Gaja Alternative Asset Management Limited · NSE:GAJA
Gaja Alternative Asset Management — Q2 FY27 Earnings Presentation
28 slides from Gaja Alternative Asset Management's earnings presentation, Nov 4, 2026
Slide 1: Exchange filing cover letter under Regulation 30
Ref : GAJA/CS/32/2026-27 Date: November 04, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”) (“NSE”) Listing Department Listing Department Corporate Relationship Department Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Complex Bandra [E], Mumbai – 4000
Slide 2: Investor Presentation | Q2 FY27 | November 2026
Gaja Alternative Asset Management Limited Investor Presentation | Q2 FY27 | November 2026 1
Slide 3: What's inside?
What’s inside? 01 Executive Summary Page 3 02 Company Overview Pages 4–11 Key financial and business highlights for Q2 FY27 and H1 Sep’26 Gaja Capital at a glance, team, market opportunity and platform ■ Income and profit growth ■ Balance sheet and net worth ■ At a glance ■ Board of directors and te
Slide 4: Key Highlights | Q2 FY27 & H1 Sep'26
Key Highlights | Q2 FY27 & H1 Sep’26 Ø Total Income for Q2 FY26-27 was INR 65.5 Cr – up 26% compared to Q1 FY26-27 Ø Total Income for the half-year period ended September 2026 was INR 117.3 Cr – up 6% compared to same period last year Ø PAT for Q2 FY26-27 was INR 64.7 Cr – up 138% compared to Q1 FY2
Slide 5: Gaja Capital at a glance: positioned to build a leading alternatives platform
Gaja Capital at a glance: positioned to build a leading alternatives platform Top-tier Financial progression 1 22 years 2 performance Earnings growth supported by strong margins and net-worth accretion (₹ crore) 68% Building Indian private First-quartile track record 50% 52% 43% markets for over two
Slide 6: Experienced team with a strong track record and robust platform governance
Experienced team with a strong track record and robust platform governance GAAML Board: Non-executive and independent directors U.K. Sinha Manish Sabharwal Prithvi Haldea Arindam Bhattacharya Shailesh Haribhakti Shital Kakkar Mehra Non-executive Chairman; Non-executive Director; Chairman, Non-execut
Slide 7: Gaja Capital: A multi-strategy alternatives platform
Gaja Capital: A multi-strategy alternatives platform Public shareholders Own shares like any listed stock, participating in economics of the AMC across all funds Gaja Alternative Asset Management Limited Earns management fees, carried interest and income from sponsor commitment Flagship Private Equi
Slide 8: Alternatives: AIFs are scaling rapidly and outpacing traditional asset classes
Alternatives: AIFs are scaling rapidly and outpacing traditional asset classes AIF COMMITMENTS (₹ TRILLION) GROWTH MULTIPLE, FY19–FY26 29.2% CAGR | FY19–FY26 25–27% CAGR | FY26–FY30P Bank deposits ₹125.7 → 260.8 tn 2.1x 41.0–44.0 Mutual fund AUM ₹24.5 → 81.5 tn 3.3x AIF commitments ₹2.8 → 16.9 tn 6.
Slide 9: Domestic institutions are opening up to alternatives: the next wave of capital
Domestic institutions are opening up to alternatives: the next wave of capital Large domestic pools vs alternatives today ( ₹ trillion) What is changing Pensions NPS permitted to invest in Category I and II AIFs from January 2026. Active Bank deposits 260.8 commitments to AIFs started from October 2
Slide 10: Key differentiators: Sponsor commitment – Skin in the Game
Key differentiators: Sponsor commitment – Skin in the Game Sponsor commitment earns full MOIC on the committed capital and lowers cost of fundraising OVERALL SPONSOR ALIGNMENT FUND-WISE COMMITMENT Fund V Secondaries I Fund II Fund III Fund IV 7.1% (proposed) (proposed) Overall sponsor commitment 6.0
Slide 11: Key differentiators: Investment strategy at the fund level
Key differentiators: Investment strategy at the fund level Sector-led investing combined with a repeatable active-ownership model SECTOR FOCUS INVESTMENT PHILOSOPHY Four sectoral themes within Indian A disciplined mid-market private equity value-creation playbook Diversification across structurally
Slide 12: Key differentiators: Diversified LP franchise across India and overseas
Key differentiators: Diversified LP franchise across India and overseas 298 EXISTING LIMITED PARTNERS ~900 GLOBAL & DOMESTIC INVESTOR NETWORK 20+ COUNTRIES Investors across Gaja Capital’s existing funds Including investors in existing funds Relationships across India and key overseas markets QUALITY
Slide 13: Business model: Highly differentiated with multiple income streams
Business model: Highly differentiated with multiple income streams In addition to management fees, carried interest and income from sponsor commitment, treasury income emerging as the fourth pillar 100% to AMC FEE INCOME Management Fees Fixed fees on the committed / invested capital of every fund we
Slide 14: Business model: How the income streams build across a fund's life
Business model: How the income streams build across a fund’s life 01 Raise Funds 02 Invest 03 Build value 04 Exit Direct fundraising from our Capital deployed into mid- Active ownership drives growth; Strategic and financial exits investor network; sponsor market companies across our portfolio marke
Slide 15: The IPO puts Gaja in pole position to build a leading alternatives platform
The IPO puts Gaja in pole position to build a leading alternatives platform ₹1,106 Cr ₹690 Cr ~₹8,000 Cr › › Capital and balance sheet Capital to invest and a stronger balance Net worth as of Cash & liquid investments as of Fund raising potential @ 8.4% sheet to back our funds September 2026 Septemb
Slide 16: Platform in the making: multiple strategies under one listed AMC
Platform in the making: multiple strategies under one listed AMC Every new strategy leverages the same platform Brand and track record Global and domestic LP franchise Sector coverage and deal flow Team, operations and governance NEW FUNDS IN OUR PIPELINE FUND V | Flagship Strategy EASTGATE SECONDAR
Slide 17: Fund-level Updates
Fund-level Updates Fund Vintage Deployment Status Realization Status Investments Gross MOIC IRR vs Industry Growth & value creation Fund IV 2023 Substantially deployed 9 2.0x2 1st Quartile3 phase Fund III 2016 Fully deployed Partially realized 10 1.9x 1st Quartile3 Fund II 2008 Fully deployed Substa
Slide 18: Key Financial Highlights
Key Financial Highlights Ø Total Income for Q2 FY26-27 was INR 65.5 Cr – up 26% compared to Q1 FY26-27 Ø Total Income for the half-year period ended September 2026 was INR 117.3 Cr – up 6% compared to same period last year Ø PAT for Q2 FY26-27 was INR 64.7 Cr – up 138% compared to Q1 FY26-27 Ø PAT f
Slide 19: Quarterly Income Statement
Quarterly Income Statement Particulars (₹ Cr) Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y Fee income 15.0 15.6 (4%) 14.8 1% Performance income 46.2 29.7 55% 53.0 (13%) Treasury income 4.3 6.5 (33%) 1.2 254% Total income 65.5 51.8 26% 69.2 (5%) Employee benefit expense 10.3 10.7 (4%) 11.2 (8%) Finance costs
Slide 20: Half-Year Income Statement
Half-Year Income Statement Particulars (₹ Cr) H1 FY27 H1 FY26 Y-o-Y H2 FY26 Change Fee income 30.6 29.4 4% 30.7 0% Performance income 75.9 78.5 (3%) 9.5 699% Treasury income 10.8 2.4 347% 7.3 49% Total income 117.3 110.4 6% 47.4 147% Employee benefit expense 21.0 21.9 (4%) 13.2 59% Finance costs 2.5
Slide 21: LTM Income Statement
LTM Income Statement Particulars (₹ Cr) LTM Sep’26 LTM Sep’25 Y-o-Y FY26 Change Fee income 61.3 58.4 5% 60.1 2% Performance income 85.4 95.4 (11%) 88.0 (3%) Treasury income 18.1 3.1 475% 9.7 87% Total income 164.8 157.0 5% 157.8 4% Employee benefit expense 34.2 30.7 11% 35.1 (3%) Finance costs 4.8 2
Slide 22: Balance Sheet Snapshot
Balance Sheet Snapshot Particulars (₹ Cr) Sep’26 Sep’25 Y-o-Y Mar’26 Change Non-current Assets 478.5 356.0 34% 378.4 26% - Investments 459.6 342.5 34% 360.1 28% Current Assets 698.0 321.1 117% 322.9 116% - Cash and Bank Balances 450.7 132.4 240% 106.1 325% - Investments 165.4 0.0 n.m. 138.1 20% - Tr
Slide 23: Key Financial Ratios
Key Financial Ratios Net worth 1 & return on equity Book value per share 1 & BVPS growth Earnings per share & EPS growth 2 19% th g row 77.4 8% 9.3 1 th 13% ow gr 7.8 % 56 1,106 49.7 575 LTM September'25 LTM September'26 September'25 September'26 LTM September'25 LTM September'26 Total Net Worth (₹
Slide 24: Use of IPO Proceeds
Use of IPO Proceeds Objects of the IPO (₹ Cr) 372 78 ~10% ~80% utilization utilization Sponsor Commitments General Corporate Purpose 23
Slide 25: Appendices
Appendices 24
Slide 26: Key Definitions
Key Definitions Alternative asset-management metrics used in the presentation. Term Definition LP Limited Partners – Investors in the fund who pay management fees and carried interest GP General Partner – Active manager of the fund who earns management fees and carried interest MOIC MOIC (Multiple o
Slide 27: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Gaja Alternative Asset Management Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscrib
Slide 28: Thank You
Thank You 27
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