Sugar Cosmetics’ revenue slide deepens as losses mount

Beauty brand’s revenue fell 20% in FY25, with FY26 estimates pointing to a further decline

by e4m Staff
Published: Sep 4, 2026 4:23 PM | 1 min read

Sugar Cosmetics experienced a significant decline in operating revenue, falling from ₹505 crore in FY24 to ₹404 crore in FY25, marking a 20% decrease.
Projections for FY26 suggest further revenue decline, with estimates ranging from ₹300 to ₹350 crore, indicating a potential drop of 26% to 41% compared to FY24.
The company reported a net loss of ₹134 crore in FY25, worsening from a loss of ₹68 crore in FY24, continuing a trend of financial losses since FY21.
Sugar Cosmetics' valuation has sharply decreased from ₹3,000 crore in May 2022 to an estimated ₹500-600 crore, reflecting an 80-83% decline from its peak.

Sugar Cosmetics’ growth has slowed, with the beauty brand’s operating revenue falling after reaching ₹505 crore in FY24. The company’s revenue declined 20% to ₹404 crore in FY25, marking the first significant reversal after several years of expansion. The slide could deepen in FY26, with operating revenue estimated at ₹300–350 crore.

At the lower end of that range, FY26 revenue would be about 26% below FY25 and 41% below the FY24 peak. Even at ₹350 crore, revenue would remain roughly 13% lower year-on-year and 31% below FY24.

The revenue decline comes against a backdrop of continued losses. Sugar Cosmetics reported a net loss of ₹134 crore in FY25, compared with ₹68 crore in FY24. The company has remained loss-making throughout the period shown, despite revenue rising from ₹128 crore in FY21 to ₹505 crore in FY24.

The weakening financial performance has also been reflected in the company’s valuation. After climbing from ₹300 crore in January 2019 to ₹3,000 crore in May 2022, Sugar’s valuation stood at ₹2,900 crore in November 2024. It is now reportedly being valued at just ₹500–600 crore, implying a potential 80–83% decline from its 2022 peak, reported ET.

The numbers point to a sharp reversal for a brand that had built a strong presence in India’s fast-growing beauty and cosmetics market. From rapid revenue expansion to falling sales, widening losses and a steep valuation reset, Sugar Cosmetics’ trajectory has turned decidedly bittersweet.