Gaja Alternative Asset Management Ltd.

•

gajacapital.comBSE: -NSE: GAJA

Market Cap₹ 2,221 Cr.

Current Price

High / Low₹ 192 / 150

Stock P/E221.7

Book Value₹ 57

Price to Book2.81

Dividend Yield0.48 %

ROCE5.2 %

ROE3.4 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 2.8%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 35.3% CAGR over last 5 years
Operating margins have improved to 11.3% from 1.3%
Institutional investors have been accumulating - FII+DII up 16.4pp
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (105.4% of PBT)
Promoter holding has decreased over last 2 years: -20.7pp
Company has a low return on capital employed of 5.6%
Company has a low return on equity of 3.9% over last 3 years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJFINANCE	1045.10	32.05	650674.48	0.57	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1049.00	21.81	246827.97	1.03	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1858.00	27.59	158685.46	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	371.70	29.20	157781.78	0.15	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	237.70	75.95	156956.68	0.25	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11150.00	14.01	124092.26	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2935.00	10.36	117831.00	1.02	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	399.10	26.62	109254.11	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	315.00	24.81	78950.11	0.87	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	657.00	27.48	62522.95	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	692.90	26.45	57563.70	0.58	785.20	38.31	4937.90	18.71	9.09	57.98
12.	GAJA	157.50	27.88	2220.91	0.48	—	—	—	—	17.56	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	18	19	22	28	12	31	39	58	52	55
	20	24	33	42	18	32	38	38	51	49
Operating Profit	-1	-5	-10	-14	-6	-1	1	20	1	6
OPM %	-7.44%	-26.83%	-46.56%	-50.71%	-47.26%	-4.80%	1.32%	34.71%	2.38%	11.30%
	1	10	62	60	7	5	2	1	3	13
Interest	0	0	0	0	2	3	0	1	1	4
Depreciation	0	0	0	0	0	0	0	2	2	3
Profit before Tax	-0	4	52	46	-2	0	2	19	1	13
Tax %	29.70%	-41.94%	17.22%	19.84%	332.92%	-214.34%	75.18%	42.81%	-440.96%	20.83%
Net Profit	-0	6	43	37	5	1	0	11	5	10
EPS	-153.37	3257.94	21894.29	18821.66	2210.97	614.03	192.72	5218.22	1267.74	0.89
Dividend Payout %	0.00%	0.00%	18.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	84.51%

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 35%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 30%
5 Years:: 17%
3 Years:: 193%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 3%
3 Years:: 4%
Last Year:: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	0	0	0	0	0	0	0	0	56
	61	61	96	124	136	137	138	231	231	303
	7	5	5	5	46	1	4	7	8	49
Trade Payables	1	1	4	4	1	1	2	1	5	5
	1	1	5	1	1	0	1	33	28	32
Total Liabilities	70	68	110	133	185	139	144	272	271	446
	1	1	1	1	0	1	1	8	6	12
Capital Work in Progress	0	0	0	0	0	0	0	0	0	4
	62	58	58	65	155	91	108	228	227	356
	1	0	0	4	0	5	6	16	13	2
Cash & Bank	0	0	1	12	0	15	3	4	7	37
	6	9	51	51	29	27	27	18	19	35
Total Assets	70	68	110	133	185	139	144	272	271	446

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	-54	-32	33	-18	1	17	14	-30
Cash from Investing	-0	63	53	-84	68	-17	-9	-5	-126
Cash from Financing	-2	-8	-9	39	-35	4	-6	-7	152
	-2	1	12	-12	15	-12	2	3	-4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-153.37	3257.94	21894.29	18821.66	2210.97	614.03	192.72	5218.22	1267.74	0.89
Book Value (₹)	30947.86	31205.80	49100.09	63099.54	66054.61	66668.64	66861.36	111026.06	55494.50	31.88
Dividend per Share (₹)	0.00	0.00	4000.00	0.00	0.00	0.00	0.00	0.00	0.50	0.75
Cash EPS (₹)	-0.01	0.68	0.00	0.00	0.48	0.15	0.07	1.19	0.74	1.14
PROFITABILITY
Operating Margin %	-7.44%	-26.83%	-46.56%	-50.71%	-47.26%	-4.80%	1.32%	34.71%	2.38%	11.30%
Net Margin %	-1.63%	33.56%	192.97%	132.94%	37.52%	4.10%	1.02%	18.69%	10.19%	18.20%
ROE %	-0.49%	10.48%	54.53%	33.55%	3.51%	0.93%	0.29%	5.89%	2.28%	3.39%
ROCE %	-0.62%	6.75%	61.83%	40.01%	0.32%	2.38%	1.40%	10.69%	0.80%	5.22%
	-0.43%	9.24%	48.11%	30.33%	2.87%	0.78%	0.28%	5.21%	1.94%	2.79%
EFFICIENCY
Debtor Days	12	11	0	27	0	62	51	67	101	49
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	12	11	0	27	0	62	51	67	101	49
FINANCIAL HEALTH
Debt to Equity (x)	0.11x	0.08x	0.05x	0.04x	0.26x	0.01x	0.03x	0.02x	0.02x	0.12x
Interest Coverage (x)	-311.83x	223.00x	0.00x	4203.36x	0.20x	1.12x	5.42x	17.47x	2.09x	4.16x
	0.38x	0.59x	2.44x	5.28x	2.16x	7.96x	2.68x	3.83x	3.48x	1.49x
GROWTH
Revenue Growth %	34.30%	3.02%	16.86%	24.78%	-56.25%	154.20%	26.40%	48.90%	-10.93%	6.39%
Operating Profit Growth %	-106.96%	2808.80%	988.38%	-11.21%	-98.19%	373.41%	-41.85%	840.63%	-80.33%	359.67%
Net Profit Growth %	-142.11%	2224.25%	572.03%	-14.03%	-87.65%	-72.23%	-68.61%	2633.98%	-51.41%	89.95%
	-142.11%	2224.25%	572.03%	-14.03%	-88.25%	-72.23%	-68.61%	2607.69%	-75.71%	-99.93%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	-37.99x	1.06x	0.09x	-0.16x	42.94x	-3.67x	0.55x	-0.00x	-0.60x	3.10x

Shareholding Pattern

Numbers in percentages

	Sep 2016	Sep 2017	Sep 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Aug 2026
	74.90	75.23	73.05	73.05	74.07	69.45	69.43	69.43	54.23
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.81
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.56
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	25.10	24.77	26.95	26.95	25.93	30.55	30.57	30.57	29.40

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Copy of Newspaper Publication

2026-09-04 - Gaja Alternative Asset Management Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Shareholders meeting

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 26, 2026

2026-09-03

General Updates

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange about General Updates

2026-09-03

General Updates

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange about General Updates

2026-09-03

Record Date

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange that Record date for the purpose of Dividend is 19-Sep-2026.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Change in Auditors

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-03

Outcome of Board Meeting

2026-09-03 - Gaja Alternative Asset Management Limited has informed the Exchange regarding Outcome of Board Meeting held on September 03, 2026.

2026-09-01

Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

2026-09-01 - Gaja Alternative Asset Management Limited has informed the Exchange about Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

News

Recent coverage and analyst commentary for GAJA

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