Gaja Alternative Asset earnings calls.

Gaja Alternative AMC reported its first quarterly results as a listed company with 26% YoY revenue growth to Rs 51.8 croreCurrent reported value: 26% YoY revenue growth to Rs 51.8 crore. No comparable prior figure is available in the source record. and PAT growth of 35% to Rs 27.2 croreCurrent reported value: PAT growth of 35% to Rs 27.2 crore. No comparable prior figure is available in the source record. in Q1 FY27. The company earns dual income streams—management fees (Rs 16Current reported value: 16. No comparable prior figure is available in the source record. crore, growing 7% YoY) and performance income (Rs 29.7 crore, growing 17% YoY)—from managing alternative funds. Performance income comprises carried interest from Fund 2 and sponsor gains from Funds 3 and 4. The cost-to-income ratio improved significantly to 38.4% from 42.3%Current 38.4% from 42.3%. Reported change: -390bps YoY., demonstrating operating leverage. The company raised Rs 575 crore via IPO, is deploying Fund 4 at 81%Current 81%. Reported change: +6pp QoQ. (targeting 29% gross IRR), and received SEBI approval for Fund 5 (Rs 2,500 crore flagship) and Eastgate (Rs 1,500 crore secondaries). Risks include performance income lumpiness making quarter-to-quarter forecasting difficult, Fund 3's lower 9% IRR raising carry realization concerns, and AI sector valuation pressures on Fund 4 investments. Management declined to provide specific forward guidance but indicated confidence in maintaining historical profit CAGR of 35%.