GAJA posts Rs 27.22 cr profit despite Rs 2.06 cr operating loss
Rs 36.19 cr of other income drove pre-tax profit, while management highlighted Fund V and the Rs 450 cr IPO capital raise.
Filed 10 Sep 2026, 11:33 IST · GAJA (GAJA)
Key takeaways
- GAJA's consolidated Q1FY27 profit of Rs 27.22 cr was generated despite an operating loss of Rs 2.06 cr, making non-operating income central to the result.
- Other income of Rs 36.19 cr exceeded revenue of Rs 15.64 cr, underlining the weak operating contribution to reported earnings.
- The company said it received approval for Fund V, a Rs 2,500 cr Category II AIF, after raising Rs 450 cr of primary capital through its Rs 550 cr IPO.
Profit came from other income, not operations
On a consolidated basis, expenses of Rs 17.70 cr exceeded revenue of Rs 15.64 cr, resulting in an operating loss of Rs 2.06 cr. Other income of Rs 36.19 cr was therefore the main source of the Rs 31.93 cr pre-tax profit. The earnings mix points to weak operating profit quality in the quarter.
Fund V follows the IPO capital raise
The company said SEBI approved Fund V, a Rs 2,500 cr Category II AIF, and that it completed a Rs 550 cr IPO in August, raising Rs 450 cr of primary capital for growth. Management said Fund V and Eastgate are expected to substantially increase total committed capital on the platform.
Eastgate broadens the platform beyond primary investments
Management said the company is expanding into secondaries through Eastgate, targeting maturing private-equity and venture-capital investments and shorter-tenure products. The presentation said Fund V will apply the flagship investment strategy at greater scale and through transformation-led value creation.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹16 cr |
| Other income | ₹36 cr |
| Expenses | ₹18 cr |
| Operating profit | ₹-2 cr |
| Operating margin (%) | -13.17% |
| Interest | ₹1 cr |
| Depreciation | ₹1 cr |
| Profit before tax | ₹32 cr |
| Tax | ₹5 cr |
| Net profit | ₹27 cr |
| EPS (₹) | ₹9.50 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company received SEBI approval to launch Fund V, a ₹2,500 crore Category II AIF.
- In August 2026, the company completed a ₹550 crore IPO and raised ₹450 crore of primary capital for growth.
Guidance & outlook
- The company expects Fund V and Eastgate to substantially increase total committed capital for its platform.
New initiatives
- The company is expanding into secondaries through Eastgate, targeting maturing PE/VC investments and shorter-tenure products.
- Fund V will use the company’s flagship investment strategy to create value through scale and transformation.
What to watch
- Whether operating profit improves from the current loss of Rs 2.06 cr.
- Updates on deployment of the Rs 450 cr of primary capital raised in the Rs 550 cr IPO.
- Progress on launching Fund V after approval for the Rs 2,500 cr Category II AIF.