Kerala Ayurveda Ltd is one of the oldest publicly listed, full-spectrum Ayurveda companies in the world, with a heritage stretching back roughly 80 years and an ancient lineage of practice going back 5,000. It was a pioneer in taking proprietary Ayurveda products and treatment centres beyond Kerala, and today it operates a “PHYGITAL” (physical plus digital) ecosystem that reaches from soil to soul - growing ingredients, making formulations, running wellness resorts and clinics, and training the next generation of practitioners in the US. The recurring approach is to own the entire chain: it does not just sell Ayurvedic medicine, it manufactures it, administers it in its own retreats, and teaches it in its own academy, so that every part feeds the others. # Business segments Three engines at different stages - a product-manufacturing core that supplies the whole system, a services network of resorts and clinics that delivers the treatments, and a US academy that builds the brand and the practitioner base - each one feeding demand into the others. ## 1. Ayurveda products: the formulations factory that supplies everything else **A range of over 400 classical and proprietary herbal formulations, manufactured in-house, that stock the company’s own clinics and resorts while also selling direct to consumers and doctors across India and the US.** - **Made in its own GMP factories** - the company manufactures at two integrated facilities in Athani and Kotal, with recent investments in a Swiss-imported HPTLC instrument, a blister packing machine, and an extended microbiology lab built to GMP specifications, so quality control stays in-house. - **Proprietary science behind the herbs** - in-house R&D, backed by Katra Phytochem (India), Renovel Discoveries (USA), and Asthagiri Herbal Research Foundation, has produced a US-patented herbal formulation for managing metabolic syndrome (including type 2 diabetes, obesity, and lipid profile) and a Japanese patent for metabolism and weight improvement, giving the company claims on efficacy that generic Ayurveda players cannot make. - **Sold wherever the customer is** - products reach buyers through the company’s own revamped D2C website, Amazon and quick-commerce platforms in India, a Joint Business Plan with Flipkart, 1mg and Nykaa, an eBay partnership covering 190 markets, and a doctor-distribution network across India, so no single channel dominates. - **A premium brand in the works** - the company is developing a new consumer range under a “KERALA AYURVEDA inside” label and a premium brand called “Ru by Kerala Ayurveda” positioned for launch in FY26, aiming to command higher pricing on the back of its safety and efficacy credentials. - **Waste becomes fuel** - herbal waste from both manufacturing units is used as boiler fuel, so the production process carries its own energy offset. ## 2. Wellness resorts and clinics: where the treatments are delivered **A network of owned and partnership-based retreats and day clinics that administer authentic Panchakarma and rejuvenation therapies, turning the company’s own formulations into high-value service experiences.** - **Flagship resort running near-full** - Ayurvedagram in Bengaluru reached 90% occupancy in FY25, with a growing share of Indian guests and a returning foreigner segment boosted by the new Ayush Visa, so the asset is already sweating. - **Bali outpost growing fast** - a 25-room wellness resort in Ubud, Indonesia, operated through a joint venture that the company is restructuring to consolidate revenues, grew 42% in FY24, proving the resort model travels. - **Clinics scaling through partnerships, not just owned real estate** - the company opened 5 new clinics in FY26 and has a doctor-partnership programme called KALPAM that offers treatment-centre and franchise models, supplying partners with products and online visibility while keeping the expansion asset-light. - **Singapore added as a new geography** - a new “SG Clinics” segment, built on a joint venture with Omvedic Singapore, generated Rs.527 lakhs in its first year (FY26), with plans to integrate the revenue fully into KAL. - **Telemedicine extends the reach** - the Kerala Ayurveda DigiApp, launched in late 2020 and built with Medi360, enables remote consultations, secure patient records, and e-commerce medicine delivery, with over 400 doctors enrolled and the Karnataka government’s Ayush directorate connecting its own 100-plus centres to the network. ## 3. US Academy and Wellness Center: the brand-builder that trains the practitioners **The largest vocational Ayurveda institution in the United States, with over 5,000 alumni, which creates a pipeline of practitioners who then recommend and use the company’s products.** - **A credential that carries weight** - the academy offers certified courses of 625 to 2,500 hours, approved by the California State Board of Public and Private Education and recognised by the National Ayurvedic Medical Association (NAMA), so graduates leave with a licence to practise. - **Alumni are a distribution channel** - more than 5,000 trained practitioners have passed through the academy, each one a potential prescriber and advocate for Kerala Ayurveda products in the US market. - **Expanding the classroom footprint** - a branch opened in Norway in 2021 with its first graduating cohort in late 2022, and the company plans further expansion into Canada and Australia, extending the brand’s teaching reach beyond America. - **A second wellness centre on the way** - the US business, which already includes a Wellness Center alongside the academy and product sales, plans to open a second California location in FY27, deepening the services footprint in its strongest overseas market. # Group structure and partners **A listed Indian parent with a web of subsidiaries across the US, Singapore, Indonesia and Europe, held together by a common promoter group and a series of consolidation moves aimed at bringing joint-venture revenues fully onto the balance sheet.** - **Promoter anchors** - the listed entity, Kerala Ayurveda Ltd, sits under a Mauritius-registered holding company, Katra Holdings Limited, with the promoter group entity being Katra Phytochem (India) Pvt Ltd, which has provided loans, trademarks, and business segments to KAL at nil or concessional cost. - **US subsidiaries carry the overseas load** - the American operations run through Ayurvedic Academy Inc. (the academy), Suveda Inc. (products, doing business as Kerala Ayurveda Inc.), Ayu Natural Medicine Clinic, and CMS Katra Holdings LLC with its nursing subsidiary, and in FY20 this cluster generated 22% of consolidated revenue and 70% of net profits. - **Consolidating the joint ventures** - the company is acquiring the remaining 26% of Ayurvedagram Bangalore via a share swap to make it a wholly-owned subsidiary, and is restructuring the Bali joint venture to bring its revenues fully into KAL, so that the resort earnings stop sitting off-balance-sheet. - **Singapore and Europe are the new frontiers** - a 51% stake in Om Vedic Heritage Centre (Singapore) was acquired on 7 August 2024, and Kerala Ayurveda Europe B.V. was incorporated in the Netherlands in December 2025 to import, market and distribute certified products and run an Ayurveda clinic on the continent. - **A legacy dispute resolved** - an insolvency petition filed by Tata Global Beverages (now Tata Consumer Products) in 2021 was mutually settled and the NCLT order was set aside by the Kerala High Court in March 2022, removing a contingent liability from the group’s path.