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The D2C beauty and personal care space is seeing more activity from larger consumer companies, as established digital-first brands increasingly become acquisition targets. Against this backdrop, Bengaluru-based Plum reported a 28% increase in revenue to cross Rs 500 crore in FY26, while its profit nearly doubled. Plum’s revenue from operations rose 28% year-on-year to Rs 515 crore in FY26 from Rs 402 crore in FY25, according to its financial statements sourced from the Registrar of Companies (RoC). Founded in 2013, Plum sells skincare, bodycare, fragrances, haircare and gifting products through its own website as well as third-party e-commerce platforms such as Amazon, Nykaa and Flipkart. Revenue from product sales continued to be the company’s only operating revenue stream during the year. Besides its core operations, Plum earned Rs 14.3 crore from interest income and gains on mutual fund investments, taking its total income to Rs 529.3 crore in FY26. Plum’s spending remained heavily skewed towards customer acquisition and production costs in FY26. Advertising and promotional expenses rose more than 32% year-on-year to Rs 184.4 crore, making it the company’s largest expense during the fiscal. The cost of materials consumed also climbed 28% to Rs 184.4 crore, while employee benefit expenses increased 12% to Rs 47.6 crore. Apart from these major cost heads, Plum incurred expenses on storage, commissions, transportation, legal services and other operational overheads. Overall, these expenses took the company’s total expenditure to Rs 481 crore in FY26. Plum’s faster revenue growth helped improve its profitability in FY26, with profit nearly doubling to Rs 49 crore from Rs 25 crore in FY25. For every rupee of operating revenue, the company spent Rs 0.93 during the year. Plum’s improved bottom line was also reflected in its key profitability metrics. Its EBITDA margin stood at 8.12% in FY26, while ROCE improved to 13.2%. The company ended the fiscal with Rs 305.6 crore in current assets, of which Rs 92 crore was held in cash and bank balances. Plum has raised over $50 million across multiple funding rounds. Its largest fundraise came in March 2022, when the company secured $35 million in a Series C round led by A91 Partners, with participation from existing investors Unilever Ventures and Faering Capital. In India’s competitive D2C beauty market, Plum competes with brands such as Juicy Chemistry, WOW Skin Science, Mamaearth and SUGAR Cosmetics, among others. India’s D2C beauty and wellness space has seen a spate of deals, as large consumer companies look to add established digital-first brands to their portfolios. Hindustan Unilever Limited acquired 90.5% stake in Minimalist at a pre-money valuation of Rs 2,955 crore, while Honasa Consumer acquired The Derma Co as part of its expansion in the beauty and personal care segment. More recently, L’Oréal’s reported acquisition of Innovist has further highlighted the growing interest from large strategic players in India’s D2C beauty market.
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