Hindustan Unilever-owned skincare brand Minimalist continued its rapid growth in FY26, with total income approaching ₹700 crore during its first full financial year under the FMCG major. The Jaipur-based direct-to-consumer beauty brand reported ₹690.2 crore in revenue from operations, up 36% from ₹506.5 crore in FY25, while total income reached ₹697.4 crore after adding non-operating income.
The financial performance also marked a significant improvement in profitability. Minimalist’s EBITDA more than doubled to around ₹40.2 crore, while profit after tax stood at ₹25.9 crore. The improvement comes after the company reported a net loss in FY25 because of a large exceptional accounting charge, highlighting the difference between its underlying operating performance and reported bottom-line loss in the previous year.
Minimalist Revenue Climbs 36% in FY26
Minimalist’s revenue from operations increased to ₹690.2 crore in FY26 from ₹506.5 crore a year earlier.
That represents growth of around 36% during the fiscal year.
The brand’s total income, including ₹7.2 crore in non-operating income, reached ₹697.4 crore.
The growth comes after an even stronger 45% expansion in FY25, when Minimalist’s operating revenue increased from ₹347.4 crore to ₹514.8 crore.
| Financial Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue from operations | ₹506.5 crore | ₹690.2 crore | +36% |
| Total income | ₹517.6 crore | ₹697.4 crore | +35% |
| EBITDA | ₹18 crore | ₹40.2 crore | More than 2x |
| PAT | -₹271.9 crore | ₹25.9 crore | Turned profitable |
| Total expenses | ₹497 crore | ₹664.8 crore | +34% |
The figures are based on Minimalist’s consolidated financial statements sourced from Registrar of Companies filings. :contentReference[oaicite:0]{index=0}
First Full Year Under HUL
FY26 was Minimalist’s first full financial year under Hindustan Unilever.
HUL acquired a 90.5% stake in the skincare company for ₹2,955 crore in January 2025, giving the consumer-goods giant control of the fast-growing D2C beauty brand. :contentReference[oaicite:1]{index=1}
The acquisition was one of the major transactions in India’s D2C beauty and personal-care segment and gave Minimalist access to HUL’s distribution capabilities, resources and consumer-business expertise.
Despite the change in ownership, Minimalist continued to operate as a distinct brand focused on science-led skincare and haircare products.
Minimalist Maintains Its D2C Model
Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist has built its business around ingredient-focused skincare and haircare products.
Its portfolio includes:
- Serums
- Toners
- Moisturizers
- Cleansers
- Haircare products
- Active-based skincare treatments
The brand sells through its own direct-to-consumer website as well as major online marketplaces including Amazon, Nykaa and Flipkart. Product sales accounted for the entirety of its operating revenue in FY26. :contentReference[oaicite:2]{index=2}
Profitability Improves Sharply
Minimalist’s operating performance improved substantially during FY26.
EBITDA more than doubled to approximately ₹40.2 crore from around ₹18 crore in FY25.
Profit before tax and exceptional items rose to ₹32.5 crore from ₹11.9 crore.
The company ultimately reported a profit after tax of ₹25.9 crore.
This represents a significant improvement from FY25, when Minimalist reported a net loss of ₹271.9 crore.
Why FY25 Showed a Large Loss
The FY25 loss was largely caused by an exceptional accounting item.
Minimalist recorded a fair-value loss of ₹283.8 crore related to compulsorily convertible preference shares, or CCPS, as part of Ind AS accounting adjustments. :contentReference[oaicite:3]{index=3}
As a result, the headline net loss in FY25 did not reflect the underlying operating trajectory of the business.
FY26, by contrast, saw the company report a positive bottom line.
EBITDA Margin Reaches 5.82%
Despite the improvement in operating profit, Minimalist’s EBITDA margin remained relatively modest at 5.82% in FY26.
The company reported a return on capital employed of 11.6%.
Its unit economics also improved slightly.
Minimalist spent approximately ₹0.96 to generate every ₹1 of operating revenue during FY26.
The numbers indicate that the company is scaling while continuing to invest heavily in customer acquisition and distribution.
Advertising Remains the Biggest Expense
Advertising and promotional spending remained Minimalist’s largest expense category.
The company spent ₹235 crore on advertising and promotions in FY26, representing an increase of 55% from the previous year.
The expense accounted for more than 35% of the company’s total expenditure.
| Expense Category | FY26 |
|---|---|
| Advertising and promotion | ₹235 crore |
| Materials consumed | ₹184.8 crore |
| Distribution expenses | ₹97.4 crore |
| Other overheads | ₹99 crore |
| Employee benefits | ₹48.5 crore |
| Total expenses | ₹664.8 crore |
The figures show that Minimalist continues to spend heavily on brand building even as revenue approaches the ₹700 crore mark. :contentReference[oaicite:4]{index=4}
Material Costs Rise With Sales
The cost of materials consumed increased 28% to ₹184.8 crore in FY26 from ₹144.7 crore in FY25.
The increase reflects the larger scale of product manufacturing as Minimalist expanded its sales.
The growth in material costs was slower than the company’s 36% revenue growth, which helped support the improvement in operating profitability.
This could indicate some improvement in gross economics as the company scales.
Distribution Costs Reach ₹97 Crore
Distribution expenses stood at ₹97.4 crore during FY26.
These costs primarily include marketplace commissions associated with selling products through online platforms.
Minimalist’s continued dependence on marketplaces gives it access to a large customer base but also means a portion of its revenue is absorbed by distribution and platform-related costs.
Expanding its own website and direct customer relationships could therefore remain important for improving long-term economics.
Employee Costs Also Increase
Employee benefit expenses rose 32.5% to ₹48.5 crore in FY26.
The increase reflects the company’s expansion as it builds teams across product development, marketing, technology, operations and other functions.
Even with higher employee costs, revenue growth remained faster, helping the company improve profitability.
Total Expenses Rise 34%
Minimalist’s total expenses increased to ₹664.8 crore in FY26 from ₹497 crore in FY25.
That represents growth of approximately 34%.
Revenue, however, increased by around 36%.
The relatively faster growth in revenue helped push EBITDA significantly higher.
Revenue vs Expenses
FY25
Revenue: ₹506.5 crore
Expenses: ₹497 crore
↓
FY26
Revenue: ₹690.2 crore
Expenses: ₹664.8 crore
↓
Revenue growth outpaces expense growth
↓
Operating profitability improves
This trend will be important as Minimalist continues to scale.
HUL’s Acquisition Provides a Larger Platform
HUL’s acquisition gives Minimalist access to the resources of one of India’s largest FMCG companies.
HUL operates across categories including beauty and personal care, home care, foods and beverages.
The company’s distribution network and retail relationships could potentially help Minimalist expand beyond its traditional digital-first customer base.
At the same time, maintaining the brand’s independent identity will be important because its appeal has been built around a modern, science-led positioning.
Minimalist Has Built a Distinct Position
The brand’s positioning revolves around transparent communication of ingredients and formulations.
It gained popularity among consumers interested in active ingredients such as niacinamide, salicylic acid, retinol and vitamin C.
This ingredient-focused approach helped Minimalist differentiate itself in India’s increasingly competitive skincare market.
Its products also generally target consumers looking for premium-style skincare at relatively accessible prices.
India’s Beauty Market Is Attracting Large Companies
Minimalist’s growth comes amid increasing interest from large consumer and beauty companies in India’s digital-first brands.
Established FMCG and beauty companies have been acquiring or investing in D2C brands to gain access to younger consumers and fast-growing categories.
The trend has extended beyond HUL.
L’Oréal agreed in June 2026 to acquire a majority stake in Innovist, the parent company of Bare Anatomy and Chemist at Play. :contentReference[oaicite:5]{index=5}
The developments indicate that larger consumer companies continue to view digital-native brands as important sources of future growth.
D2C Brands Are Moving Toward Scale
The Indian D2C beauty industry has evolved significantly in recent years.
Early-stage brands initially focused on building online communities and selling directly to consumers.
As successful brands become larger, they increasingly need:
- Wider distribution
- Stronger supply chains
- Offline retail
- Marketing scale
- Manufacturing capacity
- Working capital
- Brand-building investment
HUL’s ownership gives Minimalist access to resources that can support this next stage.
The Brand Is Still Investing Aggressively
Despite reaching nearly ₹700 crore in total income, Minimalist is not reducing its growth spending sharply.
Advertising expenditure increased 55% during FY26.
This suggests management continues to prioritize customer acquisition and brand building.
For a consumer brand, such investments can support long-term growth but can also keep margins under pressure.
The company’s ability to gradually improve profitability while maintaining growth will therefore be important.
Profitability Could Improve With Scale
Minimalist’s FY26 numbers suggest there may be operating leverage in the business.
Revenue increased 36%, while total expenses increased 34%.
As the company becomes larger, certain fixed costs can be spread across a greater revenue base.
If advertising efficiency and distribution economics improve, EBITDA margins could expand further.
However, continued investment in marketing could limit the pace of margin expansion.
Cash Position Remains Important
As of March 2026, Minimalist had current assets worth approximately ₹346 crore.
This included around ₹75 crore in cash and bank balances.
The cash position provides the company with some flexibility as it continues to invest in growth.
HUL’s ownership also provides an additional financial and strategic backstop compared with the company’s position as an independent startup.
Competition Is Increasing
Minimalist operates in a highly competitive Indian beauty and personal-care market.
It competes with established FMCG companies as well as digitally native brands.
Other companies are also expanding their presence in skincare, haircare and personal care.
Competition can put pressure on:
- Pricing
- Advertising costs
- Customer acquisition
- Product innovation
- Marketplace visibility
- Retail distribution
Minimalist will therefore need to continue investing in brand differentiation.
Online Marketplaces Remain Important
Amazon, Nykaa and Flipkart remain important channels for Minimalist.
Marketplaces provide access to millions of potential customers and help brands scale quickly.
However, marketplace commissions also increase distribution costs.
The company may therefore seek to balance marketplace sales with its own website and potentially expand through offline retail.
Offline Expansion Could Be the Next Growth Driver
HUL’s distribution network could potentially help Minimalist reach consumers beyond India’s online-first beauty audience.
Offline retail can provide access to customers who prefer purchasing skincare products in physical stores.
It can also improve brand visibility.
However, offline expansion brings additional costs, including retailer margins, distribution expenses and inventory requirements.
The economics will need to be managed carefully.
Minimalist’s FY25 Performance Provides Context
Minimalist’s FY25 revenue from operations stood at ₹514.8 crore, up 48% from ₹347.4 crore in FY24. :contentReference[oaicite:6]{index=6}
The company had reported EBITDA of approximately ₹18 crore that year, but its net result was affected by the large exceptional charge.
The FY26 performance therefore represents both continued top-line growth and a significant improvement in reported profitability.
What the Numbers Mean for HUL
For HUL, Minimalist’s performance provides evidence that the acquired brand continues to grow rapidly under its ownership.
The acquisition cost of ₹2,955 crore was substantial relative to Minimalist’s pre-acquisition financial scale.
The brand’s ability to sustain high growth will therefore be important to justify the strategic rationale behind the transaction.
At ₹690.2 crore of FY26 operating revenue, Minimalist has already expanded substantially from the level at which HUL acquired it.
What It Means for India’s D2C Sector
Minimalist’s performance demonstrates that India’s digital-first beauty brands can reach significant scale.
The company has gone from a startup founded in 2020 to a business approaching ₹700 crore in annual income within just a few years.
Its acquisition by HUL also illustrates how successful D2C companies can eventually become strategic assets for large consumer corporations.
What Investors Should Watch
The key metrics to monitor going forward include:
- Revenue growth
- EBITDA margin
- Advertising efficiency
- Marketplace dependence
- Offline expansion
- Customer acquisition costs
- Repeat purchases
- Product launches
- Cash generation
- International expansion
The most important question will be whether Minimalist can continue growing rapidly while gradually improving margins.
Key Facts at a Glance
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue from operations | ₹506.5 crore | ₹690.2 crore |
| Total income | ₹517.6 crore | ₹697.4 crore |
| EBITDA | ₹18 crore | ₹40.2 crore |
| EBITDA margin | 3.45% | 5.82% |
| Profit before tax and exceptional items | ₹11.9 crore | ₹32.5 crore |
| PAT | -₹271.9 crore | ₹25.9 crore |
| Total expenses | ₹497 crore | ₹664.8 crore |
| Advertising & promotion | ₹151 crore* | ₹235 crore |
| Current assets | ₹229 crore | ₹346 crore |
| Cash and bank balances | ₹48 crore | ₹75 crore |
*FY25 advertising figure is approximately ₹154 crore based on the company’s FY25 financial reporting. :contentReference[oaicite:7]{index=7}
Infographic: Minimalist’s FY26 Growth
MINIMALIST
↓
HUL-OWNED
90.5% STAKE ACQUIRED
FOR ₹2,955 CRORE
↓
FY25
₹506.5 CRORE
REVENUE
↓
FY26
₹690.2 CRORE
REVENUE
↓
36% GROWTH
↓
TOTAL INCOME
₹697.4 CRORE
↓
EBITDA
₹40.2 CRORE
↓
PAT
₹25.9 CRORE
↓
NEXT PHASE
SCALE + DISTRIBUTION + PROFITABILITY
The Bigger Picture
Minimalist’s FY26 performance shows that the HUL-owned skincare brand has maintained strong growth after becoming part of the FMCG giant. Revenue from operations increased 36% to ₹690.2 crore, while total income reached ₹697.4 crore. More importantly, EBITDA more than doubled to around ₹40.2 crore and the company reported a ₹25.9 crore profit after tax, reversing the large reported loss from FY25 that was primarily caused by an exceptional CCPS-related accounting charge. :contentReference[oaicite:8]{index=8}
The numbers also demonstrate the changing economics of India’s D2C beauty sector. Minimalist is growing rapidly but continues to invest heavily in advertising, with promotional spending reaching ₹235 crore in FY26. HUL’s ownership could provide the brand with additional distribution and operational capabilities as it moves toward the next stage of growth. The broader interest from large consumer companies in digital-first beauty brands suggests that the segment is becoming an increasingly important part of India’s FMCG landscape.
Looking Ahead
Minimalist’s next challenge will be to sustain its high revenue growth while improving profitability. Advertising remains a major cost, and the company will need to ensure that increasing marketing expenditure translates into customer acquisition, repeat purchases and long-term brand value. HUL’s distribution capabilities could also help the brand expand beyond its digital-first roots, although offline expansion will bring additional costs and operational complexity.
Over the longer term, Minimalist could become an important growth engine within HUL’s beauty and personal-care portfolio if it successfully maintains its science-led identity while scaling distribution. Its progress from ₹347.4 crore of revenue in FY24 to ₹690.2 crore in FY26 demonstrates the speed at which India’s successful D2C brands can scale. The key question now is whether Minimalist can turn that rapid growth into stronger and more sustainable margins as it enters its next phase under HUL.
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