The feminine hygiene brand Plush has recorded an impressive financial performance during a period, which is marked by a significant improvement in its top-line performance during the fiscal year ending at March 31, 2025. The financial statements provided by the company through the Registrar of Companies indicate that Plush has experienced an increase in its revenue generated through its operations, 2.3 times to ₹66 crore in FY25.
This is quite a leap compared to the ₹29 crore that the previous fiscal year, FY24, had received. The company makes its profits by selling a variety of personal care and hygiene products. Considering an extra ₹1 crore based on other sources of income like interest, the total revenue of the startup was ₹67 crore in the 2025 financial year.
Operational costs and expenses analysis
Since the company increased its operations to get a higher revenue, its spending also increased in proportion and was anticipated. The overall costs of Plush increased by 118%, as it increased to ₹74 crore in FY25 compared to ₹34 crore in FY24. The highest percentage of these expenditures was said to be in the form of the materials consumed, whereby it was seen that the materials used made up about 34% of the total spending.
According to the higher volume of production, this particular cost increased by 127% and totalled ₹125 crore. The brand invested heavily in visibility, and the cost of advertising and marketing increased 96% up to ₹21.5 crore. The other large expenditures were the employee benefits, which increased by 67% to ₹4 crore, and shipping and delivery costs, which were realized to be at ₹2.6 crore during the year.
Profitability metrics and recent capital infusion
Although the revenue experienced a strong growth, the growth in operational expenditure saw the company widen its losses. In FY25, Plush registered a loss of ₹7 crore as compared to the loss of ₹4 crore in FY24, illustrating a growth of 75%. The financial reports indicate an EBITDA margin of -11.23% and Return on Capital Employed (ROCE) of -93.75%.
One further examination of the unit economics indicates that there is an increasing trend in efficiency. The brand also generated operating revenue of ₹1.12 per rupee of operating revenue in the 2025 fiscal year, compared to ₹1.17 spent in the last year. By March 2025, the company had a cash and bank balance of ₹3 crore, and its total current assets were ₹29.5 crore.
Plush is positive on its direction and is now targeting a revenue run rate of ₹200 crores in the current calendar year. The brand has been able to raise funds successfully thus this ambitious target is backed by the successful fundraising efforts of the brand. Evidence shows that a total of $8 million has been raised by the startup.
A fresh round of ₹40 crore in the form of a Series B financing was headed by angel investor Rahul Garg, the Managing Partner of Ignite Growth. This investment is likely to be important because the brand is set to keep increasing its presence in the market and competing in the competitive environment of the personal care and feminine hygiene sector.
Conclusion
Plush has an incredible 2.3X growth in revenue that has been a transformative period in its fiscal year 2025, which is evidenced by a rising demand for its hygiene products. Although the company is in the process of overcoming the issues of escalating cost and elevated losses that come with the high-speed scaling, the increase in its unit economics indicates a more sustainable way ahead.
Having a strong base regarding its funds and a clear roadmap to achieve a rapid increase in its revenue run rate within the next few months, Plush is becoming a tough competitor in the Indian personal care market. The challenge is now on how to balance this rapid growth with financial stability in the long term.
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