Kaya Ltd (KAYA) AI Stock Analysis

• Market Cap: ₹4.77B
• Dividend Yield: N/A
• Average Volume (3M): 2.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: -29.55%
• EPS Growth: 59.11%
• Country: IN
• Employees: 687
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Household & Personal Products
• EPS (TTM): -23.41
• Shares Outstanding: 15,187,609
• 10 Day Avg. Volume: 487
• 30 Day Avg. Volume: 2,578
• PEG Ratio: 0.11
• Price to Book (P/B): -2.26
• Price to Sales (P/S): 1.45
• P/FCF Ratio: -5.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 38 Underperform
• Price Target: ₹295.00 ▼(-27.63% Downside)
• Action: Downgraded Date: 11/23/25
• Date: Action: Downgraded 11/23/25

Kaya Ltd's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenues, persistent losses, and financial instability. Technical analysis further supports a bearish outlook, with the stock showing oversold conditions. The negative P/E ratio and lack of dividend yield highlight valuation concerns. These factors collectively result in a low overall stock score.

Positive Factors

Stable Consumer Industry

Operating in household & personal products provides structural demand stability and defensive end-market exposure. Over a multi-month horizon this supports steady baseline revenue potential and pricing resilience versus cyclical industries, aiding recovery efforts.

Operational Scale

A workforce of 687 implies meaningful operational capacity and institutional knowledge to execute product, distribution or cost initiatives. That scale can support restructuring, productivity programs and retention of core capabilities during multi-month turnarounds.

Improving EPS Trend

Reported EPS growth of ~46% indicates per-share profitability improvement versus prior periods. If driven by operating leverage or cost control rather than one-offs, this trend can signal a durable path toward restoring profitability and investor confidence over several quarters.

Negative Factors

Declining Revenues

Sustained revenue declines reduce operating leverage and limit the company's ability to cover fixed costs, undermining long-term margin recovery. Without reversing top-line trends, cost cuts alone may not restore profitability or support reinvestment needed for growth over 2–6 months.

Negative Equity / High Leverage

Negative shareholders' equity and high debt levels constrain financial flexibility, increase refinancing risk and limit strategic options. Over several months this impairs the company's ability to fund operations, pursue investments, or absorb further shocks without restructuring or external support.

Weak Cash Generation

Persistent negative operating and free cash flow signal liquidity stress and inability to self-fund operations or debt service. This structural cash shortfall heightens default risk and may force asset sales, capital raises or cost measures that weaken competitive position over the medium term.

Kaya Ltd Business Overview & Revenue Model

Company Description

Kaya Limited owns and operates hair and skin care clinics. The company offers solutions in the categories of anti-ageing, pigmentation, acne/acne-scar reduction, laser hair reduction, hair fall, hair transplant, and dandruff and under-nourished hair treatment, as well as beauty enhancement services. It also provides a range of products covering hair and skin care for men and women. The company sells its products through Kaya stores; and online and third-Party outlets, as well as its website shop.kaya.in. It operates a network of 71 clinics in India and 23 clinics in the Middle East. The company was founded in 2002 and is headquartered in Mumbai, India.

How the Company Makes Money

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Kaya Ltd Financial Statement Overview

Summary

Kaya Ltd faces substantial financial challenges, with declining revenues, persistent losses, and a highly leveraged balance sheet. The negative equity and cash flow issues raise concerns about the company's ability to sustain operations without significant restructuring or external support.

Income Statement

Kaya Ltd has experienced declining revenue over the past few years, with a significant drop from 2024 to 2025. The company consistently reports negative EBIT and net income, indicating ongoing operational challenges. Gross profit margins have also decreased, reflecting pressure on cost management and pricing power.

Balance Sheet

The balance sheet shows negative stockholders' equity, indicating financial distress. The debt-to-equity ratio is not calculable due to negative equity, but high total debt levels suggest significant leverage. The equity ratio is negative, further highlighting the company's financial instability.

Cash Flow

Cash flow analysis reveals negative free cash flow and operating cash flow in the latest year, pointing to liquidity issues. The free cash flow to net income ratio is unfavorable, and the company struggles to generate cash from operations, which could impact its ability to meet financial obligations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	2.18B	2.17B	4.04B	3.77B	3.24B	2.75B
Gross Profit	1.18B	687.29M	905.02M	3.03B	2.61B	2.20B
EBITDA	229.76M	349.31M	-311.10M	-146.25M	152.75M	417.20M
Net Income	-372.48M	-453.22M	-1.29B	-1.16B	-688.37M	-380.14M
Balance Sheet
Total Assets	0.00	2.37B	2.95B	3.70B	3.61B	3.68B
Cash, Cash Equivalents and Short-Term Investments	108.69M	110.19M	452.81M	749.34M	514.73M	236.03M
Total Debt	0.00	2.56B	3.01B	2.49B	2.04B	1.60B
Total Liabilities	1.39B	3.76B	5.22B	4.73B	3.62B	3.13B
Stockholders Equity	-1.39B	-1.39B	-2.27B	-1.04B	-15.54M	544.79M
Cash Flow
Free Cash Flow	0.00	-551.02M	28.55M	378.14M	139.37M	287.31M
Operating Cash Flow	0.00	-253.25M	387.93M	627.78M	298.89M	316.11M
Investing Cash Flow	0.00	245.94M	-85.14M	-397.65M	-346.81M	43.26M
Financing Cash Flow	0.00	-100.29M	-375.49M	-183.28M	118.47M	-307.41M

Kaya Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 407.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KAYA, the sentiment is Negative. The current price of 407.65 is above the 20-day moving average (MA) of 320.50, above the 50-day MA of 351.05, and above the 200-day MA of 393.92, indicating a bearish trend. The MACD of -9.08 indicates Negative momentum. The RSI at 41.82 is Neutral, neither overbought nor oversold. The STOCH value of 25.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KAYA.

Kaya Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GMBREW	75 Outperform	₹22.87B	16.42	―	0.72%	―	―
ASALCBR	66 Neutral	₹13.86B	16.60	―	0.21%	16.02%	48.63%
UBL	65 Neutral	₹435.46B	132.49	―	0.62%	8.08%	-22.42%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SASTASUNDR	47 Neutral	₹9.23B	207.74	―	―	-3.97%	96.73%
KAYA	38 Underperform	₹4.77B	-4.22	―	―	-29.55%	59.11%

Kaya Ltd Corporate Events

Kaya Shareholders Unanimously Approve Change in Use of Preferential Issue Funds

Kaya Limited has announced that shareholders have approved a special resolution via postal ballot to change the objects clause for the utilization of funds raised through a preferential issue of equity shares. The postal ballot, conducted through remote e-voting, recorded high participation across promoter and public categories, with the resolution passed by a requisite and unanimous majority, giving the company flexibility to redirect previously raised capital in line with its evolving strategic priorities.

The voting data show that all votes polled across promoter, institutional, and non-institutional public shareholders were cast in favour of the proposal, with no votes against, underscoring broad investor support for the revised deployment of funds. This shareholder backing strengthens Kaya’s governance legitimacy for altering its earlier fund-use plans, potentially affecting future capital allocation, growth initiatives, and overall strategic positioning in the competitive beauty and wellness market.

Kaya Seeks Shareholder Nod to Recast Use of Preferential Issue Funds via Postal Ballot

Kaya Limited has initiated a postal ballot process to seek shareholders’ approval for changing the objects clause governing the utilization of funds raised through a prior preferential issue of 20,90,068 equity shares. The company is conducting the vote exclusively via remote e-voting, facilitated by NSDL, for members whose emails are registered as of the specified cut-off date, in line with Companies Act, MCA and SEBI regulations. Approval of this special resolution would allow Kaya to vary or revise how the preferential issue proceeds are deployed versus the original plan approved at an earlier extraordinary general meeting, potentially giving management greater flexibility in capital allocation and future strategic initiatives.