Hindustan Unilever-owned skincare brand Minimalist delivered impressive financial performance in its first full year under HUL ownership, with revenue from operations climbing 36% to ₹690.2 crore in FY26 compared to ₹506.5 crore in FY25. According to consolidated financial statements filed with the Registrar of Companies, the Jaipur-based brand's total income, including other income, reached ₹697.4 crore in FY26, up from ₹508.95 crore in FY25. This growth trajectory demonstrates the continued scaling of the beauty startup following its acquisition by the FMCG major.
The brand achieved a significant turnaround on reported basis, with profit after tax standing at ₹25.9 crore in FY26 compared to a loss of ₹271.9 crore in FY25. As reported by The Kredible, the previous year's substantial loss was largely attributed to a ₹283.8 crore exceptional charge related to fair-value adjustments on compulsorily convertible preference shares. On a pre-tax basis, Minimalist posted a profit of ₹32.5 crore in FY26 versus a loss of ₹271.9 crore in FY25, indicating strong operational performance despite increased investment requirements. The company also reported EBITDA of ₹40.2 crore with an EBITDA margin of 5.82% and return on capital employed of 11.6%.
The company's expenses increased 34% to ₹664.8 crore in FY26 from ₹497 crore in FY25, broadly tracking the expansion in revenue. According to financial disclosures, cost of materials consumed rose 28% to ₹184.8 crore, while employee benefit expenses climbed 32.5% to ₹48.5 crore. Other expenses linked largely to marketplace commissions were ₹97.4 crore, while advertising and promotional expenditure reached ₹235 crore, representing a 55% increase from the previous year. This makes advertising and promotional activities the single largest cost bucket, accounting for the largest share of Minimalist's total expenditure as the business continues to invest heavily in customer acquisition and brand visibility.
The FY26 numbers cover Minimalist's first full financial year under HUL ownership, following the completion of the acquisition in April 2025. HUL acquired a 90.5% stake in Uprising Science at a pre-money enterprise value of ₹2,955 crore through a combination of secondary transactions and primary capital infusion, with the remaining 9.5% to be acquired from founders over two years. Founded in 2020 by brothers Mohit Yadav and Rahul Yadav, Minimalist sells skincare and haircare products through its own website and online marketplaces including Amazon and Nykaa. By the end of FY26, Minimalist had ₹346 crore in current assets, including ₹75 crore in cash and bank balances, giving the business a sizeable liquid asset base as it continues to expand its operations.
