Skincare brand Minimalist reported a 36% revenue surge to Rs 690.2 crore in FY26, its first full year under Hindustan Unilever. The brand turned profitable with a net profit of Rs 25.9 crore. Investors are tracking whether the brand can maintain this growth while managing high advertising costs in a competitive beauty market.
Minimalist, the skincare brand acquired by Hindustan Unilever (HUL), has reported its financial performance for the financial year ended March 2026. In its first full fiscal year under HUL’s ownership, the Jaipur-based brand recorded a 36% increase in revenue from operations, reaching Rs 690.2 crore, compared to Rs 506.5 crore in the previous year.
The company also reported a turnaround in profitability. After recording a loss in FY25, Minimalist posted a profit after tax of Rs 25.9 crore for FY26. This performance reflects the brand’s efforts to scale operations under its new ownership. HUL completed the acquisition of a 90.5% stake in Uprising Science, the parent company of Minimalist, in April 2025 for Rs 2,955 crore, aiming to strengthen its position in the premium beauty and wellness segment.
Operational Costs and Marketing Focus
While revenue growth is strong, the brand's expenses remain substantial, totaling Rs 664.8 crore for the year. A significant portion of this spending is directed toward aggressive brand building. Advertising and promotional expenses reached Rs 235 crore, marking a 55% increase compared to the previous year. This high spending reflects the brand's strategy to maintain its visibility in the competitive direct-to-consumer (D2C) beauty space.
For investors, the key takeaway is the cost structure. The company’s ability to turn a profit while spending heavily on marketing shows that the business is generating enough scale to cover its expenses. However, the reliance on high advertising spending to drive revenue is a factor that market participants will watch. If the cost of acquiring new customers rises or market competition intensifies further, it could put pressure on the company's profit margins.
Strategic Position in the Market
HUL’s ownership provides Minimalist with advantages in distribution, supply chain management, and research capabilities, which the brand aims to leverage for long-term growth. The broader beauty and personal care sector in India is currently witnessing a rapid shift toward premium and specialized brands, making this segment a strategic priority for FMCG giants like HUL.
However, the brand faces ongoing challenges. The premium skincare market is crowded with both established legacy players and agile new-age competitors, all vying for the same customer base. The primary monitorable for investors going forward will be whether Minimalist can sustain its growth and profitability without continuing to scale up its advertising and promotional spending disproportionately. Furthermore, integrating a digitally-native brand into a large, traditional FMCG structure involves operational complexities that remain a factor for the company to manage as it expands.