Hindustan Unilever-owned skincare brand Minimalist recorded a 36% year-on-year rise in revenue from operations to Rs 690.2 crore in the financial year ended March 2026, marking its first full year under the FMCG major’s ownership.
The Jaipur-based beauty brand’s total income, including other income, increased to Rs 697.4 crore in FY26 from Rs 508.95 crore in FY25, according to its consolidated financial statements filed with the Registrar of Companies.
Minimalist also reported a return to profitability during the year. Its profit after tax stood at Rs 25.9 crore in FY26, compared with a loss of Rs 270.5 crore in the previous financial year.
However, the FY25 loss was largely affected by a Rs 283.8 crore exceptional charge arising from fair-value adjustments on compulsorily convertible preference shares.
On a pre-tax basis, Minimalist posted a profit of Rs 32.5 crore in FY26, compared with a loss of Rs 271.9 crore in FY25. Meanwhile, the company’s expenses increased 34% to Rs 664.9 crore from Rs 497.1 crore a year earlier, broadly in line with its revenue growth.
The cost of materials consumed rose 28% to Rs 219.0 crore, while employee benefit expenses increased 32.6% to Rs 48.5 crore.
Other expenses remained Minimalist’s largest cost category at Rs 416.7 crore, compared with Rs 305.3 crore in FY25. The expense bucket includes advertising and promotional costs, distribution, warehousing, professional fees, and other operating expenses.
Minimalist spent about Rs 235 crore on advertising and promotional activities during FY26, according to its financial disclosures. The spending highlights the company’s continued investment in brand building as it expands beyond its initial direct-to-consumer phase.
The FY26 financial results cover Minimalist’s first complete financial year under HUL ownership. HUL completed the acquisition of a 90.5% stake in Uprising Science, the company behind Minimalist, in April 2025.
HUL had agreed to acquire the stake at a pre-money enterprise value of Rs 2,955 crore through a combination of secondary transactions and primary capital infusion. The remaining 9.5% stake is scheduled to be acquired from the founders over two years.
The acquisition gave HUL control of a rapidly growing digital-first beauty brand as the FMCG major sought to strengthen its position in premium beauty and well-being. HUL has said it intends to leverage its research and development, distribution, supply chain, and international expansion capabilities to scale Minimalist further.
Founded in 2020 by brothers Mohit Yadav and Rahul Yadav, Minimalist sells skincare and haircare products through its own website and online marketplaces.
With revenue growth accelerating and profitability returning on a reported basis, Minimalist’s FY26 performance marks an important financial milestone following its acquisition by HUL. The company’s increased investment in advertising and its continued expansion of the brand will remain central to its next phase of growth.
