Kaya Ltd

- Kaya Limited plans a rights issue to raise equity funding for aggressive expansion; however, the rights issue has been delayed awaiting SEBI's amended guidelines. - Once SEBI notifies the new rights issue regulations, Kaya will proceed promptly; the process may take 65-75 working days or longer. - In the interim, promoters are providing additional funding to continue the expansion program without waiting for the rights issue. - The company has approval to borrow an additional Rs. 18 crores to meet working capital needs and to open new clinics. - Net debt currently stands at Rs. 124 crores (total debt Rs. 143.72 crores minus cash Rs. 18 crores). - The rights issue size remains as previously approved by the board; awaiting regulatory clarity before implementation.

- Kaya Limited plans an aggressive expansion program for new clinics once rights issue guidelines from SEBI are announced. - So far in FY ’25, four new clinics have been opened, with more planned, signaling a significant increase from previous years. - Expansion is based on market mapping and testing what works best to ensure profitability, not just growth. - The promoters are funding interim expansion until the rights issue is completed. - Investing in 18 new dermatology machines in Q3 FY ’25 to uplift customer service technology. - Renovation of clinics continues as part of the Clinic Refresh initiative, with six clinics renovated in Q3 FY ’25. - New product and service development contribute meaningfully to clinic collections (5% and 7%, respectively). - Marketing automation tools like WhatsApp and web bots have been implemented to enhance customer experience.

- Kaya Limited aims for aggressive growth and expansion once the SEBI rights issue guidelines are announced, enabling faster capital raise and funding. - Promoters are providing interim funding to continue expansion until the rights issue is completed. - Three new clinics have opened in FY ’25, with one more planned in the same year; next fiscal year (FY ’26) details are not yet finalized but expected to be more aggressive than past years. - Expansion strategy focuses on profitable growth, with detailed market scoping done using external consultants and technology tools. - The company plans to increase store additions beyond the historical average of 8-10 stores annually. - Organic, like-for-like growth through existing clinics will continue alongside expansion. - New product and service categories like anti-aging, body contouring, and hair care are driving revenue growth. - Marketing investments are supporting top-line growth and customer acquisition. - The Kaya Smiles Loyalty program continues to be a strong contributor to collections, growing 14% YoY.

- Kaya plans aggressive expansion with incremental store additions quarter-to-quarter, moving beyond the past slow pace (4 clinics opened last year and this year). - Growth will come from both organic (like-for-like clinic growth) and expansion, funded by promoters until the rights issue is completed. - Clinic EBITDA currently at ~28%, with an ambition to surpass 30% to achieve positive overall EBITDA and PAT. - Rights issue pending SEBI approvals will enable accelerated growth and funding for expansion. - New product and service categories like anti-aging and body contouring are driving revenue growth but currently have lower margins. - Marketing investments are increasing to support higher collections and overall revenue growth. - Management indicated self-sustaining growth model aims but no specific EPS or profit figures provided. - Expect gradual improvement in operating profits as expansion scales and clinic EBITDA margin goals are achieved.

The transcript of Kaya Limited's Q3 FY’25 earnings call does not explicitly mention current or expected order book or pending orders details. However, relevant insights related to growth pipeline and expansion include: - Kaya has opened 3 new clinics this financial year and plans one more before year-end. - For FY '26, no specific number of new clinics planned was disclosed yet. - The company is aggressively planning expansion with a mapped market and strategy agreed upon. - Expansion has been slow to ensure profitability alongside growth. - Additional funding from promoters is being used to fund expansion ahead of the SEBI rights issue. - Quarterly increments in expansion are expected as funding materializes. - The sale to Marico amounted to Rs. 2 crores this quarter, representing part of their collaboration efforts. No direct order book figures or pending order specifics were shared during the call.