Gaja Alternative Asset Management - IPO Report

Gaja Alternative Asset Management Ltd. (GAAML) is a well-established, independent and home-grown alternative asset management company with over 20 years of experience. It acts as an investment manager to India-focused Category I and Category II AIFs and as an advisor to offshore funds providing capital to Indian companies.

The company has an independent ownership structure, with no backing from any financial institution, corporate group or global firm, and is predominantly owned by its leadership team. It has navigated multiple investment cycles across the funds managed and advised by it.

GAAML's investment portfolio is focused on sectors including Education-Employment-Employability (EEE), financial services, consumer and digital technology. Its business model generates income through three key streams: management fees, carried interest and income from sponsor commitments.

GAAML aims to capture the economic value generated by the funds it manages and advises within the company. Its cost structure is primarily driven by team compensation, fundraising and business development expenses, while calibrated employee growth, expense management and equity-based compensation for senior leadership support operating leverage and efficiency.

Total Income increased from ₹103.96 crore in FY24 to ₹157.80 crore in FY26, while PAT grew at a 35.34% CAGR to ₹81.96 crore, with a strong 51.94% PAT margin. FY26 EBITDA stood at ₹72.05 crore, supported by Management Fees of ₹60.08 crore, Carried Interest of ₹75.41 crore and Sponsor Commitment returns of ₹16.74 crore.

The company had Net Worth of ₹606.52 crore, RoE of 16.28%, Cash & Equivalents of ₹71.07 crore and a 44.61% Cost-to-Income ratio.