Minimalist reported ₹690.2 crore in FY26 operating revenue, up 36%, with profit after tax of ₹25.9 crore in its first full year under Hindustan Unilever.
The FY25 net loss of ₹271.9 crore was almost entirely a fair value charge on preference shares tied to the ownership change; underlying profit before tax that year was ₹11.9 crore.
Advertising and promotion cost ₹235 crore, up 55% and more than a third of total spending, growing faster than the 36% rise in revenue.
Growth is decelerating across three years, from 88% in FY24 to 45% in FY25 and 36% in FY26, and the offline distribution case for the acquisition has not yet shown up in the numbers.
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