Summary of quarterly results filing for Kaya Ltd published on 20 May, 2026
Kaya Limited – Financial Results Analysis
1. Auditor’s Note
- The Statutory Auditors have issued unmodified (clean) audit opinions on both the standalone and consolidated financial results for the year ended 31 March 2026.
- No qualifications, concerns, or issues were raised by the auditors.
- Emphasis of Matter: Both standalone and consolidated financial statements have been prepared on a going concern basis, supported by financial backing from the promoter group and available funds.
- The auditors confirm compliance with applicable Indian Accounting Standards and regulatory requirements.
2. Financial Performance
2.1 Standalone Financial Results (₹ Lakhs)
| Particulars | Q4 FY26 (31 Mar 2026) | Q3 FY26 (31 Dec 2025) | Q4 FY25 (31 Mar 2025) | FY26 (Year ended 31 Mar 2026) | FY25 (Year ended 31 Mar 2025) |
|---|---|---|---|---|---|
| Income | |||||
| Revenue from operations | 5,579.92 | 6,003.66 | 5,468.72 | 22,247.55 | 21,742.30 |
| Other income (Note 7) | 200.04 | 166.22 | 444.99 | 868.20 | 1,705.40 |
| Total income | 5,779.96 | 6,169.88 | 5,913.71 | 23,115.75 | 23,447.70 |
| Expenses | |||||
| Cost of materials consumed | 287.13 | 218.20 | 379.76 | 863.52 | 1,177.68 |
| Purchase of stock-in-trade | 88.12 | 136.94 | 74.72 | 460.02 | 293.83 |
| Changes in inventories (finished goods, WIP, stock-in-trade) | 12.56 | (120.40) | 70.33 | (183.19) | 58.46 |
| Employee benefits expense | 1,755.93 | 1,810.65 | 1,595.31 | 7,005.06 | 6,076.29 |
| Finance costs | 920.30 | 901.69 | 786.94 | 3,562.26 | 3,065.81 |
| Depreciation and amortisation expense | 1,162.49 | 1,156.00 | 944.93 | 4,401.44 | 3,764.09 |
| Impairment losses / (reversal) on Non-current Investment (Note 7) | - | - | 15.25 | - | (75.83) |
| (Gain) / loss on sale of non-current investments (Note 7) | - | - | (236.02) | - | 164.70 |
| Impairment losses on Property, Plant and Equipment (Note 11) | 1,176.58 | - | - | 1,176.58 | - |
| Consumption of stores and spares | 832.01 | 1,125.96 | 783.80 | 3,678.30 | 3,473.60 |
| Other expenses | 2,695.70 | 3,976.48 | 2,196.02 | 11,619.78 | 8,100.13 |
| Total expenses | 8,930.82 | 9,205.52 | 6,611.04 | 32,588.77 | 26,098.76 |
| (Loss) before exceptional items and tax (1 - 2) | (3,150.86) | (3,035.64) | (697.33) | (9,468.02) | (2,651.06) |
| Exceptional items | |||||
| Impact of Labour Codes (Note 9) | (374.13) | 519.23 | - | 145.10 | - |
| (Loss) before tax (3 - 4) | (2,776.73) | (3,554.87) | (697.33) | (9,613.12) | (2,651.06) |
| Tax expense | |||||
| Current tax | - | - | - | - | - |
| Deferred tax | - | - | - | - | - |
| Total tax expense | - | - | - | - | - |
| Net loss for the period (5 - 6) | (2,776.73) | (3,554.87) | (697.33) | (9,613.12) | (2,651.06) |
| Other comprehensive income / (loss) | |||||
| Items that will not be reclassified to profit or loss | 6.85 | (66.15) | (14.85) | (23.82) | (39.04) |
| Tax on above | - | - | - | - | - |
| Items that will be reclassified to profit or loss | - | - | - | - | - |
| Tax on above | - | - | - | - | - |
| Total other comprehensive (loss) | 6.85 | (66.15) | (14.85) | (23.82) | (39.04) |
| Total comprehensive (loss) for the period (7 + 8) | (2,714.88) | (3,621.02) | (712.18) | (9,636.94) | (2,690.10) |
| Paid-up equity share capital | 1,518.76 | 1,518.76 | 1,309.75 | 1,518.76 | 1,309.75 |
| Face value per equity share (Rs.) | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Earnings per equity share (Basic) (Rs.) | (18.28) | (23.41) | (5.33) | (66.64) | (20.26) |
| Earnings per equity share (Diluted) (Rs.) | (18.28) | (23.41) | (5.33) | (66.64) | (20.26) |
2.2 Consolidated Financial Results (₹ Lakhs)
| Particulars | Q4 FY26 (31 Mar 2026) | Q3 FY26 (31 Dec 2025) | Q4 FY25 (31 Mar 2025) | FY26 (Year ended 31 Mar 2026) | FY25 (Year ended 31 Mar 2025) |
|---|---|---|---|---|---|
| Income | |||||
| Revenue from operations | 5,579.92 | 6,003.66 | 5,468.72 | 22,247.55 | 21,716.83 |
| Other income (Note 7) | 199.72 | 166.40 | 444.99 | 869.32 | 1,705.40 |
| Total income | 5,779.64 | 6,170.06 | 5,913.71 | 23,116.87 | 23,422.23 |
| Expenses | |||||
| Cost of materials consumed | 287.13 | 218.20 | 379.75 | 863.52 | 1,177.68 |
| Purchase of stock-in-trade | 88.12 | 136.94 | 74.72 | 460.02 | 293.83 |
| Changes in inventories (finished goods, WIP, stock-in-trade) | 12.56 | (120.40) | 70.33 | (183.19) | 58.46 |
| Employee benefits expense | 1,755.93 | 1,810.65 | 1,595.31 | 7,005.06 | 6,076.28 |
| Finance costs | 920.30 | 901.69 | 786.95 | 3,562.26 | 3,065.81 |
| Depreciation and amortisation expense | 1,162.49 | 1,156.00 | 944.93 | 4,401.44 | 3,764.09 |
| Impairment losses on Property, Plant and Equipment (Note 10) | 1,176.58 | - | - | 1,176.58 | - |
| Consumption of stores and spares | 832.01 | 1,125.96 | 783.80 | 3,678.30 | 3,473.60 |
| Other expenses | 2,695.44 | 3,977.45 | 2,394.15 | 11,625.09 | 8,849.25 |
| Total expenses | 8,930.56 | 9,206.49 | 7,029.94 | 32,589.08 | 26,759.00 |
| (Loss) before exceptional items and tax (1 - 2) | (3,150.92) | (3,036.43) | (1,116.23) | (9,472.21) | (3,336.77) |
| Exceptional items | |||||
| Impact of Labour Codes (Note 8) | (374.13) | 519.23 | - | 145.10 | - |
| (Loss) before tax (3 - 4) | (2,776.79) | (3,555.66) | (1,116.23) | (9,617.31) | (3,336.77) |
| Tax expense | |||||
| Current tax | - | - | - | - | - |
| Deferred tax | - | - | - | - | - |
| Total tax expense | - | - | - | - | - |
| (Loss) for the period for continuing operations (5 - 6) | (2,776.79) | (3,555.66) | (1,116.23) | (9,617.31) | (3,336.77) |
| Discontinued operations (Note 7) | |||||
| (Loss) for the period for discontinued operations | - | - | - | - | (1,195.39) |
| Exceptional items - Gain on sale of discontinued operations | - | - | 413.79 | - | 12,899.69 |
| Tax Expense of discontinued operations | - | - | - | - | - |
| (Loss) / Profit from discontinued operations | - | - | 413.79 | - | 11,704.30 |
| (Loss) / Profit for the period (7 + 8) | (2,776.79) | (3,555.66) | (702.44) | (9,617.31) | 8,367.53 |
| Other comprehensive income / (loss) (gross of tax) | |||||
| Items that will not be reclassified to profit or loss | 61.85 | (66.15) | (14.84) | (23.82) | (39.04) |
| Items that will be reclassified to profit or loss | - | - | 5.12 | - | 79.17 |
| Total other comprehensive income / (loss) (net of income tax) | 61.85 | (66.15) | (9.72) | (23.82) | 21.31 |
| Total comprehensive income / (loss) for the period (9 + 10) | (2,714.94) | (3,621.81) | (712.16) | (9,641.13) | 8,388.84 |
| Paid-up equity share capital | 1,518.76 | 1,518.76 | 1,309.75 | 1,518.76 | 1,309.75 |
| Face value per equity share (Rs.) | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Earnings per equity share (Basic) - Continuing operations (Rs.) | (18.28) | (23.41) | (8.52) | (66.67) | (25.50) |
| Earnings per equity share (Diluted) - Continuing operations (Rs.) | (18.28) | (23.41) | (8.52) | (66.67) | (25.50) |
| Earnings per equity share (Basic) - Discontinued operations (Rs.) | - | - | 3.16 | - | 89.45 |
| Earnings per equity share (Diluted) - Discontinued operations (Rs.) | - | - | 3.16 | - | 89.44 |
| Earnings per equity share (Basic) - Continuing & Discontinued (Rs.) | (18.28) | (23.41) | (5.36) | (66.67) | 63.95 |
| Earnings per equity share (Diluted) - Continuing & Discontinued (Rs.) | (18.28) | (23.41) | (5.36) | (66.67) | 63.94 |
3. Detailed Notes and Management Commentary
- Going Concern: Both standalone and consolidated results prepared on going concern basis, supported by promoter group financial support and available funds.
- Labour Codes Impact: The company recognized an exceptional item of ₹145.10 lakhs in FY26 related to the impact of new Labour Codes effective 1 March 2026. This is a regulatory-driven, non-recurring impact.
- Impairment: An impairment loss of ₹1,176.58 lakhs was recognized on a Cash Generating Unit (CGU) based on value-in-use assessment.
- Discontinued Operations: Sale of Middle East business (Kaya Middle East DMCC and Kaya Middle East FZE) completed in FY25, with a gain on sale of ₹12,899.69 lakhs recognized in FY25 consolidated results. These operations are classified as discontinued.
- Loan Extension: Board approved extension of loans from promoters amounting to ₹16.19 crores each for 7 years with unchanged terms.
- Preferential Equity Issue: ₹7,500 lakhs raised via preferential allotment to Axana Estates LLP in August 2025 for strategic expansion including new clinics, renovations, and new machines.
- Provision for EPFO Liability: Provision of ₹2,353.27 lakhs made for pending EPFO liability related to employee allowances.
- Voluntary Liquidation: Wholly owned subsidiary KME Holdings Pte. Ltd. completed voluntary liquidation on 22 April 2026.
- Barsha Clinic Relocation: Income of ₹326.02 lakhs recognized as other income related to Barsha clinic relocation cost.
- Loss on Loss of Control: Loss of ₹1.95 lakhs recognized on loss of control of subsidiary during liquidation.
- Accounting Policies: No changes reported; results prepared as per Ind AS and SEBI Listing Regulations.
4. Segment Information
- The Group and Company operate in a single operating segment: Skin Care and Hair Care Business as per Ind AS 108.
- No further segmental financial breakdown provided.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure:
- Standalone: ₹4,064.78 lakhs spent on property, plant and equipment in FY26 (up from ₹2,821.71 lakhs in FY25).
- Consolidated: ₹4,064.78 lakhs in FY26 (up from ₹2,977.70 lakhs in FY25).
- Ongoing/Planned Projects:
- Capital infusion from preferential equity issue to fund new clinics, relocation, renovation, and new machines.
- Impairments:
- ₹1,176.58 lakhs impairment loss on CGU recognized in FY26.
- Acquisitions/Disposals:
- Completion of sale and liquidation of Middle East subsidiaries (discontinued operations).
- Voluntary liquidation of KME Holdings Pte. Ltd. completed April 2026.
- Restructuring/Cost-cutting:
- No explicit restructuring or cost-cutting measures disclosed beyond labour code impact and loan extensions.
6. Standalone vs Consolidated
| Aspect | Standalone | Consolidated |
|---|---|---|
| Financials | Provided for all periods | Provided for all periods |
| Income | Revenue from operations and other income slightly higher in standalone vs consolidated (minor differences) | Includes subsidiaries and joint ventures |
| Expenses | Similar expense line items; impairment losses and exceptional items consistent | Includes impairment losses, discontinued operations, and exceptional items |
| Net Loss | Standalone net loss FY26: ₹(9,613.12) lakhs | Consolidated net loss FY26: ₹(9,617.31) lakhs |
| EPS | Standalone Basic FY26: (₹66.64) | Consolidated Basic FY26: (₹66.67) |
| Cash & Cash Equivalents (FY26) | ₹138.70 lakhs | ₹138.70 lakhs |
| Total Assets (FY26) | ₹27,790.96 lakhs | ₹27,790.96 lakhs |
| Total Equity (FY26) | ₹(15,276.21) lakhs | ₹(15,276.21) lakhs |
Summary
- Kaya Limited reported significant losses in FY26 both standalone and consolidated, with net loss around ₹96-97 crores.
- The company continues to receive financial support from promoters and has raised ₹75 crores via preferential equity issue for expansion.
- The Middle East business was sold and classified as discontinued operations with a large gain recognized in FY25.
- The company recognized a material impairment loss of ₹11.7 crores on CGU and a labour code related exceptional charge of ₹1.45 crores in FY26.
- No tax expense recognized due to losses.
- The company maintains a negative net worth (other equity negative) indicating accumulated losses.
- Going concern assumption is supported by promoter funding and management plans.
- No auditor qualifications or concerns.
- Single business segment: Skin Care and Hair Care.
- Capital expenditure increased in FY26, funded partly by equity infusion.
- Loan extensions from promoters approved for 7 years.
Tables for Quick Reference
Standalone Income Statement (₹ Lakhs)
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Revenue from operations | 5,579.92 | 6,003.66 | 5,468.72 | 22,247.55 | 21,742.30 |
| Other income | 200.04 | 166.22 | 444.99 | 868.20 | 1,705.40 |
| Total income | 5,779.96 | 6,169.88 | 5,913.71 | 23,115.75 | 23,447.70 |
| Cost of materials consumed | 287.13 | 218.20 | 379.76 | 863.52 | 1,177.68 |
| Purchase of stock-in-trade | 88.12 | 136.94 | 74.72 | 460.02 | 293.83 |
| Changes in inventories | 12.56 | (120.40) | 70.33 | (183.19) | 58.46 |
| Employee benefits expense | 1,755.93 | 1,810.65 | 1,595.31 | 7,005.06 | 6,076.29 |
| Finance costs | 920.30 | 901.69 | 786.94 | 3,562.26 | 3,065.81 |
| Depreciation & amortisation | 1,162.49 | 1,156.00 | 944.93 | 4,401.44 | 3,764.09 |
| Impairment losses on PPE | 1,176.58 | - | - | 1,176.58 | - |
| Consumption of stores & spares | 832.01 | 1,125.96 | 783.80 | 3,678.30 | 3,473.60 |
| Other expenses | 2,695.70 | 3,976.48 | 2,196.02 | 11,619.78 | 8,100.13 |
| Total expenses | 8,930.82 | 9,205.52 | 6,611.04 | 32,588.77 | 26,098.76 |
| (Loss) before exceptional items & tax | (3,150.86) | (3,035.64) | (697.33) | (9,468.02) | (2,651.06) |
| Exceptional items (Labour Codes) | (374.13) | 519.23 | - | 145.10 | - |
| (Loss) before tax | (2,776.73) | (3,554.87) | (697.33) | (9,613.12) | (2,651.06) |
| Tax expense | - | - | - | - | - |
| Net loss | (2,776.73) | (3,554.87) | (697.33) | (9,613.12) | (2,651.06) |
| Other comprehensive income/(loss) | 6.85 | (66.15) | (14.85) | (23.82) | (39.04) |
| Total comprehensive loss | (2,714.88) | (3,621.02) | (712.18) | (9,636.94) | (2,690.10) |
| EPS Basic (Rs.) | (18.28) | (23.41) | (5.33) | (66.64) | (20.26) |
Consolidated Income Statement (₹ Lakhs)
| Particulars | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Revenue from operations | 5,579.92 | 6,003.66 | 5,468.72 | 22,247.55 | 21,716.83 |
| Other income | 199.72 | 166.40 | 444.99 | 869.32 | 1,705.40 |
| Total income | 5,779.64 | 6,170.06 | 5,913.71 | 23,116.87 | 23,422.23 |
| Cost of materials consumed | 287.13 | 218.20 | 379.75 | 863.52 | 1,177.68 |
| Purchase of stock-in-trade | 88.12 | 136.94 | 74.72 | 460.02 | 293.83 |
| Changes in inventories | 12.56 | (120.40) | 70.33 | (183.19) | 58.46 |
| Employee benefits expense | 1,755.93 | 1,810.65 | 1,595.31 | 7,005.06 | 6,076.28 |
| Finance costs | 920.30 | 901.69 | 786.95 | 3,562.26 | 3,065.81 |
| Depreciation & amortisation | 1,162.49 | 1,156.00 | 944.93 | 4,401.44 | 3,764.09 |
| Impairment losses on PPE | 1,176.58 | - | - | 1,176.58 | - |
| Consumption of stores & spares | 832.01 | 1,125.96 | 783.80 | 3,678.30 | 3,473.60 |
| Other expenses | 2,695.44 | 3,977.45 | 2,394.15 | 11,625.09 | 8,849.25 |
| Total expenses | 8,930.56 | 9,206.49 | 7,029.94 | 32,589.08 | 26,759.00 |
| (Loss) before exceptional items & tax | (3,150.92) | (3,036.43) | (1,116.23) | (9,472.21) | (3,336.77) |
| Exceptional items (Labour Codes) | (374.13) | 519.23 | - | 145.10 | - |
| (Loss) before tax | (2,776.79) | (3,555.66) | (1,116.23) | (9,617.31) | (3,336.77) |
| Tax expense | - | - | - | - | - |
| Loss for continuing operations | (2,776.79) | (3,555.66) | (1,116.23) | (9,617.31) | (3,336.77) |
| Discontinued operations (net) | - | - | 413.79 | - | 11,704.30 |
| (Loss) / Profit for the period | (2,776.79) | (3,555.66) | (702.44) | (9,617.31) | 8,367.53 |
| Other comprehensive income/(loss) | 61.85 | (66.15) | (9.72) | (23.82) | 21.31 |
| Total comprehensive income/(loss) | (2,714.94) | (3,621.81) | (712.16) | (9,641.13) | 8,388.84 |
| EPS Basic (Rs.) - Continuing & Discontinued | (18.28) | (23.41) | (5.36) | (66.67) | 63.95 |