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Ref : GAJA/CS/18/2026-27 Date: September 11, 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: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") – Newspaper Publication of Un-audited Consolidated and Standalone Financial Results for the quarter ended June 30, 2026 Dear Sir/Ma’am, Pursuant to the captioned subject, please find enclosed herewith copies of newspaper clippings published by the Company. The said newspaper clippings includes a Quick Response code and the weblink to access complete financial results for the said period. This disclosure along with the newspaper clippings will also be hosted on the Company’s website at: https://gajacapital.com/investor-relations/reports-and-publications Kindly take the same on records and arrange to bring this to the notice of all concerned. The details are also posted on the company’s website at www.gajacapital.com 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 GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED Corporate Office :1402, Tower 2B, One World Center, Registered Office: 302, 3rd Floor, Kanchenjunga S.B. Marg, Lower Parel, Mumbai –400013 Building 18, Barakhamba Road, New Delhi 110001 Tel: 91-22-2421 2280 | Email: Compliance@gajacapital.com | CIN: U67190DL1999PLC099260 | Website: www.gajacapital.com Corporate 05 Friday, 11 September 2026 Mumbai LIVEMINT.COM Horlicks makes a late push Credit Suisse bonds: HDFC Bank wins all Bahrain cases into India’s protein market Shayan Ghosh shayan.g@livemint.com Mumbai HDFC Bank Ltd said the Bahrain civil court has HUL has started testing Horlicks Protein through ready-to-drink shakes and protein powders rejected all seven cases by investors who had bought Credit Suisse additional tier-1 Neethi Lisa Rojan & HUL is chasing an opportunity that’s bonds through the bank, giv- Sowmya Ramasubramanian no longer restricted to traditional ing India’s largest private len- sports nutrition. Protein has increas- der by assets a favourable out- Mumbai/Bengaluru ingly moved into mainstream food and come in a dispute over alleged beverages, with dairy firms, large mis-selling of the securities. industan Unilever Lim- FMCG players, startups, and restaurant The Bahrain civil court has ited (HUL) has begun test- chains launching products for consum- issued favourable orders in The Bahrain civil court said investors failed to provide evidence ing whether Horlicks can ers seeking convenient ways to boost two cases on 9 September, to substantiate allegations or link losses to HDFC Bank. MINT carve out a place in India’s intake. Brands such as Wellbeing after rejecting five similar mat- increasingly crowded Nutrition, Tata 1mg, and Marico- ters between July and August, HDFC Bank said. AT1 bonds ing financial product. The protein market, first rolling out its backed Cosmix have also launched HDFC Bank said in a statement are high-risk bank securities investors said they repre- ready-to-drink protein shake in limited lower-priced packs and alternative for- on Thursday. that can be written down to sented about $12.5 million of trials in the June quarter before mats to expand the consumer base. The outcomes remove a set absorb losses when a lender an estimated $100 million expanding the range to protein pow- Established FMCG companies have of litigation involving allega- runs into financial distress. raised from customers ders in recent weeks. spent years building a presence here. tions that the bank mishan- The Bahrain decisions fol- between 2017 and 2019. The However, HUL's late entry into the Tata Consumer Products entered dled the sale of the high-risk low a March ruling by India’s product was pitched as a segment isn't dampening its ambitions. plant-based protein supplements via securities, which were wiped National Consumer Disputes unique investment opportu- Rajneet Kohli, executive director of Tata GoFit in 2022, and the company’s out during UBS Group AG’s Redressal Commission, which nity offering returns of 14-16%, HUL’s foods division, told Mint in an strategy includes protein as a ‘horizon’ takeover of Credit Suisse in dismissed complaints against according to members of the interview he is not concerned that category ripe for expansion. Amul has 2023. The seven investors HDFC Bank by investors in the group. startups and even established rivals also expanded into protein-enriched had alleged gross negligence, Credit Suisse AT1 bonds. The In September 2025, HDFC have moved ahead of Horlicks. offerings with protein dahi in August intentional misrepresenta- commission held that the bank Bank said the Dubai Financial “Being late to a party doesn’t mean 2024, high-protein kulfi in April 2025, tion, incorrect customer clas- had acted as a facilitator and Services Authority, the regula- that you’re not there,” Kohli said, add- and high-protein wheat flour in March sification, non-disclosure of the investors had full auton- tor of financial services in the ing that the market is still too large and While HUL is entering a crowded protein market, with only about 3% of Indian 2026, while Marico acquired plant- product features, misuse of omy to make their invest- Dubai International Financial underpenetrated for timing to be a households consuming protein products, it sees significant room for growth. MINT based brand Cosmix Wellness in Feb- financial leverage ments in CS AT1 Centre (DIFC), barred the major disadvantage. ruary. Meanwhile, many startups, such and violations of The Bahrain court Bonds as per their bank’s branch in the special HUL's food portfolio generated reve- projected to reach $221.98 million by by entering new categories. as Epigamia, The Whole Truth and product-suitabil- ruling follows an choice, the bank economic zone from conduct- nue of ₹14,061 crore in FY26, or 22% of 2031. The broader protein supple- “What remains to be seen is the exe- Fast&Up, are building brands across ity principles in NCDRC decision said ing any business with new cli- the company's total revenue. In 2023, ments market—including bars, ready- cution, consumer acceptance and the powders, bars, snacks and drinks. relation to their The bank said ents. Six months later, the in March 2026, HUL had said that Horlicks generates to-drink shakes and blended pow- time it takes to lift growth – the only For HUL, the appeal lies partly in the investments in it would support bank said its board committee dismissing similar annual revenues of over ₹2,000 crore. ders—was estimated at $912.9 million area the company pulled back from category's low market penetration. the bonds. customers where on governance pronounced complaint against Kohli said HUL wants to take protein in 2025 and is expected to grow to $1.58 sharing any guidance,” said a Nomura Instead of targeting only existing whey HDFC Bank required but staff accountability actions HDFC Bank beyond a relatively narrow sports and billion by 2034, according to market Research report dated 5 September. or sports-nutrition buyers, the com- said the Bahrain would not under- against a few employees, gym market and make it part of pany is betting on a broader audi- court found that write investments including terminating everyday nutrition. Horlicks Protein the whey ahead ence that has yet to include protein the investors had made on their employment of three of them. is being pitched on a combination of in its regular diet. failed to provide sufficient own judgement. “Therefore, Forme [Showing first 8,000 characters — download PDF for full document]