NSE: KAYA · BSE: 539276
KAYA LIMITED
Operates a dermatology and skincare clinic chain across India and sells related wellness products. Total net revenue stood at ₹22,248 lakh in FY26, up 2% year on year, while clinic collections reached ₹25,533 lakh. Q4 FY26 clinic revenue grew 7%, led by Acne & Scars treatments up 52%, Haircare up 20% and Brightening & Pigmentation up 28%; the product business grew 21% in the same quarter. Despite this top-line stability, the company posted a net loss of ₹9,617.31 lakh for FY26 — nearly triple the prior year's ₹3,336.77 lakh loss — and shareholders' reserves turned negative at ₹(16,794.97) lakh. The largest cost bucket is 'other operating expenses' at 74.1% of revenue, with employee costs at 31.5% and depreciation at 19.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Clinic services, Product sales. Service-heavy dermatology and wellness chain with persistent losses
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 324 | 377 | 404 | 217 | 222 |
| EBITDA (ex other income) | (2) | (25) | (43) | 18 | (25) |
| margin % | (0.5) | (6.6) | (10.7) | 8.2 | (11.3) |
| Owners' profit | (69) | (116) | (129) | 84 | (96) |
| EPS, as reported (₹) | (52.69) | (89.15) | (98.91) | 63.95 | (66.67) |
| ROE % · ROCE % | 6635.4 · (31.7) | 112.8 · (66.2) | 57.2 · (984.7) | (60.0) · (2.9) | 63.0 · (57.4) |
| Debt / equity (x) | (84.10) | (1.38) | (0.78) | (1.20) | (1.07) |
| Cash from operations | 30 | 63 | 39 | 1 | 21 |
| Capex | (16) | (25) | (36) | (30) | (41) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 61 | 53 | 58 | 55 | 53 | 54 | 60 | 56 |
| Profit before tax | (6) | (11) | (11) | (11) | (14) | (19) | (36) | (28) |
| Net profit | 103 | (16) | 4 | (7) | (14) | (19) | (36) | (28) |
| EPS (₹) | 78.60 | (11.97) | 2.81 | (5.36) | (10.76) | (13.18) | (23.41) | (18.28) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JEENA SIKHO LIFECARE LTD | 4,323 | 18.3 | 9.26 | 12.0 | 47.5 | 52.2 | — | 47.4 |
| KAYA LIMITED ◆ | 468 | — | — | — | 63.0 | (91.1) | (4.1) | (12.4) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | (91.1) | 5.4 | 101 of 101 | 0% |
| EBITDA margin | (12.4) | 23.4 | 78 of 85 | 8% |
| Revenue growth | 2.0 | 12.1 | 64 of 89 | 28% |
| Profit growth | (295.3) | 17.5 | 78 of 83 | 6% |
| Market cap | 468 | 303 | 45 of 103 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Kaya gets NSE/BSE nod for Rs 50 Cr preferential share issue to non-promoters | fund raising | medium | — | — |
| 14 Oct 2026 · BSE and NSE give in-principle nod for 4 lakh shares under Kaya ESOP 2021 | capital market events | low | — | — |
| 12 Oct 2026 · Kaya files quarterly demat compliance certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 29 Sept 2026 · Kaya clarifies on 18.24 lakh share preferential issue to non-promoters | fund raising | high | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 23 Sept 2026 · Kaya clarifies non-submission of consolidated results for Q1 FY27 | regulatory legal | medium | — | — |
| 8 Sept 2026 · NSE seeks clarification on missing Q1 FY27 consolidated results | regulatory legal | high | — | — |
| 7 Sept 2026 · EGM results: preferential share issue and key director appointments approved | board shareholder meetings | low | — | — |
| 5 Sept 2026 · EGM proceedings - preferential share issue, leadership change, ESOP amendments | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Kaya Limited: VP and Head IT resigns, last day November 30 | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.