A pioneer in cosmetic dermatology, Kaya remains unchallenged in the organised skin clinic space in India. Management is confident of 20% revenue CAGR over the next 3-5 years, a claim that looks surpassable. A new found focus on product sales adds synergies to its story. Kaya turned profitable in FY14 (after 11 years of losses) and has significant untapped operating leverage in its operations.