Beardo revenue nears Rs 300 crore, profit up 70% in FY26

Beardo, the men’s grooming brand owned by Marico, closed FY26 with Rs 299 crore in revenue from operations, up 40% from Rs 214 crore in FY25. Profit after tax rose 70% to Rs 22.12 crore from Rs 13 crore a year earlier. Total income was Rs 300 crore, including Rs 1 crore of other income.

Total expenses grew 37% to Rs 270 crore, slower than revenue. Material consumption, the largest single line, rose 36% to Rs 128 crore. Advertising and promotional spend climbed 59.6% to Rs 83 crore. Employee benefit expenses were up 30.2% to Rs 18.3 crore. Entrackr puts Beardo’s cost at Rs 0.90 for every rupee of operating revenue.

Margins moved with it. EBITDA margin improved to 10.57% in FY26 from 9.17% in FY25, and return on capital employed stood at 66.52%. Total assets nearly doubled to Rs 126 crore from Rs 72 crore, with current assets at Rs 115 crore against Rs 60 crore. India accounted for 99% of sales and exports for 1%.

The line worth sitting with is the gap between the two growth rates. Advertising grew 59.6% while revenue grew 40%, and the margin still expanded. That is only possible because material cost grew 36%, slower than the topline. In plain terms, gross margin improvement paid for the extra media. Better ad efficiency did not. Any D2C brand modelling a similar push should check which of those two levers it actually holds, because pricing and procurement are far harder to move than a media plan.

The balance sheet says something else. Rs 115 crore of Rs 126 crore in total assets is current, so this is an inventory and receivables business rather than a capex one. A 66.52% return on capital employed on that base means growth is capped by working capital cycles, not by plant. For smaller sellers in men’s grooming, the practical consequence sits upstream. Rs 83 crore of annual media from a single brand sets the floor price for the keyword and shelf auctions everyone else has to bid into.