Kaya Ltd FY26 updates: CFO change, board moves, results

Why Kaya’s latest disclosures matter

Kaya Ltd has made a cluster of stock-exchange disclosures spanning leadership changes, director appointments and resignations, and FY26 financial performance. Together, these updates offer investors a clearer picture of governance continuity, key managerial transitions, and the company’s near-term financial stress.

The announcements include a proposed second term for independent director Ms. Vasuta Agarwal, a board exit by Mr. Nikhil Nirvan Khattau, and a structured finance leadership handover culminating in Mr. Brijesh Goyal taking charge as Chief Financial Officer (CFO). On the numbers, Kaya reported a Q4 FY26 revenue increase of 2% year-on-year, but continued to post losses, including a consolidated net loss for FY26.

Vasuta Agarwal proposed for a second five-year term

Kaya said its Board of Directors approved the re-appointment of Ms. Vasuta Agarwal as a Non-Executive Independent Director for a second term of five years. The proposed tenure starts on August 3, 2026 and ends on August 2, 2031.

The company also stated that, based on the recommendation of the Nomination and Remuneration Committee, the Board approved her appointment as an Additional Director effective August 3, 2026. This appointment as an Additional Director is set to continue until the ensuing Annual General Meeting (AGM).

Kaya added that the re-appointment for the five-year term is subject to shareholder approval at the ensuing AGM.

Nikhil Nirvan Khattau resigns from the Board

In a separate disclosure, Kaya announced that Mr. Nikhil Nirvan Khattau resigned from his position as a Non-Executive, Non-Independent Director. The resignation is effective from the close of business hours on July 31, 2026.

The company did not provide additional operational or strategic changes tied to the resignation in the provided information. Still, the timing places this board change close to other senior leadership transitions.

CFO transition: Brijesh Goyal takes over from July 11, 2026

Kaya appointed Mr. Brijesh Goyal as the Chief Financial Officer and Key Managerial Personnel (KMP), effective July 11, 2026. The disclosures also described this as a planned transition.

As part of the same transition, the current CFO, Mr. Arihant Dhariwal, is set to resign effective July 10, 2026 to pursue new professional opportunities. Kaya also disclosed that Mr. Goyal had been appointed as CFO Designate effective April 13, 2026, and was slated to become CFO from July 11, 2026, subject to approvals.

Another disclosure noted that Mr. Brijesh Goyal would oversee materiality determinations and stock exchange disclosures starting May 20, 2026.

Operating leadership additions during FY26

Beyond finance leadership, Kaya also announced operational appointments during the year. Ms. Dhivya Ashok was appointed Chief Operating Officer for South and East operations, effective January 17, 2026.

Kaya also appointed Mr. Piyush Jaiswal as Chief Operating Officer for North and West regions, effective April 6, 2026, following board approval through circular resolution.

Separately, Kaya disclosed the appointment of Mr. Saurav Jha as Chief Business Transformation Officer, effective December 22, 2025.

Q4 FY26: revenue up 2% YoY, loss at ₹27.1 crore

Kaya reported Q4 FY26 results with consolidated and standalone revenue from operations of ₹55.8 crore, a 2% year-on-year increase.

For the quarter, the company reported a consolidated and standalone loss after tax of ₹(27.1) crore. Kaya said this included a one-time impact of ₹11.8 crore on impairment losses and a gain of ₹3.7 crore from labour codes.

On business mix within India clinics, Kaya stated the India clinic business recorded 7% revenue growth, supported by higher revenue in specific service lines: Acne and Scars (up 52%), Hair Care (up 20%), and Brightening and Pigmentation (up 28%).

FY26 annual performance: net loss and fundraising

Kaya’s FY 2025-26 Annual Report reported a consolidated net loss of ₹96.17 crore for the financial year. The Annual Report also stated standalone revenue from operations of ₹222.48 crore.

During FY26, the company completed a preferential issue of equity shares and raised ₹75 crore. Kaya said the proceeds were intended to fund expansion initiatives, including new clinics and equipment upgrades.

A separate market update included an additional data point on fundraising, stating that Kaya approved raising ₹75 crore through preferential equity shares to Axana Estates LLP for strategic expansion, including opening new clinics and renovating existing ones.

Board approvals: audited results and promoter loans extension

Kaya’s Board approved the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026, along with an unmodified opinion from the statutory auditors.

The Board also approved the extension of loans availed from Mr. Harsh Mariwala and Mr. Rajendra Mariwala. The amount stated was ₹16.19 crore each, extended for a period of 7 years, with unchanged terms and conditions.

Q1 figures reported: multiple summaries, same direction on loss

Kaya also disclosed un-audited consolidated financial results for Q1 FY26, reporting total income from operations of ₹527.92 crore, down 3.46% year-on-year from ₹546.87 crore in Q1 FY25, along with a net loss after tax of ₹14.09 crore.

Alongside this, a quarterly table provided for the quarter ended Jun 25 listed Total Revenue of ₹52.79 crore, Net Income of ₹(14.09) crore, and Diluted Normalized EPS of -10.76. Another summary of the same quarter reported revenue of ₹53.41 crore and net loss of ₹14.09 crore, consistent with the loss figure.

The provided material also included a separate market report that stated a standalone net loss of ₹1,406.54 crore for Q1 and revenue from operations of ₹5,279.22 crore. Kaya also discussed in an earnings call that revenue from operations at a stand-alone level was ₹52.8 crore for Q1 FY26, and that services accounted for 85% of the business while products were 15%.

Key facts at a glance

What investors typically track next

From a governance standpoint, the key next step is shareholder voting at the AGM for Ms. Agarwal’s re-appointment for a second independent director term. The CFO transition timeline is already defined, with Mr. Goyal stepping in from July 11, 2026.

From a financial standpoint, Kaya’s disclosures point to continuing losses despite small revenue increases in certain quarters and growth in selected clinic service categories. The use of a preferential issue for expansion and the extension of promoter loans are also concrete financing-related actions disclosed for FY26.

Conclusion

Kaya’s latest set of updates combines board-level changes, a planned CFO handover, and audited FY26 reporting that confirms a consolidated net loss of ₹96.17 crore. The next formal milestone on governance is the shareholder decision at the ensuing AGM on the re-appointment of Ms. Vasuta Agarwal through August 2, 2031.