Transforming for a stronger tomorrow
" One of our key focus areas during the year was accelerating
digital adoption across the value chain. From AI-led diagnostic tools to marketing
automation, our digital initiatives were aimed at enhancing customer experience and
improving operational efficiency. Our proprietary platform, Klear AI is transforming how
we diagnose and personalise treatments, particularly for diverse Indian skin types. "
Dear Shareholders,
It gives me pleasure to present the Annual Report for Kaya Limited for
FY25, a year that marked a step forward in our transformation journey. This was a period
of strategic reset, focused execution and measured progress. Driven by Purpose, we
approached each priority with clarity and conviction, guided by a commitment to deliver
meaningful change. In FY25, we exited non-core geographies to consolidate our operations
and sharpen our focus on the Indian market. This realignment reflects our commitment to
driving sustainable, long-term growth through deeper market engagement and operational
efficiency within India. Each of these actions was Designed for Impact, aimed at creating
long-term value for our clients, partners and shareholders.
OPERATING ENVIRONMENT
India is undergoing a fundamental consumer transformation driven by rising
affluence, expanding digital access and an increasingly experience-driven mindset. Across
categories, today's consumers are more informed, aspirational and selective. They
seek personalised engagement, value-driven offerings and seamless service across channels.
The shift from transactional buying to considered consumption is unmistakable, with trust,
transparency and relevance emerging as key decision drivers.
Within this broader evolution, aesthetic dermatology is gaining strong
traction. As awareness around skincare and self-care rises, more consumers are turning to
expert-led, science-backed solutions that prioritise safety and outcomes. There is a
growing willingness to invest in credible, personalised care that goes beyond superficial
fixes.
Younger cohorts are leading this change. They look for low-discomfort,
high-efficacy treatments powered by the latest technologies. The focus has moved from
short-term beauty to long-term skin health—grounded in measurable results,
consistency and convenience. This preference is further amplified by digital influence,
social validation and a deeper post-pandemic consciousness around wellness.
At Kaya, we are strongly positioned to lead in this environment. Our
legacy of clinical excellence, trusted medical protocols, expanding national footprint and
early investments in digital innovation have given us the credibility and capability to
serve evolving consumer needs. As expectations rise, we remain committed to delivering
personalised, expert-led aesthetics with care, precision and results.
FY25 IN REVIEW:
PERFORMANCE SNAPSHOT
In FY25, Kaya reported collections of 250.2 crore, up from 234.6
crore in FY24, marking a 7% year-on-year growth. Net revenue rose by 3% to 217.4 crore
from 210.3 crore in the previous year. EBITDA stood at 25.2 crore, compared to 34.4
crore in FY24, reflecting the impact of continued investments in brand building and
central functions. Despite this, clinic-level profitability remained healthy, underscoring
the strength of our unit economics.
The growth in collections was driven by strong performance across
high-demand service categories such as anti-ageing, body contouring and hair care. This
was further supported by the adoption of advanced diagnostic tools and enhanced
personalised customer experience. The services business remained the core driver, while
the product portfolio delivered focused growth through categories like nutraceuticals,
suncare and body care.
Our innovation pipeline continued to deliver, with new products and
services contributing meaningfully to overall collections. These gains reflect our
team's responsiveness to evolving consumer needs and our ongoing efforts to create
differentiated value.
DIGITAL AND INNOVATION
One of our key focus areas during the year was accelerating digital
adoption across the value chain. From AI-led diagnostic tools to marketing automation, our
digital initiatives were aimed at enhancing customer experience and improving operational
efficiency.
Our proprietary platform, Klear AI is transforming how we diagnose and
personalise treatments, particularly for diverse Indian skin types. These innovations are
strengthening both credibility and conversion, enabling our doctors to deliver highly
customised treatments with greater precision.
We also invested in high-performance service technologies, adding 90+
dermatology machines across categories such as pigmentation, acne, laser hair reduction,
body contouring and hair regeneration. These upgrades enhanced our clinical capabilities,
reduced turnaround time and improved treatment outcomes.
STRENGTHENING BRAND EXPERIENCE AND EXPANDING DIVERSE OFFERINGS
In FY25, we continued to enhance our offerings across categories by
introducing new formats in skin, hair and body services, while elevating our product
portfolio to deliver greater sensorial appeal and efficacy. The expanded range of
nutraceuticals and skincare solutions aligned with the growing consumer preference for
holistic wellness.
Several of our clinics underwent relocations and redesigns to reflect a
modern luxury aesthetic. We introduced specialised zones such as body boutiques and
immersive treatment suites to showcase advanced services and reinforce our premium
positioning. Complementing this, our product packaging transitioned from clinical white to
bold, contemporary palettes inspired by new-age cosmetic trends, creating a cohesive brand
experience that bridges our clinics and product lines.
We also strengthened our collaboration with Marico to take Kaya's
efficacy-led products beyond our clinics.
This enhanced brand presence across digital and retail channels and
established a stable royalty-based revenue stream.
Our loyalty programme, Kaya Smiles, continued to anchor client
engagement. With tiered benefits, curated offers and experiential rewards, it is emerging
as a strong driver of retention and repeat business.
MARKETING OUTREACH
Our marketing strategy was defined by balance between brand and
performance, awareness and acquisition, aspiration and authenticity. With 7% of revenue
allocated to marketing, we focused on building salience among urban clients through
digital storytelling, influencer partnerships and hyperlocal activations.
Marketing automation tools such as WhatsApp and web bots streamlined
appointment booking and client communication, improving both conversion and satisfaction.
We also saw strong traction from organic referrals and Google ratings, with many clinics
earning 4.5+ star reviews after renovation and service upgrades.
BUILDING FOR SCALE
We adopted a calibrated expansion strategy guided by data-led catchment
analysis to optimise client access, ambience and service productivity. This included a mix
of new clinic openings, renovations and relocations, all aimed at elevating customer
experience. The outcomes were encouraging, with improved footfall and stronger client
feedback.
Building on this foundation, we are now poised for accelerated yet
measured expansion, with several new locations already signed and others under evaluation.
The focus remains on leveraging our existing infrastructure and playbooks to ensure
operational efficiency and early profitability at the clinic level.
This growth will also help us unlock operating leverage over time,
enabling better absorption of corporate overheads as scale improves.
PEOPLE AT THE CORE
Behind every Kaya experience is a team of trained professionals who
reflect our values of care, precision and credibility. Our network of dermatologists works
closely with clinic and corporate teams to deliver consistent, high-quality outcomes. This
doctor-first culture has become a defining strength that drives ownership, enhances
retention and supports localised brand-building.
Throughout the year, we focused on upskilling our teams, fostering
internal growth and nurturing a culture of accountability. As we continue to scale, we
remain committed to investing in our people, who are the most powerful ambassadors of the
Kaya brand.
WAY FORWARD
The Company stands at a pivotal inflection point, with high confidence
in its future prospects. This optimism is underpinned by actions taken during this year,
including the strategic exit from the Middle East, significant investments in our Clinic
Refresh, adoption of AI technologies, continued innovation in services and products and a
calibrated expansion approach.
Our roadmap is clear: we plan to accelerate growth by expanding our
clinic network in high-potential catchments, optimising our existing infrastructure and
building strong brand differentiation through innovation, digital and AI-driven service
models. With increased investment in marketing and demand generation, we are committed to
returning to profitability by unlocking scale and operational efficiency.
FY26 will be a year of acceleration. A period where we move forward
with sharper focus, deeper intent and greater agility. We are committed to disciplined
execution across all fronts—enhancing operational rigour, driving clinic-level
performance and strengthening our digital backbone. Our expansion will be purposeful,
rooted in data and driven by client needs, while every step of our delivery will remain
empathetic and experience led.
On behalf of the Board, I extend my heartfelt thanks to our
shareholders, clients, employees and partners for their trust, belief and continued
support. Together, we are shaping a stronger, smarter and more sustainable Kaya one that
stands for expertise, integrity and purpose-led progress.
Warm regards,
Harsh Mariwala
Chairman and Managing Director,
Kaya