KAYA
Kaya financials
- Market cap
- ₹504 Cr
- Sector
- Consumer Services
- Calls analysed
- 2
Kaya Ltd Q1 FY26
What went well
- Clinic business registered a 7% collection growth over Q1 FY25.
- Clinic product business witnessed an 11% growth versus Q1 FY25.
- Services business registered a collection growth of 6% over Q1 FY25.
What to watch
- Standalone loss after tax and other comprehensive income was negative ₹14.2 crores in Q1 FY26, compared to a profit of ₹6.4 crores in Q1 FY25 (which included a one-time gain of ₹15.8 crores).
- Employee benefit cost rose to over ₹16.24 lakhs this quarter, driven by increments, productivity incentives, and new clinic contests.
What Kaya Ltd does
Kaya Limited runs a pan-India chain of dermatology clinics offering personalised skin, hair and body services such as anti-ageing treatment, acne and scar therapy, laser hair reduction, brightening and pigmentation treatment and body contouring, delivered by qualified dermatologists and beauty professionals. It also formulates and sells a Kaya-branded range of skin-care, hair-care and nutraceutical products (including the Kaya Nutra+ line) through its clinics. The company earns revenue from clinic service fees for treatments and from sale of its proprietary product portfolio.
Segments
- Skin Care
- Hair Care
- Body Care
- Nutraceuticals
- Clinics
- 75+
- Dermatologists
- 100+
- Cities
- 25+
- States
- 15
- Product portfolio
- 75+
- Cumulative clients served
- 35+ lakh (~3.5 million) beautified
Guidance record · Q1 FY26
what the last two calls moved 5 tracked 0 delivered 1 missed 4 open- Clinic Renovation Program went quiet said Q4 FY25 Promised: Program will continue into FY26 Q1 FY26: No update provided on renovations; focus shifted entirely to new machines and new clinics.
- Annual Profitability Improvement delayed said Q4 FY25 Promised: INR 18 crores annual improvement post rights issue (debt retirement) Q1 FY26: Fundraising strategy shifted to preferential allotment first; rights issue delayed, pushing back debt retirement timeline.
- New Clinic Additions on track said Q4 FY25 Promised: 7 clinics signed for FY26 Q1 FY26: Launched 2 in Q1, targeting 8 operational by Sep/Oct 2025.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 1.8%, net profit down 300.0% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52 | 53 | 58 | 55 | 53 +2% | 54 +2% | 60 +3% | 56 +2% |
| EBITDA | 6 | 6 | 5 | 2 | 4 −33% | -3 −150% | -11 −320% | -13 −750% |
| Net profit | 103 | -16 | 4 | -7 | -14 −114% | -19 −19% | -36 −1000% | -28 −300% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −18.1% 1Y
1Y: ₹405 on 10 Sept 2025 → ₹331.7. High ₹482.45 (23 Sept 2025), low ₹227.1 (3 Jun 2026).
Financials, as filed
Revenue fell 16.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to -10.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹377 Cr | ₹217 Cr | ₹218 Cr | ₹223 Cr |
| Operating profit | ₹-25 Cr | ₹-38 Cr | ₹19 Cr | ₹-23 Cr |
| Operating margin | -6.6% | -17.5% | 8.7% | -10.3% |
| Interest | ₹36 Cr | ₹26 Cr | ₹31 Cr | ₹35 Cr |
| Depreciation | ₹60 Cr | ₹37 Cr | ₹37 Cr | ₹45 Cr |
| Net profit | ₹-117 Cr | ₹-130 Cr | ₹84 Cr | ₹-97 Cr |
| Net margin | -31.0% | -59.9% | 38.5% | -43.5% |
| Cash from operations | ₹63 Cr | ₹39 Cr | ₹1 Cr | ₹21 Cr |
| Free cash flow | ₹39 Cr | ₹5 Cr | ₹-12 Cr | ₹-17 Cr |
| ROCE | -44.0% | -62.0% | -16.0% | -46.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹15 Cr | ₹15 Cr |
| Reserves | ₹41 Cr | ₹-15 Cr | ₹-117 Cr | ₹-240 Cr | ₹-108 Cr | ₹-168 Cr |
| Borrowings | ₹160 Cr | ₹204 Cr | ₹249 Cr | ₹301 Cr | ₹278 Cr | ₹296 Cr |
| Other liabilities | ₹153 Cr | ₹159 Cr | ₹225 Cr | ₹221 Cr | ₹123 Cr | ₹135 Cr |
| Total liabilities | ₹368 Cr | ₹361 Cr | ₹370 Cr | ₹295 Cr | ₹308 Cr | ₹278 Cr |
| Fixed assets | ₹279 Cr | ₹240 Cr | ₹217 Cr | ₹174 Cr | ₹184 Cr | ₹193 Cr |
| Capital work in progress | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹11 Cr | ₹26 Cr | ₹21 Cr | ₹29 Cr | ₹58 Cr | ₹39 Cr |
| Other assets | ₹77 Cr | ₹93 Cr | ₹130 Cr | ₹91 Cr | ₹66 Cr | ₹46 Cr |
| Total assets | ₹368 Cr | ₹361 Cr | ₹370 Cr | ₹295 Cr | ₹308 Cr | ₹278 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −8.21 pp while the public added +7.56 pp. The shareholder count shrank 8% to 18,043.
- Promoters
- 51.4%
- FIIs
- 0.7%
- DIIs
- 3.0%
- Public
- 44.9%
Since Jun 2025
- Promoters −8.21 pp
- Public +7.56 pp
- DIIs +0.90 pp
How it drifted, 12 quarters
Over this window promoters fell from 59.9% to 51.4% — −8.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 59.9%, FIIs 0.8%, DIIs 1.3%, Public 37.9%.Dec '23: Promoters 59.9%, FIIs 0.7%, DIIs 1.3%, Public 38.0%.Mar '24: Promoters 59.8%, FIIs 0.7%, DIIs 2.0%, Public 37.5%.Jun '24: Promoters 59.8%, FIIs 1.3%, DIIs 3.5%, Public 35.4%.Sep '24: Promoters 59.6%, FIIs 1.3%, DIIs 3.6%, Public 35.5%.Dec '24: Promoters 59.6%, FIIs 1.3%, DIIs 3.4%, Public 35.7%.Mar '25: Promoters 59.6%, FIIs 1.5%, DIIs 1.7%, Public 37.2%.Jun '25: Promoters 59.6%, FIIs 0.9%, DIIs 2.1%, Public 37.3%.Sep '25: Promoters 51.4%, FIIs 0.6%, DIIs 2.5%, Public 45.4%.Dec '25: Promoters 51.4%, FIIs 0.6%, DIIs 2.8%, Public 45.1%.Mar '26: Promoters 51.4%, FIIs 0.7%, DIIs 3.0%, Public 44.9%.Jun '26: Promoters 51.4%, FIIs 0.7%, DIIs 3.0%, Public 44.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kaya Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Axana Estates LLP | 13.76% | unchanged |
| Harsh C Mariwala with Late Kishore V Mariwala for Gemini Family Trust | 9.37% | unchanged |
| Harsh C Mariwala with Late Kishore V Mariwala for Taurus Family Trust | 9.37% | unchanged |
| Harsh C Mariwala with Rajen K Mariwala for Valentine Family Trust | 9.37% | unchanged |
| Harsh C Mariwala with Late Kishore V Mariwala for Acquarius Family Trust | 9.37% | unchanged |
| Harsh C Mariwala | 2.68% | unchanged |
| Rishabh H Mariwala | 1.73% | unchanged |
| Rajvi H Mariwala | 1.73% | unchanged |
| Ravindra K Mariwala | 1.64% | unchanged |
| Archana H Mariwala | 1.62% | unchanged |
| Rajen K Mariwala | 1.23% | unchanged |
| Ikigai Emerging Equity Fund AIF | 1.20% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q1 FY26 call →Learn to analyse Kaya Ltd
Guides on how to read this kind of business and the numbers that matter.