Indian beauty brands including Foxtale, Innovist and Dot & Key recorded strong revenue growth in fiscal 2026, with each nearly doubling or more than doubling sales from a year earlier.
Key Takeaways
- Foxtale’s operating revenue rose to ₹383 crore from ₹199 crore in FY25.
- Innovist nearly tripled revenue to ₹686 crore, while Dot & Key doubled revenue to ₹799 crore.
- Founders say a focus on established products and specific categories has shaped their strategies.
Indian beauty brands report FY26 gains
Company filings show that Foxtale, Innovist and Nykaa-owned Dot & Key grew rapidly in FY26. Pilgrim’s revenue rose 69% to ₹690 crore in the year ended March 31, while Deconstruct recorded 32% growth to ₹168 crore, people familiar with the businesses’ performance said.
The figures come after L’Oréal’s completed majority acquisition of Innovist, the Indian personal-care company behind brands including Bare Anatomy and Chemist at Play.
| Item | Details |
|---|---|
| Foxtale | FY26 operating revenue: ₹383 crore; FY25: ₹199 crore |
| Innovist | FY26 revenue: ₹686 crore; nearly tripled year over year |
| Dot & Key | FY26 revenue: ₹799 crore; doubled year over year |
| Pilgrim | Revenue: ₹690 crore; up 69% in the year ended March 31 |
| Deconstruct | Revenue: ₹168 crore; up 32% |
A narrower approach to products
Foxtale founder Romita Mazumdar said the company limited product launches during the year and concentrated on building trust in existing products. Its range includes sunscreen, masks, face wash and moisturiser.
Deconstruct founder Malini Adapureddy said the company targets sunscreen as a single category for growth rather than chasing trends. She also said shoppers in smaller cities can access the same online content as those in larger cities, while online shopping infrastructure has improved accessibility.
Industry executives and analysts said some older direct-to-consumer brands have faced slower growth as they scale, attributing that in part to a lack of product innovation amid intense competition.
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