Kaya Q1 FY27: standalone loss widens 8% YoY to ₹15.2 Cr despite 14% revenue growth

Kaya Limited's standalone net loss widened to ₹15.18 Cr in Q1 FY27 from ₹14.07 Cr a year ago (-7.9% YoY), even as revenue from operations grew 13.9% YoY to ₹60.14 Cr — the company's own filing frames it exactly this way ("loss widens 8% YoY... even as revenue grows 14%"). Sequentially the picture is better: the loss narrowed 45% from ₹27.77 Cr in Q4 FY26, though that quarter's number was inflated by a ₹11.77 Cr impairment charge and a ₹3.74 Cr exceptional item, neither of which recurs this quarter or appeared a year ago, so the YoY loss-widening is on a clean, comparable base rather than a base-effect artifact. The margin drag sits mainly in operating costs, not revenue quality: other expenses rose to ₹26.82 Cr (+25% YoY) and consumables/stores costs to ₹9.98 Cr (+20% YoY), together adding roughly ₹7.1 Cr of extra cost, only partly offset by lower cost-of-materials and traded-goods spend. Finance costs (₹9.34 Cr, +10% YoY) and depreciation (₹10.84 Cr, +9% YoY) also stepped up. Net loss margin was -24.8% of total income, fractionally better than -26.3% a year ago and sharply better than -48.0% in the impairment-hit Q4 FY26 — so on a percentage basis the loss is not deepening, even though the absolute rupee loss is larger. There is no street consensus or brokerage preview available for this stock (search turned up none), management has issued no formal guidance on record, and the company gives no forward-looking commentary in this filing beyond the going-concern note. Company management continues to rely on promoter-group financial support to fund operations, per Note 5, alongside the auditor's going-concern emphasis tied to negative net worth as of 30 June 2026. Separately, the board used this meeting to approve a leadership succession — Harsh Mariwala moves from Managing Director to Non-Executive Chairman and Rishabh Mariwala becomes Managing Director, both effective November 1, 2026 — a governance change unrelated to the quarter's numbers but relevant context for investors tracking continuity.