Kaya Ltd Management Discussions

The aesthetic services industry in India has evolved into a dynamic and fast-growing sector, underpinned by increasing consumer awareness, a greater focus on appearance and wellness, and broader access to professional skincare solutions. The market has shown steady growth in recent years and is expected to accelerate further, driven by lifestyle changes, rising aspirations, and the adoption of advanced technologies across urban and emerging markets.

Within the broader landscape, skin treatment continues to be the leading segment, reflecting growing demand for clarity, rejuvenation, and corrective care. This is followed by body and hair treatments, which are gaining traction with increasing consumer interest in sculpting, wellness-oriented services, and specialised hair solutions.

Kaya has played a pivotal role in shaping this transformation by offering dermatologist-backed, personalised skincare journeys across a pan-India network of clinics. With a deep understanding of Indian skin types, a curated service and product portfolio, and continued investments in technology and innovation, we have helped elevate industry standards and expand the reach of aesthetic care to a wider audience.

ECONOMIC AND INDUSTRY OVERVIEW

Navigating a fragmented global economy

In 2024, the global economy expanded at a moderate pace of 3.3%, indicating a period of relative stability, though growth remained subdued. However, as we move through 2025, the global landscape is undergoing a significant shift, driven by countries reordering their policy priorities in response to rising geopolitical tensions and growing economic challenges.

The United States has introduced a series of new tariff measures, prompting swift and forceful retaliations from major trading partners. This culminated in the implementation of near-universal tariffs on April 2. As a result, effective tariff rates have surged to levels not seen in over a century, delivering a sharp and damaging shock to global growth.

GDP growth projections

(in %)

	2024	2025	2026
Global Economy	3.3	2.8	3.0
Advanced Economies	1.8	1.4	1.5
Emerging Markets and Developing Economies	4.3	3.7	3.9

(Source: World Economic Outlook, April 2025)

The situation has been compounded by the pace and unpredictability of these policy changes, which have significantly heightened economic uncertainty and made the near-term outlook increasingly volatile. This growing instability has also undermined the reliability of traditional forecasting models, making it difficult to base projections on previously dependable assumptions.

Amidst this uncertainty, global headline inflation is expected to decline more slowly than earlier anticipated. It is now projected to ease to 4.3% in 2025 and further to 3.6% in 2026. The revision reflects higher inflation estimates for advanced economies, partially offset by marginal downward adjustments in emerging markets and developing economies.

Outlook

Despite the challenges facing the global economy, this period offers a unique opportunity to strengthen resilience and chart a more sustainable path forward. The adaptability shown by many economies under pressure signals that recovery is possible with the right mix of coordinated policies and proactive reform.

By working together to establish a stable and transparent trade environment, advancing timely debt resolution, and addressing structural imbalances, countries can support a more balanced and inclusive global recovery. Maintaining clear monetary policy direction, using macroprudential tools as needed, and implementing credible fiscal plans will help restore financial stability and protect long-term growth.

International cooperation will be essential in navigating the road ahead. With aligned strategies, strong leadership, and a commitment to shared progress, the global economy can regain momentum, rebuild buffers, and open up new opportunities for prosperity across regions.

Indias economic stability and rising aspirations

Indias economic performance in FY25 remained resilient, with GDP growth estimated at 6.5%, reaffirming the countrys position as the worlds fastest-growing major economy. This growth trajectory has been anchored by sustained public investment in infrastructure, a revival in rural consumption following a favourable Kharif harvest, and continued expansion in the services sector, especially finance and real estate. The Reserve Bank of Indias recent rate cut, marking a return to monetary easing, has further supported the investment climate and spurred consumer sentiment. Simultaneously, improved manufacturing output and steady urban demand have reinforced the economys broad-based momentum. Despite persistent global trade headwinds, Indias solid domestic fundamentals, enabling policy environment, and enterprising private sector remain key drivers of near-term growth.

Fuelled by robust consumer demand, a rapidly evolving digital infrastructure, and the aspirations of a young, expanding middle class, Indias growth story is entering a transformative phase. Structural reforms, proactive government interventions, and a dynamic entrepreneurial ecosystem are working in tandem to unlock higher productivity, drive inclusive development, and foster continuous innovation across sectors.

At the heart of this transformation is a consumption-led growth engine, with private consumption outpacing overall GDP growth. The expanding middle-income demographic is playing a pivotal role by driving up per capita GDP, reshaping spending patterns, and increasing demand for premium products and services. Urbanisation, particularly among younger consumers, is further accelerating this shift as preferences move toward convenience, quality, and aspirational value. At the same time, the rapid development of Tier-2 and Tier-3 cities is broadening access and creating new consumption hubs, reshaping Indias economic landscape and strengthening its domestic growth momentum.

Retail inflation averaged a moderate 4.9% between April and December 2024, supported by stable food and fuel prices. This moderation created room for the Reserve Bank of India to implement its first interest rate cut in nearly five years, a move that has revived investment activity and lifted consumer confidence.

On the fiscal front, the government reiterated its commitment to consolidation, targeting a deficit of 4.9% of GDP for FY25. The Union Budgets capital expenditure allocation of 11.21 lakh crore reflects continued emphasis on infrastructure-led growth, job creation, and long-term economic resilience.

Indias trade outlook is steadily improving. Increased exports of engineering goods, pharmaceuticals, and electronics, along with softer oil import costs and a manufacturing push under the PLI schemes, have helped narrow the trade deficit. Policy support is also strengthening the countrys external sector stability.

Despite persistent global headwinds, Indias domestic demand remains strong, backed by a growing digital ecosystem and ongoing policy reforms. The country is well on course to maintain its position as the fastest-growing major economy, creating pathways for inclusive and sustainable development.

Outlook

Indias economy is projected to grow between 6.3% and 6.8% in FY26, supported by strategic reforms, a dynamic digital ecosystem and expanding consumer demand. Flagship initiatives such as Make in India and the Production-Linked Incentive (PLI) schemes are reshaping the manufacturing sector and attracting significant investments in electronics, semiconductors and renewable energy.

At the same time, large-scale infrastructure development across highways, ports and smart cities is accelerating economic activity, generating employment and enhancing overall productivity.

With consistent policy support and continued capital investments, India is well-placed to sustain long-term growth and reaffirm its position as a major global economic force.

INDUSTRY OVERVIEW

Market size of aesthetic dermatology industry in India

Indias aesthetic services landscape is undergoing a steady transformation, driven by rising aspirations, growing awareness, and expanding consumer interest in personal care and wellness. A strengthening economy is translating into higher discretionary spending, with more individuals prioritising self-care and aesthetic enhancement as part of their lifestyle choices.

Simultaneously, the influence of social media platforms such as Instagram and YouTube is reshaping the beauty ecosystem. These platforms are no longer just channels of inspiration; they have become powerful engines of discovery, consumer engagement, and brand storytelling. Influencer-led content, livestream tutorials, and interactive campaigns are playing a vital role in shaping preferences and accelerating the adoption of aesthetic treatments.

The industry is actively responding to these shifts by offering more targeted, technology-enabled, and inclusive solutions, thereby redefining the way aesthetic care is perceived and accessed across diverse consumer segments. Reflecting this momentum, the Indian Aesthetic Services Market is projected to grow at rate of 13.4% (CAGR).

One of the key drivers of this growth is the rising demand for non-invasive aesthetic procedures. These treatments, which offer reduced risks and shorter recovery times compared to surgical alternatives, are gaining popularity across age groups and geographies. Advancements in laser technology and energy-based devices are further enhancing the safety, efficacy, and accessibility of these procedures.

In parallel, there is a growing shift toward personalised skincare solutions tailored to individual needs. Consumers are increasingly turning to AI-powered diagnostics and customised regimens that address specific skin types and concerns, fuelling adoption and expanding the markets reach.

Rising demand for non-surgical aesthetic procedures

India is experiencing strong growth in non-invasive aesthetic treatments such as Botox, dermal fillers, laser hair removal, and chemical peels. These procedures are increasingly preferred for their shorter recovery time, lower cost, and reduced risk compared to surgical alternatives. Clinics are expanding their offerings with at-home models supervised by dermatologists and scaling up in Tier 1 and Tier 2 cities. The growing visibility of treatment outcomes on social media is helping normalise aesthetic procedures and broaden their acceptance across age groups and genders.

Expanding middle class and higher disposable incomes

Indias expanding middle class is playing a pivotal role in accelerating the growth of the aesthetic services market. The share of the population classified as middle class has grown from 14% in 2004–05 to 39% in

FY25, and is projected to reach 46% by 2030 and 63% by 2047. This demographic shift is accompanied by rising disposable income, the weighted mean income of the middle class increased from 4.4 lakh in AY 2014 to 13 lakh in CY2023. Moreover, the number of individuals earning over 1 million annually has more than doubled, surpassing 12 million as of March 2024. This financial empowerment is driving demand for aesthetic procedures such as skin rejuvenation, hair restoration, anti-aging, and body contouring, services that were once considered discretionary. In response, aesthetic service providers are expanding their offerings and geographic presence to tap into this growing market.

Technology-driven innovation

Technological advancements are playing a critical role in driving the growth of Indias aesthetic services market. The increasing adoption of non-invasive treatments is being accelerated by the integration of next-generation devices and digital tools.

Portable and affordable aesthetic technologies are making treatments more accessible, both for clinics and at-home users. At the same time, artificial intelligence is reshaping personalised skincare through tools such as skin analyzers and treatment simulators, which enable practitioners to tailor procedures with greater precision. These innovations are enhancing treatment efficacy, improving customer satisfaction, and expanding the appeal of aesthetic services across a broader demographic spectrum.

Influence of social media and evolving beauty trends

Social media is reshaping Indias aesthetic services market by influencing preferences and normalising treatments. Interactive content, influencer partnerships, and live showcases are making aesthetic procedures more visible, aspirational, and accessible, especially among younger audiences. This digital shift is empowering consumers with knowledge, reducing stigma, and accelerating demand.

Blending wellness with aesthetic services

The integration of wellness and aesthetic services is reshaping consumer experiences. Salons and spas are increasingly offering holistic services that combine beauty treatments with wellness practices like yoga, meditation, and nutrition. This convergence caters to evolving lifestyle needs, reflecting a broader shift toward . comprehensive self-care that goes beyond appearance to encompass overall well-being.

Strategic collaborations fueling innovation

Strategic partnerships are playing a pivotal role in shaping Indias aesthetic services landscape by supporting emerging beauty and skincare brands. Collaborative platforms that offer financial backing, mentorship, and access to distribution are fostering a vibrant ecosystem of innovation and entrepreneurship. These initiatives not only accelerate product development and market reach but also enhance the overall quality and diversity of aesthetic offerings available to Indian consumers.

Role of Kaya in the overall aesthetic dermatology services industry

Kaya has established itself as a category-defining brand in the Indian aesthetic dermatology space, reshaping how consumers approach skincare and self-care. With over two decades of clinical legacy, Kaya is built on the foundation of dermatologist-led services and a consistent focus on innovation. The brand has evolved to align with modern consumer expectations while remaining grounded in its core principles of safety, science, and personalisation.

Integrating technology to transform skincare experiences

Kaya has taken a leadership role in digital innovation within skincare, using artificial intelligence and data-driven tools to enhance both product and service experiences. The introduction of an AI-enabled direct-to-consumer platform allows users to self-assess their skin and receive tailored product recommendations, improving both convenience and precision. The brand has also introduced KLEAR AI, which supports dermatologists with efficient, data-backed consultations. The Doctor AI App has further optimised clinical interactions, resulting in improved treatment accuracy and enhanced customer satisfaction. These technological advancements have positioned Kaya as a frontrunner in intelligent dermatological care.

Expanding clinical services and product innovation

Kaya continues to diversify its offerings to meet the evolving demands of the beauty and wellness landscape. Its skincare product portfolio has expanded to include solutions focused on pigmentation, acne, brightening, and anti-aging, all backed by clinical research and expertise. The addition of nutraceuticals has extended the brands reach into wellness, offering beauty solutions that work from within. On the clinical front, Kaya has introduced advanced and minimally invasive procedures such as HIFU, Profhilo injectables, IV drips, and microblading. This comprehensive approach positions Kaya as a trusted destination for both preventive and corrective aesthetic solutions.

Fostering a people-first, innovation-led culture

Kayas internal culture has been instrumental in shaping its success in the aesthetic dermatology industry. The organisation is recognised for its strong focus on inclusivity, with more than 85 percent of its workforce comprising women. This representation fosters diverse perspectives and empathetic care, which are essential in a people-centric industry. Kaya invests in continuous learning and skill development to ensure its clinical teams are equipped with the latest global knowledge and techniques. Employee wellness initiatives are also a priority, reflecting the brands belief in a holistic approach to beauty and well-being. This commitment to people fuels Kayas trusted reputation and high standards of service.

Shaping industry perception through marketing and engagement

Kaya is playing a critical role in driving awareness and acceptance of aesthetic dermatology across India. Through purpose-driven marketing, influencer collaborations, and educational content, the brand is actively challenging misconceptions and normalising conversations around aesthetic care. Its loyalty programme, Kaya Smiles, enhances customer engagement by offering personalised rewards, exclusive offers, and curated experiences. This approach not only deepens consumer relationships but also builds long-term loyalty. By combining education with thoughtful engagement, Kaya is making clinical skincare more relatable and accessible to a wider audience.

Elevating the industry standard

Kayas influence on Indias aesthetic dermatology landscape is defined by its ability to merge clinical credibility with technological innovation, inclusive values, and a deep understanding of consumer needs. From pioneering AI-driven skincare solutions to fostering a culture of care and continuous learning, Kaya has raised the bar for quality and accessibility in dermatological services. As the demand for personalised and science-based skincare continues to rise, Kaya remains well-positioned to lead the next phase of growth and transformation in the industry.

DERMATOLOGICAL SERVICES

Market size of aesthetic dermatology industry in India

Indias dermatology segment is fast becoming a cornerstone of growth within the broader pharmaceutical and wellness industry. This transformation is shaped by a combination of rising skin health awareness, evolving beauty standards, and a growing preference for holistic self-care. As more people actively seek solutions for both clinical skin conditions and cosmetic enhancement, the market is witnessing a clear shift from basic skincare to advanced, results-driven treatments. Pharmaceutical companies are responding with a sharper focus on innovation, expanding their dermatology portfolios to include a mix of therapeutic and aesthetic offerings tailored to modern lifestyles.

Fueling this evolution is the parallel boom in the skincare products market, which has moved beyond functionality to become a powerful medium of self-expression and well-being. Todays consumers—especially millennials and Gen Z—view skincare not just as a necessity but as an extension of their identity. Their choices are informed by factors such as skin type, life stage, daily routine, and values like inclusivity, clean beauty, and authenticity. Skincare brands are adapting accordingly, creating targeted, high-performance products while reshaping their narratives to connect more deeply with this digitally savvy, values-driven audience.

a game-changer in this space. Platforms are not only shaping trends and educating users but also providing instant access to a global universe of products, routines, and expert advice. Discovery is now social, and success lies in speed, relevance, and trust. As a result, the rise of direct-to-consumer models and online-first strategies is creating new pathways for growth. Quick-to-market innovations, influencer-led promotions, and personalised engagement are empowering brands to build stronger connections and scale rapidly across both metro and non-metro markets.

At the intersection of healthcare and lifestyle, dermatology today is a movement that blends science, aspiration, and everyday care. From chronic conditions to confidence-boosting regimens, the demand for credible, effective, and personalised solutions is growing. The segments expansion reflects not only a maturing consumer mindset but also the industrys readiness to meet it with better access, smarter products, and deeper engagement. In this environment, dermatology is well poised to lead the next wave of growth, where wellness meets technology, and care becomes both clinical and cultural.

Indias dermatological services industry is witnessing strong growth, driven by rising awareness of skin health, increasing disposable incomes, and rapid technological advancement. The sector spans clinical treatments, cosmetic procedures, and dermacosmetic products, and is expanding steadily across both metro and non-metro markets.

With innovations in non-invasive therapies, personalised skincare, and AI-enabled diagnostics, dermatology is evolving from a purely medical domain to a broader wellness and lifestyle segment. India is emerging as a prominent market in the global dermatology space, combining clinical expertise with rising consumer demand.

Body contouring

The body contouring and sculpting segment is projected to grow at a CAGR of 14.9% during FY25–FY29.

Body contouring and sculpting have emerged as high-demand treatments in India, particularly among urban millennials and Gen Z consumers seeking non-invasive or minimally invasive fat reduction solutions. The rising popularity of procedures such as cryolipolysis (fat freezing), radiofrequency lipolysis, and ultrasound cavitation is being fueled by increasing awareness around fitness aesthetics and body image, trends amplified by the influence of social media.

At Kaya, we specialise in body sculpting with a personalised, results-oriented approach. Our experts conduct in-depth assessments to understand each individuals physique, goals, and treatment preferences, recommending solutions that deliver effective and visible outcomes.

To meet growing demand, we have expanded our Cool Sculpting infrastructure across metro and non-metro cities. Our body contouring offerings address a range of concerns including targeted fat reduction, inch loss, skin tightening, and toning, providing clients with safe, non-invasive options that fit into their lifestyle.

Body contouring continues to be a strategic focus for Kaya, and we are actively strengthening our capabilities and footprint in this segment to serve evolving consumer needs and drive long-term growth.

Laser hair reduction

Indias laser hair reduction market to grow at a CAGR of 12.1% during FY25–FY29. This growth is being driven by rising demand for non-invasive, long-lasting hair removal solutions. Consumers are increasingly opting for laser treatments over traditional methods like waxing and shaving due to superior precision, speed, and comfort. Technological innovations, such as the launch of Alma Lasers Soprano Titanium in 2024—with its high-speed 4cm applicator—are further enhancing treatment experience and driving market adoption.

Kaya has established itself as a trusted leader in Laser Hair Reduction (LHR) services for both men and women. As a category pioneer, Kaya employs US-

FDA-approved technologies operated by experienced dermatologists to ensure safe and effective results. Our commitment to quality, hygiene, and consistent service outcomes has made us the preferred choice for customers seeking dependable and advanced hair reduction solutions.

LHR continues to be a key acquisition driver for Kaya. Through focused marketing, digital outreach, and client education, we are expanding our footprint across metros and non-metro regions. By positioning laser hair reduction as a core offering, Kaya is meeting evolving consumer preferences while reinforcing its leadership in Indias aesthetic services space.

Brightening and pigmentation

The Indian skin brightening and lightening segment is projected to grow at a CAGR of 11.0% during FY25–FY29. This growth is driven by cultural preferences and rising demand for radiant, even-toned skin. Consumers are increasingly opting for non-invasive treatments that offer visible results with minimal side effects.

At Kaya, we recognise that achieving radiant skin requires a holistic, personalised approach. Every individuals skin is unique, particularly when addressing pigmentation and brightening concerns. Our treatments are administered by trained doctors and supported by our in-house dermatologists, ensuring expert care tailored to each clients specific needs.

Our comprehensive portfolio addresses pigmentation concerns through advanced, non-invasive methods. Q-Switch laser treatments are designed to reduce sunspots, uneven tone, and deep pigmentation by breaking down melanin deposits and restoring skin clarity. Complementing this, our customised chemical peels gently exfoliate dead cells and stimulate new cell turnover. These peels are carefully selected to suit different skin types and concerns, optimising outcomes in brightness and skin renewal.

We also offer targeted laser-based rejuvenation therapies that address pigmentation and uneven tone, delivering visible results with minimal downtime making them highly preferred by todays time-conscious consumers. To reinforce clinical outcomes, our dermatologist-formulated skincare range includes brightening serums and pigmentation-correcting creams enriched with synergistic actives to sustain skin clarity and glow.

With increasing awareness and growing demand across both metro and non-metro cities, Kaya is well-positioned to serve the evolving skincare aspirations of a broad and diverse clientele. Our focus remains on delivering safe, effective, and personalised solutions that empower individuals to look and feel their best.

Whether the goal is to reduce pigmentation, restore luminosity, or maintain an even skin tone, Kayas team of expert dermatologists and proven treatment protocols are designed to guide and support clients through every step of their skincare journey towards healthy, glowing skin.

Anti-Ageing

Indias anti-ageing segment is projected to grow at a CAGR of 13.0%. This surge is driven by growing awareness of non-invasive treatments and a shift in consumer concerns, from wrinkles to broader issues like dullness, uneven tone, and skin texture. With Gen Z and millennials embracing preventive skincare, clinics are witnessing rising demand for collagen therapies, clean formulations, and holistic skin health solutions.

At Kaya, we view ageing as a personalised journey. Every skin type is unique and demands tailored care. Our treatments are delivered by qualified doctors and dermatologists, combining clinical expertise with the latest in dermatological science. From facial rejuvenation and laser therapies to Botox, fillers, and skin tightening, our extensive anti-ageing portfolio is designed to deliver visible results while prioritising safety and comfort.

With a presence across metros and non-metro markets, Kaya continues to invest in advanced technologies and personalised protocols. Our clinics uphold the highest standards of hygiene and efficacy, offering clients trusted, medically backed solutions that address both early signs and visible effects of ageing, empowering them to maintain youthful, radiant skin at every stage of life.

Hair Care

The hair growth treatments segment is projected to grow at a CAGR of 12.4% during FY25–FY29.

Indias hair growth treatment market is evolving rapidly, with increasing preference for non-invasive and minimally invasive solutions that deliver effective results with minimal downtime. Popular treatments such as Platelet-Rich Plasma (PRP) therapy, Low-Level Laser Therapy (LLLT), and advanced topical medications are witnessing growing adoption. PRP, in particular, has gained momentum for its natural, clinically supported approach using the patients own blood platelets to stimulate follicular regeneration.

At Kaya, we have built a robust presence in the hair care space, offering a comprehensive suite of services that go beyond addressing visible symptoms. We focus on identifying and treating the root causes of hair concerns, including scalp health, nutritional deficiencies, and lifestyle factors. Each treatment plan is customised to the individual, ensuring greater efficacy and sustainable outcomes.

Our advanced offerings include PRP and Growth Factor Concentrate (GFC) therapies, both known to promote hair regrowth and improve scalp vitality. We also deploy Derma Roller treatments that enhance serum penetration and stimulate scalp activity, accelerating hair regeneration.

To ensure precision and maximise outcomes, Kaya uses advanced scalp diagnostic tools that analyse underlying concerns and inform personalised treatment pathways. This technology-led approach enhances treatment efficacy and helps monitor progress.

Beyond in-clinic treatments, Kaya supports long-term hair health through a curated range of hair care products. These include nourishing serums that fortify hair follicles, as well as nutraceutical supplements that promote hair wellness from within. Together, they form a 360-degree, doctor-led hair care regimen that empowers clients to achieve stronger, healthier hair both inside and outside the clinic.

KAYA LIMITED OVERVIEW

Kaya delivers dermatologically certified, science-backed solutions designed to elevate the health and radiance of your skin, hair, and body. Our offerings seamlessly combine medical expertise with a deep understanding of individual needs, ensuring that every treatment is effective, safe, and personalised. Backed by a robust network of expert dermatologists and delivered by trained in-clinic professionals, our services cover advanced skincare, precision hair care, and body contouring therapies.

Complementing our in-clinic solutions is a comprehensive retail portfolio of skincare and haircare products, thoughtfully developed to extend the benefits of our treatments into daily routines. By integrating cutting-edge technology and continuous innovation into our services, we aim to deliver visible, long-lasting results.

With a growing footprint across India and the Central Asian region, Kaya is redefining aesthetic dermatology through personalised care, clinical excellence, and a future-focused approach that puts people and their confidence at the center of everything we do.

HUMAN RESOURCE

Kayas success is anchored in the strength of its people. Our team of over 800 professionals across India forms a dynamic and passionate workforce, dedicated to delivering excellence at every touchpoint. Our human resource philosophy is rooted in creating a workplace culture that values excellence, motivation, inclusion, and continuous learning & growth.

We place strong emphasis on nurturing talent through structured learning and development initiatives. These include role-based trainings, leadership development programmes, and regular upskilling sessions designed to keep our team aligned with evolving industry standards and emerging technologies. By investing in our people, we ensure they remain confident, capable, and future-ready.

Our workplace policies are designed to support holistic employee well-being. From professional advancement to mental wellness and personal development, every initiative is carefully crafted to foster a sense of purpose and belonging. Our teams are consistently encouraged to embody Kayas values in their day-to-day roles, helping us deliver personalised, high-impact customer experiences.

By promoting collaboration, creativity, and accountability, Kaya continues to strengthen its culture and empower its people. This approach enables us to stay agile, customer-focused, and aligned with our long-term strategic goals.

RISK MANAGEMENT

At Kaya, risk management is a core element of our governance framework and business strategy. We have adopted a comprehensive and forward-looking approach that helps us identify, assess, and mitigate potential risks across operational, financial, regulatory, and reputational domains. Our risk management framework is embedded into key decision-making processes and monitored through structured governance protocols. This enables us to maintain business continuity, anticipate market disruptions, and ensure compliance with evolving legal and regulatory landscapes.

We regularly evaluate and update our risk registers, factoring in emerging trends such as shifts in consumer behavior, digital disruption, cybersecurity threats, and geopolitical developments. This enables our teams to act swiftly and decisively, minimising exposure and maintaining strategic clarity. Through cross-functional coordination and continuous scenario planning, we build resilience across the organisation. Our approach not only safeguards Kayas operational integrity but also enables us to identify new growth opportunities, respond effectively to challenges, and stay focused on delivering sustainable value to all stakeholders.

FINANCIAL OVERVIEW

Particulars	Standalone
(in lakh)	FY25	FY24	Gr %
Collection*	25,016	23,464	7%
Net Revenue	21,742	21,032	3%
EBIDTA**	2,523	3,439
% to NR	12%	16%
PAT before OCI***	(2,651)	(13,872)
% to NR	-12%	-66%
PAT after OCI****	(2,690)	(13,904)
% to NR	-12%	-66%

*Collection includes only Clinic Collections

**EBITDA - Earnings before Interest, Tax, Depreciation and Amortisation calculated as per SEBI results ***Profit after tax but before Other Comprehensive Income ****Profit after tax but after Other Comprehensive Income

NET REVENUES

Net Revenue at 21,742 lakh grew by 3% over FY24.

COST OF GOODS SOLD (COGS)

COGS includes cost of materials consumed, purchases of stock-in-trade, changes in inventories of finished goods, work-in-process and stock-in-trade, consumption of consumables and stores and spare parts as well as contract manufacturing expenses.

Kaya Indias COGS is 24% of Net Revenue in FY25 as compared to 21% of Net Revenue in FY24. COGS on absolute cost grew by 15% as compared to FY24.

EMPLOYEE COST

Employee cost includes the cost of contractual staff, personnel at the clinic staff servicing the customers and also staff at the corporate office.

Kaya Indias Employee costs at 6,076 lakh grew by 12% over FY24.

RENTALS

Rental cost primarily includes rental place occupied to operate the clinics.

The rental cost has now become a part of Ind AS 116 Leases accounting and only short-term leases and Low value leases are now part of other expenses in Statement of Profit and Loss

ADVERTISEMENT SALES AND PROMOTION

Kaya India advertisement costs at 1,615 lakh (7% of Net Revenue) grew by 46% in FY25.

OTHER OPERATIVE EXPENSES

Other expenses majorly include overheads such as professional charges paid to doctors, electricity, repairs and maintenance, insurance, travel, rates and taxes, etc.

Kaya Indias other operative expense costs declined by 4% to 6,229 lakh (29% of Net Revenue) in FY25.

EARNINGS BEFORE INTEREST, TAX AND DEPRECIATION (EBITDA)

Kaya India recorded EBITDA of 2,523 lakh (12% of Net Revenue) compared to 3,439 lakh (16% of Net Revenue) of FY24.

DEPRECIATION, AMORTISATION AND IMPAIRMENT

Depreciation and amortisation expenses grew by 7% to 3,764 lakh (17% of Net Revenue) during FY25 as compared to 3,525 lakh (17% of Net Revenue) during FY24.

OTHER INCOME

Other income in FY25 is at 1,705 lakh as compared to 461 lakh in FY24.

TOTAL COMPREHENSIVE LOSS

Total Comprehensive Loss is (2,690) lakh in FY25 as compared to (13,904) lakh in FY24.

FIXED ASSETS

Fixed Assets (net of depreciation) increased by 697 lakh during FY25 from 4,942 lakh in FY24 to 5,638 lakh in FY25.

INTERNAL FINANCIAL CONTROLS

The Company places strong emphasis on maintaining robust internal financial control systems to safeguard financial assets and uphold transparency across all operational functions. These systems are underpinned by well-defined Corporate Governance policies, clearly established roles and responsibilities, standard operating procedures, and a modern Enterprise Resource Planning (ERP) framework. Each of these elements is periodically reviewed by the management to ensure continued relevance and effectiveness.

To ensure compliance and control accuracy, periodic testing and certification of internal financial controls over reporting are conducted by statutory auditors. These evaluations span all key locations including offices, clinics, and business functions. Additionally, the Company engages external audit firms to perform internal audit reviews under a risk-based audit plan, duly approved by the Audit and Risk Management Committee.

The internal auditors report key findings and recommend corrective actions where necessary. These recommendations are closely tracked and their implementation is regularly monitored by the Committee to ensure a timely resolution.

The Audit and Risk Management Committee maintains oversight on the overall adequacy and effectiveness of the Companys internal control framework. It reviews progress on audit recommendations, with particular focus on those related to strengthening risk mitigation policies and systems. Through this rigorous and structured approach, the Company ensures that its risk management architecture remains strong, responsive, and effective in safeguarding operational and financial performance.

Cautionary Statement

This report contains forward-looking statements regarding the Companys goals, expectations, estimates, projections, and future plans. These statements are subject to applicable securities laws and regulations. While they are based on reasonable assumptions and currently available information, actual outcomes may differ materially from those expressed or implied due to various external and internal factors beyond the Companys control.