Minimalist’s first full year under HUL ownership saw revenue growth alongside a sharp turnaround in profitability, while higher advertising spend supported the brand’s expansion
Hindustan Unilever (HUL)-owned skincare brand Minimalist recorded a 36 per cent 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 following the acquisition of a controlling stake in its parent company.
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 the previous financial year, according to consolidated financial statements filed with the Registrar of Companies.
Minimalist also reported a profit after tax (Pat) of Rs 25.9 crore during the year, compared with a loss of Rs 270.5 crore in FY25. The loss in the previous year was largely attributable to an exceptional charge of Rs 283.8 crore arising from fair-value adjustments related to compulsorily convertible preference shares.
On a pre-tax basis, the company posted a profit of Rs 32.5 crore in FY26, reversing a loss of Rs 271.9 crore in FY25, according to financial data sourced through The Kredible.
Expenses Rise With Business Expansion
Minimalist’s total expenses rose 34 per cent to Rs 664.9 crore in FY26, compared with Rs 497.1 crore a year earlier, broadly in line with the growth in revenue.
The cost of materials consumed increased 28 per cent to Rs 219 crore, while employee benefit expenses rose 32.6 per cent to Rs 48.5 crore during the year.
Other expenses continued to account for the largest share of the company’s cost base, rising to Rs 416.7 crore from Rs 305.3 crore in FY25. The category includes advertising and promotional expenditure, distribution and warehousing costs, professional fees and other operating expenses.
Minimalist spent around Rs 235 crore on advertising and promotions during FY26, according to its financial disclosures. The spending underscores the brand-building investment involved as the company expands beyond its early direct-to-consumer (D2C) phase.
HUL Acquisition Enters First Full Year
The FY26 financial performance represents Minimalist’s first complete financial year under HUL ownership. HUL completed the acquisition of a 90.5 per cent stake in Uprising Science, the company that owns 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 a primary capital infusion. The remaining 9.5 per cent stake is scheduled to be acquired from the founders over a period of two years.
The transaction brought a fast-growing digital-first beauty brand under HUL’s portfolio at a time when the FMCG major was seeking to expand its presence in the premium beauty and wellbeing segment.
HUL has said it intends to leverage its capabilities in research and development, distribution and supply chain, along with its international footprint, to support Minimalist’s expansion.
Founded in 2020 by brothers Mohit Yadav and Rahul Yadav, Minimalist sells skincare and haircare products through its own website as well as online marketplaces.
