Minimalist saw significant business expansion in FY26, recording its first full year under Hindustan Unilever (HUL), a consumer goods brand in the industry. This growth rate stood at 36% in FY26, leveraging the 45% increase in the previous fiscal year as the brand expanded its operations. According to the available information, in January 2025, HUL acquired 90.5% in Minimalist for ₹2,955 crores.

In FY17, under its new holding company, Minimalist saw its EBITDA more than double to approximately ₹40 crore. In the period under review, the financial disclosures derived from the consolidated financial statements filed with the Registrar of Companies (RoC) showed that the performance of Minimalist’s overall business activity had increased considerably.

Revenue expansion

Minimalist witnessed significant growth in the topline performance in FY26. The skincare brand’s revenue from operations reached ₹690.2 crore for FY26. Revenue from operations amounted to ₹506.5 crore for FY25. 

Mohit Yadav and Rahul Yadav founded Minimalist in 2020. Minimalist is a company dealing in skin and hair care with serums, toners, moisturizers, and other personal care products in its product range. 

These products can be purchased by customers directly from the brand using the direct-to-consumer platform and also from online marketplaces like Amazon, Nykaa, and Flipkart. Operating revenue of the business was still exclusively from product sales. In the non- operating segment, Minimalist reported a non-operating income of ₹7.2 crore during FY26, bringing the total income for the fiscal year to ₹697.4 crore.

Operational growth and balance sheet strength

Minimalist’s total expenses increased to ₹664.8 crore in FY26 from ₹497 crore in FY25, reflecting its operational expansion and market penetration. More than 35% of direct-to-consumer brand spending is allocated to advertising and promotion, the largest individual expense category. 

In FY26, the company allocated ₹235 crore to advertising and promotion, up 55% from the previous year. Material cost incurred stood at ₹184.8 crore in FY26, an increase of 28% from FY25 when expenditure on material was ₹144.7 crore. The distribution expense, primarily funding marketplace charges, was valued at ₹97.4 crore. 

For FY26, employee benefits expenses increased by 32.5% to ₹48.5 crore. Other overhead expenses amounted to ₹99 crore for the financial year. The company’s operating expenses were at ₹0.96 per rupee of operating revenue for FY26 on a unit metric basis.

In terms of operations, Minimalist also posted operational profitability in FY26, with the company’s EBITDA surpassing approximately ₹40.2 crore by more than two times. The skincare firm reported a profit before tax and exceptional items of ₹32.5 crore in its FY26 financials, compared with a profit of ₹11.9 crore in FY25. 

Minimalist reported a profit after tax (PAT) of ₹25.9 crore, after deducting taxes. The performance is a significant improvement from FY25, when Minimalist posted a net loss of ₹271.9 crore. 

In FY25, the decrease in absolute terms is driven by exceptional items amounting to ₹283.8 crore for fair value loss relating to compulsorily convertible preference shares (CCPS) in the context of financial adjustments in Ind AS. 

Minimalist’s operational efficiency figures for FY26 were as follows: a Return on Capital Employed (ROCE) of 11.6% and an EBITDA margin of 5.82%. The company has current assets of ₹346 crore as of March 2026, including cash and bank balances of ₹75 crore.

Conclusion

The FY26 financial figures for Minimalist show a successful transition post-HUL acquisition. Minimalist’s operational revenue was ₹690.2 crore, the total income being ₹695.9 crore and PAT ₹25.9 crore.

The expansion of the company was in tune with the prevailing trends in the Indian digital-first beauty and personal care space, wherein many consumer goods companies are still buying up credible brands such as Innovist in June by L’Oreal. The firm’s marketing-ahead capabilities, alongside robust operational performance, underscore its growing presence in the personal care channel.