Investor presentation
Investor presentation · GAJA - Investor Presentation
Source: Bse
Gaja Alternative Asset Management Limited (GAJA)
Micro CapFinancial Services stocks · Micro cap · NSE
Gaja Alternative Asset Management Limited is an alternative asset management platform in India with a 22-year track record, focusing on mid-market private equity, growth capital, and secondaries strategies across technology, software, consumer, financial services, and education sectors.
₹142.83
+15.30 · +12.00%
Market cap ₹1,735 Cr
Data qualityVerify one data layerQuote updated 04 Nov, 05:54 pm ISTPost-result recalculation pendingDetails
Quote04 Nov, 05:54 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result04 Nov, 10:23 am IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 15.0 (n=246)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 -8.9% / mo · MACD +
Stock trend: 49
Sector RS: 45
Sector 3M: -4.7% vs Nifty 500 -4.1%
Financial Services FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
GAJAD candles · FIT view-15.3%Latest close ₹142.83 on 2026-11-04
Daily history is available from 2026-08-26; the requested 1Y window is partially covered.
Bar
+11.2%
RSI
55
MACD hist
1.49
52W pos
37%
2026-11-04O ₹128.47H ₹144.00L ₹125.11C ₹142.83Vol 34.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GAJANifty Financial ServicesNifty 500
- GAJA
- -15.3%
- Nifty 500
- -3.4%
- Nifty Financial Services
- -3.1%
- Vs Nifty 500
- -12.0 pp
Chart stats
4 Nov 2026- From 52W high
- -25.5%
- 52W range position
- 37%
- ATR (14)
- 5.3%
- Volume vs 20D
- 11.78x
- Avg traded value
- ₹5.8 Cr
- 20D price channel
- ₹113.6 - ₹150.5
₹191.7
₹113.6 - ₹191.7
₹7.5
Latest completed session
20-session average
68.1% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management trust is not scored yet, price trend is neutral, and result consistency is still building.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE46
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+10.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
pending—
Management reliability not computed yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 04 Nov 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹38.4 Cr | NDF | +140.3% |
| EBITDA | ₹26.1 Cr | NDF | +1407.0% |
| Operating margin | 68.0% | NDF | +8100 bps |
| PAT | ₹64.7 Cr | NDF | +139.5% |
| PAT margin | 168.2% | NDF | -54 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.10
- P/B
- —
- EV/EBITDA
- 23.84
- Market Cap
- 1735.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 17.00%
- ROA
- 11.61%
- Dividend Y
- 0.55%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 18.00×
- Altman Z
- 7.93
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -15.00 Cr
- EPS TTM
- 7.06
Shareholding
- Promoter Hold
- 54.23%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 38.4+140.3% vs prev
Net Profit
₹ CrLatest: 64.7+139.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 falling (~9.7% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 25% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
-
RS percentile
Insufficient history
1M return
+0.8%
3M return
-
6M return
-
1Y return
-
RS 1D
-
RS 20D
-
Sector rank
#11
Industry rank
-
Stage evidence
- At least 170 daily sessions are required for the trend-stage read.
50-DMA
unavailable
200-DMA
unavailable
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
48 observations
04 Nov 2026Value 87.62+10.77%
RS vs Nifty 50088
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 46 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth15/25
Quality11/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
46
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
46/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 10.1%.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
20.1
PB
—
EV/EBITDA
23.8
ROE
15.9%
ROCE
17.0%
FCF Yield
—
Debt/Equity
0.1
MoS
+10.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
46
Previous: 46
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+10.1%
Previous: +10.1%
Score history
12 stored score snapshots. Latest stored move: -3 points.
05 Nov 2026
v4.3-runtime-valuation
52
52
52
52
48
52
52
52
51
49
49
46
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
22.5
Growth-justified Value
₹158.85
+10.1% MoS
PEG
1.08
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHAHINVEST
Micro
Shah Investor's Home Limited
Capital Markets
match 133
17
21.8
7.6%
-459%
OVERVALUED
DAMCAPITAL
Small
Dam Capital Advisors Limited
Investment Banking
match 82
63
27.8
24.4%
-29%
UNDERVALUED
ARIHANTCAP
Small
Arihant Capital Markets Limited
Broking
match 81
20
19.5
7.7%
-214%
OVERVALUED
MOMSBELIEF
Micro
Rays of Belief Limited
Healthcare Services
match 75
21
61.8
16.1%
-970%
OVERVALUED
SYMBIOTEC
Micro
Symbiotec Pharmalab Limited
Pharmaceuticals & Biotechnology
match 64
19
80.5
11.7%
-933%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-29T01:40:25.665Z
Management commentary snapshot
Q1 FY27 total income grew 26% YoY to INR 51.8 Cr and PAT rose 35% YoY to INR 27.2 Cr, supported by strong performance fee expansion and net worth accretion.
The business model demonstrates strong fee generation, high return ratios, and effective scaling of alternative assets. Performance income volatility remains a structural feature, but core profitability and capital raising (including the recent INR 550 Cr IPO) reinforce institutional growth.
Growth engines
Fund V Launch
PositiveReceived SEBI approval for the proposed launch of Fund V, an INR 2,500 Cr CAT-II AIF.
Eastgate Secondaries Strategy
PositiveProposed launch of Eastgate Secondaries seeking INR 1,500 Cr commitments targeting liquidity solutions for PE/VC funds.
Fund IV Deployment
PositiveFund IV is 75% deployed as of June 30, 2026, tracking a gross IRR of 29% in the 1st quartile.
Capacity and execution
Fund V and Secondaries Expansion
InProgressProposed launch of Fund V (INR 2,500 Cr) and Eastgate Secondaries (INR 1,500 Cr) to scale platform AUM.
Tailwinds
Rapid Growth of Indian Alternatives Market
PositiveAIF commitments expanded 6.0x from FY19 to FY26 reaching INR 16.9 trillion, outpacing traditional bank deposit growth.
Risk radar
Performance Income Volatility
CautionPerformance income and fair value gains can fluctuate significantly across quarters, impacting sequential earnings.
Macroeconomic and Market Risks
CautionForward-looking statements note exposure to economic growth fluctuations, regulatory changes, and interest rates affecting investment realizations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY highlights the fundamental annual scaling of fee and performance income, while QoQ captures the sharp sequential surges driven by performance income and quarterly cost fluctuations.
Sector KPIs management disclosed
AUM / Fund Commitments
PositiveAIF commitments reached INR 16.9 trillion in FY26, projected at INR 41.0-44.0 trillion by FY30P. Fund IV committed capital stands at INR 1,775 Cr.
Net Worth and Returns
StablePost-IPO net worth stands at INR 1,050 Cr. LTM June 2026 RoE is 15.3% (compared to 14.7% in LTM June 2025).
Sponsor Commitment (Skin in the Game)
PositiveOverall sponsor commitment is 7.1% of fund size, amounting to INR 589 Cr across funds.
Management forward view
Direct Fundraising Advantage
PositiveThe company utilizes an extensive proprietary investor network of ~900 global and domestic investors to raise funds directly at low distribution cost.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fund IV Deployment & Realizations | 75% deployed, 29% gross IRR | Pace of further deployment and realization cash flows. |
| Fund V and Secondaries Fundraising | Proposed launches of INR 2,500 Cr and INR 1,500 Cr | Final close and actual capital commitments secured. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
Trust profile pending
Trust asks a simple question: can investors rely on management behaviour and financial delivery? Trust Lite uses promoter alignment, cash conversion, leverage, and result consistency. Full transcript-based claim matching appears after enough documents are ingested.
Continue researching Gaja Alternative Asset Management Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentation
Investor presentation · Gaja Alternative Asset Management Limited has informed the Exchange about Investor Presentation
Source: Nse
Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Concall transcript
Earnings-call transcript · Gaja Alternative Asset Management Limited has informed the Exchange about Transcript
Source: Nse
Investor presentation
Investor presentation · Gaja Alternative Asset Management Limited has informed the Exchange about Investor Presentation
Source: Nse
Annual report
Annual Report 2026
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
AnnouncementJun 2025
Jun 2025 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Sep - Gaja: Newspaper publication for Q1 FY 26-27 Results
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.