Key Takeaways
- • Gaja Alternative Asset Management reported consolidated profit after tax of ₹64.7 crore for Q2 FY27 (quarter ended September 30, 2026), a 138% sequential increase from ₹27.2 crore in Q1 FY27, according to its regulatory filing.
- • Total income rose 26% quarter-on-quarter to ₹65.5 crore, while total expenses fell 26% to ₹14.7 crore; the quarter's profit included a ₹15 crore gain from reversal of a deferred tax charge.
- • For H1 FY27, consolidated PAT reached ₹91.9 crore, up 48% from ₹62.1 crore in H1 FY26, and the cost-to-income ratio improved to 29.5% from 37.7%.
- • Net worth stood at ₹1,106.2 crore with no debt, 62% held in cash and liquid investments; the board recommended an interim dividend of ₹0.50 per share.
- • Gaja Capital's Fund IV made two new investments, bringing its portfolio to nine companies and deployment to 87% of committed capital.
Summary
Gaja Alternative Asset Management Limited reported a consolidated profit after tax of ₹64.7 crore for the quarter ended September 30, 2026 (Q2 FY27), a 138% sequential increase from ₹27.2 crore in the prior quarter, according to its regulatory filing. Total income increased 26% quarter-on-quarter to ₹65.5 crore from ₹51.8 crore. The reported profit included a ₹15 crore gain arising from the reversal of a deferred tax charge, a non-operating item that flatters the headline figure. Annualised earnings per share stood at ₹20.2, compared with ₹9.5 in Q1 FY27. The company's press release did not provide corresponding year-on-year quarterly figures for Q2 FY26.
Total expenses declined 26% to ₹14.7 crore from ₹19.9 crore in the preceding quarter. For the six months ended September 30, 2026, consolidated PAT was ₹91.9 crore, up 48% from ₹62.1 crore in H1 FY26. Half-year total income rose 6.3% to ₹117.3 crore from ₹110.4 crore, while total expenses fell 16.8% to ₹34.6 crore. The cost-to-income ratio improved to 29.5% from 37.7% in the corresponding period of the prior financial year. Income in H1 FY27 was generated from three of the company's four Gaja Capital funds.
Gaja Capital's Fund IV made two investments during the September quarter, taking its portfolio to nine companies, and has deployed 87% of committed capital. The company also reported a significant liquidity event from Fund II during the quarter. Net worth reached ₹1,106.2 crore as of September 30, 2026, with 62% held in cash and liquid investments and no debt. The board recommended an interim dividend of ₹0.50 per equity share, equal to 10% of face value.
Managing Director and CEO Gopal Jain said the first-half performance reflected the strength of the asset management business, citing management fees, carried interest, gains on sponsor commitments and treasury income as four income contributors. He added that the strengthened balance sheet gives the company greater capacity to raise new funds. The figures are based on unaudited financial results filed by the company.
Total expenses declined 26% to ₹14.7 crore from ₹19.9 crore in the preceding quarter. For the six months ended September 30, 2026, consolidated PAT was ₹91.9 crore, up 48% from ₹62.1 crore in H1 FY26. Half-year total income rose 6.3% to ₹117.3 crore from ₹110.4 crore, while total expenses fell 16.8% to ₹34.6 crore. The cost-to-income ratio improved to 29.5% from 37.7% in the corresponding period of the prior financial year. Income in H1 FY27 was generated from three of the company's four Gaja Capital funds.
Gaja Capital's Fund IV made two investments during the September quarter, taking its portfolio to nine companies, and has deployed 87% of committed capital. The company also reported a significant liquidity event from Fund II during the quarter. Net worth reached ₹1,106.2 crore as of September 30, 2026, with 62% held in cash and liquid investments and no debt. The board recommended an interim dividend of ₹0.50 per equity share, equal to 10% of face value.
Managing Director and CEO Gopal Jain said the first-half performance reflected the strength of the asset management business, citing management fees, carried interest, gains on sponsor commitments and treasury income as four income contributors. He added that the strengthened balance sheet gives the company greater capacity to raise new funds. The figures are based on unaudited financial results filed by the company.
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