Minimalist Skincare Brand Growth and Financial Performance FY26

Following a notable 45% increase in FY25, Minimalist, the skincare brand, achieved a 36% growth in FY26, marking its first complete financial year under Hindustan Unilever (HUL). HUL obtained a 90.5% stake in the brand for Rs 2,955 crore in January 2025, and the brand continued to broaden its operations throughout the fiscal year. The earnings before interest, taxes, depreciation, and amortization (EBITDA) surged more than twice to approximately Rs 40 crore in FY26 as it scaled up under its new parent company.

Financial Highlights of Minimalist in FY26

Minimalist’s operational revenue escalated to Rs 690.2 crore in FY26, up from Rs 506.5 crore in FY25, as reported in its consolidated financial statements accessed from the Registrar of Companies (RoC). Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist caters to the skin and hair care market with a diverse product range that includes serums, toners, moisturizers, and other personal care items. The brand primarily sells through its direct-to-consumer website and various online platforms, such as Amazon, Nykaa, and Flipkart. The entirety of the income generated by the company was sourced from product sales.

Overall Income and Expenses

In FY26, Minimalist recorded Rs 7.2 crore in non-operational income, bringing its total income to Rs 697.4 crore. For the direct-to-consumer brand, advertising and promotional expenses constituted the largest portion of costs, comprising over 35% of the overall expenditures. The company allocated Rs 235 crore for this category in FY26, reflecting a year-on-year increase of 55%.

The expenditure on materials consumed increased by 28% to Rs 184.8 crore in FY26 from Rs 144.7 crore in FY25. Distribution expenses, mainly consisting of marketplace commission charges, were at Rs 97.4 crore. Additionally, expenses related to employee benefits rose by 32.5% to Rs 48.5 crore during the fiscal year.

Other overhead costs, including rent, transportation, legal fees, and warehousing, totalled Rs 99 crore in FY26. Minimalist’s total expenses surged to Rs 664.8 crore in the fiscal year ending March 2026, rising from Rs 497 crore in FY25.

Profitability Metrics

During FY26, Minimalist’s EBITDA more than doubled to approximately Rs 40.2 crore as the company expanded its operations. The skincare brand disclosed a profit before tax and exceptional items of Rs 32.5 crore in FY26, compared to Rs 11.9 crore in FY25. Its profit after tax was reported at Rs 25.9 crore for the fiscal year.

Previously, Minimalist had encountered a net loss of Rs 271.9 crore in FY25, mainly due to exceptional items. The brand recorded a fair value loss of Rs 283.8 crore on compulsorily convertible preference shares (CCPS) as part of Ind AS adjustments during the last fiscal year.

Performance Ratios

Minimalist’s return on capital employed (ROCE) was recorded at 11.6%, while its EBITDA margin hit 5.82% in FY26. On a per-unit basis, the company expended Rs 0.96 to generate one rupee of operational revenue throughout the fiscal year.

As of March 2026, Minimalist possessed current assets valued at Rs 346 crore, including Rs 75 crore held in cash and bank balances. The interest in India’s digital-first beauty and personal care market has been escalating, with major consumer and beauty companies aiming to integrate homegrown brands into their portfolios. This trend was evidenced by L’Oréal’s recent agreement to acquire a majority stake in Innovist, the parent company of Bare Anatomy and Chemist at Play, in June.