Yes Madam, the at-home beauty and wellness services platform, reported operating revenue of ₹195 crore in the financial year ended March 2026, marking a 107% increase from ₹94 crore in FY2025. The company has now more than quadrupled its revenue in two years, as demand for home-based salon, skincare and wellness services continues to support its expansion across India.
However, the growth came with a profitability setback. Yes Madam reported a net loss of ₹7.75 crore in FY2026, compared with a net profit of ₹1.83 crore in the previous year. Advertising, employee benefits and product-related costs rose sharply as the company expanded, highlighting the challenge of turning rapid sales growth into sustainable earnings.
Key Takeaways
- Revenue: Yes Madam’s operating revenue increased 2.07 times to ₹195 crore in FY2026 from ₹94 crore in FY2025.
- Profitability: The company moved from a net profit of ₹1.83 crore to a net loss of ₹7.75 crore.
- Service revenue: Revenue from services, commissions, subscriptions and royalties reached approximately ₹100 crore.
- Product sales: Revenue from product sales increased 90% to ₹95 crore.
- Rising costs: Advertising and promotional spending climbed to ₹67 crore, while employee expenses more than doubled to ₹43 crore.
- Funding: After operating largely through bootstrapped growth, Yes Madam raised ₹50 crore from Info Edge earlier in 2026.
- Next challenge: The company must maintain growth while improving cost efficiency and profitability.
Yes Madam FY2026 Financial Performance
The company’s financial statements filed with the Registrar of Companies show that revenue expanded significantly during FY2026. Operating revenue increased by approximately 107%, while total expenditure rose by around 121%.
The gap between these growth rates pushed the company into losses despite higher sales.
Revenue and profit comparison
| Financial metric | FY2025 | FY2026 | Change |
|---|---|---|---|
| Operating revenue | ₹94 crore | ₹195 crore | +107.4% |
| Total expenditure | ₹92 crore | ₹203 crore | +120.7% |
| Net profit/loss | ₹1.83 crore profit | ₹7.75 crore loss | Shift to loss |
| EBITDA margin | 2.18% | -3.89% | -6.07 percentage points |
| Cost per ₹1 of operating revenue | ₹0.98 | ₹1.04 | Higher cost intensity |
Source: Entrackr’s FY2026 financial report. Figures are rounded.
The numbers show that revenue growth alone did not translate into improved financial performance. Yes Madam spent approximately ₹1.04 for every rupee of operating revenue in FY2026, compared with ₹0.98 in FY2025.
This indicates that the company needs to improve the economics of its operations as it scales. The challenge is particularly relevant to home-service businesses, which must manage customer acquisition, professional availability, product quality, logistics and service delivery across multiple locations.
Revenue More Than Quadruples in Two Years
Yes Madam’s operating revenue has grown rapidly since FY2024, when it reported revenue of approximately ₹45 crore.
| Financial year | Operating revenue |
|---|---|
| FY2024 | ₹45 crore |
| FY2025 | ₹94 crore |
| FY2026 | ₹195 crore |
Over two years, operating revenue increased more than fourfold. The business has benefited from consumers booking beauty and wellness services at home instead of visiting traditional salons and spas.
Founded in 2016, the Noida-based company offers services such as haircuts, facials, waxing, massages, skincare and other beauty treatments through its app and website. It has also introduced instant salon and spa bookings designed to make some services available at customers’ homes within 30 minutes.
The model combines a digital booking platform with a network of service professionals who visit customers. Its ability to expand depends not only on attracting bookings but also on maintaining service quality, managing schedules and ensuring that professionals are available where demand exists.
Services and Product Sales Both Drive Growth
Yes Madam generates revenue from service-related activities as well as product sales. The two categories contributed almost equally to operating revenue in FY2026.
| Revenue category | FY2025 | FY2026 | Share of FY2026 revenue |
|---|---|---|---|
| Services, commissions, subscriptions and royalties | Approximately ₹44 crore | ₹100 crore | 51% |
| Product sales | ₹50 crore | ₹95 crore | 49% |
| Total operating revenue | ₹94 crore | ₹195 crore | 100% |
Source: Entrackr. Figures are rounded.
Revenue from services and related income grew approximately 2.3 times to ₹100 crore. This category includes commissions earned as an intermediary between service professionals and customers, alongside subscription and royalty income.
Product sales increased 90% to ₹95 crore from ₹50 crore. The nearly balanced revenue mix suggests that Yes Madam is building a business that combines service bookings with the sale of beauty and wellness products.
This mix can provide multiple sources of income, but it also introduces different cost requirements. Service delivery involves professional networks and operational coordination, while product sales require inventory, materials and potentially freight and fulfilment expenses.
Managing both sides efficiently will be important as the company expands.
Advertising Becomes the Biggest Expense
Advertising and promotional spending emerged as Yes Madam’s largest reported expense in FY2026, increasing more than twofold.
| Expense category | FY2025 | FY2026 | Growth |
|---|---|---|---|
| Advertising and promotions | ₹29 crore | ₹67 crore | 131% |
| Cost of materials consumed | Approximately ₹32 crore | ₹61 crore | 90.6% |
| Employee benefits | Not specified here | ₹43 crore | More than doubled |
| Freight | Not specified here | ₹4.28 crore | 164.2% |
| Other expenses, including IT, rent and professional fees | — | ₹27.7 crore | — |
| Total expenditure | ₹92 crore | ₹203 crore | 120.7% |
Source: Entrackr. Figures are rounded; some prior-year category values are not specified in the cited report.
Advertising and promotions rose from ₹29 crore to ₹67 crore, reflecting a substantial increase in spending to attract and retain customers. While marketing can help a consumer platform expand, the long-term value depends on whether new customers return and generate enough revenue to justify acquisition costs.
The cost of materials consumed increased to ₹61 crore, while employee benefit expenses climbed to ₹43 crore. Freight expenses also rose sharply to ₹4.28 crore.
Together, these figures illustrate the operational burden of growing a home-services and beauty-products business. Revenue can increase quickly, but the company must ensure that the additional sales generate enough contribution to cover marketing, staffing, products and delivery.
Why Yes Madam’s Profitability Matters
The move from a ₹1.83 crore profit in FY2025 to a ₹7.75 crore loss in FY2026 is a key development in the company’s financial trajectory.
The negative EBITDA margin of 3.89% indicates that its operating performance weakened before accounting for interest, taxes, depreciation and amortisation. This suggests that the profitability issue is not limited to the final net-profit figure.
For a growing startup, a temporary loss may reflect investment in customer acquisition, technology, service coverage and operations. But investors will want to understand whether these investments can generate repeat business and stronger margins over time.
Several indicators will matter in future financial results:
- Whether revenue continues to grow faster than total expenditure.
- Whether advertising costs become more efficient relative to sales.
- Whether repeat bookings and customer retention improve.
- Whether service professionals can be deployed efficiently across cities.
- Whether product sales and service commissions produce sustainable margins.
The available FY2026 figures show the financial outcome, but do not by themselves establish how much of the additional expenditure was intended as a temporary investment in expansion.
Yes Madam Raises ₹50 Crore From Info Edge
Yes Madam operated largely through bootstrapped growth for nearly a decade before securing its first institutional funding round in 2026.
In May 2026, the company raised ₹50 crore from Info Edge Growth Fund at a reported valuation of ₹750 crore. The funding was intended to support expansion into additional markets, technology development and the company’s service-partner network.
The investment gives Yes Madam additional capital to pursue growth, but funding does not automatically solve profitability challenges. How effectively the company deploys the capital will be important as it expands its footprint and improves customer experience.
Entrackr also reported that Yes Madam was in discussions to raise a further ₹250 crore from investors including Xponentia Capital Partners and Riverwalk Holdings at a valuation of around ₹1,900 crore. Those discussions should be treated as reported fundraising talks, not as a completed transaction.
The difference between a reported valuation and the company’s operating performance is important. Investors may value future growth potential, but sustained revenue growth and improving financial discipline remain central to building a durable business.
Recent FY2027 Performance Offers Another Growth Signal
Yes Madam’s reported second-quarter FY2027 performance provides a more recent indication of business momentum, although it should not be confused with audited full-year results.
According to company figures reported by ET Retail, revenue reached ₹79.4 crore in Q2 FY2027, up 69% year over year and 11% sequentially. Net transaction value, or NTV, increased 75% year over year to ₹165.8 crore.
The company reported an annualised revenue run rate of ₹402 crore based on its recent performance. This is a run-rate estimate, not the revenue already earned for the full financial year.
The distinction between revenue and NTV also matters. Revenue is the income recognised by the company, while NTV represents the value of transactions facilitated through the platform. They measure different aspects of the business and should not be treated as interchangeable.
The latest figures suggest continued demand, but the key financial question remains whether Yes Madam can translate that demand into healthier margins.
The Bigger Picture
Yes Madam’s results reflect the opportunities and challenges facing India’s digital home-services sector. Consumers are increasingly able to discover, compare and book services through apps, while platforms can use technology to coordinate professionals, manage appointments and expand into new cities.
However, at-home services are operationally demanding. Platforms must balance customer acquisition with professional availability, service quality, product costs and reliable fulfilment. Rapid expansion can increase revenue while also placing pressure on expenditure and margins.
For Yes Madam, the next phase is likely to be measured not only by how quickly sales rise but also by whether the company can improve the efficiency of each rupee earned. Its FY2026 results demonstrate strong growth, but the shift into losses makes profitability a central part of the story.
FAQs
1. What was Yes Madam’s revenue in FY2026?
Yes Madam reported operating revenue of ₹195 crore in FY2026, up from ₹94 crore in FY2025, according to financial statements filed with the Registrar of Companies.
2. Did Yes Madam make a profit in FY2026?
No. The company reported a net loss of ₹7.75 crore in FY2026, compared with a net profit of ₹1.83 crore in FY2025.
3. What are Yes Madam’s main revenue sources?
The company earns revenue from home beauty and wellness services, commissions, subscriptions and royalties, as well as product sales. In FY2026, service-related revenue reached approximately ₹100 crore and product sales reached ₹95 crore.
4. Why did Yes Madam report a loss despite higher revenue?
Total expenditure increased approximately 121% to ₹203 crore, faster than revenue growth of about 107%. Higher advertising, material, employee and freight expenses contributed to the pressure on profitability.
5. Who invested in Yes Madam in 2026?
Yes Madam raised ₹50 crore from Info Edge Growth Fund in its first institutional funding round in May 2026 at a reported valuation of ₹750 crore. Further fundraising discussions have been reported, but those should not be treated as completed funding.
Looking Ahead
Yes Madam’s immediate priority will be to sustain customer demand while bringing expenditure under better control. Marketing efficiency, repeat bookings, service quality and the economics of product sales will help determine whether its expanding revenue base can translate into consistent profits. Its FY2027 quarterly performance suggests that growth momentum has continued, but full-year profitability will require closer examination of costs and margins.
The company’s trajectory also offers a wider lesson for India’s consumer startups: rapid expansion can establish scale, but scale alone does not guarantee a sustainable business. As Yes Madam moves into its next phase, investors and industry observers will be watching whether it can turn its fourfold revenue growth over two years into stronger operating efficiency and durable profitability.
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