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Kerala Ayurveda's board approved multiple items on February 12, 2026. First, unaudited Q3 FY26 standalone revenue grew to Rs. 22.07 crore (vs Rs. 19.35 crore YoY), but 9M FY26 standalone loss widened to Rs. 6.81 crore (vs Rs. 1.92 crore loss YoY). Consolidated 9M FY26 revenue stood at Rs. 96.41 crore with a loss of Rs. 8.93 crore. Second, the company will issue 6,30,000 equity shares at Rs. 327.99 each (totalling Rs. 20.66 crore) to Katra Holding Pvt Ltd (promoter group) to convert an existing unsecured loan into equity. Third, Kerala Ayurveda will acquire the remaining 26% stake in subsidiary Ayurvedagram Heritage Wellness Centre for about Rs. 10 crore, paid via 304,887 shares (share swap), making Ayurvedagram a wholly-owned subsidiary. Ayurvedagram posted Rs. 13.42 crore turnover and Rs. 2.85 crore PAT in FY25. An EGM is set for March 14, 2026, and 12,868 ESOPs were granted to employees.
Dilution is limited (~5% from the loan conversion plus ~1.2% each to the two Ayurvedagram sellers) and largely offset by debt reduction and full ownership of a profitable subsidiary. However, the widening quarterly losses and negative EPS (-Rs. 5.76 standalone, -Rs. 7.29 consolidated for 9M FY26) signal continued stress on profitability that shareholders should monitor.