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Can Gaja Alternative Asset Management IPO deliver long-term growth for high-risk investors?

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Can Gaja Alternative Asset Management IPO deliver long-term growth for high-risk investors?
ET Intelligence Group: Gaja Alternative Asset Management, which manages and advises India-focused investment funds, plans to raise ₹450 crore through a fresh issue to fund its investments in existing and new funds and repay loan. Additionally, it will raise ₹100 crore through an offer for sale. The promoter stake will fall to 54% after the IPO, from 71% currently. The company has generated an average multiple on invested capital (MOIC) of 3.3 times across prior investments and funds, implying strong investment returns. However, its earnings are dependent on fund performance and its business is exposed to regulatory changes. Given these factors, the issue appears to be suitable for long-term investors with a higher risk tolerance.

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Incorporated in 1999, the company invests in sectors including education, energy and environment, financial services, consumer and digital technology. Its investment approach is focused on the mid-market segment, comprising deal size of ₹50-250 crore. The Limited Partners (or investors) of Gaja Capital funds are spread across 20 countries including India, the US, Europe and the Middle East. It derives income from management fee, carried interest, which refers to share of profits from successful investments, and income from sponsor commitment. Income from sponsor commitments represents gains on the company’s own capital invested in the funds. As of March 31, 2026, it has committed about ₹274 crore, or 6.4% of the total size of the Gaja Capital Funds. The carried interest accounted for nearly 48% of total income in FY26. Any weak investment performance will affect the carried interest and sponsor related income. According to Crisil, the assets under management for alternative investments in India are expected to grow at 25-27% to reach ₹41 lakh crore-44 lakh crore by March 2030.

Returns speak a lot for Gaja as funding stays a risky betET Bureau

The firm’s past success and a fast-growing market provide comfort while the nature of its revenue mix calls for a measured approach

Financials

Revenue increased to ₹158 crore in FY26 from ₹104 crore in FY24. Net profit grew to ₹82 crore in FY26 from ₹45 crore in FY24. Net margin rose to 52% from 43% during the period, reflecting operating leverage as cost-to-income ratio fell to 44.6% in FY26 from 52.3% in FY25. Across its three funds, MOIC has ranged from 1.7 times to 3.8 times. MOIC shows how much an investment has grown compared with the amount originally invested. The return on equity increased to 16.5% in FY26 from 14.5% in FY24.Read more: Anthropic pre-IPO credit facility set to climb past $10 billion

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Valuation

As the first standalone private equity firm to list on the exchanges, Gaja Alternative Asset Management has no direct listed peers. The IPO is priced at a P/E multiple of 27.5 times, compared with P/E multiples of around 25-40 times for listed asset management companies (AMCs).

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Heartflow CMO Campbell Rogers sells $380k in shares

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Heartflow CMO Campbell Rogers sells $380k in shares

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How old industrial building demolition could spur town’s regeneration

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Authority says mill clearance will pave way for housing schemes

Regent Mill on St James Street in Heywood.

Regent Mill, on St James Street in Heywood(Image: Google Maps)

An old mill in Heywood will be demolished to make way for Heywood’s regeneration.

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Regent Mill is an industrial complex rather than the typical historic cotton mill you see dominating the skylines of Rochdalian towns. But the bulldozing of this deteriorating building on St James Street could unlock a wider vision for Heywood.

Rochdale council, who are carrying out the demolition work, say they hope to bring forward plans to build around 200 new homes in this area of the town.

These homes are expected to be more affordable homes. No timeline for when this could happen has been set out.

Once the former tile merchant has been levelled, it would facilitate housing schemes to come forward, according to the local authority. This would link into Heywood’s ongoing regeneration.

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A fresh new Heywood Civic has already been completed. This has been accompanied by the makeover to Peine Square on the Civic’s doorstep.

Some £20m of the government’s Pride in Place funding is currently being spent, with grant applications for local businesses expected to be open soon. This would bring further cash directly to local organisations to better the area.

Coun Danny Meredith, cabinet member for regeneration and housing at Rochdale Borough Council, said: “The demolition of Regent Mill is part of the wider regeneration of this part of Heywood, as part of our masterplan. This will see us work with partners to transform brownfield sites around the town centre into new, high-quality much needed social homes for local people.

“Over time, we hope to bring forward more than 200 homes on and around the Regent Mill area. So where we now have empty sites, which are not visually appealing, we will have fantastic new homes to help address our housing shortage and give the whole area a lift.

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“We have already seen considerable regeneration within Heywood town centre and this project will continue this redevelopment and further support local families.”

There are some concerns about the demolition work raised by highways teams. Highways explained that recent demolitions of properties in this area ‘have caused damage to highways surfaces causing significant risk to pedestrians’.

Planning papers described how the council intends to fence off the demolition site, including debris netting and site signage to protect pedestrians and the roads.

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Walmart (WMT) Q2 2027 earnings

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Walmart (WMT) Q2 2027 earnings

Walmart logo sign is seen in Chicago, Illinois, Aug. 3, 2026.

Marcin Golba | Nurphoto | Getty Images

Walmart is expected to report fiscal second-quarter earnings before the bell on Thursday and offer its latest read on the health of the U.S. consumer.

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The retailer, which has been leaning into prioritizing value for its lower-income cohort while winning over more high-income shoppers, has been largely insulated from macroeconomic pressures. However, the company has previously said it’s seeing the divide between income groups widen.

As the largest U.S. retailer, Walmart can offer a unique perspective on consumer behavior.

Here’s how the company is expected to perform, based on a survey of analysts by LSEG:

  • Earnings per share: 74 cents expected
  • Revenue: $186.77 billion expected

Last quarter, the retailer issued a worse outlook than Wall Street expected for the year due to soaring gas prices and lower consumer confidence. Its fiscal first quarter was only the third time in 16 quarters that Walmart did not beat quarterly earnings expectations.

Chief Financial Officer John David Rainey previously told CNBC he believed higher tax refunds may have “muted” some of the pressure on consumers during the first few months of the year.

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“It’s something that we’re keeping a close eye on, but that expectation is built into our guidance for the second quarter,” Rainey said at the time.

Analysts at Bernstein wrote in a late July note that they believe Walmart is experiencing a slowdown in comparable sales due to “the lapping of tariff-driven price increases,” which helped to increase revenue.

“This, combined with price cut talks from grocers, weak read-across from peers and ongoing inflationary pressure on the low-income consumer has created an elevated level of uncertainty,” they wrote.

Nonetheless, the analysts said they still see Walmart in “a strong fundamental position” with its pricing, assortment and delivery.

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The retailer is also expected to offer some color on how tariff refunds shaped its business in the quarter.

Competitor Target said on Wednesday that its quarterly results included a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. Home improvement retailers Home Depot and Lowe’s also reported increases to earnings from those refunds, with Home Depot adding that $685 million of its refunds were used to reduce the cost of goods sold.

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Noumi Limited (NOUMF) Q4 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Michael Perich
CEO & MD

Good morning, and welcome to the presentation for the full year results for Noumi Limited for the financial year of 2026. I’m Michael Perich, Group CEO. And today, I’m joined by Noumi Chair, Genevieve Gregor, and I’d like to welcome our Group CFO, Iain Short, for his first call for Noumi.

It’s a pleasure to be with you today, and thank you for joining the call. We’ve uploaded the relevant materials to the ASX. You can navigate to the slides as you choose or follow on the screen. [Operator Instructions]

I will focus on the overview of the results and discuss the key elements of the progress of the company during the year. This will be followed by our strategy for the upcoming period. Iain will follow with the financial performance for the period, followed by closing remarks. Genevieve will take you through the Scheme Implementation Deed. We’ll then move to Q&A at the completion of the formal presentation.

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The key messages for today’s call is, consistent execution of our strategy is delivering results. I’m proud of the progress we are making as we execute our plans, but there is more to do. As you will see in the results, FY ’26 is another year of consistent progress for Noumi with modest growth in revenue and underlying earnings, delivered alongside deliberate investment in brands, people and capabilities. These results were delivered in a challenging period with a number of external factors impacting the results.

Investments into our brands delivered revenue growth. Solid adjusted operating

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Fredon acquisition propels NRW revenue

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Fredon acquisition propels NRW revenue

NRW Holdings boss Jules Pemberton has heralded the company’s “transformational step” in acquiring Sydney-based contractor Fredon during FY26.

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Emeco Holdings Limited (EOHDF) Q4 2026 Earnings Call Prepared Remarks Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Thank you for standing by, and welcome to the Emeco Holdings Limited Full Year Results. [Operator Instructions] I would now like to hand the conference over to Mr. Ian Testrow, CEO and Managing Director. Please go ahead.

Ian Testrow
MD, CEO & Executive Director

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Good morning, and thank you for joining the call. With me today are Theresa Mlikota, our Chief Financial Officer; and Stephanie Ottens, our General Manager, Investor Relations.

I’ll start by touching on our results and important highlights from this past financial year and also cover our strong history of returns, followed by our outlook for FY ’27. I’ll then provide further detail on our individual segment performance. Theresa will take you through the detailed financial results before I finish with a closing summary and an opportunity for questions.

I’ll open with safety as it’s our top priority. Our goal remains to operate a zero harm workplace and the engagement of every Emeco employee in the safe work practices is important to achieving this outcome. Our total recordable injury frequency rate decreased to 2.3 at the end of the financial year, reflecting continued progress in identifying risk, learning from incidents and driving ongoing improvement in workplace safety. Regrettably, we recorded 1 lost time injury during the year, a reminder that we can never be complacent on why leadership and continuous improvement in safety is so important.

On environment, this year marked a significant milestone in Emeco’s sustainability reporting, completing our first mandatory climate-related disclosures under the new legislative framework. Emeco’s operational greenhouse gas emissions remained low at 4,555 tonnes of CO2 equivalent and primarily relate to diesel consumption

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Vicinity’s profit up, Galleria set for November opening

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Vicinity’s profit up, Galleria set for November opening

The shopping centre giant has delivered its FY26 results, with a 39 per cent increase in profit to $1.39 billion.

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Pinterest director Gokul Rajaram sells $24,181 in shares

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Pinterest director Gokul Rajaram sells $24,181 in shares

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Balance key on advocacy tightrope

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Balance key on advocacy tightrope

The art of advocacy remains critical to business progress in WA.

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PayPal: Get Ready For A New Takeover Offer From Stripe/Advent (NASDAQ:PYPL)

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PayPal: Get Ready For A New Takeover Offer From Stripe/Advent (NASDAQ:PYPL)

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I am interested in a lot of technology and AI stocks like Google, Nvidia, AMD, Tesla and Amazon.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of PYPL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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