Any current/future new fundraising through debt or equity?

Kaya Limited plans to raise funds through a rights issue in the "not-too-distant future" as confirmed by Rajiv Suri and Arihant Dhariwal. The purpose of the rights issue is to retire current loans and improve profitability by saving on approximately INR18 crores in annual interest costs. The rights issue will also help the company become net worth positive from its current negative position. No specific timeline for completion was disclosed, but fundraising is described as imminent. The company is currently evaluating amendments related to the rights issue and will communicate further updates

Any current/future capex/capital investment/strategic investment?

Kaya Limited renovated 13 clinics and relocated 7 clinics in FY '25 as part of a brand refresh program. Total of 24 clinic renovations and 13 relocations till date across 72 existing clinics. The renovation and relocation program will continue into FY '26 with 7 clinics already signed for renovation/relocation. The company invested in 9 new dermatology machines during Q4 FY '25, including equipment for brightening, pigmentation, acne, hair care, and laser hair reduction. Kaya plans to accelerate expansion with 4 new clinics opened in FY '25 and 7 new clinics signed for FY '26, with mor

Future growth expectations in sales/revenue/volumes?

Kaya aims to accelerate expansion in FY '26 with 7 clinics already signed and more in consideration, building on 4 clinics opened in FY '25. The brand refresh program is ongoing with 24 clinic renovations and 13 relocations till date; expansions and renovations will continue into FY '26. Kaya targets growth ahead of the market, which is estimated to be growing at 17% per year, especially through new clinic openings layered on like-for-like growth. Skin-related service categories remain a competitive edge with strong recent growth: brightening and pigmentation up 21%, anti-ageing up 46%. Market

Future growth expectations in earnings/operating earnings/profits/EPS?

Kaya Limited plans an accelerated expansion program in FY '26 with 7 clinics already signed and more under search, aiming to outpace market growth. The company expects operating profitability improvements by leveraging head office cost efficiencies as scale increases. Expansion and like-for-like growth are expected to drive stronger top-line growth (15% growth achieved in Q4 FY '25). Raising funds via rights issue will retire debt, saving approximately INR18 crores annually in interest, improving net profitability. Operating margin improvement is anticipated as marketing and corporate overhead

Current/ Expected Orderbook/ Pending Orders?

In FY '25, Kaya Limited renovated 13 clinics and relocated 7 clinics, totaling 20 clinics refreshed under the Brand Refresh program. As of May 2025, there have been 24 renovations and 13 relocations completed till date out of 72 existing clinics. For FY '26, Kaya has already signed 7 new clinics and is actively searching for more locations. The company plans to continue the renovation and expansion program into FY '26, aiming to accelerate growth. They are starting to accelerate the overall expansion program with marketing investments and leveraging current infrastructure for profitability. Th

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Kaya LtdQ1 FY25Leisure Services

Kaya Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹252Market Cap: ₹395 CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Kaya aims to accelerate expansion in FY '26 with 7 clinics already signed and more in consideration, building on 4 clinics opened in FY '25.
→The brand refresh program is ongoing with 24 clinic renovations and 13 relocations till date; expansions and renovations will continue into FY '26.
→Kaya targets growth ahead of the market, which is estimated to be growing at 17% per year, especially through new clinic openings layered on like-for-like growth.
→Skin-related service categories remain a competitive edge with strong recent growth: brightening and pigmentation up 21%, anti-ageing up 46%.
→Marketing investments will increase to drive customer acquisition supporting volume growth.
→Use of technology and loyalty programs expected to enhance customer experience and boost collections.
→Overall, Kaya expects higher growth rates post-expansion and cost management enabling improvement toward profitability.

Margin guidance

Category 1

→Kaya Limited plans an accelerated expansion program in FY '26 with 7 clinics already signed and more under search, aiming to outpace market growth.
→The company expects operating profitability improvements by leveraging head office cost efficiencies as scale increases.
→Expansion and like-for-like growth are expected to drive stronger top-line growth (15% growth achieved in Q4 FY '25).
→Raising funds via rights issue will retire debt, saving approximately INR18 crores annually in interest, improving net profitability.
→Operating margin improvement is anticipated as marketing and corporate overheads stabilize relative to revenue growth.
→Longer-term focus includes growing core skin categories where Kaya holds competitive advantage, supported by robust growth in Anti-Ageing (46%) and Brightening & Pigmentation (21%).
→Overall, management targets profitability improvement and net worth positivity post-fundraise, projecting a positive earnings trajectory.

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Fundraise plans

Yes

→Kaya Limited plans to raise funds through a rights issue in the "not-too-distant future" as confirmed by Rajiv Suri and Arihant Dhariwal.
→The purpose of the rights issue is to retire current loans and improve profitability by saving on approximately INR18 crores in annual interest costs.
→The rights issue will also help the company become net worth positive from its current negative position.
→No specific timeline for completion was disclosed, but fundraising is described as imminent.
→The company is currently evaluating amendments related to the rights issue and will communicate further updates in due course.
→There was no mention of raising new debt; focus is primarily on equity fundraising through the rights issue.

Order book

→In FY '25, Kaya Limited renovated 13 clinics and relocated 7 clinics, totaling 20 clinics refreshed under the Brand Refresh program.
→As of May 2025, there have been 24 renovations and 13 relocations completed till date out of 72 existing clinics.
→For FY '26, Kaya has already signed 7 new clinics and is actively searching for more locations.
→The company plans to continue the renovation and expansion program into FY '26, aiming to accelerate growth.
→They are starting to accelerate the overall expansion program with marketing investments and leveraging current infrastructure for profitability.
→The pipeline of clinics under negotiation or search indicates a growing order book for future openings beyond the 7 signed clinics for FY '26.

Capex plans

Yes

→Kaya Limited renovated 13 clinics and relocated 7 clinics in FY '25 as part of a brand refresh program.
→Total of 24 clinic renovations and 13 relocations till date across 72 existing clinics.
→The renovation and relocation program will continue into FY '26 with 7 clinics already signed for renovation/relocation.
→The company invested in 9 new dermatology machines during Q4 FY '25, including equipment for brightening, pigmentation, acne, hair care, and laser hair reduction.
→Kaya plans to accelerate expansion with 4 new clinics opened in FY '25 and 7 new clinics signed for FY '26, with more locations under search.
→The expansion includes higher marketing investments to support customer acquisition.
→Strategic focus is on leveraging current infrastructure and managing head office costs to drive profitability alongside expansion.

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