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Kaya Shareholders Approve Preferential Issue and Appoint Rishabh Mariwala as MD at EGM
Kaya Limited shareholders have approved all four resolutions at the Extraordinary General Meeting held on September 5, 2026, with over 99.99% voting in favour. Key approvals include the issuance of equity shares on a preferential basis and the appointment of Rishabh Mariwala as Managing Director for 5 years effective November 1, 2026. Harsh Mariwala will transition to Chairman and Non-Executive Director starting November 1, 2026, following the completion of his term as CMD. Additionally, shareholders sanctioned amendments to the Kaya Employee Stock Option Plan 2021.
Confidence: HIGH
What changedShareholders formally approved a preferential share issue and the planned top-management leadership succession effective November 1, 2026.
Why it mattersEnables the company to execute planned capital raising to strengthen its balance sheet (net worth stood at Rs -153 Cr) and completes executive leadership succession to the next generation.
EGM Date: September 05, 2026Preferential Issue Approval %: 99.9999%MD Appointment Effective Date: November 01, 2026MD Term: 5 yearsTotal Shareholders on Record Date: 18146
📅 Short termAdministrative clarity achieved; focus shifts to final allotment filings and receipt of preferential equity funds.
📈 Long termLeadership transition to Rishabh Mariwala sets the strategic direction for Kaya's clinic rationalisation and domestic business turnaround.
⚠ Risk flags
- Dilution risk from preferential equity issuance
- Execution risk regarding business turnaround amidst negative operating margins and negative net worth
Key Highlights
Resolution approving preferential issue of equity shares passed with 99.9999% votes in favour (8,000,759 votes).
Rishabh Mariwala appointed as Managing Director for a 5-year term starting November 1, 2026.
Harsh Mariwala to shift from Chairman and MD to Chairman and Non-Executive Director from November 1, 2026.
Amendments to Kaya ESOP 2021 approved with 10,090,827 votes in favour (99.9999%).
A total of 57 shareholders attended the meeting via video conferencing.
👀 What to Watch
Track subsequent disclosures regarding the exact allotment details, issue price, and proceeds from the preferential equity issue, as well as operational strategy under the new Managing Director.
Kaya EGM Approves Preferential Issue & Appoints Rishabh Mariwala as MD from Nov 1, 2026
Kaya Limited concluded its Extraordinary General Meeting (EGM) on September 05, 2026, to vote on key corporate and leadership resolutions. Shareholders considered the appointment of Mr. Rishabh Mariwala as Managing Director for 5 years and the transition of Mr. Harsh Mariwala to Chairman and Non-Executive Director, both effective November 01, 2026. The meeting also transacted resolutions for the issuance of equity shares on a preferential basis and amendments to the Kaya ESOP 2021. Final voting tallies will be released following the scrutinizer's report.
Confidence: HIGH
What changedKaya transacted EGM resolutions for succession in executive leadership and authorization of a preferential equity issue.
Why it mattersThe MD transition signals generational management shift while the proposed preferential capital raise is critical for a company currently operating with a negative net worth of Rs -153 Cr.
MD Appointment Tenure: 5 consecutive yearsLeadership Effective Date: November 01, 2026EGM Date: September 05, 2026Company Net Worth (Financial Context): Rs -153 Cr
📅 Short termMarket focus will remain on the detailed terms and pricing of the preferential share issue once the scrutinizer's report is submitted.
📈 Long termRishabh Mariwala's appointment as MD comes amid operational restructuring to turnaround loss-making clinics and de-leverage the balance sheet.
⚠ Risk flags
- Negative net worth of Rs -153 Cr and TTM net loss of Rs -97 Cr
- Potential equity dilution from the proposed preferential issuance
- Execution risk in competitive wellness and skin-care retail sector
Key Highlights
Appointment of Mr. Rishabh Mariwala as Managing Director for a period of 5 consecutive years effective November 01, 2026.
Transition of Mr. Harsh Mariwala to Chairman and Non-Executive Director effective November 01, 2026.
Special resolution presented for issuance of Equity Shares on a preferential basis.
EGM conducted via video conferencing on September 05, 2026, with scrutinizer's report awaited for final voting results.
👀 What to Watch
Track the upcoming disclosure of final voting results and detailed allotment specifics regarding the preferential issue size, price, and allottees.
₹50 Cr Preferential Issue to Non-Promoters; EGM Scheduled for Sept 05, 2026
Kaya Limited has announced a preferential issue of 18,24,150 equity shares to raise approximately ₹50 crore from non-promoter investors Axana Estates LLP and Plutus Investments India Private Limited. The shares are priced at ₹274.10 each, which is close to the current market price of ₹289.2. This capital infusion is critical for the company, which currently faces a negative net worth of -₹153 crore and a total debt of ₹296 crore. An Extraordinary General Meeting (EGM) is scheduled for September 05, 2026, to seek shareholder approval for this fundraise.
Confidence: HIGH
What changedKaya is shifting from a period of divestment (Middle East business) to active capital raising, bringing in new non-promoter investors to strengthen its balance sheet.
Why it mattersWith a TTM loss of ₹97 crore and negative net worth, this ₹50 crore infusion provides essential liquidity to support the company's India-focused consolidation strategy and potentially reduce its ₹296 crore debt burden.
Total Fundraise: ₹49.99 CrIssue Price per Share: ₹274.10Fundraise vs Market Cap: ~11.7%Total Debt: ₹296 CrNet Worth: ₹-153 CrTTM Net Profit: ₹-97 Cr
📅 Short termThe stock may see interest due to the entry of new institutional-style investors (LLPs/Private Ltd) at a price near the current market value, providing a floor for the stock price.
📈 Long termWhile the fundraise is a positive step for survival, the long-term outlook depends on the company's ability to turn around its operating margins (-10.5%) and successfully execute its India-centric clinic rationalization strategy.
⚠ Risk flags
- Equity dilution
- Persistent operating losses
- Negative net worth
- High debt-to-equity ratio
Key Highlights
Preferential allotment of 18,24,150 equity shares at a fixed price of ₹274.10 per share
Total fundraise amount aggregates to ₹49,99,99,515 (approx. ₹50 crore)
Proposed allottees include Axana Estates LLP (8,45,009 shares) and Plutus Investments India Private Limited (9,79,141 shares)
Relevant date for price determination set as August 06, 2026
Fundraise represents approximately 11.7% of the company's current market capitalization of ₹426 crore
👀 What to Watch
Investors should monitor the EGM voting results on September 05 and the subsequent allotment timeline, as the company needs this capital to address its negative net worth and high debt levels.
Rs 50 Cr Preferential Issue at Rs 274.10/share to Axana Estates and Plutus Investments
Kaya Limited's board has approved a preferential issue of 18,24,150 equity shares to raise approximately Rs 50 crore. The issue price of Rs 274.10 is at a slight premium to the current market price of Rs 271.0. This capital infusion is critical for the company, which currently reports a negative net worth of Rs -153 crore and TTM losses of Rs 97 crore. The board also approved increasing the ESOP pool by 4,00,000 options to a total of 12,03,204 options.
Confidence: HIGH
What changedKaya is initiating a fresh equity fundraise of Rs 50 Cr from two investors and expanding its employee stock option plan.
Why it mattersThe fundraise is vital for solvency as the company has a negative net worth of Rs 153 Cr and high debt of Rs 296 Cr; the premium pricing suggests investor confidence despite recent losses.
Fundraise Amount: Rs 49.99 CrIssue Price: Rs 274.10Fundraise vs Market Cap: ~12.5%Post-issue stake (Axana Estates): 17.25%ESOP Pool Increase: 4,00,000 options
📅 Short termThe stock may see positive sentiment as the issue price is above the current market price and addresses immediate liquidity needs.
📈 Long termWhile the capital helps repair the balance sheet, long-term value depends on reversing the negative operating margins (-10.5%) and achieving profitability post-Middle East divestment.
⚠ Risk flags
- Equity dilution for existing shareholders
- Persistent operational losses (TTM PAT of Rs -97 Cr)
- Negative net worth of Rs -153 Cr
Key Highlights
Preferential issue of 18,24,150 equity shares at a price of Rs 274.10 per share
Total aggregate cash consideration for the issue is Rs 49,99,99,515 (~Rs 50 Cr)
Axana Estates LLP to increase its shareholding from 13.76% to 17.25% post-allotment
ESOP pool increased by 4,00,000 options, bringing the total pool to 12,03,204 options
Extra-ordinary General Meeting (EGM) scheduled for September 05, 2026, to seek shareholder approval
👀 What to Watch
Monitor the shareholder approval at the EGM on September 5, 2026, and watch for management commentary on whether these funds will be used to reduce the Rs 296 Cr debt or for working capital.
14% Revenue Growth in Q1 FY27; Net Loss Widens to ₹15.2 Cr
Kaya Limited reported a 14% YoY increase in revenue to ₹60.1 Cr for Q1 FY27, driven by double-digit growth across its clinic (16%) and product (16%) segments. However, the company's net loss widened slightly to ₹15.2 Cr from ₹14.2 Cr in the previous year's quarter. Management attributed the increased loss to the impact of GST 2.0 changes effective September 2025, which restricted input tax credit availability. The company continues to face financial stress with a negative net worth of ₹153 Cr as per the latest annual data.
Confidence: HIGH
What changedKaya reported its Q1 FY27 results showing healthy top-line growth across all segments but a widening net loss due to regulatory tax changes.
Why it mattersWhile the brand shows growth momentum in services and products, the persistent losses and negative net worth (₹-153 Cr) remain significant structural risks for the business.
Revenue (Q1 FY27): ₹60.1 crNet Loss (Q1 FY27): ₹15.2 crRevenue vs TTM Revenue: ~27%Clinic Count: 82Skin Business Growth: 19%
📅 Short termThe market may view the 14% revenue growth as a positive sign of demand, but the widening loss and negative equity are likely to keep the stock price under pressure.
📈 Long termThe company needs a significant operational turnaround and capital infusion to address its negative net worth and high debt levels (₹296 Cr).
⚠ Risk flags
- Negative net worth (₹-153 Cr)
- Persistent net losses
- Regulatory impact on margins (GST 2.0)
- High debt-to-equity ratio
Key Highlights
Revenue from operations grew 14% YoY to ₹60.1 Cr for the quarter ended June 30, 2026.
Net loss widened to ₹15.2 Cr compared to a loss of ₹14.2 Cr in Q1 FY26.
Skin business and Hair business segments grew by 19% and 17% respectively over Q1 FY26.
Clinic business registered a 16% revenue growth, primarily driven by Brightening, Acne, and Anti-Aging services.
The company currently operates 82 clinics pan-India, down from the 121 clinics previously reported in historical context.
👀 What to Watch
Monitor whether the company can sustain its 14-16% revenue growth trajectory to eventually offset the margin pressure caused by GST 2.0 and its high fixed-cost clinic model.
Kaya Appoints Rishabh Mariwala as MD; Q1 Revenue Grows 14% to ₹60.1 Cr
Kaya Limited has announced a significant leadership transition, with Rishabh Mariwala appointed as Managing Director for a 5-year term starting November 1, 2026, as founder Harsh Mariwala moves to a Non-Executive Chairman role. For Q1 FY27, the company reported revenue of ₹60.14 crore, a 13.9% increase from ₹52.79 crore in the previous year's quarter. Despite revenue growth, the company remains under financial pressure with a negative net worth of ₹153 crore as of March 2026 and auditors continuing to flag 'going concern' risks. Notably, the board has deferred a planned fundraise through equity or debt until further notice.
Confidence: HIGH
What changedThe company has formalized a leadership succession plan and reported its Q1 results while simultaneously putting a planned capital raise on hold.
Why it mattersThe transition to Rishabh Mariwala marks a major shift in management for the Marico-promoted entity, while the deferred fundraise and auditor warnings highlight ongoing liquidity and solvency challenges.
Q1 Revenue: ₹60.14 crYoY Revenue Growth: 13.9%Net Worth (Mar 2026): ₹-153 crTotal Debt (Mar 2026): ₹296 crMD Appointment Term: 5 years
📅 Short termThe stock may see mixed sentiment as the market weighs the double-digit revenue growth against the delay in capital infusion and persistent losses.
📈 Long termThe structural shift to new leadership and the focus on the Indian market post-Middle East divestment are key, but long-term viability depends on reversing the negative net worth.
⚠ Risk flags
- Negative net worth
- Going concern assumption based on promoter support
- Deferred fundraise
- High debt-to-equity ratio
Key Highlights
Rishabh Mariwala appointed as Managing Director for a 5-year term effective November 1, 2026
Q1 FY27 revenue from operations increased to ₹60.14 crore from ₹52.79 crore YoY
Board deferred the agenda for raising capital through equity or debt securities until further notice
Auditors highlighted negative net worth and working capital position as of June 30, 2026
Harsh Mariwala to transition from MD to Non-Executive Chairman effective November 1, 2026
👀 What to Watch
Investors should monitor the leadership transition to the second generation and watch for any future announcements regarding the deferred fundraise, which is critical given the negative net worth.
Kaya Ltd Q1 Revenue Rs 60.14 Cr; Rishabh Mariwala Appointed MD; Fundraise Deferred
Kaya Limited reported Q1 FY27 revenue of Rs 60.14 Cr, a 13.9% increase from Rs 52.79 Cr in the same quarter last year. The company announced a major leadership transition with Rishabh Mariwala appointed as Managing Director for 5 years starting November 1, 2026, while founder Harsh Mariwala moves to a Non-Executive Chairman role. Notably, the board deferred a planned fundraise (equity/debt) until further notice, despite the company's negative net worth of Rs -153 Cr and an auditor's 'going concern' emphasis of matter. The company remains reliant on promoter support to meet obligations over the next 12 months.
Confidence: HIGH
What changedA formal succession plan has been established with the next generation of the promoter family taking the MD role, while a planned capital raise has been postponed.
Why it mattersThe company is in a fragile financial state with a debt of Rs 296 Cr and negative net worth; the leadership change and fundraise deferral are pivotal for its survival and turnaround prospects.
Q1 Revenue: Rs 60.14 CrYoY Revenue Growth: 13.9%Net Worth: Rs -153 CrDebt: Rs 296 CrMD Appointment Term: 5 years
📅 Short termThe market may react cautiously to the deferred fundraise and the auditor's emphasis on going concern, despite the modest revenue growth.
📈 Long termThe structural significance lies in whether the new leadership can pivot the business model to profitability and successfully repair the balance sheet through the eventually planned fundraise.
⚠ Risk flags
- Negative net worth
- Going concern uncertainty
- Deferred fundraise
- High debt-to-equity ratio
Key Highlights
Revenue from operations grew 13.9% YoY to Rs 60.14 Cr for the quarter ended June 30, 2026.
Rishabh Mariwala appointed as Managing Director for a 5-year term effective November 1, 2026.
Harsh Mariwala to transition from Managing Director to Non-Executive Director and Chairman on November 1, 2026.
Board deferred the agenda for raising funds through equity or debt securities until further notice.
Auditors highlighted a 'going concern' risk due to negative net worth and working capital as of June 30, 2026.
👀 What to Watch
Monitor the revised date for the deferred fundraise, as capital infusion is critical given the negative net worth. Watch for the new Managing Director's strategy to address the TTM net loss of Rs 97 Cr.
Kaya Ltd: Rishabh Mariwala Appointed MD; Harsh Mariwala to Non-Executive Role from Nov 2026
Kaya Limited has announced a significant leadership transition with Rishabh Mariwala appointed as Managing Director for a 5-year term starting November 1, 2026. Current MD Harsh Mariwala will transition to a Non-Executive Chairman role. The company reported Q1 FY27 revenue of ₹60.14 Cr, a 13.9% increase YoY from ₹52.79 Cr. However, the board has deferred a planned fundraising initiative, which is critical given the company's negative net worth of ₹153 Cr and TTM losses of ₹97 Cr.
Confidence: HIGH
What changedThe company initiated a formal leadership succession plan and reported quarterly results while delaying a previously planned capital raise.
Why it mattersThe transition to the next generation of the promoter family is a major strategic milestone, but the deferral of fundraising is concerning given the company's fragile financial position and negative net worth.
Q1 FY27 Revenue: ₹60.14 CrYoY Revenue Growth: 13.9%MD Appointment Term: 5 yearsNet Worth (Context): ₹-153 CrTotal Debt (Context): ₹296 Cr
📅 Short termThe market may react cautiously to the deferral of the fundraise despite the revenue growth, as the balance sheet remains under significant pressure.
📈 Long termSuccession provides clarity on leadership, but long-term viability depends on the new MD's ability to turn around the loss-making operations and repair the balance sheet.
⚠ Risk flags
- Negative net worth
- High debt-to-equity ratio
- Deferral of fundraising
- Going concern uncertainty noted by auditors
Key Highlights
Rishabh Mariwala appointed as Managing Director for a 5-year term effective November 1, 2026
Harsh Mariwala to transition from MD to Non-Executive Chairman starting November 1, 2026
Q1 FY27 revenue stood at ₹60.14 Cr, showing a 13.9% growth over Q1 FY26 revenue of ₹52.79 Cr
Board deferred the agenda for raising equity or debt securities until further notice
Auditors highlighted a negative net worth of ₹153 Cr and reliance on promoter support for going concern status
👀 What to Watch
Monitor the execution of the leadership transition and the timeline for the deferred fundraising, which is essential to address the negative net worth and high debt of ₹296 Cr.
Kaya reports ₹60.14 Cr Q1 revenue; Rishabh Mariwala appointed MD; Fundraise deferred
Kaya Limited reported Q1 FY27 revenue of ₹60.14 Cr, representing a 13.9% increase compared to ₹52.79 Cr in Q1 FY26. The company announced a significant leadership transition with Rishabh Mariwala appointed as Managing Director for a 5-year term starting November 1, 2026, while founder Harsh Mariwala moves to a Non-Executive Chairman role. Notably, the board has deferred a planned fundraise through equity or debt issuance until further notice. Auditors continue to highlight a negative net worth (₹-153 Cr as of March 2026) and reliance on promoter support for going concern status.
Confidence: HIGH
What changedKaya is undergoing a generational leadership shift and has postponed its capital raising plans despite ongoing financial stress.
Why it mattersThe transition to Rishabh Mariwala marks a new strategic phase for the company, but the deferral of the fundraise is critical given the company's negative net worth of ₹-153 Cr and high debt of ₹296 Cr.
Revenue (Q1 FY27): ₹60.14 CrRevenue Growth (YoY): 13.9%Net Worth: ₹-153 CrTotal Debt: ₹296 CrMD Appointment Term: 5 years
📅 Short termThe stock may see volatility as the market weighs the double-digit revenue growth against the uncertainty of a deferred fundraise and leadership change.
📈 Long termThe long-term outlook depends on the new management's ability to turn the business profitable and repair a severely damaged balance sheet.
⚠ Risk flags
- Negative net worth
- High debt-to-equity ratio
- Reliance on promoter support for liquidity
- Deferred capital infusion
Key Highlights
Revenue from operations for Q1 FY27 increased to ₹60.14 Cr from ₹52.79 Cr YoY.
Rishabh Mariwala appointed as Managing Director for a 5-year term effective November 1, 2026.
Harsh Mariwala to transition from Managing Director to Non-Executive Chairman on November 1, 2026.
Board deferred the agenda for raising capital through equity or debt securities until further notice.
Auditors flagged negative net worth and working capital as of June 30, 2026, citing dependence on promoter support.
👀 What to Watch
Investors should monitor the execution of the leadership transition and the company's ability to eventually raise capital to address its negative net worth and high debt levels.
Kaya Ltd Appoints Retail Veteran Brijesh Goyal as CFO Effective July 11, 2026
Kaya Limited has announced the appointment of Mr. Brijesh Goyal as its new Chief Financial Officer and Key Managerial Personnel, effective July 11, 2026. Mr. Goyal is a seasoned finance leader with over 30 years of experience, notably spending 14 years at Reliance Retail in various senior roles. His most recent position was Head of Finance at Enrich Hair & Skin Solutions, where he managed finance for a large-scale beauty and wellness platform. This appointment is expected to strengthen Kaya's financial governance and strategic decision-making as it navigates the competitive wellness retail space.
Key Highlights
Mr. Brijesh Goyal appointed as CFO and Key Managerial Personnel effective July 11, 2026
Brings over 30 years of experience in finance, P&L stewardship, and retail operations
Extensive 14-year background in senior finance leadership roles at Reliance Retail Limited
Previously served as Head of Finance at Enrich Hair & Skin Solutions
Authorized to determine materiality of events for stock exchange disclosures effective May 20, 2026
👀 What to Watch
Investors should view the addition of a retail veteran with Reliance Retail experience as a positive move for financial discipline. Monitor the company's strategic shifts and margin management once the transition is complete in mid-2026.
Kaya Q4 FY26 Revenue Up 2% to ₹55.8 Cr; Net Loss Widens to ₹27.1 Cr
Kaya Limited reported a marginal 2% YoY increase in consolidated revenue to ₹55.8 crore for Q4 FY26. While the clinic business grew by 7% and the product business by 21%, the company faced a significant net loss of ₹27.1 crore compared to a loss of ₹7.1 crore in the previous year. This loss was heavily impacted by a one-time impairment charge of ₹11.8 crore on property, plant, and equipment. Despite strong growth in specific service categories like Acne & Scars (+52%), the overall bottom line remains under significant pressure.
Key Highlights
Consolidated revenue grew 2% YoY to ₹55.8 crore for the quarter ended March 31, 2026.
Net loss widened significantly to ₹27.1 crore from ₹7.1 crore in Q4 FY25.
Acne & Scars services saw a robust growth of 52%, while the product business grew by 21%.
Results were impacted by a one-time impairment loss of ₹11.8 crore on fixed assets.
Clinic business revenue registered a 7% growth, driven by advanced diagnostic tools and new technology.
👀 What to Watch
Investors should remain cautious as the company continues to report substantial losses and impairment charges despite growth in niche segments. Monitor the company's ability to translate operational growth into bottom-line profitability.
Kaya Ltd Q4 FY26 Results; Extends Rs 32.38 Cr Promoter Loans for 7 Years
Kaya Limited has approved its audited financial results for the quarter and year ended March 31, 2026, with an unmodified auditor's opinion. A significant development is the 7-year extension of loans totaling Rs 32.38 crores provided by directors Harsh Mariwala and Rajendra Mariwala (Rs 16.19 crores each). While this provides liquidity relief, the auditors included an 'Emphasis of Matter' regarding the company's ability to continue as a going concern, noting its reliance on continued promoter support. The company's financial health remains dependent on these internal funding arrangements and operational recovery.
Key Highlights
Approved audited standalone and consolidated financial results for the fiscal year ended March 31, 2026.
Extended repayment period for a Rs 16.19 crore loan from Director Harsh Mariwala by 7 years.
Extended repayment period for a Rs 16.19 crore loan from Director Rajendra Mariwala by 7 years.
Auditors highlighted an 'Emphasis of Matter' regarding the going concern assumption, citing dependence on promoter support.
Total promoter loan extension of Rs 32.38 crores provides a significant long-term debt cushion.
👀 What to Watch
Investors should exercise caution as the auditor's 'going concern' note indicates underlying financial stress despite promoter backing. Monitor the company's ability to generate positive cash flows from operations to reduce its reliance on director-funded debt.
Kaya Appoints Brijesh Goyal as CFO (Designate); Arihant Dhariwal to Resign in July 2026
Kaya Limited has announced a planned leadership transition in its finance department. Mr. Arihant Dhariwal has resigned as Chief Financial Officer to pursue external opportunities and will remain in his post until July 10, 2026. To facilitate a smooth handover, the company has appointed Mr. Brijesh Goyal as CFO (Designate) effective April 13, 2026. Mr. Goyal, a Chartered Accountant with over 30 years of experience, previously held senior roles at Reliance Retail and Enrich Hair & Skin Solutions.
Key Highlights
Mr. Arihant Dhariwal to step down as CFO effective close of business on July 10, 2026
Mr. Brijesh Goyal appointed as CFO (Designate) effective April 13, 2026
Mr. Goyal will formally assume the CFO role on July 11, 2026, subject to board approvals
Incoming CFO brings 30+ years of experience, including 14 years at Reliance Retail
Transition period of approximately three months planned to ensure financial governance continuity
👀 What to Watch
Investors should view this as a routine leadership transition with a healthy overlap period. No immediate action is required, but monitor if the new CFO implements changes in financial strategy or cost structures post-July.
Kaya Ltd CFO Arihant Dhariwal Resigns; Brijesh Goyal Appointed as Successor
Kaya Limited has announced a planned leadership transition as CFO Arihant Dhariwal resigns effective July 10, 2026, to pursue outside opportunities. To ensure continuity, the company has appointed Brijesh Goyal as CFO (Designate) effective April 13, 2026, who will formally take over the CFO role on July 11, 2026. Goyal is a seasoned professional with over 30 years of experience, including a 14-year tenure at Reliance Retail. This structured three-month handover period is a positive sign of corporate governance and stability.
Key Highlights
CFO Arihant Dhariwal to step down effective close of business on July 10, 2026.
Brijesh Goyal appointed as CFO (Designate) starting April 13, 2026, for a smooth transition.
Incoming CFO Brijesh Goyal brings over 30 years of experience in retail and consumer services.
Goyal previously served 14 years at Reliance Retail and was Head of Finance at Enrich Hair & Skin Solutions.
The formal appointment as CFO is effective July 11, 2026, subject to board and committee approvals.
👀 What to Watch
Investors should view this as a routine and well-managed leadership transition. The recruitment of a veteran from Reliance Retail may bring valuable scale-up experience to Kaya's finance function.
Kaya Shareholders Approve Change in Use of Preferential Issue Funds with 99.99% Majority
Kaya Limited has successfully passed a special resolution via postal ballot to change the objects clause regarding the utilization of funds raised through a previous preferential issue of equity shares. The resolution received overwhelming support, with 99.99% of the total 1,00,21,508 votes cast in favor. A total of 112 shareholders participated in the electronic voting process which concluded on March 2, 2026. This approval provides the company with the necessary mandate to redeploy capital as per its updated strategic requirements.
Key Highlights
Special resolution passed to modify the objects clause for utilizing funds from a preferential equity issue.
The resolution received 1,00,21,432 votes (99.99%) in favor and only 76 votes (0.01%) against.
A total of 112 members participated in the remote e-voting process conducted between Feb 1 and March 2, 2026.
Promoter and Promoter Group polled 77,61,555 votes, all of which were in favor of the resolution.
Public non-institutions contributed 20,98,246 votes to the total count.
👀 What to Watch
Investors should monitor future disclosures to understand the specific new projects or operational areas where these funds will now be deployed. While the shareholder support is a positive sign for management, the impact on ROI will depend on the efficiency of the new capital allocation.
Kaya Q3 FY26 Revenue Up 3% to ₹60 Cr; Net Loss Widens to ₹36.2 Cr
Kaya Limited reported a modest 3% YoY revenue growth to ₹60 crore for Q3 FY26, driven by a 7% growth in its clinic business. However, the company faced a significant consolidated net loss of ₹36.2 crore, a sharp decline from the ₹3.5 crore profit reported in the same quarter last year. While specific service categories like Acne & Scars (+52%) and Products (+34%) showed strong momentum, the overall bottom line was heavily impacted. The widening losses despite marginal revenue growth suggest increased operational costs or significant one-time adjustments.
Key Highlights
Consolidated revenue grew 3% YoY to ₹60.0 crore for the quarter.
Net loss widened significantly to ₹36.2 crore compared to a profit of ₹3.5 crore in Q3 FY25.
Acne & Scars services saw a robust 52% growth, aided by new technology adoption.
Product business registered strong growth of 34% YoY, led by Nutraceuticals and Anti-Ageing segments.
Clinic business revenue increased by 7% YoY and showed a 12% sequential improvement over Q2 FY26.
👀 What to Watch
Investors should exercise caution as the company has swung back into a significant loss despite marginal revenue growth. It is critical to monitor management's explanation for the bottom-line deterioration and the sustainability of high-growth niche segments.
Kaya Ltd to Reallocate Preferential Issue Funds for Working Capital Needs
Kaya Limited's Board has approved a variation in the utilization of proceeds from its preferential issue originally approved by members on July 22, 2025. While the funds were initially earmarked for growth and business expansion, the company now proposes to also deploy them toward meeting working capital requirements. This shift is intended to align capital allocation with current industry trends and ensure optimum utilization of funds. The proposed change is subject to the final approval of the company's shareholders.
Key Highlights
Board approved variation in the objects of the preferential issue sanctioned on July 22, 2025
Funds will now be utilized for working capital requirements in addition to growth and expansion
Decision aims to improve operational efficiency and respond to competitive dynamics
The reallocation of funds is subject to the upcoming approval of the shareholders
👀 What to Watch
Investors should monitor the shareholder resolution for details on the specific amount being diverted to working capital to assess if this indicates cash flow pressure or strategic flexibility.
Kaya Q3 FY26: Revenue Grows 3% YoY, Net Loss Widens Significantly to ₹35.5 Crore
Kaya Limited reported a marginal 3% year-on-year growth in standalone revenue to ₹60.03 crore for Q3 FY26. However, the net loss more than doubled to ₹35.55 crore compared to ₹15.40 crore in the same quarter last year, driven by a sharp rise in other expenses and an exceptional item of ₹5.19 crore. The company continues to face severe financial stress with a negative net worth and working capital position, relying heavily on promoter support to remain a going concern.
Key Highlights
Revenue from operations increased to ₹6,003.66 Lakhs in Q3 FY26 from ₹5,835.06 Lakhs in Q3 FY25.
Net loss widened to ₹3,554.87 Lakhs for the quarter, compared to a loss of ₹1,539.81 Lakhs in the previous year.
Recognized an exceptional charge of ₹519.23 Lakhs related to the impact of new Labour Codes.
Other expenses surged by 68% YoY to ₹3,976.48 Lakhs from ₹2,365.18 Lakhs.
Auditors highlighted a 'going concern' risk as the company has negative net worth and working capital as of December 31, 2025.
👀 What to Watch
Investors should exercise extreme caution due to the company's widening losses and negative net worth. The stock remains high-risk, with survival currently dependent on continuous financial support from the promoter group.
Kaya Appoints Dhivya Ashok as COO for South & East Regions
Kaya Limited has appointed Ms. Dhivya Ashok as the Chief Operating Officer for its South and East regions, effective January 17, 2026. Ms. Ashok brings over 10 years of experience in scaling omni-channel, tech-enabled consumer businesses, including roles at CaratLane and Naturals Salon & Spa. Her expertise in the salon and spa industry, specifically building the Naturals@Home vertical, aligns well with Kaya's core business model. This appointment is expected to strengthen the company's regional leadership and operational execution in key Indian markets.
Key Highlights
Appointment of Ms. Dhivya Ashok as COO - South & East effective January 17, 2026
Over 10 years of experience in scaling consumer businesses across India and the US
Former Regional Business Head at CaratLane (A TATA Product) and Business Head at Naturals Salon & Spa
Pivotal experience as part of Uber's India Launch Team
Strengthens Senior Management Personnel (SMP) with specialized industry expertise
👀 What to Watch
Investors should view this as a positive step towards professionalizing regional management; monitor if this leadership change leads to improved operational metrics in the South and East regions.
Kaya Appoints Saurav Jha as Chief Business Transformation Officer Effective Dec 22, 2025
Kaya Limited has announced the appointment of Mr. Saurav Jha as the Chief Business Transformation Officer, effective December 22, 2025. Mr. Jha brings over 18 years of extensive experience in business operations, category management, and market expansion from high-growth companies like CaratLane and Urban Company. His background in technology-driven firms suggests a strategic move by Kaya to modernize its operations and scale its business model. This leadership addition is aimed at driving the company's transformation and growth initiatives.
Key Highlights
Appointment of Saurav Jha as Chief Business Transformation Officer effective December 22, 2025.
Mr. Jha has over 18 years of experience in leadership roles at CaratLane, Urban Company, and Pristyn Care.
Previously served as Head of International Business at CaratLane, leading global expansion.
Educational background includes an MBA from the Indian School of Business (ISB) and an Engineering degree from MIT Manipal.
👀 What to Watch
Investors should monitor the company's operational efficiency and expansion progress under the new leadership. This appointment is a positive signal for Kaya's long-term strategic transformation goals.
