Minimalist posts 37 per cent income growth and profit in first HUL year

MUMBAI: Minimalist has put a little more shine on its balance sheet. The Hindustan Unilever-owned skincare brand reported total income of Rs 697.4 crore in FY26, up 37 per cent from Rs 508.95 crore in FY25, as it scaled through its first full financial year under HUL ownership.

Revenue from operations rose 36 per cent to Rs 690.2 crore, compared with Rs 506.5 crore a year earlier, according to consolidated financial statements filed with the Registrar of Companies.

More strikingly, Minimalist swung to a profit after tax of Rs 25.9 crore, against a reported net loss of Rs 270.5 crore in FY25. However, the sharp year-on-year turnaround needs some context: the previous year’s numbers included an exceptional Rs 283.8 crore charge linked to fair-value adjustments on compulsorily convertible preference shares.

On a pre-tax basis, the company reported a profit of Rs 32.5 crore in FY26, reversing a loss of Rs 271.9 crore in FY25. EBITDA more than doubled to around Rs 40.2 crore, giving the business an EBITDA margin of 5.82 per cent. Its return on capital employed stood at 11.6 per cent.

The growth, however, came with a sizeable marketing bill. Advertising and promotional spending jumped 55 per cent year on year to around Rs 235 crore, accounting for more than 35 per cent of total expenditure of Rs 664.8 crore.

Overall expenses increased about 34 per cent, from Rs 497 crore in FY25 to Rs 664.8 crore in FY26. Material costs rose 28 per cent to Rs 184.8 crore, while distribution expenses stood at Rs 97.4 crore. Employee benefit costs increased 32.5 per cent to Rs 48.5 crore, with other operating overheads including rent, transportation, legal and professional fees and warehousing — reaching Rs 99 crore.

The numbers come after HUL acquired a 90.5 per cent stake in Uprising Science, the parent company of Minimalist, for a pre-money enterprise value of Rs 2,955 crore. Founded in 2020 by Mohit Yadav and Rahul Yadav, Uprising Science completed the acquisition in April 2025, making FY26 Minimalist’s first full year under HUL ownership.

The balance sheet also showed Rs 346 crore in current assets as of March 2026, including Rs 75 crore in cash and bank balances.

For every rupee of operating revenue generated during FY26, Minimalist spent Rs 0.96, highlighting that while the brand has moved sharply into the black, its next challenge will be turning its expanding scale into stronger operating efficiency.