Key Takeaways
- • Gaja Alternative Asset Management traded at Rs 139.98 on the NSE on 19 October 2026, with a market capitalisation of Rs 1,977 Cr, according to Univest.
- • The stock's P/E of 22.18x sits below the two-peer average of 30.53x but above the 17.70x Asset Management industry P/E.
- • Return on equity of 13.13% trails the 27.55% peer average, with HDFC Asset Management Company at 30.97% and Aditya Birla Sun Life AMC at 24.13%.
- • Debt to equity of 0.09 is above the 0.01 peer average, and the stock trades about 27% below its 52-week high of Rs 191.65 and about 5% above its 52-week low of Rs 133.00.
- • The article's own framing is that the 'best stock' label depends on whether an investor prioritises returns, valuation or balance sheet strength, and the peer comparison covers only two companies.
Summary
Univest's analysis examines Gaja Alternative Asset Management Ltd, a New Delhi-headquartered alternative asset manager incorporated in 1999 as View Advisors Pvt Ltd. The company acts as investment manager for India-focused Category I and Category II alternative investment funds and advises offshore funds investing in Indian companies. Its latest fund, Fund IV, was formed in FY 2021 and had made six investments and deployed 62% of its capital as of 30 September 2025, per the article.
The stock traded at Rs 139.98 on the NSE on 19 October 2026, with a market capitalisation of Rs 1,977 Cr, EPS (TTM) of Rs 6.32, a P/B ratio of 1.87 and no dividend yield. The article notes the shares trade below the Rs 152 to Rs 160 price band of the company's August 2026 IPO.
Against two named peers, HDFC Asset Management Company (P/E 33.19x, ROE 30.97%, debt to equity 0.00) and Aditya Birla Sun Life AMC (P/E 27.87x, ROE 24.13%, debt to equity 0.02), Gaja's valuation is lower but its return profile is weaker. Univest itself cautions that a two-company average is only a rough guide. The article also points out that Gaja's market capitalisation is considerably smaller than both peers.
Univest identifies fundraising for new funds, performance of existing investments and fees on assets under management as the main revenue drivers. It flags modest ROE and a share price below the IPO band as key considerations, with the company needing steady fundraising and investment exits to justify a premium to the industry P/E. The article is educational in intent and recommends independent research or consultation with a SEBI-registered advisor.
The stock traded at Rs 139.98 on the NSE on 19 October 2026, with a market capitalisation of Rs 1,977 Cr, EPS (TTM) of Rs 6.32, a P/B ratio of 1.87 and no dividend yield. The article notes the shares trade below the Rs 152 to Rs 160 price band of the company's August 2026 IPO.
Against two named peers, HDFC Asset Management Company (P/E 33.19x, ROE 30.97%, debt to equity 0.00) and Aditya Birla Sun Life AMC (P/E 27.87x, ROE 24.13%, debt to equity 0.02), Gaja's valuation is lower but its return profile is weaker. Univest itself cautions that a two-company average is only a rough guide. The article also points out that Gaja's market capitalisation is considerably smaller than both peers.
Univest identifies fundraising for new funds, performance of existing investments and fees on assets under management as the main revenue drivers. It flags modest ROE and a share price below the IPO band as key considerations, with the company needing steady fundraising and investment exits to justify a premium to the industry P/E. The article is educational in intent and recommends independent research or consultation with a SEBI-registered advisor.
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