Gaja Alternative Asset Management Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Gaja Alternative Asset Management Ltd filed with BSE on 17 Sept 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gaja Alternative Asset Management reported Q1 FY27 total income of INR51.8 crores, up 26% year-on-year, and profit after tax of INR27.2 crores, up 35% year-on-year. Management described the company's IPO as 33x oversubscribed with roughly INR575 crores raised in primary capital, and said SEBI approval was received for a new flagship fund and a secondaries fund. Executives declined to give forward guidance on future fund sizes, timelines, or performance income, citing board and industry advice against issuing such statements.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total income: INR51.8 crores (Q1 FY27)
p. 4
“Our total income for the first quarter in the current financial year '26-'27 grew 26% year-on-year to INR51.8 crores.”
Gopal Jain, page 4 of the filed PDF · View the filing
Total income (LTM): INR168.4 crores (LTM ended June 2026)
p. 4
“On a last 12-month basis, ended June '26, our total income grew 39% to INR168.4 crores.”
Gopal Jain, page 4 of the filed PDF · View the filing
Profit after tax: INR27.2 crores (Q1 FY27)
p. 4
“For the quarter, our profit is INR27.2 crores.”
Gopal Jain, page 4 of the filed PDF · View the filing
Profit after tax (LTM): INR89.1 crores (LTM ended June 2026)
p. 4
“On a last 12-month basis, our profits grew 38% to INR89.1 crores.”
Gopal Jain, page 4 of the filed PDF · View the filing
Dividend: 15%, INR0.75 per share (FY27)
p. 4
“We've declared a dividend of 15%, INR0.75 per share.”
Gopal Jain, page 4 of the filed PDF · View the filing
Net worth: INR633.6 crores (as on 30th June 2026)
p. 7
“The net worth of the company as on 30th June 2026 is INR633.6 crores versus INR534 crores as of previous year.”
Abhinav Jain, page 7 of the filed PDF · View the filing
ROE: 15.3% (as on 30th June 2026)
p. 7
“The ROE has improved from 14.7% to 15.3% as on 30th June 2026.”
Abhinav Jain, page 7 of the filed PDF · View the filing
Cost-to-income ratio: 38.4% (Q1 FY27)
p. 7
“As a result, the cost-to-income ratio has declined year-on-year to 38.4% as compared to 42.3%.”
Abhinav Jain, page 7 of the filed PDF · View the filing
Annual EPS: 9.5 per share (Q1 FY27)
p. 7
“The annual EPS of the company for Q1 FY’26-'27 grew 28% to 9.5 per share.”
Abhinav Jain, page 7 of the filed PDF · View the filing
Book value per share: INR56.1 per share (Q1 FY27)
p. 7
“The book value per share grew 19% from INR47.3 per share to INR56.1 per share.”
Abhinav Jain, page 7 of the filed PDF · View the filing
Total expenses: INR19.9 crores (Q1 FY27)
p. 14
“The quarter FY first quarter FY27, our total expenses were INR19.9 crores.”
Gopal Jain, page 14 of the filed PDF · View the filing
Performance income: INR29.7 crores (Q1 FY27)
p. 13
“So, in Q1 FY27, INR13 crores came from Fund II, which is in the carried interest territory, and INR17 crores came from Fund III and Fund IV, which is in the sponsor gains category.”
Gopal Jain, page 13 of the filed PDF · View the filing
Performance income (LTM): INR92.2 crores (LTM ended June 2026)
p. 13
“I said, if you look at the last 12 months ended June '26, the total performance income was INR92.2 crores, and it breaks up into INR72 crores and INR20 crores, respectively.”
Gopal Jain, page 13 of the filed PDF · View the filing
Sponsor commitment: approximately INR589 crores
p. 5
“Our sponsor commitment across our funds is approximately INR589 crores, including our new funds, which represents 7.1% of the total fund size.”
Ranjit Shah, page 5 of the filed PDF · View the filing
Fund IV gross IRR: 29%
p. 6
“is currently tracking a gross IRR of 29% at a gross multiple of 1.8 times.”
Ranjit Shah, page 6 of the filed PDF · View the filing
Fee-paying committed capital: approximately INR3,200 crores
p. 13
“is roughly order of magnitude about INR3,200 crores.”
Gopal Jain, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Fund V size — INR2,500 crores · 10-year closed-ended term
stated firmly by Ranjit Shah
p. 6
“We are seeking commitments of INR2,500 crores over a closed-ended term of 10 years.”
Ranjit Shah, page 6 of the filed PDF · View the filing
Eastgate secondaries fund size — INR1,500 crores · 5-year closed-ended term
stated firmly by Ranjit Shah
p. 6
“We are seeking commitments of INR1,500 crores over a closed-ended term of 5 years.”
Ranjit Shah, page 6 of the filed PDF · View the filing
Number of investments from Fund V — 10 to 12 investments
stated as an aspiration by Gopal Jain
p. 7
“Going forward as well, we intend to follow a strategy very consistent with our historical strategy, and we will make 10 to 12 investments from Fund V as well.”
Gopal Jain, page 7 of the filed PDF · View the filing
Diversification into new strategies — medium to long term
stated as an aspiration by Gopal Jain
p. 12
“But in the foreseeable future, our platform will grow in very in a very disciplined, measured way around the core competence that we have acquired over the past 22 years.”
Gopal Jain, page 12 of the filed PDF · View the filing
Future performance/earnings guidance
stated firmly by Gopal Jain
p. 13
“So, as a policy, we have chosen not to issue future guidance.”
Gopal Jain, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Fund IV had made seven investments and was 75% deployed as of June, rising to 81% after a subsequent call, with 10-12 total investments planned per fund.
Answered by Gopal Jain
Asked by Siddhant Lodaya: What is the dry powder in Fund IV and how many investments are targeted?
p. 7
“In Fund IV, until June of 2026, we had made seven investments.”
Gopal Jain, page 7 of the filed PDF · View the filing
Management said performance income is expected to grow as a share of income as the firm matures, since management fees don't scale with NAV growth in the same way.
Answered by Gopal Jain
Asked by Mithun Aswath: What proportion of income is performance income versus fee income, and how will this trend?
p. 8
“Now, you can see, for example, in our current quarter, out of the total INR51.8 crores of income, roughly INR16 crores is management fee income, and roughly INR30 crores is performance income.”
Gopal Jain, page 8 of the filed PDF · View the filing
Management confirmed carried interest comes mainly from Fund II and sponsor gains from Fund III and IV, and said it was too early to assess Fund III's carry outlook.
Answered by Gopal Jain
Asked by Soumil Zaveri: Is the bulk of carried interest still from Fund II, and should carry expectations from Fund III be tempered given its ~9% IRR?
p. 9
“The carried interest line, as you've rightly said, comes from Fund II. The sponsor gain line comes from Fund III and Fund IV.”
Gopal Jain, page 9 of the filed PDF · View the filing
Management attributed the increase to a market recovery from Q4 lows, reflected in fair value gains, and said performance should be judged on an LTM basis rather than quarter-to-quarter.
Answered by Abhinav Jain
Asked by Jyothish Vijayan: Why did carry fee jump 594% quarter-on-quarter, and is it due to realizations?
p. 12
“And the markets have recovered from their lows in March to June, which is the reflection that we are seeing in our fair value gains from our funds that we manage, the sponsor income that we manage, which has resulted in an outsized increase.”
Abhinav Jain, page 12 of the filed PDF · View the filing
Management gave Q1 and LTM breakdowns of carry versus sponsor gains and stated management fee is earned on roughly INR3,200 crores of fee-paying committed capital.
Answered by Gopal Jain
Asked by Devesh Agarwal: Can management break out performance fee income into carry versus sponsor components, and what is the committed capital generating management fee?
p. 13
“So, in Q1 FY27, INR13 crores came from Fund II, which is in the carried interest territory, and INR17 crores came from Fund III and Fund IV, which is in the sponsor gains category.”
Gopal Jain, page 13 of the filed PDF · View the filing
Management said Fund III is already generating performance income through sponsor gains, though carried interest will only follow once the fund and hurdle are returned.
Answered by Gopal Jain
Asked by Sheetal Kumar: Since when will Fund III's performance fee start reflecting in quarterly results, given the European waterfall structure?
p. 16
“So, Fund III is already generating performance income. You're absolutely right, carried interest comes later in the fund.”
Gopal Jain, page 16 of the filed PDF · View the filing
Management said the comparison uses CRISIL cohort data specific to the private equity industry, not listed market benchmarks, and pointed to stronger performance in other funds.
Answered by Gopal Jain
Asked by Ankit: How is a 9% IRR for Fund III considered first quartile when listed market and mutual fund returns have been higher over the same period?
p. 18
“So, these are not our numbers. This is CRISIL data. And in our industry, you refer to funds on a cohort basis.”
Gopal Jain, page 18 of the filed PDF · View the filing
Risks flagged
Performance income is lumpy and not regular on a quarter-to-quarter basis
p. 12
“But in your RHP, you mentioned that revenue of the fees that you collect from the carry is mostly not regular. It's mostly lumpy.”
Jyothish Vijayen, page 12 of the filed PDF · View the filing
Carried interest realization depends on future fund performance and cannot be assured
p. 16
“And at some point of time in the future, if things go as per planned, we cannot say whether it'll happen for sure or not, that will be making a futuristic statement, which we are not authorized to make.”
Gopal Jain, page 16 of the filed PDF · View the filing
Fund performance and valuations can be affected by broader market re-ratings
p. 12
“In last quarter of previous financial year, which is March 2026, the financial markets were at quite low, and there was a multiple re-ratings happening in the markets, which kind of impacted the Q4 March 2026 performance from the performance income perspective.”
Abhinav Jain, page 12 of the filed PDF · View the filing
Business cannot entirely eliminate volatility despite predictable income streams
p. 13
“a firm which is 20 years old, earning economics from multiple funds, cannot entirely eliminate volatility, but has relatively predictable and modellable income streams.”
Gopal Jain, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.
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- Gaja Alternative Asset Management Ltd: filed results and exchange announcements
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