Kapiva’s growth trajectory accelerated in FY26 as the Ayurvedic wellness brand reported revenues exceeding Rs 460 crore, following a remarkable 50% increase in FY25. The company’s losses remained relatively stable despite heightened marketing and operating expenses, and its margins reflected improvements excluding employee stock option (ESOP) costs.
Kapiva’s revenue from operations saw a year-on-year rise of 36.5%, reaching Rs 464 crore in FY26, compared to Rs 340 crore in FY25, based on financial statements filed with the Registrar of Companies (RoC). When including non-operating income of Rs 10 crore, Kapiva’s total income amounted to Rs 474 crore.
Established in 2015, Kapiva provides a range of Ayurvedic nutrition and wellness products that cater to various health needs, including diabetes management, liver health, hormonal balance, as well as energy and sports nutrition. The sales of these products continue to be the primary source of its operating revenue.
The largest part of Kapiva’s expenses stemmed from advertising and promotional activities, which constituted nearly 48% of its total spending. This expenditure increased by 39.8% to Rs 260 crore in FY26 from Rs 186 crore the previous fiscal year.
Additionally, procurement costs rose by 22.6% to Rs 117 crore, while employee benefit expenses reached Rs 78 crore. Increased spending on these and various other areas, including technology, legal matters, and freight, contributed to a total expenditure increase of 31.2%, amounting to Rs 547 crore in FY26, up from Rs 417 crore in FY25.
Despite these rising costs, Kapiva’s losses remained fairly constant at Rs 72 crore in FY26, compared to Rs 69 crore in the previous year. Its EBITDA margin, when excluding ESOP costs of Rs 7.85 crore, improved to -14.8% in FY26 from -18.7% in FY25. On average, the firm spent Rs 1.18 to generate every rupee of operating revenue.
Kapiva is also broadening its product range and distribution channels, investing in new categories such as liver care, cholesterol management, and women’s hormonal health, as well as enhancing offline distribution infrastructure. A company spokesperson noted that last year’s substantial investments in new categories and infrastructure are anticipated to yield significant benefits in the forthcoming years, aiding profitability.
These investments are evident in the company’s category and channel performance. In FY26, the lifestyle diseases category exhibited growth of 114% year-on-year, while daily wellness grew by 66% and women’s health by 21%. The sports nutrition and energy segment experienced a 5% increase during the same timeframe.
Kapiva reported that offline sales catalysed channel growth, increasing by 81% year-on-year in FY26. Revenue from marketplaces climbed by 34%, while its direct-to-consumer (D2C) channel grew by 21%. The average order value on its D2C platform was around Rs 1,200, with repeat purchases making up nearly 55% of its D2C revenue.
Currently, Kapiva’s annual recurring revenue (ARR) is estimated to be between Rs 650-700 crore, with expectations to achieve a low single-digit positive EBITDA margin by Q4 FY27. The company has successfully raised approximately $90 million in funding, which includes a $60 million Series D round led by 360 ONE Asset and Vertex Growth.
In the competitive landscape, Kapiva goes head-to-head with wellness brands like Wellbeing Nutrition, which reported revenues of Rs 244 crore for FY26, alongside Innovacare and Gynoveda, both of which have yet to disclose their FY26 figures.
The recent financial performance of Kapiva indicates a rapidly expanding business over the last two years. Following a 50% revenue rise in FY25, the company added Rs 124 crore to its operating revenue in FY26. Overall, its revenue has surged by around 93% over two years, climbing from approximately Rs 240 crore in FY24 to Rs 464 crore in FY26. While marketing expenses continue to challenge profitability, the robust growth in offline sales and the introduction of new product categories, combined with repeat purchases on its D2C platform, could enhance operating leverage as the company progresses. Achieving its goal of being EBITDA-positive by Q4 FY27 hinges on how adeptly it capitalises on this growth to improve margins.