Minimalist vs Nykaa: Revenue, Profit and Business Model
Minimalist reported ~$80.1M of revenue in FY2026 and ~$3M of net income. Nykaa reported ~$1.2B of revenue in FY2026 and ~$23.1M of net income.
Latest financial snapshot
Minimalist
- Latest revenue
- ~$80.1M (FY2026)
- Net income
- ~$3M
- Net margin
- 3.8%
- Revenue growth
- +55.4% a year, FY2023–FY2026
Nykaa
- Latest revenue
- ~$1.2B (FY2026)
- Net income
- ~$23.1M
- Net margin
- 2.0%
- Revenue growth
- +27.7% a year, FY2022–FY2026
Financial summary
Minimalist
Minimalist's revenue from operations grew from ~$12.5 million (₹108 crore) in FY22 to ~$21.3 million (₹184 crore) in FY23 and ~$40.3 million (₹347.4 crore) in FY24, when it earned a ~$1.25 million (₹10.8 crore) profit. FY25 revenue rose about 48% to roughly $59.7 million (₹515 crore) (~$58.8 million (₹506.5 crore) consolidated), but the company booked a loss driven by exceptional items tied to the HUL deal, including a ~$32.9 million (₹283.8 crore) fair-value loss on preference shares in the consolidated accounts. In FY26 consolidated revenue reached ~$80.1 million (₹690.2 crore) (+36%), EBITDA about $4.66 million (₹40.2 crore) and profit after tax ~$3 million (₹25.9 crore), with ~$8.7 million (₹75 crore) cash and bank balances at March 2026.
Nykaa
Nykaa (FSN E-Commerce Ventures, NSE: NYKAA) reported FY2026 revenue from operations of ~$1.16 billion (₹10,022 crore), up 26% from ~$922 million (₹7,950 crore), with GMV of ~$2.32 billion (₹19,963 crore) and net profit of about $23.2 million (₹200 crore). Q1 FY2027 revenue rose 29% to ~$323 million (₹2,782 crore).
Revenue and profit by year
Minimalist
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$80.1M | ~$3M | 3.8% | +34.1% | Source |
| FY2025 | ~$59.7M | ~-$3.7M | -6.1% | +48.2% | Source |
| FY2024 | ~$40.3M | ~$1.3M | 3.1% | +88.8% | Source |
| FY2023 | ~$21.3M | — | 0.0% | — | Source |
Business model and strategy
Minimalist
How it makes money
Minimalist sells its own branded skincare, haircare and bodycare products; product sales account for all of its revenue. Most sales come through its D2C website (beminimalist.co) and marketplaces such as Amazon, Nykaa and Flipkart, with quick-commerce apps and offline retail adding reach.
Growth strategy
Growth levers are new categories (haircare, bodycare, sunscreen), wider offline reach through HUL's distribution, quick-commerce, and selective exports. Spending on advertising remains the main engine: it rose 55% in FY26 as revenue grew 36%.
Competitive advantage
Minimalist's edge is consumer trust built on labelling: each product names its key active and concentration on the front of the pack, at prices well below imported actives brands. That positioning drove fast word-of-mouth growth, from ~$12.5 million (₹108 crore) revenue in FY22 to ~$80 million (₹690 crore) in FY26, and now pairs with HUL's distribution reach in India.
Nykaa
How it makes money
Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores.
Growth strategy
Nykaa's FY2030 plan targets $5 billion+ GMV through more stores, Nykaa Now quick delivery, owned-brand acquisitions such as Aminu, fashion growth and brand incubation with L'Oréal's BOLD fund.
Competitive advantage
Trust and assortment in beauty, built on an inventory-led model, plus owned brands that rivals cannot stock and a store network that doubles as quick-delivery infrastructure.
Questions about Minimalist vs Nykaa
Which company has higher revenue — Minimalist or Nykaa?
Minimalist reported ~$80.1M (FY2026), while Nykaa reported ~$1.2B (FY2026). By last reported revenue, Nykaa is the larger business, with Minimalist reporting a smaller revenue base.
What is the market cap of Minimalist vs Nykaa?
Nykaa has a market capitalisation of $10.3B. A public market cap figure for Minimalist was not available (it may be privately held).
Which is more financially efficient — Minimalist or Nykaa?
Nykaa generates $258k / employee in revenue per employee. A comparable figure for Minimalist requires matching employee and revenue data from the same reporting period.
How do Minimalist and Nykaa make money?
Minimalist and Nykaa generate revenue in fundamentally different ways. Minimalist: Minimalist sells its own branded skincare, haircare and bodycare products; product sales account for all of its revenue. Nykaa: Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores.
Is Minimalist bigger than Nykaa?
By last reported revenue, Nykaa (~$1.2B (FY2026)) is the larger company compared to Minimalist (~$80.1M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Minimalist vs Nykaa overview