Company Disclosure Summary

Financial Performance FY26

Kerala Ayurveda Limited reported financial results for FY26 with total revenue of ₹145.4 crores, representing 19.0% growth year-on-year (22.0% growth excluding the impact of discontinued Nutraveda business). The standalone business crossed ₹100 crores revenue milestone for the first time, delivering 32.8% growth year-on-year.

Key Financial Metrics:

  • Consolidated EBITDA: ₹-3.5 crores (compared to ₹-3.2 crores in FY25)
  • Adjusted EBITDA (excluding non-cash ESOP provisions): ₹+1.8 crores
  • EBITDA Margin: -2.4% (improved by 20 basis points year-on-year)
  • PBT: ₹-16.4 crores (vs ₹-12.2 crores year-on-year)
  • PAT: ₹-16.3 crores (vs ₹-14 crores year-on-year)

The improvement in EBITDA margin was driven by topline growth, strong forex gains, flat marketing spend, and income from sale of land.

Segment Performance Details

Global E-Product Segment:

  • FY26 Revenue: ₹22.91 crores (37% growth vs FY25)
  • Q4 FY26 Revenue: ₹6.67 crores (34% growth vs Q4 FY25)
  • India D2C delivered 270%+ growth with 6X unit volume growth
  • Amazon India achieved peak offtakes during November-January
  • Amazon US grew 88% with 5X unit volume growth
  • Highest monthly offtake milestone of ₹60 lakhs in February 2026

Global Health Services Segment (Ex. US):

  • FY26 Revenue: ₹40.45 crores (29% growth vs FY25)
  • Q4 FY26 Revenue: ₹11.27 crores (42% growth vs Q4 FY25)
  • Growth driven by strong resort occupancy, Singapore business addition, and Clinics Growth Model implementation
  • Day Clinics grew 20%+ in H2, 12.2% full year growth
  • Ayurvedagram resort grew 14.5% at 85%+ occupancy
  • 5 new clinics opened during the year
  • Whitefield Clinic doubled business over the year

US Academy & Wellness Center:

  • FY26 Revenue: ₹29.54 crores (16% growth vs FY25)
  • Q4 FY26 Revenue: ₹7.65 crores (7% growth vs Q4 FY25)
  • US Wellness Center grew 50%+, reaching nearly USD 1 Million annual revenue
  • Academy grew 11% behind favorable forex and steady enrollments

India Medical Sales:

  • FY26 Revenue: ₹38.24 crores (10% growth vs FY25)
  • Q4 FY26 Revenue: ₹9.21 crores (9% growth vs Q4 FY25)
  • Growth slower than expected due to supply challenges from working capital issues

Strategic Initiatives

Ayurvedagram Acquisition:

KAL announced full consolidation of its flagship resort Ayurvedagram at Bangalore by acquiring the balance 26% stake through preferential issue of shares. The company aims to merge the 100% subsidiary to consolidate operations and unlock synergies across the Health Services business.

Vision 2030:

KAL remains anchored to its "Vision 2030" plan targeting ₹1000 crores revenue by 2030. The plan requires ₹200 crores investment over 5 years in talent, marketing, working capital, and capacity expansion. The capital funding closure has been slightly delayed and is expected to close in the current financial year.

FY2027 Outlook

KAL is targeting consolidated revenue of ₹200 crores for FY27, representing 38% growth over FY26 (50% operating revenue growth).

Segment-wise FY27 Targets:

  • Global E-Product: ₹53 crores (130% growth, contributing 50% of incremental operating revenue)
  • Global Health Services: ₹58 crores (45% growth)
  • US Academy & Wellness Center: ₹40 crores (33% growth)
  • India Medical Sales: ₹45 crores (5% growth)
  • Total Operating Revenue: ₹196 crores
  • Other Income: ₹4 crores

Growth drivers include premium product brand launch, hero product investments, mid-tier SKU growth, new resort openings, clinic network expansion, and a second Wellness Center location in California.

Path to Operating Breakeven

KAL plans to reach operating EBITDA break-even by January 2027 through revenue scale-up across business units, full implementation of Clinic Growth Model, improved e-commerce productivity, and cost optimization measures totaling approximately ₹50 lakhs per month by October 2026.