The Margin Note · Saturday, 5 September 2026

a beauty house that grew volumes 30.5% & more than doubled its quarterly profit

Note No. 26 min readResultsMembers

net profit up 119% yoy, revenue up 31.8% like-for-like, ebitda margin up 636 bps. about 150 bps of that is a one-time item, & that is the part i checked.

HV InvestingIndependent analysis of Indian companies, in plain language

On 3 September 2025, the GST Council cut the goods & services tax on daily-use personal care items, shampoos, toilet soap, toothpaste, from 18% to 5%, effective 22 September per the government's own release. A tax cut of that size is a price cut on every shelf in the country, & a year on it is showing up as volume demand across India's beauty & personal care aisles. At the same time, 10-minute delivery apps have quietly become the most brand-friendly shelf in Indian retail: a dark store carries a few hundred beauty products, not a few lakh, so the brands people search for by name keep winning space & the long tail gets squeezed out.

Well, hold that backdrop against a digital-first beauty & personal care house I've been studying this quarter. Its June 2026 quarter net profit more than doubled, up 119% year on year per its results filing, on 30.5% underlying volume growth, & its EBITDA margin jumped 636 basis points per its investor presentation. The part I sat with is that roughly 150 basis points of that margin jump came from a one-time accounting credit, a stock-option cost reversal that will not repeat, so the clean margin is nearer 12% than the 14% in the headline.

The company I'm referring to is

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About the author HV Investing

Independent analysis of Indian companies, results, industries & macro, built from primary filings & official data, explained without shorthand. The daily Corporate Intelligence Brief covers what changed before the open; The Margin Note is where one story gets the room it needs.

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