The at-home beauty services platform records strong growth across services and product sales, while higher advertising and operating expenses push it into the red.
Yes Madam, the at-home beauty and wellness services platform, reported operating revenue of Rs 195 crore in FY26, more than doubling from Rs 94 crore in FY25. Despite this growth, rising advertising, employee and operating costs pushed the company into a net loss during the fiscal year.
Founded in 2016 and headquartered in Noida, Yes Madam operates an app- and website-based platform offering at-home services such as haircuts, facials, waxing and massages. It has also introduced instant salon and spa bookings, enabling customers to schedule services at home within 30 minutes.
Services remained the largest revenue contributor, accounting for 51% of operating revenue. This segment includes commissions from connecting service professionals with customers, along with subscription and royalty income. Revenue from services increased 2.3 times to Rs 100 crore in FY26.
Product sales generated the remaining Rs 95 crore, growing 90% from Rs 50 crore in FY25 and contributing 49% of operating revenue. The performance reflects growth across both sides of the company’s business model.
However, expenses rose faster than revenue. Advertising and promotional spending emerged as the largest expense, increasing 2.31 times to Rs 67 crore from Rs 29 crore. The cost of materials consumed also climbed 90.6% to Rs 61 crore.
Consequently, total expenditure increased 2.21 times to Rs 203 crore in FY26, compared with Rs 92 crore a year earlier. Yes Madam reported a net loss of Rs 7.75 crore, reversing a net profit of Rs 1.83 crore in FY25. Its EBITDA margin also slipped from 2.18% to -3.89%. At the unit level, the company spent Rs 1.04 for every rupee earned, against Rs 0.98 in FY25.
Yes Madam operated without institutional funding for nearly a decade before securing Rs 50 crore from Info Edge earlier this year at a Rs 750 crore valuation. It has also reportedly been in discussions to raise Rs 250 crore from Xponentia Capital Partners, Riverwalk Holdings and other investors at a proposed valuation of around Rs 1,900 crore.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
