The skincare brand delivers 36% growth in its first full financial year under Hindustan Unilever, with EBITDA more than doubling to ₹40.2 crore.
HUL-owned skincare brand Minimalist continued its growth trajectory in FY26, recording strong revenue expansion and a return to profitability in its first full financial year under Hindustan Unilever (HUL).
Minimalist’s revenue from operations grew 36% year-on-year to ₹690.2 crore in FY26, compared with ₹506.5 crore in FY25. The brand also generated ₹7.2 crore in non-operating income, taking its total income to ₹697.4 crore, bringing the business close to the ₹700 crore mark.
The performance follows 45% growth in FY25, highlighting the brand’s continued momentum after HUL acquired a 90.5% stake for ₹2,955 crore in January 2025.
Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist operates across skincare and haircare, offering products including serums, toners, moisturisers and other personal care solutions. Its products are sold through its D2C website and marketplaces such as Amazon, Nykaa and Flipkart.
Profitability also improved significantly. Minimalist’s EBITDA more than doubled to approximately ₹40.2 crore, while EBITDA margin stood at 5.82%. Profit before tax and exceptional items increased to ₹32.5 crore from ₹11.9 crore in FY25, while profit after tax reached ₹25.9 crore.
The previous fiscal year had reported a net loss of ₹271.9 crore, largely because of a ₹283.8 crore fair-value loss on compulsorily convertible preference shares arising from accounting adjustments. The FY26 results therefore represent a significant improvement in reported profitability.
Advertising and promotional expenditure remained the company’s largest cost, rising 55% to ₹235 crore and accounting for more than 35% of total expenditure. Material costs increased 28% to ₹184.8 crore, while distribution expenses stood at ₹97.4 crore. Employee benefit expenses rose 32.5% to ₹48.5 crore.
Overall expenses increased to ₹664.8 crore from ₹497 crore in FY25 as Minimalist scaled operations. The company recorded ₹346 crore in current assets, including ₹75 crore in cash and bank balances, as of March 2026.
Minimalist’s ROCE stood at 11.6%, while the company spent ₹0.96 to generate every ₹1 of operating revenue.
The brand’s performance comes as India’s digital-first beauty and personal care sector attracts increasing interest from major consumer companies seeking established homegrown brands. Minimalist’s growth under HUL highlights the potential of D2C beauty brands to scale further through strategic ownership while retaining strong consumer and digital-market momentum.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
