How Did Bombay Shaving Company Nearly Eliminate Its Losses in FY26?
Visage Lines Personal Care Pvt. Ltd., the parent company of Bombay Shaving Company, delivered a strong financial performance in FY26, with operating revenue more than doubling and losses narrowing sharply as the company moved closer to profitability.
According to the company’s consolidated financial statements filed with the Registrar of Companies (RoC), operating revenue jumped 139% year-on-year to ₹635 crore in FY26, compared with ₹266 crore in FY25.
The Gurugram-based consumer brand also achieved a significant milestone by reporting its first-ever positive adjusted EBITDA of ₹2 crore, signalling improving operating efficiency despite continued investments in growth and marketing.
Personal Care Brands Drive Revenue Growth
Visage Lines currently operates three businesses:
- Bombay Shaving Company – men’s grooming products
- Bombae – women’s personal care brand
- 100Days – digital commerce and e-commerce growth solutions for consumer brands
The company’s flagship grooming businesses remained the primary revenue drivers.
Sales from Bombay Shaving Company and Bombae generated ₹581 crore in FY26, accounting for over 91% of total operating revenue, compared with ₹241 crore in FY25.
Meanwhile, 100Days continued to expand rapidly, with revenue doubling to ₹48 crore during the financial year.
The company also earned ₹6 crore in interest income, taking its total income to ₹641 crore in FY26.
Advertising and Raw Material Costs Rise with Expansion
As sales expanded, operating costs also increased.
The cost of materials consumed, the company’s largest expense, rose nearly 2.8 times to ₹370 crore in FY26.
Bombay Shaving Company also continued investing heavily in brand building and customer acquisition.
Its advertising and promotional expenses increased 55% to ₹158 crore, accounting for nearly 24% of the company’s total expenditure during the year.
Employee benefit expenses rose more moderately.
The company spent ₹47 crore on employee benefits, up 9% from FY25.
This figure included approximately ₹7 crore of non-cash ESOP expenses.
Other operating expenses including delivery and handling charges, rent, technology infrastructure, legal, and professional services also increased as the business scaled.
Overall, total expenditure rose 98% to ₹650 crore in FY26, compared with ₹329 crore in the previous financial year.
Net Loss Shrinks by 85%
Despite higher investments, the company significantly improved its profitability.
Bombay Shaving Company’s net loss declined 85% to ₹9 crore in FY26 from ₹58 crore in FY25.
More importantly, after excluding ESOP-related accounting charges, the company reported its first positive adjusted EBITDA of ₹2 crore, reflecting stronger operational performance.
Key profitability metrics for FY26 included:
- Adjusted EBITDA: ₹2 crore
- EBITDA Margin: -0.79%
- Return on Capital Employed (ROCE): -5.2%
The results indicate that the company is approaching operational break-even after years of investing in growth.
Healthy Balance Sheet Supports Expansion
At the end of March 2026, Visage Lines reported:
- Current Assets: ₹313 crore
- Cash and Bank Balance: ₹96 crore
The company’s unit economics also showed improvement.
During FY26, Bombay Shaving Company spent approximately ₹1.02 to earn every ₹1 of operating revenue, a significant improvement compared to previous years as it moved closer to profitability.
Funding Ahead of IPO Plans
In November 2025, Bombay Shaving Company raised ₹136 crore (around $15.3 million) through a combination of primary and secondary transactions.
The funding round was led by Sixth Sense Ventures, with participation from:
- Founder and CEO Shantanu Deshpande
- Patni Family Office
- GII
- High Net Worth Individuals (HNIs)
- Former Indian cricketer Rahul Dravid
The capital was raised as the company prepared for a potential Initial Public Offering (IPO) in the coming years.
What’s Next?
Bombay Shaving Company’s FY26 performance marks a major milestone in its growth journey. With revenue crossing ₹635 crore, losses narrowing by 85%, and adjusted EBITDA turning positive for the first time, the company has demonstrated meaningful progress toward sustainable profitability.
Backed by strong growth in its core personal care brands, expanding digital commerce services, and a healthy cash position, the company appears well-positioned as it prepares for a potential IPO. Going forward, investors will closely monitor its ability to maintain profitable growth while balancing marketing investments and operational efficiency.
