Copy of Newspaper Publication

Ref : GAJA/CS/35/2026-27 Date: November 05, 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, Dalal Street, Fort, Complex Bandra [E], Mumbai – 400051 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 and half year ended September 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 include 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. Thanking you, Yours faithfully, For GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED Ishu Jain Company Secretary & 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 Corporate 05 Thursday, 5 November 2026 Mumbai LIVEMINT.COM Capital not Post-subsidy, EV makers see GCCs power office default Reit leasing as IT lower costs as key to profits venue for demand cools dispute: HC Madhurima Nandy Krishna Yadav madhurima.n@htlive.com krishna.yadav@livemint.com Electric vehicles now account for over 10% of two-wheeler sales and 8% of car sales bengaluru new delhi India's office real estate New Delhi may no longer investment trusts or Reits, be an easy first stop for Ayaan Kartik which are the largest owners companies fighting ayaan.kartik@livemint.com of commercial workspaces in brand infringement cases. new delhi the country, saw a sharp rise in The Delhi high court demand and leasing during returned 17 intellectual prop- ndia’s big-ticket electric vehicle (EV) April-September, led by global erty (IP) suits on Tuesday, subsidies have an expiry date: 31 capability centres (GCCs), warning businesses against March 2028. And at least two auto despite the blip caused by the choosing the national capital giants, Bajaj Auto Ltd and Tata West Asia war. Higher leasing has boosted simply because it is a conve- Motors Ltd, have begun preparing GCCs account for a larger occupancy across Reits. MINT nient place to fight legal battles. for life after it. share of leasing across cities even The court described such The preparation comes as analysts and as uncertainty over artificial establishing higher-value func- practices as “forum shopping” investors begin to question the readiness intelligence (AI) and its potential tions across engineering, R&D, and “litigation tourism.” of companies to deal with the withdrawal impact on office demand looms. AI and analytics. This reflects a Justice Purushaindra Kumar of incentives in less than 18 months as EV The increased leasing by GCCs structural shift in India's office Kaurav returned the cases profitability is supported by taxpayer- also comes at a time when demand towards higher-value involving companies such as backed schemes now. demand from IT services firms, global operations,” Amit Shetty, Nivea, Kajaria Ceramics, Mar- Senior executives at both companies, once the largest office occupiers, CEO, Embassy Reit told Mint. ico, Zydus Wellness and JSW which are among the beneficiaries of the has shrunk. Of the 1.6 million sq ft Brook- MG Motor India. government's production-linked incentive India has six listed Reits— field India Real Estate Trust The court said companies (PLI) scheme and PM E Drive, have indi- focused on office assets and one (Biret) leased in the September cannot file cases in Delhi cated that reducing manufacturing costs on retail—backed by global asset quarter, GCCs accounted for 51%. merely because rival products will be key to profitability once the incen- managers such as Blackstone and The firm said lease renewals and are available online, websites tives are reduced. The withdrawal of gov- Independent analysts have flagged the risks to EV profitability once government support begins to decline. MINT Brookfield, and leading office expansions by high-quality GCC can be accessed in the city or ernment support in the US and China had developers. Together, they man- tenants demonstrated their stick- products ordered by investiga- led to a decline in EV sales in those coun- while its research and development pipe- executive officer Girish Wagh said the recently tied up with Amazon for the age over 200 mil- iness, according to tors are delivered here. They tries, prompting a closer look at whether line was already working towards the next company was satisfied with its current EV deployment of 3,000 electric trucks, add- lion sq ft of Grade A GCCs share of an earnings pre- must show that the dispute has the trend could be repeated in India. round of cost savings in electric products. margin structure after accounting for PLI ing to its efforts to scale up electric com- office and retail leasing in H1FY27 sentation this week. a genuine connection with EV sales have surged in the country, Bajaj Auto reported EV revenue of benefits."We are happy with the margin mercial mobility. assets in India. rose to 83% from Mindspace Busi- Delhi. with two-wheelers crossing the 10% mark almost ₹5,500 crore in the first half of structure currently, but we continue to Independent analysts have flagged the For Embassy ness Parks Reit has 61% in H1FY26, “As a matter of principle as and cars exceeding 8% of vehicle sales. FY27, accounting for about 34% of its improve on these further because we cer- risks to EV profitability once govern- Office Parks Reit, seen GCC share of reinforcing their well, allowing jurisdiction to be Bajaj Auto's chief financial officer Dinesh domestic revenue. Its Chetak electric tainly want to get prepared for the post- ment support begins to decline. HSBC GCCs accounted leasing rising to role as a key conferred through transactions Thapar said the PLI scheme had con- Global Investment Research said in for 85% of total 52% compared to entered into between an investi- tributed to an improvement in the pli scheme a report in September that India's EV leasing in the July- demand driver 48% two years ago. gator of the plaintiff and a given company's EV profitability, but it was adoption faced two structural chal- September quarter, In contrast, IT ser- defendant seems unjust and already working to reduce costs and BAJAJ AUTO and BAJAJ AUTO says TATA MOTORS is HSBC estimates EV lenges: the potential cut in subsidies up from 56% in the vices leasing has unfair. Allowing this to happen prepare for its eventual withdrawal. Tata Motors are PLI benefits have looking to scale up subsidies could and the difficulty of lowering manu- year-ago corresponding quarter. dropped to 21% from 24%. The preparing for the boosted EV electric commercial decline by at least would allow litigants to engage “There is a fair amount of work that facturing costs through localization. Their share of leasing in the company counts several GCCs of withdrawal of EV profitability and vehicles, including 50% over the next in forum shopping and litigation is happening on looking at the plat- incentives by March. improv [Showing first 8,000 characters — download PDF for full document]