Key Takeaways
- • Gaja Alternative Asset Management reported consolidated net profit of ₹63.0 crore for the quarter ended 30 September 2026, up 55.6% from ₹40.5 crore a year earlier, according to wire figures; the company's press release puts profit after tax at ₹64.7 crore, up 138% from ₹27.2 crore in the June 2026 quarter.
- • Q2 profit includes a ₹15.0 crore reversal of a deferred tax charge; excluding it, derived profit after tax is about ₹49.7 crore, still up roughly 83% quarter on quarter.
- • Total income rose 26% quarter on quarter to ₹65.5 crore, while total expenses fell 26% to ₹14.7 crore, lifting the first-half cost-to-income ratio to 29.5% from 37.7%.
- • The board declared an interim dividend of 50 paise per share, and net worth stood at ₹1,106.2 crore with no debt, about 62% held in cash and liquid investments.
- • Management said treasury income is now a pillar alongside management fees, carried interest and sponsor-commitment gains, and cited a significant liquidity event at Fund II.
Summary
Gaja Alternative Asset Management Limited (GAJA) reported consolidated net profit of ₹63.0 crore for the quarter ended 30 September 2026, up 55.6% from ₹40.5 crore a year earlier, according to wire figures. The company's own press release reports profit after tax of ₹64.7 crore, up 138% from ₹27.2 crore in the June 2026 quarter, and total income of ₹65.5 crore, up 26% from ₹51.8 crore. The wire and press release figures have not been reconciled, as the wire net profit appears to reflect profit attributable to owners.
The quarter's profit includes a ₹15.0 crore gain from the reversal of a deferred tax charge. Excluding that gain, derived profit after tax would be about ₹49.7 crore, still up about 83% from June. Total expenses fell 26% sequentially to ₹14.7 crore, and derived profit before tax rose 59% to ₹50.8 crore. For the half year ended 30 September 2026, total income was ₹117.3 crore (up 6%), total expenses were ₹34.6 crore (down 17%), and profit after tax was ₹91.9 crore (up 48%). Excluding the deferred tax reversal, first-half profit after tax would be about ₹76.9 crore, roughly 24% higher year on year. The first-half cost-to-income ratio improved to 29.5% from 37.7%.
Management attributed income to three of the four Gaja Capital funds and said the quarter included a significant liquidity event at Fund II. Fund IV made two new investments, taking its portfolio to nine companies with 87% of committed capital deployed. CEO Gopal Jain said treasury income now sits alongside management fees, carried interest and gains on sponsor commitments, and that the large cash and liquid position gives the company greater capacity to raise new funds.
The balance sheet remains debt free, with net worth of ₹1,106.2 crore as of 30 September 2026, of which about 62% (roughly ₹686 crore, derived) is in cash and liquid investments. The board declared an interim dividend of 50 paise per share, a 10% payout relative to the stated face value basis, following a 75 paise FY26 dividend. Separately, Eastgate Secondaries added a senior hire with more than 20 years of private equity experience. Derived figures in this summary, including profit before tax and the excluding-gain profit, are approximations based on total income, total expenses and reported profit after tax.
The quarter's profit includes a ₹15.0 crore gain from the reversal of a deferred tax charge. Excluding that gain, derived profit after tax would be about ₹49.7 crore, still up about 83% from June. Total expenses fell 26% sequentially to ₹14.7 crore, and derived profit before tax rose 59% to ₹50.8 crore. For the half year ended 30 September 2026, total income was ₹117.3 crore (up 6%), total expenses were ₹34.6 crore (down 17%), and profit after tax was ₹91.9 crore (up 48%). Excluding the deferred tax reversal, first-half profit after tax would be about ₹76.9 crore, roughly 24% higher year on year. The first-half cost-to-income ratio improved to 29.5% from 37.7%.
Management attributed income to three of the four Gaja Capital funds and said the quarter included a significant liquidity event at Fund II. Fund IV made two new investments, taking its portfolio to nine companies with 87% of committed capital deployed. CEO Gopal Jain said treasury income now sits alongside management fees, carried interest and gains on sponsor commitments, and that the large cash and liquid position gives the company greater capacity to raise new funds.
The balance sheet remains debt free, with net worth of ₹1,106.2 crore as of 30 September 2026, of which about 62% (roughly ₹686 crore, derived) is in cash and liquid investments. The board declared an interim dividend of 50 paise per share, a 10% payout relative to the stated face value basis, following a 75 paise FY26 dividend. Separately, Eastgate Secondaries added a senior hire with more than 20 years of private equity experience. Derived figures in this summary, including profit before tax and the excluding-gain profit, are approximations based on total income, total expenses and reported profit after tax.
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