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Awaiting price reaction for this filing.
Kerala Ayurveda Ltd (KAL) reported FY25 consolidated revenue of Rs. 137.2 Crs, up 22% year-on-year, with adjusted EBITDA turning positive at Rs. 3.1 Crs despite heavy investments in marketing, talent, and technology. However, the company posted a net loss of Rs. 13.95 Crs versus Rs. 56 Lakhs loss in FY24, driven by Rs. 13.5 Crs in talent costs, Rs. 6 Crs in capex, Rs. 6 Crs in digital marketing, and Rs. 6.2 Crs in ESOP provisioning done for the first time. Strong segments included the US business (51% growth), Academy (52%), Wellness Center (47%), and Ayurvedagram Bali (71%). India E-commerce grew 21% for the year, with Q4 accelerating to 37%. The company has set an ambitious target to double growth to 50% revenue growth in FY26 and plans to raise funds to support investments in digital, international expansion, premium products, and new clinic rollouts.
Strong revenue growth across key segments is a positive signal, but the deepening losses and first-time ESOP provision may concern existing shareholders. The fundraise plan to fuel 50% growth in FY26 could lead to dilution. Watch for execution on digital scaling, the Bali JV contribution (~Rs. 20 Crs), and whether the growth investments translate to profitability next year.