80 crore in FY26, registering a 28% year-on-year increase. The growth reflects a healthy expansion in the company’s overall income base during the year.

The company also reported a notable improvement in profitability. 96 crore in FY26, marking a 32% year-on-year rise.

With profit growth outpacing income growth, the company demonstrated stronger earnings momentum and a robust financial performance in FY26. About Gaja Alternative Asset ManagementIncorporated in April 1999, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with more than two decades of experience in managing and advising India-focused funds.

Its portfolio includes Category I and Category II Alternative Investment Funds (AIFs), along with offshore funds investing in India. The company focuses on alternative investments across sectors including education, energy and environment, financial services, consumer businesses and digital technology.

Its investment strategy is primarily focused on the mid-market segment. Gaja Alternative Asset Management has developed its track record across multiple fund cycles through the Gaja Capital Funds, including Fund II, Fund III and Fund IV.

The company has also built long-standing relationships with investors across more than 20 countries. As of March 31, 2026, Gaja Alternative Asset Management had a total workforce of 37 personnel, comprising 23 permanent employees and 14 contractual employees.

Should you subscribe to the IPO? The IPO presents an interesting combination of strong profitability, an established investment track record and exposure to India’s expanding alternative asset management industry.

Anand Rathi Research has highlighted the company’s more than 20 years of experience and its differentiated investment-manager business model. The brokerage believes the company offers pure-play exposure to India’s high-growth alternative asset management opportunity.

However, there are risks to consider. The company has a relatively concentrated earnings profile, while its performance remains linked to the performance and successful exits of Indian mid-market private equity investments.

These factors could limit the scope for aggressive valuations in the near to medium term. 1x FY26 P/B, implying a post-issue market capitalisation of around Rs 22,562 million.

Despite the valuation concerns, Anand Rathi Research has assigned a “Subscribe – Long Term” rating to the IPO, citing the company’s business profile and long-term growth prospects.

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