“Bullish on Gaja Alternative Asset Management Limited, citing its first-mover advantage in the AIF segment, differentiated business model, and scalable, asset-light platform. Strong FY26 performance with 28% income growth and 32.2% PAT increase, robust 60% EBITDA margins, and 16% ROE support the view. The company is well-positioned for structural growth in India’s underpenetrated alternative investment industry, with valuations at 23.4x EV/EBITDA and 27.5x P/E appearing reasonable. Expects 10-12% listing gains and recommends for long-term investors with a multi-year horizon.”