+347% YoY)

Balance Sheet Snapshot

As of September 2026:

  • Total Assets: ₹1,176.5 Cr (+74% YoY)
  • Non-current Assets: ₹478.5 Cr (+34% YoY)
  • Investments: ₹459.6 Cr (+34% YoY)
  • Current Assets: ₹698.0 Cr (+117% YoY)
  • Cash and Bank Balances: ₹450.7 Cr (+240% YoY)
  • Investments (current): ₹165.4 Cr (n.m. YoY)
  • Trade Receivables: ₹39.2 Cr (-64% YoY)
  • Total Equity: ₹1,115.1 Cr (+92% YoY)
  • Net Worth: ₹1,106.2 Cr (+92% YoY)
  • Non-current Liabilities: ₹21.4 Cr (-49% YoY)
  • Current Liabilities: ₹40.0 Cr (-26% YoY)
  • Borrowings: ₹0.2 Cr (-99% YoY)

Net Debt/Equity: Debt-free balance sheet

Financial Health Insights: Strong cash position post-IPO, significantly increased net worth, minimal liabilities.

Capex & Cash Flow Health

Capital Expenditure: Not explicitly disclosed

Free Cash Flow: Not explicitly disclosed

Operating Cash Flow: Not explicitly disclosed

Net Debt Movement: Debt reduced to ₹0.2 Cr from ₹33.5 Cr YoY

Investment Rationale: IPO proceeds have strengthened balance sheet for platform expansion and new fund initiatives.

Strategic & R&D Initiatives

Investments in Innovation: Building a multi-strategy alternatives platform with four sectoral themes: branded consumer products & D2C platforms, education and employability, healthcare services, and financial services.

New Fund Initiatives:

  • Fund V: Flagship strategy targeting ₹2,500 Cr, 10+2 years close-ended term, launch in 2026-27. Strategy: Invest in leading mid-market companies and create value through scale and transformation.
  • Eastgate Secondaries Fund I: Targeting ₹1,500 Cr, 5+2 years close-ended term, launch in 2026-27. Strategy: Provide liquidity for GPs of PE/VC funds in India by acquiring stakes in portfolios of private companies across sectors.

Expected impact on growth: New funds will expand AUM and diversify income streams across the alternatives platform.

Strategic Rationale: Leveraging existing platform, brand, track record, and LP franchise to scale multiple strategies under one listed AMC.

Industry Trends & Business Environment

Macro/Industry Trends: AIFs are scaling rapidly and outpacing traditional asset classes. Domestic institutions are opening up to alternatives, representing the next wave of capital with potential to make India a dominant alternatives market globally.

Impact on Company: Emerging domestic capital pool creates significant growth opportunity for established alternative asset managers with strong track records.

Management Commentary & Growth Outlook

Strategic Outlook: The IPO puts Gaja in pole position to build a leading alternatives platform with multiple strategies under one listed AMC.

FY Guidance: Not explicitly provided, but new funds (Fund V and Eastgate Secondaries Fund I) are progressing toward capital raising targets.

Risks and Opportunities: Management highlighted the emergence of domestic capital as a significant opportunity, while noting the nascent secondaries market has headroom to grow.

ESG Updates

Not Specified

Digital Transformation

Not Specified