The call has ended.
Key takeaways
Q2 PAT ₹64.7 Cr (+54% YoY) includes a ₹15 Cr deferred tax write-back; PBT grew only 13%. Fee income (₹61.3 Cr TTM) roughly covers ₹63.4 Cr expenses, and carry is lumpy and realization-driven.
| Revenue growth | Q2 income ₹65.5 Cr, +26% QoQ; H1 +6% YoY. |
|---|---|
| Margins | Cost-to-income 29% vs 38%; TTM PAT margin ~68%. |
| Demand visibility | AIF commitments ₹16.9 trn; CRISL projects 25–27% CAGR to FY30. |
| Management confidence | Upbeat; defensive on carry timing and Fund 3 hurdle. |
Growth
Q2 total income ₹65.5 Cr, +26% QoQ; H1 income +6% YoY to ₹117.3 Cr. H1 performance income fell to ₹75.9 Cr from ₹78.5 Cr, and fee income is flat near ₹15 Cr per quarter.
Outlook
Fund 5 targets ₹2,500 Cr; Eastgate Fund 1 targets ₹1,500 Cr. Sponsor capacity ~₹8,000 Cr of new funds at 8.4% commitment.
Risks
Carry booked only on realization; Fund 3 hurdle status unconfirmed. ₹15 Cr tax write-back is non-recurring. ROE 13% vs 19% a year ago.
Last quarter's promises, checked
Partly delivered
- Guided Fund V ₹2,500 Cr + Eastgate ₹1,500 Cr → both still raising, no close reported (= PARTIAL)
- Guided Fund III carry trend maintained (hurdle 10% INR / 8% USD) → hurdle status unconfirmed (= PARTIAL)
- Guided Fund V/Eastgate launch FY26–27 → raising in FY27, no first close reported (= PARTIAL)
Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published . Open it on ALFA Filings ›
The results behind this call
Gaja Alternative Asset Management Q2 FY27 Results: Net Profit ₹64.7 Cr, Up 54.0% YoY
Gaja Alternative Asset Management Ltd reported revenue from operations of ₹38.4 Cr (-43.9% YoY) and net profit of ₹64.7 Cr (+54.0% YoY) for Q2 FY27.
- Key figure
- Net profit ₹64.7 Cr · +54.0% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting ₹2,500 Cr for Fund V and ₹1,500 Cr for Eastgate secondary fund. Aiming to maintain historical profit CAGR of 35%.
Growth they described
Total income grew 26% YoY to ₹51.8 Cr; PAT rose 35% to ₹27.2 Cr. Growth is powered by underlying fund performance and sponsor gain realizations.
Call details
| Company | Gaja Alternative Asset Management Limited |
|---|---|
| NSE symbol | GAJA |
| ISIN | INE18UN01038 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 5:30 PM IST |
Gaja Alternative Asset Management Limited: key numbers
- Share price
- ₹134.80
- Market cap
- ₹1,901 Cr
- Revenue (annual)
- ₹135.5 Cr
- Net profit (annual)
- ₹79.66 Cr
- Promoter holding
- 54.23%
- FII holding
- 0.63%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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