HealthKart, the company behind nutrition and wellness brands such as MuscleBlaze, HK Vitals and Gritzo, crossed ₹2,000 crore in revenue during FY26. Its consolidated revenue from operations increased 56.2% to ₹2,052 crore, compared with ₹1,313 crore in FY25, according to annual financial statements filed with the Registrar of Companies (RoC).
The company’s profit before tax (PBT), excluding exceptional items, rose 30% to ₹124 crore from ₹95 crore a year earlier. The performance reflects strong growth in product sales, but also highlights rising procurement and advertising costs. The financial results come as HealthKart is reportedly preparing for a potential initial public offering (IPO), although a listing timeline and issue size have not been confirmed.
Key Takeaways
- HealthKart’s FY26 revenue from operations increased 56.2% to ₹2,052 crore.
- Profit before tax, excluding exceptional items, rose 30% to ₹124 crore.
- Product sales increased 59.2% to ₹2,033 crore and accounted for nearly 99% of operating revenue.
- Total expenses climbed 55.7% to ₹1,982 crore.
- Procurement costs increased 71.9% to ₹1,071 crore, while advertising and marketing expenses rose 53.2% to ₹403 crore.
- HealthKart operates brands including MuscleBlaze, HK Vitals, TrueBasics, Gritzo, bGreen, Nouriza and The Protein Zone.
- The company is reportedly exploring an IPO, but no confirmed issue size or listing date has been announced.
HealthKart Revenue Grows 56.2% to ₹2,052 Crore
HealthKart recorded revenue from operations of ₹2,052 crore in FY26, up from ₹1,313 crore in FY25. This represents an increase of ₹739 crore in one financial year.
The growth accelerated compared with the previous year, when operating revenue increased approximately 29% to ₹1,313 crore from ₹1,021 crore in FY24.
| Financial metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | ₹1,021 Cr | ₹1,313 Cr | ₹2,052 Cr |
| Revenue growth | — | ~29% | 56.2% |
| Total income | — | ₹1,368 Cr | ₹2,106 Cr |
| Total expenses | ₹1,032 Cr | ₹1,273 Cr | ₹1,982 Cr |
| PBT excluding exceptional items | ₹36.7 Cr | ₹95 Cr | ₹124 Cr |
Figures are consolidated and rounded. FY26 growth rates are based on reported annual statements.
The revenue expansion indicates that HealthKart has increased its sales significantly across its nutrition and wellness portfolio. Product sales remain the company’s primary source of income, rather than services or other activities.
Product Sales Contribute Nearly 99% of Revenue
Product sales increased 59.2% to ₹2,033 crore in FY26, compared with ₹1,279 crore in FY25.
This means products accounted for nearly 99% of HealthKart’s revenue from operations. The remaining operating revenue came from services and other activities.
The company’s portfolio covers several consumer categories:
- MuscleBlaze: Sports nutrition products, including protein powders and supplements.
- HK Vitals: Vitamins, minerals and other health supplements.
- TrueBasics: Nutrition and wellness products.
- Gritzo: Nutrition products focused on children.
- The Protein Zone: Protein and sports-nutrition products.
- bGreen and Nouriza: Additional brands in the company’s nutrition and wellness portfolio.
HealthKart’s business combines online distribution with an expanding presence across other retail channels. Its portfolio of owned brands gives it greater control over product positioning, pricing and customer relationships.
Profit Before Tax Rises 30% to ₹124 Crore
HealthKart’s profit before tax, excluding exceptional items, increased to ₹124 crore in FY26 from ₹95 crore in FY25.
However, profit growth was slower than revenue growth. While operating revenue increased 56.2%, PBT rose 30%.
The difference suggests that the company is spending more to support its expanding business. Higher procurement, marketing and operating costs absorbed a substantial portion of the additional revenue.
PBT is also different from net profit after tax. It measures earnings before income tax, and should not be confused with the net profit figures reported for earlier financial years. In FY25, HealthKart’s reported net profit benefited from a deferred tax credit, making a direct comparison between PBT and PAT misleading.
Procurement and Advertising Costs Increase
HealthKart’s total expenses increased 55.7% to ₹1,982 crore in FY26, compared with ₹1,273 crore in FY25.
Procurement was the largest expense category. The company spent ₹1,071 crore on purchases and procurement, up 71.9% from ₹623 crore a year earlier.
Advertising and marketing expenses also increased substantially, rising 53.2% to ₹403 crore from ₹263 crore.
| Expense category | FY25 | FY26 | Growth |
|---|---|---|---|
| Procurement | ₹623 Cr | ₹1,071 Cr | 71.9% |
| Advertising and marketing | ₹263 Cr | ₹403 Cr | 53.2% |
| Total expenses | ₹1,273 Cr | ₹1,982 Cr | 55.7% |
The faster increase in procurement costs is particularly important. It indicates that the cost of acquiring or producing inventory grew faster than product revenue.
Marketing spending also remained significant. At ₹403 crore, it represented almost one-fifth of operating revenue. This reflects the investment required to build consumer brands, attract customers and maintain visibility in a competitive nutrition market.
What the Numbers Say About HealthKart’s Margins
HealthKart’s FY26 results show that rapid revenue growth does not necessarily translate into an equally rapid increase in profit.
PBT excluding exceptional items increased from ₹95 crore to ₹124 crore, while operating revenue rose from ₹1,313 crore to ₹2,052 crore.
On this basis, the PBT margin declined from approximately 7.2% in FY25 to 6.0% in FY26.
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue from operations | ₹1,313 Cr | ₹2,052 Cr |
| PBT excluding exceptional items | ₹95 Cr | ₹124 Cr |
| PBT margin | ~7.2% | ~6.0% |
The lower margin does not mean the company became unprofitable. It remained profitable before tax, but retained a smaller share of operating revenue as PBT.
The key question for future performance is whether HealthKart can improve procurement efficiency, control marketing expenditure and maintain customer demand as its business expands.
HealthKart’s Funding History and IPO Plans
HealthKart has attracted investment from several institutional investors, including Peak XV Partners, Temasek and Sofina.
The company raised $153 million in November 2024 in a funding round co-led by ChrysCapital and Motilal Oswal Alternates. It also completed its first employee stock ownership plan (ESOP) buyback alongside the funding announcement.
The company has reportedly raised approximately $382 million over its funding history, although reported totals can vary depending on how transactions and funding rounds are counted.
HealthKart is also reportedly preparing for an IPO. Its FY26 financial performance gives potential public-market investors a clearer picture of its revenue scale and profitability.
However, the company has not confirmed a public issue size, filing date or listing schedule in the financial reporting available for this announcement. Any IPO plans should therefore be treated as reported preparations rather than a confirmed transaction.
The Bigger Picture
HealthKart’s results reflect the growing scale of India’s branded nutrition and wellness market. Consumers are increasingly exposed to sports nutrition, protein products, vitamins and specialised supplements through digital platforms and retail distribution.
For companies in this category, building a recognised brand is only one part of the challenge. They must also manage product quality, sourcing, inventory, marketing costs and repeat purchases. HealthKart’s financial statements show that procurement and advertising are major components of its cost structure.
The company’s FY26 performance demonstrates that it can grow revenue while remaining profitable before tax. However, the slower increase in PBT compared with sales highlights the importance of improving margins as the business becomes larger.
Looking Ahead
HealthKart’s next challenge will be to sustain revenue growth while keeping procurement and marketing expenses under control. Investors will also watch whether the company can improve its PBT margin and generate consistent cash flows as it expands its brands and distribution network.
If HealthKart proceeds with an IPO, its ability to demonstrate durable profitability, transparent financial reporting and efficient customer acquisition will be important considerations for public-market investors. The FY26 results establish a larger revenue base, but the sustainability of its margins will remain a central question.
Frequently Asked Questions
1. What was HealthKart’s revenue in FY26?
HealthKart reported consolidated revenue from operations of ₹2,052 crore in FY26, an increase of 56.2% from ₹1,313 crore in FY25.
2. How much profit did HealthKart make in FY26?
Its profit before tax, excluding exceptional items, was ₹124 crore in FY26, up 30% from ₹95 crore in FY25.
3. Which brands does HealthKart own?
HealthKart’s portfolio includes MuscleBlaze, HK Vitals, TrueBasics, Gritzo, The Protein Zone, bGreen and Nouriza.
4. What was HealthKart’s biggest expense in FY26?
Procurement was its largest expense category, increasing 71.9% to ₹1,071 crore from ₹623 crore in FY25.
5. How much did HealthKart spend on advertising in FY26?
The company spent ₹403 crore on advertising and marketing in FY26, compared with ₹263 crore in FY25.
6. Is HealthKart planning an IPO?
HealthKart is reportedly preparing for an IPO, but a confirmed issue size, filing date and listing timeline have not been announced.
7. Is HealthKart profitable?
Yes. Its FY26 consolidated statements reported PBT of ₹124 crore excluding exceptional items. This is profit before tax and should not be confused with net profit after tax.
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