Kaya Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company is almost debt free
- Operating margins have improved to -4.5% from -12.5%
- Company generates healthy free cash flow
- Working capital cycle has improved - days down from -129 to -164
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Company has a low return on capital employed of -293.5%
- Company has a low return on equity of 0.0% over last 3 years
- Promoter holding has decreased over last 2 years: -8.4pp
- Interest coverage is weak at -1.6x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | 8715.00 | 59.97 | 125308.33 | 0.23 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| MAXHEALTH | 994.00 | 66.40 | 96743.68 | 0.20 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| MANIPALHOS | 709.15 | 104.54 | 93279.97 | 0.00 | 2434.30 | — | 30906.30 | — | 13.93 | 23.83 |
| FORTIS | 913.85 | 65.84 | 68991.85 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| ASTERDM | 762.10 | 208.45 | 66430.16 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.46 | 19.53 |
| NH | 1922.95 | 48.15 | 39297.56 | 0.23 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| MEDANTA | 1445.50 | 69.88 | 38865.42 | 0.03 | 157.25 | -1.09 | 1304.05 | 26.50 | 19.38 | 21.99 |
| LALPATHLAB | 1913.55 | 59.27 | 32118.71 | 1.07 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| KIMS | 753.40 | 154.89 | 31643.29 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| AGARWALEYE | 513.40 | 109.70 | 16276.12 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 16.14 | 27.75 |
| VIJAYA | 1480.70 | 81.34 | 15250.87 | 0.14 | 53.10 | 37.61 | 230.98 | 22.83 | 30.28 | 42.66 |
| KAYA | 328.25 | 0.00 | 498.53 | 0.00 | -27.77 | -295.33 | 55.80 | 2.03 | -776.46 | -9.32 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 50 | 52 | 56 | 53 | 52 | 52 | 58 | 55 | 53 | 54 | 60 | 56 | 60 | |
| 40 | 75 | 44 | 134 | 40 | 47 | 57 | 49 | 49 | 57 | 71 | 68 | 76 | |
| Operating Profit | 9 | -23 | 12 | -81 | 12 | 6 | 1 | 6 | 4 | -3 | -22 | -5 | 4 |
| OPM % | 18.56% | -43.55% | 21.30% | -152.14% | 23.54% | 10.77% | 1.61% | 10.79% | 7.07% | -6.18% | -36.34% | -9.32% | 6.41% |
| Other Income | 1 | 1 | 1 | 2 | 11 | 1 | 1 | 4 | 1 | 4 | 2 | 2 | 1 |
| Interest | 6 | 6 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 9 | 9 | 9 | 9 |
| Depreciation | 9 | 9 | 9 | 9 | 9 | 9 | 10 | 9 | 10 | 11 | 12 | 12 | 11 |
| -5 | -37 | -3 | -95 | 6 | -11 | -15 | -7 | -14 | -19 | -36 | -28 | -15 | |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -5 | -37 | -3 | -95 | 6 | -11 | -15 | -7 | -14 | -19 | -36 | -28 | -15 |
| -3 | -28 | -2 | -73 | 5 | -8 | -12 | -5 | -11 | -13 | -23 | -18 | -1 | |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 15 | 15 | 15 | 15 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 194 | 201 | 210 | 204 | 117 | 141 | 178 | 210 | 217 | 222 | 230 | |
| 212 | 209 | 206 | 167 | 99 | 127 | 205 | 291 | 192 | 232 | 274 | |
| Operating Profit | -6 | 2 | 8 | 45 | 30 | 23 | -22 | -76 | 44 | -1 | — |
| OPM % | -3 | 1 | 4 | 22 | 26 | 16 | -13 | -36 | 20 | -1 | — |
| Other Income | 12 | 10 | 5 | 9 | 13 | 9 | 4 | 5 | 18 | 9 | 9 |
| Interest | 2 | 2 | 3 | 14 | 12 | 14 | 33 | 27 | 32 | 38 | 36 |
| Depreciation | 11 | 13 | 15 | 45 | 32 | 35 | 30 | 35 | 38 | 56 | 45 |
| -18 | -14 | -10 | -13 | -14 | -25 | -85 | -139 | -27 | -96 | -97 | |
| Tax % | 14 | 3 | 58 | -164 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -16 | -13 | -4 | -34 | -14 | -25 | -85 | -139 | -27 | -96 | -97 |
| EPS | 0 | 0 | 0 | 0 | -11 | -20 | -65 | -106 | -20 | -63 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -12 | -10 | -3 | -26 | -11 | -20 | -65 | -106 | -20 | -63 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 2%
- 5 Years:
- 14%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -8%
- 5 Years:
- -7%
- 3 Years:
- -4%
- 1 Year:
- -20%
RETURN ON EQUITY
- 10 Years:
- -25%
- 5 Years:
- -39%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 15 |
| 186 | 173 | 148 | 99 | 89 | 76 | -0 | -132 | -153 | -173 | |
| 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | |
| Trade Payables | 16 | 16 | 16 | 14 | 10 | 13 | 13 | 18 | 14 | 13 |
| 48 | 39 | 65 | 181 | 166 | 221 | 277 | 322 | 362 | 409 | |
| Total Liabilities | 264 | 240 | 241 | 307 | 277 | 323 | 303 | 221 | 237 | 278 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 48 | 50 | 43 | 113 | 92 | 80 | 95 | 132 | 158 | 193 | |
| Capital Work in Progress | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 115 | 115 | 109 | 118 | 126 | 187 | 142 | 31 | 4 | 39 | |
| 34 | 34 | 34 | 30 | 23 | 21 | 21 | 20 | 26 | 20 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 2 | 1 | |
| Cash & Bank | 2 | 4 | 5 | 1 | 2 | 8 | 16 | 8 | 7 | 2 |
| 64 | 38 | 49 | 45 | 34 | 27 | 29 | 23 | 40 | 24 | |
| Total Assets | 264 | 240 | 241 | 307 | 277 | 323 | 303 | 221 | 237 | 278 |
| Total Debt | 1 | 0 | 0 | 9 | 21 | 79 | 92 | 126 | 144 | 163 |
| Net Working Capital | 48 | 1 | -17 | -32 | -35 | -30 | -61 | -64 | -77 | -100 |
| Contingent Liabilities | 155 | 5 | 6 | 2 | 2 | 32 | 2 | 2 | 2 | 2 |
| Book Value per Share | 152.81 | 142.66 | 122.95 | 86.11 | 78.04 | 67.99 | 9.98 | -90.75 | -106.61 | -103.80 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -19 | 11 | -2 | 32 | 18 | 34 | 47 | 40 | 15 | 21 | |
| Cash from Investing | 14 | -8 | -0 | -12 | -7 | -74 | -1 | -35 | 14 | -62 |
| Cash from Financing | 4 | -1 | 2 | -24 | -10 | 40 | -32 | -13 | -30 | 37 |
| 0 | 2 | 1 | -3 | 1 | -0 | 14 | -7 | -2 | -5 | |
| Free Cash Flow | -19 | 0 | -4 | -46 | 18 | 31 | 20 | 7 | -9 | -48 |
| OCF / Net Profit | 1.19 | -0.82 | 0.39 | -0.95 | -1.28 | -1.35 | -0.55 | -0.29 | -0.55 | -0.21 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -50 | -1 | 19 | 30 | 67 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -12.05 | -10.23 | -3.03 | -25.98 | -10.81 | -19.50 | -65.44 | -106.18 | -20.24 | -63.30 |
| Book Value (₹) | 152.81 | 142.66 | 122.95 | 86.11 | 78.04 | 67.99 | 9.98 | -90.75 | -106.61 | -103.80 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -3.87 | -0.15 | 8.66 | 8.08 | 13.86 | 7.19 | -42.61 | -79.20 | 8.50 | -26.57 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -2.92% | 0.76% | 4.04% | 22.25% | 26.03% | 16.40% | -12.54% | -38.38% | 11.83% | -4.48% |
| Net Margin % | -8.09% | -6.63% | -1.89% | -16.61% | -12.06% | -18.08% | -47.94% | -65.95% | -12.19% | -43.21% |
| ROE % | -8.06% | -6.93% | -2.28% | -24.85% | -13.17% | -26.71% | -167.83% | 0.00% | 0.00% | 0.00% |
| ROCE % | -8.32% | -5.97% | -3.87% | 0.67% | -1.42% | -8.05% | -37.77% | -191.15% | 87.24% | -776.61% |
| -5.73% | -5.29% | -1.64% | -12.38% | -4.83% | -8.49% | -27.33% | -52.99% | -11.59% | -37.35% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 4 | 6 | 8 | 11 | 17 | 12 | 10 | 9 | 6 | 2 |
| Inventory Days | 66 | 61 | 59 | 57 | 82 | 56 | 43 | 36 | 39 | 38 |
| Payable Days | 847 | 722 | 698 | 482 | 556 | 605 | 357 | 402 | 379 | 429 |
| -777 | -655 | -630 | -414 | -457 | -536 | -303 | -357 | -335 | -390 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.00x | 0.00x | 0.08x | 0.21x | 0.88x | 7.03x | -1.06x | -1.03x | -1.04x |
| Interest Coverage (x) | -8.52x | -5.50x | -2.50x | 0.07x | -0.14x | -0.86x | -1.57x | -4.07x | 0.18x | -1.55x |
| 1.58x | 1.01x | 0.82x | 0.70x | 0.62x | 0.69x | 0.56x | 0.53x | 0.46x | 0.42x | |
| GROWTH | ||||||||||
| Revenue Growth % | 4.71% | 3.69% | 4.28% | -2.61% | -42.71% | 20.36% | 26.55% | 17.95% | 3.37% | 2.32% |
| Operating Profit Growth % | -300.11% | 127.16% | 451.31% | 436.16% | -32.97% | -24.17% | -196.80% | -240.22% | 157.21% | -102.93% |
| Net Profit Growth % | -81.94% | 15.01% | 70.33% | -757.71% | 58.40% | -80.42% | -235.56% | -62.27% | 80.89% | -262.61% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -62.27% | 80.94% | -212.71% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -3.46x | -2.19x | -2.30x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -6.92x | 10.18x | -410.69x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Kaya Limited has informed the Exchange about change in Management
2026-08-13 - Kaya Limited has informed the Exchange about Copy of Newspaper Publication for Dispatched of EOGM notice on August 12, 2026.
2026-08-12 - Kaya Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 05, 2026 at 10:00 AM through Video Conferencing/ Other Audio Visual Means.
2026-08-10 - Kaya Limited has informed the Exchange about Grant of Employee Stock Option to eligible employee.
2026-08-10 - Kaya Limited has informed the Exchange regarding Outcome of Board Meeting held on August 10, 2026.
2026-08-07 - Kaya Limited has informed the Exchange regarding Appointment of Ms Vasuta Agarwal as Independent Director of the company w.e.f. August 03, 2026.
2026-08-07 - Kaya Limited has informed the Exchange about Shareholders meeting
2026-08-07 - Kaya Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 07, 2025
2026-08-05 - Kaya Limited has informed the Exchange about Newspaper Publication of the Unaudited Financial Statement for the quarter ended June 30, 2026.
News
Recent coverage and analyst commentary for KAYA
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Kaya Ltd.
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