Gaja Alternative Asset Q2 FY27 Results (NSE: GAJA)
Signal: Revenue declined
The read
The quarter's PAT growth is low-quality: attributable PAT rose 55.5% YoY to ₹6,299.07 lakh even as operating revenue fell 43.9% to ₹3,844.10 lakh, with ₹2,275.04 lakh of sponsor-commitment income and a ₹1,499.43 lakh deferred-tax credit doing much of the work; IPO dilution also limited EPS growth to 40.9%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹38.44 Cr | -43.9% | +145.9% |
| Net profit | ₹64.66 Cr | +54.0% | |
| EPS | ₹5.06 | +40.9% |
P&L walk
Revenue from operations fell 43.9% YoY to ₹3,844.10 lakh, but total income declined only 5.3% to ₹6,551.06 lakh because sponsor-commitment income contributed ₹2,275.04 lakh; PAT rose 54.0% to ₹6,466.41 lakh, aided by a ₹1,499.43 lakh deferred-tax credit.
Segments
Overseas generated ₹4,744.22 lakh of total income versus ₹1,806.85 lakh from India, but Overseas declined 23.5% YoY while India increased 152.9%; the filing provides no segment result split.
Key positives
- Borrowings fell to ₹244.57 lakh from ₹4,155.48 lakh at March 31, 2026, leaving cash, cash equivalents and bank balances of ₹45,071.99 lakh.
- Total expenses declined 39.2% YoY to ₹1,471.60 lakh, with employee benefits down 8.9% and other expenses down 81.8%.
- India total income rose 152.9% YoY to ₹1,806.85 lakh, partly offsetting a 23.5% decline in Overseas total income to ₹4,744.22 lakh.
- The company declared an interim dividend of ₹0.50 per share for FY27.
Key concerns
- Revenue from operations fell 43.9% YoY to ₹3,844.10 lakh, while PAT growth depended on ₹2,275.04 lakh of sponsor-commitment income and a ₹1,499.43 lakh deferred-tax credit.
- Operating cash flow turned negative at ₹3,829.32 lakh in H1FY27 versus positive ₹7,692.72 lakh in H1FY26, while trade receivables rose to ₹3,921.97 lakh from ₹1,785.57 lakh.
- EPS growth of 40.9% lagged attributable PAT growth of 55.5% following the IPO share issuance.
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