Kaya Ltd, once Marico’s pampered child, is now a 540-crore market cap “skincare hospital” that somehow manages to burn cash faster than your dermatologist burns moles. With 90+ clinics, 60+ products, and presence in India + Middle East, the company sells “confidence in a jar.” But behind the glow serum lies a scary balance sheet: negative net worth, repeat losses, and debt that looks like acne you can’t pop.
2. Introduction
Picture this: You walk into a Kaya clinic. Soft lighting, clinical white walls, a doctor who convinces you laser treatment is better than your mother’s home remedy of haldi + besan. You swipe your credit card, walk out glowing. Kaya collects your money. Sounds like a flawless business, right?
Wrong.
The problem isn’t with the service. It’s the numbers. Kaya has consistently looked like that Instagram influencer who’s perfect in selfies but drowning in EMIs behind the scenes. With sales shrinking over the years, operating profits see-sawing like an Indian soap opera, and losses tattooed on the P&L, Kaya looks more like a patient than a doctor.
The promoters (who once held nearly 60%) have cut their stake to ~51%, FIIs don’t care (sub-1%), and DIIs only dabble for fun. The only loyalists are retail bagholders hoping one day Kaya becomes the “Nykaa of skincare.” Until then, Kaya’s clinics remain full of customers, but its accounts remain full of red ink.
3. Business Model (WTF Do They Even Do?)
Kaya makes money (well, tries to) in two ways:
Services (88% of FY23 revenue):
Laser hair removal (because waxing is apparently “middle class”).
Pigmentation & acne scar treatments.
Hair loss solutions (including transplants – mostly for men in midlife crisis).
Beauty facials, body contouring, anti-aging etc.
Products (12% of FY23 revenue):
Anti-aging creams, acne care, sunscreens, moisturizers, whitening creams (because we still haven’t unlearned fairness obsession).
Sold across 130+ retail outlets (Shoppers Stop, Lifestyle, Central, Health & Glow) and on e-commerce (Nykaa, Amazon, Flipkart).
Geographically, 54% revenue comes from exports (Middle East clinics in Dubai, Riyadh, Muscat etc.), 46% from India. But in FY23, they sold off two subsidiaries in UAE (Minal Medical Centre + MMC Skin Clinic) – basically trimming fat but still dieting.
So Kaya is half clinic operator, half cosmetic product seller. Unfortunately, both halves bleed cash.
4. Financials Overview
Quarterly Numbers (Q1 FY26 vs YoY & QoQ):
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹53 Cr
₹52 Cr
₹55 Cr
+1.9%
-3.6%
EBITDA
₹4 Cr
₹6 Cr
₹2 Cr
-33.3%
+100%
PAT
-₹14.1 Cr
₹-11.9 Cr*
₹-5.4 Cr
Loss widened
Loss widened
EPS (₹)
-10.8
-11.9
-5.4
Not meaningful
Not meaningful
*YoY had a “one-time other income” which artificially looked better.
Commentary: Revenue is flat like an undercooked dosa. EBITDA barely covers dermatologist salaries. PAT is in chronic negative, meaning “P/E not meaningful.” EV/EBITDA of 34x is comedy gold — investors paying premium for losses.
