Annual Report 2026

Ref : GAJA/CS/10/2026-27 Date: September 03, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”) (“NSE”) Listing Department Listing Department Corporate Relationship Department Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Complex Bandra [E], Mumbai – 400051 Dalal Street, Fort, Mumbai - 400 001 NSE Scrip Symbol: GAJA BSE Scrip Code: 544885 ISIN: INE18UN01038 ISIN: INE18UN01038 Sub: Submission of Annual Report for FY 2025-26 Dear Sir/Ma’am, The 27th Annual General Meeting (“AGM”) of the Company will be held on Saturday, September 26, 2026, at 12:00 Noon (IST) through Video Conferencing / Other Audio Visual Means. Pursuant to Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we are submitting herewith the Annual Report for the financial year 2025-26 which is being sent through electronic mode to the Members, who have registered their e-mail addresses with the Company / with the Registrar and Share Transfer Agent of the Company i.e., MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) / Depositories / with their respective Depository Participant. Additionally, the Annual Report for FY 2025-26 are also being uploaded on the website of the Company at https://gajacapital.com/assets/pdf/annual-report-fy-2026.pdf Further, in accordance with Regulation 36 of the SEBI Listing Regulations, a letter providing web link for accessing the AGM Notice and Annual Report for FY 2025-26 is being sent to all those Members who have not registered their email IDs. In terms of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management & Administration) Rules, 2014 (as amended), the Company has fixed Saturday, September 19, 2026 as the cutoff date to determine the eligibility of the members to cast their vote through remote e-voting or through E-voting during the AGM. This is for your information and records. Thanking You, For Gaja Alternative Asset Management Limited Ishu Jain Company Secretary and Compliance Officer Membership No.: F10679 Address: 1402 Tower 2B One World Center, S.B. Marg Lower Parel, Mumbai- 400013 Encl: a/a Annual Report FY 25-26 We help ambitious India build great companies We help Contents INTRODUCTION KEY MESSAGES P.02 A new chapter begins ambitious India P.04 Chairman's address P.06 CEO's letter to shareholders OUR BUSINESS build great ALTERNATIVE ASSET MANAGEMENT P.10 What we do P.14 How we earn companies P.16 Why invest in us THE OPPORTUNITY INDIAN ALTERNATIVES P.20 India opportunity India stands at the threshold of a defining opportunity. We are rich in P.22 Alternative investments entrepreneurial talent, yet that talent has long struggled to access the P.28 Gaja Capital patient, risk capital it needs to flourish. We believe this gap between talent and capital is our greatest opportunity. 04 OUR PERFORMANCE BUSINESS RESULTS AND UPDATES We are an alternative asset management Our approach starts with the economy, narrows company and fund manager that creates, to industries best placed to benefit from raises and manages AIFs (Alternative India's structural tailwinds, and then moves to P.34 Track record Investment Funds) and offshore funds to invest the individual businesses we back. We do not P.38 Expansion in innovation-led, high-growth mid-market simply write cheques from our Funds under companies. Alternatives can become an management. We partner with entrepreneurs P.42 Investment approach important engine of India's next phase of growth to strengthen governance, professionalise by connecting long-term capital with businesses operations and unlock long-term strategic value, P.48 KPIs that can create tomorrow's value. India's savings engaging actively across product, sales, people are moving towards financial assets, institutional and financial management. participation is deepening, and the alternatives Alignment is at the heart of how we operate. THE LEADERSHIP market is scaling rapidly. Yet relative to India's economy and global peers, the opportunity We invest our own capital alongside every GOVERNANCE AND CSR investor in our funds, and our senior team holds remains at an early stage. long-term equity in our platform, ensuring P.52 Governance framework This opportunity should extend beyond that our incentives are inseparable from the institutional investors. The future of alternatives outcomes we deliver. As a listed company, we P.54 Leadership team is also about access. As a listed alternatives have extended this alignment to anyone with a asset manager, we are opening that access to stake in India's growth. P.58 Sustainability and CSR a wider investor base. Owning a share in Gaja As we look ahead, through new fund strategies, Capital gives investors access to the economics an expanding secondaries platform and deeper 06 of an alternatives platform through a listed, sector expertise across financial services, STATUTORY REPORTS liquid and transparent investment. consumer, education, and intelligent software The focus of our Funds is India's mid-market, and automation, our conviction remains P.64 Directors’ Report where companies are too large for early-stage unchanged. India's ambition needs capital that is P.83 Report on Corporate Governance venture capital, yet not large enough or patient, engaged and aligned. The opportunity sufficiently proven to attract the world's for alternatives in India is only beginning to biggest global buyout funds. We believe unfold. We intend to help unlock it, broaden 07 this is where significant opportunity exists access to it and put capital to work where it can FINANCIAL STATEMENTS to build a meaningful number of world-class help ambitious India build great companies. Indian companies. P.98 Standalone Financial Statements P.158 Consolidated Financial Statements *Alternatives are investments beyond traditional listed equities and bonds. They give investors access to privately held businesses and other assets that are not typically available through public markets. Corporate Overview Statutory Reports Financial Statements A new chapter begins From a private Our IPO Our initial public offering opened for public subscription on August 19, 2026 and closed on August 21, 2026, having opened a day earlier for anchor investors. • The issue was a book-built offering of up to `550 crore • It comprised a fresh issue of up to `450 crore and business to a an offer for sale of up to `100 crore by certain existing shareholders • Shares have a face value of `5, with a price band of `152 to `160 public platform IPO response • By the close of bidding, the issue had been subscribed 32.8 times • Retail and non-institutional investors participated FY 25-26 marked a defining chapter in our history as we embarked strongly, alongside institutional investors on our journey to list Gaja Alternative Asset Management Limited. In FY 26-27, we completed the listing, becoming a listed pure-play alternatives manager. This was not a capital-raising exercise alone. It was a structural step in the thesis we have long held, Our listing Our equity shares are listed on the BSE and NSE. Any that the economics of alternatives, historically available only to institutional and qualified investors, investor can now hold a stake in the manager. We see deserved a wider, transparent and liquid route to all investors. the listing as the natural next step for a platform that has served qualified investors for two decades, and for an industry entering the mainstream. IPO proceeds We will utilise the net proceeds of the fresh issue with the same discipline that has guided our capital allocation since inception: • to sponsor commitments to existing and forthcoming funds, including the constituent funds of Fund IV, Fund V and Eastgate Secondaries • to repay bridge financing drawn in anticipation of those commitments • the balance towards general corporate [Showing first 8,000 characters — download PDF for full document]