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Hindustan Unilever-owned nutrition and wellness brand Oziva recorded strong revenue growth in FY26, months before the FMCG major acquired the remaining 49% stake in the company for Rs 824 crore. However, the growth came at the cost of profitability, as Oziva’s losses widened 4.4X during the year, steered largely by a sharp rise in advertising expenditure. Oziva’s revenue from operations surged 80% to Rs 463.4 crore in FY26 from Rs 257.8 crore in FY25, according to its financial statements sourced from the Registrar of Companies (RoC). The company generates revenue from the sale of nutrition and wellness products across categories such as plant-based supplements, protein, vitamins, and products focused on skin and hair health. These products were the sole source of operating revenue for the company. Domestic sales remained Oziva’s primary revenue source, contributing Rs 454 crore in FY26, a 77% increase from Rs 257 crore in the previous fiscal year. International sales also increased to Rs 8.3 crore during the year, from just Rs 8.3 lakh in FY25. Oziva also earned Rs 4.1 crore from non-operating activities, which pushed its total income to Rs 467.5 crore in FY26. When it comes to spending, advertising and promotional expenditure more than doubled to Rs 246.2 crore in FY26 from Rs 119.8 crore in FY25. This alone accounted for over 51% of the company’s total expenses. Cost of materials rose 63% to Rs 116 crore in FY26 from Rs 71 crore in FY25, while employee benefit expenses nearly doubled to Rs 45.4 crore. Transportation costs increased 57% to Rs 36.9 crore. Other overheads, including legal and professional fees, IT expenses, travel, and miscellaneous costs, pushed Oziva’s total expenditure up 81% to Rs 482 crore in FY26 from Rs 266.9 crore in the previous fiscal year. The steep rise in advertising and other costs weighed on the company’s bottom line. The company’s overall losses widened 4.4X to Rs 18.5 crore in FY26 from Rs 4.2 crore in FY25. Its EBITDA loss also increased to Rs 16.7 crore from Rs 6.3 crore, while EBITDA margin stood at -3.6%. On a unit level, Oziva spent Rs 1.04 to earn a rupee of operating revenue in FY26. At the end of the fiscal year, its cash and bank balances declined 67% to Rs 8.8 crore, while current assets stood at Rs 106 crore. In February this year, Hindustan Unilever acquired the remaining 49% stake in Oziva for Rs 824 crore, making it a wholly owned subsidiary. HUL had initially acquired a 51% stake in December 2022 for Rs 264.28 crore. The latest transaction valued Oziva at around Rs 1,682 crore, more than three times the valuation implied by HUL’s first investment. Oziva operates in a crowded nutrition and wellness market, with competition from HealthKart, Wellbeing Nutrition, MuscleBlaze and The Whole Truth, along with larger FMCG companies expanding their health portfolios. Sustaining growth will require more disciplined customer acquisition and stronger repeat purchases rather than continued reliance on advertising. For HUL, its distribution and scale could help Oziva increase its reach, but improving customer economics and building brand loyalty will remain important as competition intensifies.
document fetched 2026-09-26 02:50