Results · Commerce & Consumer Brands

Minimalist posts first profit under HUL ownership

By Startup Enthusiast · 17 August 2026

What they do

Minimalist makes skincare and haircare products sold online

FY26 revenue rose 36% to ₹690 crore and profit was ₹26 crore

This is the first full year after HUL acquired a 90.5% stake in April 2025

Minimalist reported FY26 results, its first full financial year under HUL ownership.
Revenue from operations grew 36% to ₹690.2 crore from ₹506.5 crore in FY25.
Total income including other income was ₹697.4 crore, up from ₹508.95 crore.
The company posted a profit after tax of ₹25.9 crore, compared to a loss of ₹270.5 crore in FY25.
The FY25 loss was driven by a ₹283.8 crore exceptional fair-value loss on CCPS (compulsorily convertible preference shares) under Ind AS accounting.
Profit before tax and exceptional items was ₹32.5 crore, up from ₹11.9 crore.
EBITDA more than doubled to about ₹40.2 crore, with a margin of 5.82%.
Total expenses rose to ₹664.8 crore from ₹497 crore, with advertising spend up 55% to ₹235 crore.

HUL acquired 90.5% of Minimalist's parent Uprising Science in April 2025 at a pre-money enterprise value of ₹2,955 crore.
The remaining 9.5% stake will be acquired from founders over two years.
HUL plans to use its R&D, distribution, supply chain and international reach to scale Minimalist.
In June 2026, L'Oréal agreed to acquire a majority stake in Innovist (Bare Anatomy, Chemist at Play), showing a trend of beauty majors buying Indian D2C brands.

Minimalist sells skincare and haircare products including serums, toners, moisturizers, cleansers, sunscreens and shampoos.
It sells through its D2C website (beminimalist.co) and marketplaces Amazon, Nykaa and Flipkart.
Product sales account for all revenue.
The company was founded in 2020 and is headquartered in Jaipur.
Its tagline is 'Honest, Authentic & Affordable Beauty Products'.

HUL plans to use its R&D, distribution, supply chain and international expansion to scale Minimalist.