Gaja Alternative Asset ManagementIPO Review — Financials, Valuation & Peers
A data-only look at the Gaja Alternative Asset Management IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 103.96 | 44.74 | 49.25 | 331.88 | 388.6 | 3.51 | — |
| FY 2025 | 123.31 | 61.95 | 60.81 | 388.97 | 451.87 | 4 | — |
| FY 2026 | 157.8 | 81.96 | 72.05 | 606.52 | 706.49 | 41.56 | 7.26 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 22.04x
- P/E (post-issue)
- 27.54x
- RoNW
- 13.13%
- RoE
- 16.47%
- Debt / Equity
- 0.07
- EPS (pre-issue)
- ₹7.26
- EPS (post-issue)
- ₹5.81
- PAT Margin
- 51.94%
- P/BV
- 2.98x
- NAV / share
- ₹53.73
- Market Cap
- ₹2,256.16 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Gaja Alternative Asset Management | 7.17 | 53.73 | — | 13.13% | — | Consolidated |
| 360 One Wam Limited | 30.16 | 242.17 | 40.01x | 12.37% | 4.83x | Consolidated |
| Aditya Birla Sun Life Amc Limited | 33.76 | 139.94 | 30.28x | 24.13% | 7.33x | Consolidated |
| Anand Rathi Wealth Limited | 47.87 | 120.23 | 91.5x | 39.64% | 17.98x | Consolidated |
| Hdfc Asset Management Company Limited | 66.77 | 215.42 | 37.82x | 30.97% | 11.7x | Consolidated |
| Icici Prudential Asset Management Company Ltd | 66.73 | 84.39 | 45.38x | 79.07% | 36.05x | Consolidated |
| Nippon Life India Asset Management Ltd | 24.05 | 73.01 | 49.57x | 32.83% | 16.04x | Consolidated |
| Nuvama Wealth Management Ltd | 57.59 | 226.37 | 30.44x | 25.26% | 7.55x | Consolidated |
| Sbi Funds Management Ltd | 15.08 | 29.28 | 37.8x | 51.44% | 19.59x | Consolidated |
| Uti Asset Management Company Ltd | 31.51 | 350.5 | 28.84x | 8.97% | 2.59x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, Mona Ranjit Shah</p>
- Holding (pre-issue)
- 71.03%
- Holding (post-issue)
- 54.23%
- Dilution
- 16.8%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the Gaja Alternative Asset Management IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Gaja Alternative Asset Management placed shares with 20 anchor investors, who together put in ₹164.98 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to NIPPON INDIA BANKING & FINANCIAL SERVICES FUND (₹30 crore), INVESCO INDIA FINANCIAL SERVICES FUND (₹27 crore) and HDFC LIFE INSURANCE CO.LTD. (₹12.49 crore). Investor categories represented include Bank, Other, Insurance and MF. The lock-in on half the anchor shares ends on 23 Sept 2026, with the remainder locked until 22 Nov 2026.
Analyst view tally
1 third-party review is on record for the Gaja Alternative Asset Management IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "May Apply". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Gaja Alternative Asset Management operates at a net (PAT) margin of 51.94%. Capital efficiency reads at a return on equity (RoE) of 16.47%. At the upper band, the post-issue market capitalisation works out to about ₹2,256.16 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investing towards sponsor commitments to certain existing funds, new funds and for repayment of the bridge loan amount as follows: (a) investing towards balance sponsor commitment to the following constituent funds of fund iv and bridge loan amount (i) gaja capital india fund 2020 llp; (ii) gaja capital india fund 2020 (iii) bridge loan amount (b) investing towards sponsor commitment to the proposed fund v (c) investing towards sponsor commitment to the secondaries fund (₹372 crore), alongside general corporate purposes.
Financials
In FY2026, Gaja Alternative Asset Management reported revenue of ₹157.8 crore and a net profit of ₹81.96 crore. Revenue grew from ₹103.96 crore in FY2024 to ₹157.8 crore in FY2026 (+52.0%). Net worth stood at ₹606.52 crore at the end of FY2026. At the upper band, that puts the issue at roughly 22.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 27.54× post-issue earnings and 2.98× book value, against a return on net worth of 13.13% and a debt-to-equity ratio of 0.07. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including 360 One Wam Limited and Aditya Birla Sun Life Amc Limited, with a median peer P/E of about 37.8×. The issue's own post-issue P/E works out to 27.54×.
Promoters
The promoters of the company are <p>Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, Mona Ranjit Shah</p>. Promoter holding stands at 71.03% before the issue and comes down to 54.23% after listing.
Frequently asked questions
- What is the reservation split in the Gaja Alternative Asset Management IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%.
- Who are the promoters of Gaja Alternative Asset Management and what is their holding?
- The promoters are <p>Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, Mona Ranjit Shah</p>. Promoter holding is 71.03% before the issue and 54.23% after listing.
- What is the P/E ratio of the Gaja Alternative Asset Management IPO?
- At the upper price band, the Gaja Alternative Asset Management IPO is valued at 22.04× pre-issue earnings and 27.54× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Gaja Alternative Asset Management IPO?
- The net proceeds go primarily toward investing towards sponsor commitments to certain existing funds, new funds and for repayment of the bridge loan amount as follows: (a) investing towards balance sponsor commitment to the following constituent funds of fund iv and bridge loan amount (i) gaja capital india fund 2020 llp; (ii) gaja capital india fund 2020 (iii) bridge loan amount (b) investing towards sponsor commitment to the proposed fund v (c) investing towards sponsor commitment to the secondaries fund, among 2 disclosed objects.