Analysts/Institutional Investor Meet/Con. Call Updates

Ref : GAJA/CS/39/2026-27 Date: November 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") – Transcript of earnings call – Q2 FY27 – Financial Results Dear Sir/Ma’am, We refer to our intimation dated October 30, 2026, informing about the conference call (audio con-call) to be hosted by the Company on November 04, 2026, to discuss the financial results for the quarter and Half Year ended September 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 Wednesday, November 04, 2026, for the Unaudited Consolidated and Standalone Financial Results for the quarter and Half Year ended September 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 “Gaja Alternative Asset Management Limited Q2 & H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. RANJIT SHAH – EXECUTIVE VICE CHAIRMAN – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. GOPAL JAIN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. IMRAN JAFAR – EXECUTIVE DIRECTOR – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MR. ABHINAV JAIN – CHIEF FINANCIAL OFFICER – GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED MODERATOR: MR. DIWAKAR PINGLE – EY Page 1 of 14 Gaja Alternative Asset Management Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Gaja Alternative Asset Management Q2 H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there'll be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. I now hand the conference over to Mr. Diwakar Pingle from EY. Thank you and over to you. Diwakar Pingle: Thank you so much. Good evening everyone and welcome to the Earnings Call of Gaja Alternative Asset Management Limited. The company has published its results and uploaded the investor presentations on the exchanges earlier today. Before we start, a disclaimer. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ from those anticipated. Such statements are made on management beliefs and assumptions based on information currently available to the management. Audiences are cautioned not to place undue reliance on these forward-looking statements while making their investment decisions. On that note, let me introduce you to the management today we have with us Mr. Ranjit Shah, Executive Vice Chairman, Mr. Gopal Jain, Managing Director and Chief Executive Officer, and Mr. Abhinav Jain, Chief Financial Officer, and other members of the team. Without further ado, I'd like to hand over the call to the management. Thank you, and over to you. Ranjit Shah: Good evening, everyone. I'm Ranjit Shah, Executive Vice Chairman, and with me are Gopal Jain, Managing Director, Imran Jafar, Executive Director, and Abhinav Jain, Chief Financial Officer. Once again, good evening and thank you for joining our results call for the second quarter and the first half of FY26-'27. These are our second quarterly results as a listed pure- play alternatives asset management company and the first in which a quarter-end balance sheet reflects the proceeds of our IPO. Some of you joined our first call in September, and some of you are engaging with our business for the first time. We have therefore kept the same structure as our last call, a short introduction to who we are and what we do, the key highlights of the quarter and the half-year, and a slide- by-slide walkthrough of the investor presentation which covers how our platform operates and earns. Page 2 of 14 Gaja Alternative Asset Management Limited November 04, 2026 Let me start with who we are- Gaja Alternative AMC is a fund manager of AIFs and an advisor to offshore funds that invest in high-growth, innovation-led mid-market companies in India. Since 2005, we have raised four funds in our flagship strategy with more than INR4,200 crores of committed capital invested across multiple market cycles and generated an average gross multiple of 3.8x across our mature funds. We are now raising a 5th fund for our flagship strategy while diversifying into a new strategy- secondaries. For those who are new to the company, a word on why we are public. India's savings pool is growing fast, as the growth of the mutual fund industry shows. Yet, alternatives, meaning private equity and venture capital investments in unlisted businesses, remain accessible to a very small share of investors because alternative investment funds are restricted to qualified investors. A listed alternatives AMC changes that. Any investor can now own the manager and with it the economics of every fund the platform raises. This follows a proven global playbook. Listed alternative asset managers have created substantial value for their shareholders since they began listing nearly 20 years ago, and institutional AMCs are very much preferred by institutional LPs or fund investors, making fundraising faster and less expensive. We covered the IPO in detail on our last call, so I will only recap it. We listed on 26th August 2026. The offer was INR550 crores including a fresh issue of INR450 crores and was subscribed 32.8x. The net proceeds are being used to make sponsor commitments to Fund IV, Fund V, and Eastgate Secondaries and for general corporate purposes. And Slide 23 of our investor presentation shows how much of that has been deployed so far. How the IPO has strengthened our balance sheet and what that means for our capacity to grow is one of the main themes of today's call, and I will come to it in the highlights. Let us look at the key highlights for the quarter and the half-year ended 30th September 2026. You would have read the press release, the investor presentation, and the financials which were uploaded earlier today. I refer to Slide 3 of the investor presentation and to the income statements on Slides 18 to 20. Firstly, for the second quarter, total income was INR65.5 crores, up 26% on the first quarter, and profit after tax was INR64.7 crore, up 138% on the first quarter and 54% on the same quarter last year. In the first half of '26-'27, we earned a total income of INR117.3 crores compared to INR110.4 crores in the first half of last year, a growth of 6%, and a profit after tax of INR91.9 crores compared to INR62.1 crores, a growth of 48%. And for the 12 months ended September 2026, total income was INR164.8 crores, a growth of 5% year-on-year, and profit after tax was INR111.8 crores, a growth of 28%. Our cost-to-income ratio for the half year was 29% against 38% a year ago. Our first half performance shows the strength of the underlying franchise, and I would draw out four [Showing first 8,000 characters — download PDF for full document]