1. At a Glance – Botox for the Face, Paracetamol for the P&L
Kaya Ltd is trading at ₹351, giving it a market cap of ~₹533 crore, which is impressive for a company whose book value is a proud ₹-60.9 (yes, negative). In the last 3 months the stock is down ~21%, yet on a 1-year basis it’s up ~24%, which tells you exactly how confused the market is.
Latest Q3 FY26 (Dec 2025) numbers show revenue of ₹60 crore, up a sleepy 3.3% YoY, while PAT crashed to –₹36 crore, a –167% YoY deterioration. ROCE sits at –2.5%, OPM at –4.2%, and EV/EBITDA at a meme-worthy 460×.
Debt stands at ₹278 crore, current ratio is 0.77, interest coverage is –1.17, and the company survives largely on promoter patience and periodic fund-raising injections.
In short: glowing skin, dark balance sheet. Curious already? You should be.
2. Introduction – From Marico’s Baby to Capital Market Adulting Crisis
Kaya started life in 2003 as a premium skincare division of Marico Limited. Back then, the idea was simple: Indians will pay for dermatology-backed beauty if you put it in a white coat and price it confidently.
The brand spun off as a listed entity, expanded aggressively across India and the Middle East, and built a clinic-led service model where services contribute ~88% of revenue, products the rest.
Fast-forward to FY26 and the story reads less like Vogue and more like an auditor’s nightmare. Losses are persistent, net worth is negative, working capital is negative, promoters have reduced stake over time, and management churn has become a quarterly ritual.
Yet, the company still has brand recall, 90+ clinics across 4 countries, and
a category (aesthetic dermatology) that is structurally growing. So why is the financial face full of scars? Let’s dig.
3. Business Model – WTF Do They Even Do?
Kaya operates a clinic-led dermatology and aesthetic services model. Think laser hair removal, acne treatment, pigmentation correction, anti-ageing procedures, hair loss solutions, and body contouring.
The target audience is primarily urban women, with selective male offerings like hair transplants. The clinics are doctor-led, equipment-heavy, and capex-intensive. Every new machine promises smoother skin and rougher cash flows.
Alongside services, Kaya sells branded skincare and nutraceutical products through 130+ retail outlets, departmental stores like Shopper Stop and Lifestyle, and e-commerce platforms such as Nykaa, Amazon, and its own website.
Geographically, exports (largely Middle East) contribute ~54% of FY23 revenue, India ~46%. This international exposure gives brand prestige but also FX, regulatory, and operating complexity.
Here’s the catch:
- Clinics have high fixed costs
- Utilisation is volatile
- Consumer discretionary spending is cyclical
- Marketing spends are non-negotiable
Result: operating leverage works beautifully on PowerPoint, disastrously in reality.
4. Financials Overview – Quarterly Reality Check
Quarterly Comparison Table (₹ crore)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 60.0 | 58.0 | 54.0 | 3.3% | 11.1% |
| EBITDA | –11.0 | 5.0 | –3.0 | NA | NA |
| PAT | –36.0 | 4.0 | –19.0 | –167% | –89% |
| EPS (₹) | –23.41 | 2.81 | –12.35 | NA | NA |
