Gaja Alternative Asset Management Ltd(GAJA)

NSE: GAJABSE: 544885

₹ 115.6-6.74%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,630 crWebsite: www.gajacapital.comUpdated: 24 Oct 2026

About

Gaja Alternative Asset Management Ltd is an India-focused alternative asset manager running closed-ended private equity funds for institutional and high-net-worth investors. As of Q1 FY27, it manages approximately INR3,200 crores in fee-paying committed capital across four funds. The company completed a INR550 crore IPO in August 2026, raising INR450 crores of primary capital.^[1]

Income mix

Performance income (carried interest and sponsor gains) was INR29.7 crores in Q1 FY27, the majority of total income of INR51.8 crores, versus management fee income of ~INR16 crores.^[1]
On an LTM basis to June 2026, performance income was INR92.2 crores (+57% YoY) and fee income was INR61.2 crores (+6% YoY).^[1]
Cost-to-income ratio declined to 38.4% in Q1 FY27 from 42.3% a year earlier, as total expenses grew 14% YoY while income grew 26% YoY.^[1]

Fund platform and AUM

Fee-paying committed capital (AUM) was approximately INR3,200 crores as of Q1 FY27, with sponsor commitments of INR589 crores representing 7.1% of fund size.^[1]
Fund IV (INR1,775 crores, closed 2023) was 75% deployed across 7 investments as of June 30, 2026, tracking a gross IRR of 29% and 1.8x MOIC; deployment rose to 81% post-quarter.^[1]
In Q1 FY27, Fund II contributed INR13 crores as carried interest and Fund III/Fund IV contributed INR17 crores as sponsor gains within the INR29.7 crores of performance income.^[1]

New fund pipeline

SEBI approved Fund V (INR2,500 crores, continuation of the flagship strategy) and Eastgate Secondaries Fund (INR1,500 crores) for launch in FY27, adding a proposed INR4,000 crores to the existing INR3,200 crores fee-paying capital base.^[1]
Eastgate Secondaries (5+2 year closed-ended fund, INR1,500 crores target) will acquire stakes in portfolios of Indian PE/VC funds to provide liquidity to those fund managers; headed by a CEO with approximately two decades of global secondaries experience.^[1]

Recent developments

In August 2026 (post Q1 FY27 quarter-end), the company completed a INR550 crore IPO, raising INR450 crores of primary capital.^[1]
Of the INR450 crores of primary IPO proceeds, INR372 crores is earmarked for sponsor commitments across Fund IV, Fund V, and the Eastgate Secondaries Fund; INR78 crores for general corporate purposes.^[1]
Dividend payout ratio was increased from approximately 10% to 12.5% for FY26; a final dividend of INR0.75 per share was declared.^[1]

Key operating metrics

ROE was 15.3% on an LTM basis to June 2026, improved from 14.7% the prior year.^[1]
Net worth was INR633.6 crores as of Q1 FY27, up from INR534.0 crores a year earlier.^[1]
PAT margin was 51.9% in FY26.^[1]

Industry context

AIF commitments in India reached INR16.9 trillion in FY26, a 6x increase from FY19, and are projected to reach INR41 - 44 trillion by FY30 at a 25 - 27% CAGR.^[1]
AIF commitment growth of 6x since FY19 was nearly 3x the growth multiple of bank deposits (2.1x) and approximately 1.8x that of mutual fund AUM (3.3x) over the same period.^[1]

Market Cap

₹1,630 Cr

High / Low

₹191 / 133

Promoter holding

54.2%

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Signal history

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