Analysts/Institutional Investor Meet/Con. Call Updates

Ref : GAJA/CS/19/2026-27 Date: September 17, 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") – Transcript of earnings call – Q1 FY27 – Financial Results Dear Sir/Ma’am, We refer to our intimation dated September 04, 2026, informing about the conference call (audio con-call) to be hosted by the Company on September 10, 2026, to discuss the financial results for the quarter ended June 30, 2026. Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Conference call held on Thursday, September 10, 2026, for the Unaudited Consolidated and Standalone Financial Results for the quarter ended June 30, 2026. The said transcript is also available on the website of the Company 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 Encl: a/a 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 “Gaja Alternative Asset Management Limited Q1 FY27 Earnings Conference Call” September 10, 2026 MANAGEMENT: MR. GOPAL JAIN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. RANJIT SHAH – EXECUTIVE VICE-CHAIRMAN – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. ABHINAV JAIN – CHIEF FINANCIAL OFFICER – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. IMRAN JAFAR – EXECUTIVE DIRECTOR – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. SUSHANE CHOPRA – PARTNER – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED Page 1 of 17 Gaja Alternative Asset Management Limited September 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 Earnings Conference Call of Gaja Alternative Asset Management Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal the operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. At this time, I would like to hand over the conference to Mr. Gopal Jain. Thank you, and over to you, sir. Gopal Jain: Thank you. Good afternoon, everyone. I'm Gopal Jain. With me are Ranjit Shah, Executive Vice- Chair; Abhinav Jain, Chief Financial Officer of the company; my Executive Director, Imran Jafar; and Sushane Chopra, a Partner in the firm. Thank you for joining our results call. This is our first quarterly result call as a listed company. Who is Gaja Capital? Gaja Alternative AMC is a fund manager of alternative funds. In India, these are constituted as AIFs. We are also an adviser to offshore funds. Over the last 22 years, we've built a global franchise across 20 countries. And over the next, hopefully, 20 years, we aim to build a globally significant private equity firm from India. Our funds invest in high-growth, innovation-led, mid-market companies in India. And the mature funds have generated 3.8x multiple on invested capital. Our first few funds were top- decile funds. Our latest funds are top-quartile funds. We are now on track to raise our fifth fund. And what do we do? What do we earn as a fund manager? As a fund manager, we earn multiple streams of income - management fee, carried interest, sponsor gain - and all of this generates a profit pool for the company. Our profits have grown between March '24 to March '26 from INR45 crores to roughly INR82 crores. So, our historical profit trend-line has been 35%, our total income trend-line has been 23%. Alternatives, this term is used to describe venture capital, private equity, other forms of alternatives, have grown 43x in India in the last 10 years. In the next 10 years, they are expected to grow 6x to about a USD1 trillion. However very few retail investors can invest in AIFs. And also, relatively few institutional investors are permitted or have the expertise to invest in these funds. Gaja Capital has emerged as the first pipe that connects India's savings system to India's alternatives. This has been done globally very successfully. Some of the world's top private equity firms are listed. They have outperformed mutual fund managers. They have outperformed their underlying funds, and they trade at much higher multiples than mutual fund managers. Recently, we completed our IPO. Between the pre-IPO and the IPO, we've raised INR575 crores of primary capital for growth. Our IPO was well received, 33x oversubscribed. We received close to 1.7 million applications. We had very strong institutional interest. May I say, that this has significantly expanded our brand in the country. We believe we have emerged as the preeminent national brand in this industry, and in some ways have become synonymous with the fastest-growing part of India's financial services industry. Page 2 of 17 Gaja Alternative Asset Management Limited September 10, 2026 I'll now take you through some of the key highlights of the quarter on Slide number 3. Our total income for the first quarter in the current financial year '26-'27 grew 26% year-on-year to INR51.8 crores. On a last 12-month basis, ended June '26, our total income grew 39% to INR168.4 crores. Coming to PAT for the first quarter, on a quarter-on-quarter basis, our profit grew 35%, which is the same quarter of '26-'27 compared to quarter of '25-'26. For the quarter, our profit is INR27.2 crores. On a last 12-month basis, our profits grew 38% to INR89.1 crores. Some other highlights. We've declared a dividend of 15%, INR0.75 per share. So, we'll welcome every shareholder with a dividend. Our payout ratio has been increased from last year of about 10% to 12.5%. We also received approval from SEBI for the launch of our next fund, Fund V. And as a matter of hygiene, just to inform everyone that our previous auditor maxed out, and we'll be appointing PW, Price Waterhouse, as the statutory auditors for the company going forward. With these broad comments, it's my pleasure to hand over the mic to Mr. Ranjit Shah, the Vice-Chair, Executive Vice-Chair of the company. Ranjit Shah: Thank you, Gopal. And we will take you through the presentation that has been uploaded today. We'll basically do it in two parts. One is to explain the business further, and then we'll do the financials, and of course, we'll follow that with the Q&A. So, I want to take you to Slide 4, Page 4 in our slide presentation. And as Gopal had mentioned, we've been operating for 22 years now. We've focused on investing in Indian mid-market businesses, backing ambitious entrepreneurs. The founding team has been together since 2006. We set ourselves apart by capturing 100% of the economics of the platform. And post-IPO, the team holds more than 68% ownership of the AMC, which is a very significant holding. Our alignment with investors comes directly from th [Showing first 8,000 characters — download PDF for full document]