Opening Hook When your dermatologist prescribes patience instead of quick fixes, you know you’re in Kaya’s earnings call. Revenue ticked up just 1% YoY to ₹52.8 crore, but the bottom line crashed into a ₹14.2 crore loss (vs. ₹6.4 crore profit in Q1FY25, inflated by a one-time gain). Services like acne, hair care, and anti-aging grew 6%–20%, but corporate overheads sucked out all clinic-level EBITDA glow. The irony? Customer NPS sits at 90, while investor NPS (Net Profit Score) is firmly negative. With preferential issues and expansion plans in motion, the big question is whether Kaya can turn vanity metrics into actual vanity profits.
At a Glance • Revenue ₹52.8 cr – barely grew, like a reluctant hair follicle • Clinic services +6% YoY – acne & hair care leading growth • Products +11% YoY – bath, body & nutraceuticals doing the heavy lifting • Net loss ₹14.2 cr – one-time gains last year made comps uglier • NPS score 90 – clients glowing, investors frowning • 2 new clinics opened – Bangalore & Noida, both with 5-star Google reviews
Management’s Key Commentary “Our clinic business grew 7% YoY.” → Translation: growth just enough to pay the light bill. “Hair care and pigmentation services grew 20% and 13%.” → Translation: at least hair and skin still have hope. “NPS at 90 shows strong customer love.” → Translation: clients love us, auditors don’t. “Loss after tax was ₹14.2 cr vs. profit of ₹6.4 cr last year.” → Translation: reality hurts when one-time fairy dust is gone. “We added 31 new dermatology machines.” → Translation: capex therapy while cashflow bleeds. “Kaya Smiles loyalty drove 90% of collections.” → Translation: customers smiling, investors grinding teeth.
