Investor Presentation

Ref : GAJA/CS/32/2026-27 Date: November 04, 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") – Investor Presentation on the Un-audited Financial Results for the quarter and Half Year ended September 30, 2026 Dear Sir/Ma’am, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investor Presentation on the Un-audited Financial Results (Consolidated and Standalone) for the quarter and Half Year ended September 30, 2026, to be made at the conference call scheduled on Wednesday, November 04, 2026, from 05:30 p.m IST to 06:30 p.m. (IST). This disclosure and the Investor Presentation 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 Gaja Alternative Asset Management Limited Investor Presentation | Q2 FY27 | November 2026 What’s inside? 01 Executive Summary Page 3 02 Company Overview Pages 4–11 Key financial and business highlights for Q2 FY27 and H1 Sep’26 Gaja Capital at a glance, team, market opportunity and platform ■ Income and profit growth ■ Balance sheet and net worth ■ At a glance ■ Board of directors and team ■ Interim dividend ■ New funds ■ Platform and track record ■ Industry opportunity ■ Key differentiators 03 Business Model & Value Creation Pages 12–15 04 Operating & Financial Updates Pages 16–23 Platform economics and the next phase of growth Earnings and financial metrics for the quarter, half-year and LTM ■ Four drivers of Income ■ Income build-up over fund lifecycle ■ Fund level updates ■ Key financial highlights ■ IPO advantage ■ Platform and new funds ■ Income statement ■ Balance sheet snapshot ■ Key financial ratios ■ IPO funds’ utilization Key Highlights | Q2 FY27 & H1 Sep’26 Ø Total Income for Q2 FY26-27 was INR 65.5 Cr – up 26% compared to Q1 FY26-27 Ø Total Income for the half-year period ended September 2026 was INR 117.3 Cr – up 6% compared to same period last year Ø PAT for Q2 FY26-27 was INR 64.7 Cr – up 138% compared to Q1 FY26-27 Ø PAT for the half-year period ended September 2026 was INR 91.9 Cr – up 48% compared to same period last year Ø Net worth increased significantly to INR 1,106.2 Cr as of September 2026, up 92% over INR 574.6 Cr as of September 2025 Ø Debt-free balance sheet with cash and liquid investments of INR 690 Cr as of September 2026 Ø Dividend (interim) of 10% @ INR 0.50 per share declared for the Financial Year 2026-27 Ø Dividend for the previous financial year, announced last quarter, stood at 15% @ INR 0.75 per share Ø New funds, Fund V and Eastgate Secondaries Fund I, making steady progress towards their capital raising targets Gaja Capital at a glance: positioned to build a leading alternatives platform Top-tier Financial progression 1 22 years 2 performance Earnings growth supported by strong margins and net-worth accretion (₹ crore) Building Indian private First-quartile track record 43% 50% 52% markets for over two across all funds decades 158 165 104 112 3 20+ countries 4 Listed platform FY24 FY25 FY26 LTM Sep'26 Global investor franchise Robust governance and Total Income PAT PAT Margin with ~300 LPs capital access 14% 17% 16% 13% 1,106 Strong financial Multi-strategy 607 profile roadmap 332 389 Cash-rich balance sheet Flagship private equity and highly profitable and secondaries live FY24 FY25 FY26 H1 FY27 Net Worth RoE H1 FY27 net worth as of 30 September 2026 includes IPO proceeds; RoE shown for H1 FY27 is based on LTM September 2026. Experienced team with a strong track record and robust platform governance GAAML Board: Non-executive and independent directors U.K. Sinha Manish Sabharwal Prithvi Haldea Arindam Bhattacharya Shailesh Haribhakti Shital Kakkar Mehra Non-executive Chairman; Non-executive Director; Chairman, Non-executive Director; Founder & Independent Director; Independent Director; Independent Director; Ex-Chairman, SEBI TeamLease; ex-Independent Director, RBI Chairman, Prime Database Former India Head, BCG Chairman, Haribhakti & Co Co-founder, Katalyst Leadership: A seasoned, cycle-tested and growing partnership Gopal Jain Ranjit Shah Imran Jafar Abhinav Jain Sushane Chopra Dheeraj Devata Managing Partner Managing Partner Managing Partner General Partner Partner Partner IIT | 34 yrs U-Michigan/IIT | 44 yrs IIM/BITS | 27 yrs ISB/CA | 19 yrs IIM/IIT | 18 yrs Columbia/CA | 16 yrs Operating and Strategic Advisors Mauritius Board Sourabh Banerji Sanjay Patel Aseem Chandra Himanshu Shah Riaz Currimjee Director; Portfolio Manager, Chairman, Apollo Enterprise Co-founder, Immersa.ai; ex-SVP, Ex-Senior Director, Gaja Capital; Director; Founder & Managing Columbia Threadneedle Strategies; New York Adobe Systems; Palo Alto Mumbai Partner, Surya Capital Investments Founders together since 2005, combining investment discipline, institutional continuity and aligned ownership Gaja Capital: A multi-strategy alternatives platform Public shareholders Own shares like any listed stock, participating in economics of the AMC across all funds Gaja Alternative Asset Management Limited Earns management fees, carried interest and income from sponsor commitment Flagship Private Equity Strategy Eastgate Future strategies Growth and buyout capital since 2005 Secondaries New investment strategies Fund I Fund II Fund III Fund IV Fund V Eastgate Fund I Realised Exiting Exiting Investing Raising Raising Vintage Vintage Vintage Vintage Vintage Vintage 2005 2008 2016 2023 2027-28 2027-28 New strategies under development Fund size Fund size Fund size Fund size Target size Target size ₹21 Cr ₹902 Cr ₹1,598 Cr ₹1,775 Cr ₹2,500 Cr ₹1,500 Cr IRR vs industry IRR vs industry IRR vs industry IRR vs industry 1st Quartile¹ 1st Quartile² 1st Quartile³ 1st Quartile³ Vintage = year of final close. Fund I invested on a deal-by-deal basis, 2005–07. Quartile ranking on gross IRR: ¹Management estimate; ²Pitchbook; ³As per latest Nifty AIF Benchmarking Reports. Alternatives: AIFs are scaling rapidly and outpacing traditional asset classes AIF COMMITMENTS (₹ TRILLION) GROWTH MULTIPLE, FY19–FY26 29.2% CAGR | FY19–FY26 25–27% CAGR | FY26–FY30P Bank deposits 2.1x ₹125.7 → 260.8 tn 41.0–44.0 Mutual fund AUM 3.3x ₹24.5 → 81.5 tn AIF commitments 6.0x 16.9 ₹2.8 → 16.9 tn 13.5 11.3 6.4 AIF commitments expanded 6.0x—nearly 3x the 2.8 growth multiple of bank deposits. FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY30P Source: Crisil Intelligence Domestic institutions are opening up to alternatives: the next wave of capital Large domestic pools vs alternatives today (₹ trillion) What is changing Pensions NPS permitted to invest in Category I and II AIFs from January 2026. Active Bank deposits 260.8 commitments to AIFs started from October 2026 Insurers Mutual funds 81.5 Permitted within regulatory limits; exposure still nascen [Showing first 8,000 characters — download PDF for full document]