Minimalist returns to profit in FY26, targets 40,000 offline stores

HUL-backed skincare brand Minimalist reported FY26 operating revenue of ₹690.2 Cr, up 36% YoY, and net profit of ₹25.9 Cr versus a ₹270.5 Cr loss a year earlier. The brand is targeting expansion to 40,000 offline stores.

— Source published Fri, 21 Aug, 2026, 08:00 IST · First seen Fri, 21 Aug, 2026, 08:56 IST · Source Inc42 · Buzz

What happened

Minimalist returned to profitability in FY26 and targets 40,000 offline stores. Babycare quick-commerce startup Peeko raised ₹67 Cr to expand Bengaluru

Key facts

  • Minimalist FY26 net profit: ₹25.9 Cr
  • Minimalist previous-year loss: ₹270.5 Cr
  • Minimalist FY26 operating revenue: ₹690.2 Cr, up 36% YoY
  • Minimalist FY26 expenses: ₹664.9 Cr, up nearly 34% YoY
  • HUL acquired 90.5% of Minimalist for ₹2,706.44 Cr in 2025
  • Minimalist offline expansion target: 40,000 stores
  • Peeko Series A: around ₹67 Cr ($7 Mn)
  • Peeko: around 30,000 SKUs and three dark stores
  • India quick-commerce GMV forecast: $68 Bn by 2031
  • Microdrama series production cost: ₹10-15 Lakh

Why this matters

Minimalist’s profitable growth and ambitious 40,000-store target make it a strategically valuable beauty-platform asset, particularly for partners seeking stronger omnichannel skincare distribution.

What to watch

  • Quarterly revenue growth versus the reported 36% FY26 pace and whether net profit remains positive after expansion spending.
  • Number of active offline doors, productive outlets and sales per store rather than only the 40,000-store target.
  • Trade discounts, advertising expense, inventory days and receivables, which will indicate the cost of distribution expansion.
  • Mix shift between D2C, marketplaces, quick commerce, modern trade and general trade.
  • Evidence of HUL distribution integration, including pharmacy/general-trade penetration and geographic rollout beyond top metros.
  • Competitive responses from dermocosmetic, mass skincare and digital-first beauty brands through discounting or wider retail placement.
  • Prioritize a limited set of hero SKUs for offline shelves, with sunscreen, serums and cleansers likely receiving the deepest distribution.
  • Use HUL's distributor and retailer network to enter general trade, pharmacies, beauty chains and modern trade faster than a standalone D2C brand could.
  • Increase in-store education, testers, dermatologist-led credibility and promoter activity to convert a formulation-led digital brand for offline shoppers.
  • Build regional inventory and replenishment systems to prevent stockouts and reduce expiry or slow-moving-SKU risk.
  • Use offline availability to support online repeat demand through quick-commerce, marketplaces and brand-owned channels.