Ultrahuman’s operational revenue jumped 5.4 times to Rs 565 crore in financial year 2025, from Rs 105 crore in the previous year. It logged a net profit of Rs 73 crore, against a loss of Rs 39 crore.
Smart rings accounted for 91% of the company’s revenue, growing 9.5 times to Rs 516 crore. Subscriptions contributed Rs 29 crore to the topline, rising 7.4%. However, the outsized margin profile of the latter category and its rising potential to benefit from the installed user base are now a key contributor to operating profit and net profit.
Explaining the shift, Ultrahuman noted that subscription software contributes disproportionately to Ebitda compared to its revenue share, improving blended margins. Software expands gross margin without commensurate capex, reinforcing free-cash generation potential, it added.
This marks a structural shift from “hardware-led growth” to a “hardware-to-software flywheel”, where growth in ring sales helps drive momentum in subscription, at lower costs.
Other operating revenue for the period under review stood at Rs 20 crore. The company’s Ebitda margin stood at 8.76%, while its return on capital employed (ROCE) was at 12.9% in FY25.
“We’re really focused on the long-term potential of bringing health monitoring to everyone and that’s why we will be focused on staying profitable and lean,” said Mohit Kumar, founder and CEO, Ultrahuman. “Additionally, our PowerPlugs software revenue growth is proving that wearable devices could provide medical grade value beyond just wellness insights.”