Hindustan Unilever-owned skincare brand Minimalist closed FY26 with a sharp rise in revenue and a return to profit, even as spending on advertising and brand-building emerged as its single biggest cost.
Revenue from operations climbed 36% to Rs 690.2 crore in FY26, compared with Rs 506.5 crore in FY25. The year was Minimalist’s first full financial year under Hindustan Unilever (HUL), which acquired a 90.5% stake in the company for Rs 2,955 crore.
The stronger top line was accompanied by a substantial improvement in operating profitability. Minimalist’s EBITDA more than doubled to about Rs 40.2 crore, while profit after tax stood at Rs 25.9 crore during the year.
Advertising becomes the biggest expense
One of the more striking numbers in Minimalist’s FY26 financials is the scale of its marketing bill.
The company spent Rs 235 crore on brand, advertising and promotional activities, an increase of 55% from the previous year. The category accounted for the largest share of Minimalist’s total expenditure.
That means the business continued to invest heavily in customer acquisition and brand visibility while expanding revenue under its new parent.
Raw material consumption also moved higher, rising 28% to Rs 184.8 crore from Rs 144.7 crore in FY25. Other expenses linked largely to marketplace commissions were Rs 97.4 crore, while employee benefit expenses increased 32.5% to Rs 48.5 crore.
Another Rs 99 crore was spent across areas including rent, transportation, warehousing, and legal and professional fees. Overall expenditure increased to Rs 664.8 crore in FY26, against Rs 497 crore a year earlier.
Profit returns after FY25 accounting hit
Minimalist‘s Rs 25.9 crore profit in FY26 marks a notable change from the previous financial year, when the company reported a net loss of Rs 271.9 crore.
The FY25 loss, however, was heavily influenced by exceptional items rather than the operating business alone. The company had recognised a Rs 283.8 crore fair-value loss on compulsorily convertible preference shares following Ind AS-related adjustments.
That distinction is important when looking at the year-on-year swing in the bottom line. FY26 not only benefited from the absence of the large exceptional charge, but also saw a clear improvement at the operating level, with EBITDA more than doubling during the year.
Minimalist reported an EBITDA margin of 5.82% in FY26 and return on capital employed of 11.6%. The company spent roughly Rs 0.96 for every rupee of operating revenue generated during the year.
Online-led product business continues to scale
Minimalist operates across skin care and hair care, with products spanning serums, toners, moisturisers and other personal care categories.
Its products are sold through its direct-to-consumer platform as well as marketplaces including Amazon and Nykaa. Product sales continued to account for the company’s revenue during FY26.
The company also recorded Rs 7.2 crore in non-operating income during the year.
By the end of FY26, Minimalist had Rs 346 crore in current assets, including Rs 75 crore in cash and bank balances, giving the business a sizeable liquid asset base as it continues to expand.
What the FY26 numbers show For Minimalist?
Minimalist’s latest financial year paints a more layered picture than revenue growth alone.
There were increases in sales by more than one-third, improvement in operating profits, and the company became profitable once again. Meanwhile, there was an increase in expenditures with Rs 235 crore being spent on advertising and promotion.
For HUL, which paid Rs 2,955 crore for a controlling stake in the brand, FY26 provides the first full-year view of Minimalist’s performance under its ownership. The numbers show a business continuing to prioritise growth while beginning to generate a clearer operating profit alongside that expansion.
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