At a Glance
Kaya Ltd reported Q1 FY26 revenue of ₹53 Cr (flat YoY) but posted a loss of ₹14.1 Cr, compared to a profit last year boosted by one-time gains. Clinic collections grew 7%, but costs slapped margins harder than an over-enthusiastic spa treatment. The board also approved a ₹75 Cr preferential issue for expansion – because why not burn investor money in style?
Introduction
Once the go-to chain for wealthy millennials seeking to “glow”, Kaya today is glowing red – literally on its balance sheet. The brand, born out of Marico, still enjoys a strong presence in India and the Middle East, but the numbers? They’re like acne – stubborn and recurring. Investors expecting a miracle serum here might need patience (and maybe therapy).
Business Model (WTF Do They Even Do?)
- Segments: Skin care, hair care products, clinic-based services.
- Geography: India + Middle East (UAE, Oman, Saudi).
- Revenue Mix: Largely clinic-driven (~90%), rest from products.
- USP: Premium skincare brand with in-house dermatologists and cosmetic products.
Roast: They sell “solutions” for anti-aging, but their financials keep aging badly.
Financials Overview
Q1 FY26 Highlights
- Revenue: ₹53 Cr
- EBITDA: ₹4 Cr (7% margin)
- PAT: -₹14 Cr (EPS -₹10.76)
FY25 Recap
- Revenue: ₹218 Cr
- PAT: -₹33 Cr
- ROCE: -2.5%
- Book Value: -₹106 (yes, negative, like your portfolio if you hold this too long)
Commentary: Kaya’s revenues barely move while losses seem to love them more than customers love their facials.
Valuation
1. P/E Method
- EPS negative → P/E not meaningful.
2. EV/EBITDA
- EBITDA ₹16 Cr × 6 → EV ₹96 Cr vs mcap ₹567 Cr
