Kaya Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kaya Ltd trades at ₹382, in a downtrend and 31 weeks into that stage. That is +26.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹242 to ₹382. On relative strength it has no relative-strength read yet.

Today the stock is in a downtrend — week 31 of stage 4, confirmed. At ₹382 it trades +26.5% versus its 200-day average and sits at 100% of its 52-week range (₹242–₹382).

Against the market, two honest reads. Cumulative: over the last 1 months the stock moved +56% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kaya Ltd trades at 7.9× P/E, against too little history to rank. Its long-run median P/E is 132.2×, measured across 8.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 7.9× is against too little history to rank, against a long-run median of 132.2× measured over 8.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kaya Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kaya Ltd reported ₹56.0 Cr of revenue in the Mar 26 quarter, +1.8% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at −5.0% a year. The last full year, FY26, came in at ₹222 Cr. The last four reported quarters add to ₹223 Cr.

FY26 revenue came in at ₹222 Cr (+2.3% on the year), capping 10 years at −5.0% compound. The latest quarter (Mar 26) printed ₹56.0 Cr, +1.8% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +2.3% growth against the decade's −5.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +2.3% over the last 4 quarters against +1.4%/yr over the last 8 — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kaya Ltd's operating margin is −23.0% in the Mar 26 quarter, −26.1 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −17.0% to 14.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −23.0%, −26.1 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −17.0%–14.0%.

🚨 Why the margin moved: operating margin went −25.8 pp year on year while gross margin went +2.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kaya Ltd posted a net loss of ₹28.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹96.0 Cr. That loss is 50.0% of the quarter's revenue. The same quarter a year earlier lost ₹7.0 Cr. 10 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−28.0 Cr, null year on year. On the full year, FY26 printed ₹−96.0 Cr (−214.3%).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 28% of Kaya Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹21.0 Cr of operating cash against ₹−96.0 Cr of profit. After ₹78.0 Cr of capital spending, ₹−57.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹21.0 Cr against reported profit of ₹−96.0 Cr, leaving free cash of ₹−57.0 Cr after ₹78.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 28% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 28%: the cash cycle stretched 231 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 231 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kaya Ltd's cash conversion cycle runs 235 days in FY26, up from 4 days in FY21. Capital spending ran ₹91.0 Cr over the last 3 years. At FY26 sales of ₹222 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹143 Cr sits inside the business at any moment.

FY26: debtors at 1 days, inventory at 644 days — roughly 21.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 235 days, looser than FY21's 4.

The full loop: cash goes out to suppliers and production on day 0; stock waits 644 days to sell; customers pay about 1 days after that; and suppliers themselves are paid at 409 days — netting out to the 235-day cycle.

In money terms: at FY26 sales of ₹222 Cr, each day of the cycle holds about ₹0.6 Cr — so the 235-day loop keeps roughly ₹143 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹91.0 Cr over the last 3 fiscal years against ₹117 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kaya Ltd earns a ROCE of −46% in FY26. That is up from a trough of −62% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −43.2% net margin on 0.80× asset turns.

FY26 ROCE is −46%, recovered from a FY24 trough of −62% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −43.2% net margin × 0.80× asset turns × −1.82× balance-sheet leverage ≈ 62.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Kaya Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹160 Cr to ₹296 Cr. Capital spending ran ₹91.0 Cr across the last 3 of those years.

FY26: borrowings of ₹296 Cr against equity of ₹−153 Cr — net worth is NEGATIVE: the company owes more than it owns, so a debt-to-equity ratio is not meaningful (it just goes negative). This is a balance sheet under water. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹160 Cr to ₹296 Cr while capital spending ran ₹91.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 8.4 points of Kaya Ltd over 8 quarters, the biggest move on the register. That takes promoters to 51.4% of the company. Foreign institutions moved −0.5 points over the same window, to 0.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −8.4 points over 8 quarters to 51.4%; Foreign institutions: −0.5 points over 8 quarters to 0.7%; Domestic institutions: −0.5 points over 8 quarters to 3.0%.

🚨 Why the register moved: promoters drove it (−8.4 points), alongside foreign institutions (−0.5 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kaya Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions