Gaja Alternative Asset Management Limited · NSE:GAJA
Gaja Alternative Asset Management — Q1 FY27 Earnings Presentation
24 slides from Gaja Alternative Asset Management's earnings presentation, Sep 10, 2026
Slide 1: Exchange disclosure cover letter
| | | | Bsnsn CAPITAL Ref : GAJA/CS/15/2026-27 Date: September 10, 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 Ba
Slide 2: Investor Presentation Q1 FY27
Gaja Alternative Asset Management Limited Investor Presentation Q1 FY27 1
Slide 3: What's inside?
What’s inside? 01 Executive Summary 02 Company Overview 03 Board & Leadership Key financial and business highlights Gaja Capital at a glance Experience, oversight and continuity 04 Business Model & Value Creation 05 Fund Strategy & Investor Franchise 06 Industry Opportunity Platform economics and sp
Slide 4: Key Highlights | Q1FY27 & LTM June'26
Key Highlights | Q1FY27 & LTM June’26 ➢ Total Income for Q1 FY 26 -27 grew 26% YoY (148% QoQ) to INR 51.8 Cr ➢ Total Income for the LTM period ended June 2026 grew 39% YoY (7% QoQ) to INR 168.4 Cr ➢ PAT for Q1 FY 26 -27 grew 35% YoY (678% QoQ) to INR 27.2 Cr ➢ PAT for the LTM period ended June 2026
Slide 5: Gaja Capital: At a glance
Gaja Capital: At a glance Track record Leadership stability Financial progression 22 years Since inception Earnings growth supported by strong margins and net -worth accretion 23.2% 35.3% 51.9% 100 % 68 %+ Total Income CAGR PAT CAGR FY26 PAT margin Economics from the funds Team ownership 1 captured
Slide 6: A Board highly experienced in regulation, markets and institution-building
A Board highly experienced in regulation, markets and institution -building Upendra Kumar Sinha Prithvi Pal Singh Haldea Shailesh V. Haribhakti UK PP SV Non -executive Chairman Non -executive Director Independent Director 38+ years | Public policy & markets 35+ years | Capital markets 30+ years | Go
Slide 7: Leadership aligned to create enduring value
Leadership aligned to create enduring value Gopal Jain Ranjit Jayant Shah Imran Jafar GJ RJ IJ Managing Director & CEO Executive Vice -Chairman Executive Director 34+ years | Financial markets 46+ years | Strategy & PE 26+ years | Investment leadership Co -founder, he has been on the Board since inc
Slide 8: Alternatives in India: AIFs are scaling rapidly and outpacing traditional asset classes
Alternatives in India: AIFs are scaling rapidly and outpacing traditional asset classes Commitments reached ₹16.9 trillion in FY26 and are projected at ₹41.0 -44.0 trillion by FY30P. AIF COMMITMENTS 29.2% CAGR 25-27 % projected CAGR GROWTH VS TRADITIONAL ASSETS ₹ trillion FY19 –FY26 FY26 –FY30P ₹ tr
Slide 9: Gaja Capital: A multi-strategy alternatives platform
Gaja Capital: A multi -strategy alternatives platform Public shareholders participate in the economics of the AMC across flagship funds, secondaries and future strategies Public shareholders Own shares like any listed stock Gaja Alternative Asset Management Limited Earns fees, carried interest and i
Slide 10: Key differentiators: Business model
Key differentiators: Business model 100% economic value captured by the AMC 100% Management Fee s FEE INCOME Management fees are fixed and earned on the committed / invested capital of every fund that we manage. 100% Carried Interest Carried interest is the share of profits that the LPs share with t
Slide 11: 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 (proposed) (proposed) 7.1% Overall sponsor commitment 6
Slide 12: Key differentiators: Investment strategy at the fund level
Key differentiators: Investment s trategy at the fund level Sector -led investing combined with a repeatable active -ownership model SECTOR FOCUS INVESTMENT PHILOSOPHY Four sectoral themes within India n A disciplined mid -market private equity value -creation playbook Diversification across structu
Slide 13: Key differentiators: Diversified LP franchise across India and overseas
Key differentiators: Diversified LP franchise across India and overseas A deep institutional franchise and broad investor network support scalable fundraising with limited reliance on intermediarie s. 298 EXISTING LIMITED PARTNERS ~900 GLOBAL & DOMESTIC INVESTOR NETWORK 20+ COUNTRIES Investors acros
Slide 14: Fund-level Updates
Fund -level Updates Initial Capital Final Deployment Realization IRR vs Fund Committed Investments Gross MOIC Gross IRR Close (₹ cr ) Status Status Industry Substantially Growth & value Fund IV 202 3 1,775 7 1.80x 2 29% 1 st Quartile 3 deployed creation phase Fund III 201 6 1,598 Fully deployed Part
Slide 15: Building an alternatives platform
Building an alternatives platform Fund V scales our flagship strategy, while Eastgate expands to the secondaries opportunity – substantially increasing total committed capital for the platform FUND V EASTGATE SECONDARIES FY26 –27 FY26 –27 Proposed launch Proposed launch ₹2,500 Cr 10 + 2 years ₹1,500
Slide 16: Key financial highlights
Key financial highlights ➢ For Q1 FY 26 -27, Total Income grew 26% YoY (148% QoQ) to INR 51.8 Cr ➢ Total Income for the LTM period ended June 2026 grew 39% YoY (7% QoQ) to INR 168.4 Cr ➢ Profits after Taxes for Q1 FY 26 -27 grew 35% YoY (678% QoQ) to INR 27.2 Cr ➢ Profits after Taxes for the LTM per
Slide 17: Quarterly Income Statement
Quarterly Income Statement Particulars ( INR Cr) Q1 FY27 Q1 FY26 Y -o-Y Q4 FY26 Q-o-Q Fee income 15.6 14.6 7% 15.3 2% Performance income 29.7 25.5 17% 4.3 595% Treasury income 6.5 1.2 444% 1.3 405% Total income 51.8 41.2 26% 20.9 148% Employee benefit expense 10.3 10.8 -4% 6.7 53% Finance costs 1.3
Slide 18: LTM Income Statement
LTM Income Statement Particulars ( INR Cr) LTM June’26 LTM June’25 Y -o-Y FY26 Q-o-Q Fee income 61.2 57.9 6% 60.1 2% Performance income 92.2 58.7 57% 88.0 5% Treasury income 15.0 4.2 255% 9.7 55% Total income 168.4 120.8 39% 157.8 7% Employee benefit expense 34.7 29.4 18% 35.1 -1% Finance costs 5.0
Slide 19: 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 15.3% 7.8 56.1 14.7% 634 47.3 6.0 534 LTM June'25 LTM June'26 June'25 June'26 LTM June'25 LTM June'26 Total Net Worth (INR Cr) RoE (%) BVPS ( ₹ / share) EPS ( ₹ / share) 1 Net w
Slide 20: Appendices
Appendices 19
Slide 21: Use of IPO Proceeds
Use of IPO Proceeds ₹450 crore fresh issue 17% Capital raised by the Company through the fresh issue. ₹372 crore for sponsor commitment Across Fund IV, Fund V and the Secondaries Fund 83% ₹78 crore for general corporate purposes Including issue expense s Sponsor commitments Other / issue expenses 20
Slide 22: 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
Slide 23: 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 subscri
Slide 24: Thank You
Thank You 23
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