HUL-Owned Minimalist Turns Profitable In FY26, Revenue Up 36% YoY

Hindustan Unilever (HUL)-owned beauty and personal care (BPC) brand Minimalist regained profitability in the fiscal year FY26. 

The company posted a net profit of ₹25.9 Cr against a loss of ₹270.5 Cr in the previous year.

Important to mention that the company had incurred an exceptional charge of ₹283.8 Cr last fiscal, which weighed on its bottom line. Excluding that, it made a profit of ₹11.9 Cr.

Meanwhile, operating revenue rose 36.3% to ₹690.2 Cr in the fiscal under review from ₹506.5 Cr in FY25. Including other income of ₹7.2 Cr, the total income stood at ₹697.4 Cr, up 37% from last fiscal year.

“Masstige continued to be a strong growth engine, Minimalist scaled rapidly across formats and channels. The brand leaned into its science-first proposition, expanded hero serums and moisturisers, and deepened its digital-first execution, driving both penetration and regimen expansion,” HUL said in a report.

In simple terms, masstige refers to products that provide the feel of luxury at an affordable price.

Founded in 2020 by Mohit Yadav and Rahul Yadav, Minimalist sells skincare, haircare and bodycare products. 

Prior to the acquisition, the D2C brand raised nearly $15 Mn from the likes of Unilever Ventures, Twenty Nine Capital Partners and Peak XV Partners. 

HUL completed the acquisition of 90.5% stake in Minimalist’s parent Uprising Science Private Ltd in April 2025 in an all-cash deal totalling ₹2,706.44 Cr.

“Minimalist is now expanding offline and unlocking synergies across media, manufacturing and procurement,” the annual report said.

The rapid offline expansion would take its footprint from 3,000 to 40,000 stores.

Magnifying Minimalist’s Expenses

For the full year FY26, the BPC brand spent ₹664.9 Cr, up 33.8% compared to last year’s total expenditure of ₹497.1 Cr. Here’s a breakdown of where Minimalist spent the highest:

• Cost Of Materials Consumed: Comprising 32.9% of the overall expenses, spending under this head rose 43.7% to ₹219 Cr, compared to ₹152.5 Cr from a year ago.
• Employee Benefit Expenses: Comprising salaries, provident fund, gratuity, and others, Minimalist’s employee costs rose 32.5% to ₹48.5 Cr in the year under review compared to ₹36.6 Cr in FY25.

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