Following a 45% growth in FY25, skincare brand Minimalist grew 36% in FY26, its first full financial year under Hindustan Unilever (HUL). The brand, in which HULacquired90.5% stake for Rs 2,955 crore in January 2025, continued to expand its business during the year. Its EBITDA more than doubled to around Rs 40 crore in FY26 as it scaled operations under its new parent. Minimalist’s revenue from operations grew to Rs 690.2 crore in FY26, from Rs 506.5 crore in FY25, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist operates in the skin and hair care segment, with a portfolio spanning serums, toners, moisturizers and other personal care products. The brand sells through its direct-to-consumer website and online marketplaces including Amazon, Nykaa and Flipkart. Product sales continued to account for the entire revenue generated by the company. The company also generated Rs 7.2 crore in non-operating income during FY26, taking its total income to Rs 697.4 crore. For the D2C brand, advertising and promotional expenses remained the largest cost head, accounting for over 35% of its total expenditure. The company spent Rs 235 crore on this category in FY26, a 55% year-on-year increase. The cost of materials consumed rose 28% to Rs 184.8 crore in FY26 from Rs 144.7 crore in FY25. Distribution expenses, which primarily include marketplace commissions, stood at Rs 97.4 crore. Employee benefits expenses increased 32.5% to Rs 48.5 crore during the fiscal. Other overheads, including rent, transportation, legal and professional fees, and warehousing expenses, stood at Rs 99 crore in FY26. The company’s total expenses rose to Rs 664.8 crore in the fiscal year ended March 2026 from Rs 497 crore in FY25. During the year, Minimalist’s EBITDA more than doubled to around Rs 40.2 crore as the company expanded its operations. The skincare brand reported a profit before tax and exceptional items of Rs 32.5 crore in FY26, compared with Rs 11.9 crore in FY25. Its profit after tax stood at Rs 25.9 crore during the fiscal. Minimalist had reported a net loss of Rs 271.9 crore in FY25, primarily due to exceptional items. The company recorded a fair value loss of Rs 283.8 crore on compulsorily convertible preference shares (CCPS) as part of Ind AS adjustments during the previous fiscal. Minimalist’s ROCE stood at 11.6%, while its EBITDA margin was 5.82% in FY26. On a unit basis, the company spent Rs 0.96 to generate a rupee of operating revenue during the fiscal. As of March 2026, Minimalist had current assets worth Rs 346 crore, including Rs 75 crore in cash and bank balances. India’s digital-first beauty and personal care segment is seeing rising interest from large consumer and beauty majors, as they look to add homegrown brands to their portfolios. The trend was highlighted by L’Oréal’s agreement to acquire amajoritystake in Innovist, the parent of Bare Anatomy and C
