Jaipur-based D2C skincare brand Minimalist (formally Uprising Science Pvt Ltd) has reported a net loss of ₹31.5 crore for the financial year ending March 31, 2025. This marks a sharp reversal from the ₹10.8 crore profit it achieved in FY24.
The financial results, disclosed on February 11, 2026, reveal that while the brand’s popularity continues to soar, one-time costs associated with its recent acquisition have weighed heavily on its bottom line.
FY25 Financial Snapshot
Despite the net loss, Minimalist’s core business remains robust, showing strong double-digit growth in sales.
| Metric | FY25 (Ending Mar 31) | FY24 | Change (%) |
| Revenue from Operations | ₹514.8 crore | ₹347.4 crore | +48% |
| Total Expenses | ₹504 crore | ₹333.2 crore | +51% |
| EBITDA (Positive) | ₹18 crore | ~₹15 crore | +20% |
| Net Profit / (Loss) | (₹31.5 crore) | ₹10.8 crore | -391% |
Why the Net Loss?
The primary driver for the loss was a one-time exceptional expense of ₹46 crore.
1. The “HUL Effect”
In January 2025, FMCG giant Hindustan Unilever Limited (HUL) acquired a 90.5% stake in Minimalist for approximately ₹2,955 crore ($350 million). The ₹46 crore charge is largely attributed to costs tied to this massive transaction, including legal fees, integration expenses, and potentially accelerated ESOP (Employee Stock Option Plan) payouts.
2. Heavy Marketing Spend
Minimalist continues to invest aggressively to capture market share from legacy players and international rivals.
- Advertising Costs: Accounted for 30% of total expenses, rising to ₹154 crore in FY25.
- Customer Acquisition: While the brand has an industry-leading 65% repeat rate, the cost of entering offline retail and tier-2 markets remains high.
3. Supply Chain Expansion
The cost of materials and distribution also spiked as the brand expanded its in-house manufacturing to support its ₹500 crore+ revenue run rate.
Operational Health: The Silver Lining
Beneath the “exceptional” net loss, the brand’s fundamentals appear healthy:
- EBITDA Positive: At an operational level, the company earned ₹18 crore, proving that its core business model (spending roughly ₹0.98 to earn ₹1) is self-sustaining.
- Revenue Milestone: Crossing the ₹500 crore revenue mark within five years of launch places Minimalist among the top-tier D2C brands in India, alongside the likes of Mamaearth and Sugar Cosmetics.
- Liquidity: As of March 2025, the firm maintained a healthy cash balance of ₹48 crore.
What’s Next for Minimalist?
Now operating as a “Market Maker” within HUL’s Beauty & Wellbeing segment, Minimalist is expected to focus on two key areas in 2026:
- Offline Dominance: Leveraging HUL’s massive distribution network to move from 15,000 to 20,000+ retail touchpoints.
- Global Footprint: Using Unilever’s international presence to scale in the UAE, Southeast Asia, and potentially the US market.
