Minimalist skincare brand Minimalist had a very strong year of growth in its first full financial year under Hindustan Unilever (HUL), with operating revenue rising 36 per cent to around ₹690 crore in FY26 and profit after tax (PAT) reaching around ₹26 crore. The performance is a strong sign of the digital-first beauty brand after HUL acquired a controlling stake in it.
Minimalist, known for its ingredient-based and science-backed skincare products, is one of India’s major direct-to-consumer beauty brands. Products include pigmentation, acne, hydration and skin ageing and the brand is building up its image around transparency and simplified skincare routines.
The FY26 numbers are also significant because they represent Minimalist’s first full financial year under HUL’s ownership. In January 2025, HUL acquired a 90.5% stake in Minimalist (a company operated by Uprising Science) as part of its strategy for positioning itself in the premium beauty and wellbeing categories.
The transaction is valued at approximately ₹2,955 crore with HUL taking most of the shares in secondary transactions and primary investment. The group already had a plan to acquire the other shares in two years.
Minimalist’s recent revenue growth indicates that the brand has continued to grow in a large FMCG organization. Revenue growth of 36% suggests that consumer demand for its skincare portfolio is strong, and the reported ₹26 crore PAT indicates a move toward meaningful profitability.
The results also mark an important stage in HUL’s strategy of marrying its huge distribution capabilities with the growth potential of digital-first brands. Minimalist already had a strong online presence and had an annual revenue run rate of ₹500 crore before the acquisition. HUL said its offline distribution network could make the brand’s products more accessible across India and internationally.
The acquisition occurred at a time when India’s beauty and personal care industry was evolving rapidly with premium and specialized skincare at the forefront. Consumers have taken a more direct interest in products based on specific active ingredients, transparent formulations and targeted solutions.
Minimalist was founded in 2020 by Mohit Yadav and Rahul Yadav and quickly became a science-driven skincare and haircare company. Prior to the HUL deal, the brand’s operating revenue had already grown substantially. Financial data for FY25 showed revenue from operations of about ₹514.8 crore, up from ₹347.4 crore in FY24.
The FY25 period also reflected the high costs associated with rapid expansion, advertising and distribution. The marketing and promotion of the business was high while expansion of product portfolio and reach continued.
With the recent FY26 performance such that Minimalist is still growing and also growing the bottom line and it is a good thing. A PAT of ₹26 crore would be a big change for a fast-growing consumer brand since profits are now becoming more and more important for D2C businesses in India.
The performance for HUL is an early indication that Minimalist could strengthen the company’s position in the premium beauty space. The company has identified beauty and wellbeing as an area of growth and Minimalist adds a fresh, digitally native brand to its existing portfolio.
The challenge will be to keep the brand’s growth going without eroding the attributes Minimalist was able to gain the consumer base. In the end, product innovation, brand credibility and consumer trust will be the key to winning over the people with distribution and keeping it moving forward.
With revenues of ₹690 crore and PAT of ₹26 crore, Minimalist’s FY26 performance is a significant marker for the skincare brand and gives HUL another fast-growing asset in India’s competitive beauty and personal-care market.
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