Ultrahuman Rings In INR 73 Cr Profit On 5X Revenue Surge

Smart ring manufacturer Ultrahuman attained profitability in the financial year ending March 2025 (FY25), posting a net profit (PAT) of INR 71.5 Cr against a loss of INR 37.7 Cr in the previous fiscal.

The Bengaluru-based startup’s turnaround was driven by a sharp jump in topline revenue and notable tax credit gains. As per its RoC filings, Ultrahuman’s operating revenue grew nearly 5X to INR 564.7 Cr in FY25, up from INR 104.6 Cr in FY24. Including other income of INR 16.1 Cr, total income stood at INR 580.8 Cr for the year.

The startup’s topline growth was powered primarily by its smart rings, which contributed INR 516 Cr in revenue, surging nearly 7X YoY. Meanwhile, subscription income grew 8% YoY to INR 28.9 Cr.

Besides the surge in revenue, Ultrahuman also realised a tax credit gain of INR 32.7 Cr during the fiscal.

Founded in 2019 by former Zomato executives Mohit Kumar and Vatsal Singhal, Ultrahuman makes wearable devices such as the Ring Air smart ring and the M1 continuous glucose monitoring device.

The startup’s topline growth was powered primarily by its smart rings, which contributed INR 516 Cr in revenue, surging nearly 7X YoY. Meanwhile, subscription income grew 8% YoY to INR 28.9 Cr.

While subscriptions still make up a modest share of overall revenue, Ultrahuman highlighted their outsized margin profile and rising attachment rates as a key driver of EBITDA and net profit. The company said this will drive a structural shift from “hardware-led growth” to a hardware-to-software flywheel going forward.

“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. Additionally, our PowerPlugs software revenue growth is proving that wearable devices can provide medical-grade value beyond just wellness insights,” CEO Kumar said.

Overseas Sales Drive Growth, But US Risks Loom

On the geographical front, Ultrahuman saw strong traction in overseas markets such as the US, UK, and Middle East, while demand in India remained muted.

Ultrahuman’s sales in the US commanded a lionshare of its total income, bringing in about INR 344.2 Cr to its total revenue pie. While its sales from the middle eastern region, which accounts for countries like Saudi Arabia, Turkey, UAE, stood at INR 33.2 Cr, sales in the UK stood at INR 25 Cr. Meanwhile, India sales declined by 3% YoY to INR 15.1 Cr.

Important to note that Ultrahuman’s sales in the US, its primary market, are set to be impacted in the near future as a consequence to its legal tussle with Finnish competitor Oura.

However, the startup’s dependence on the US market faces near-term challenges. Earlier this year, the US International Trade Commission (ITC) ruled that Ultrahuman’s smart rings infringe on a patent held by Finnish rival Oura. The ruling could result in a ban on importing or selling the current Ring Air in the US once existing stock runs out, or by October 21, 2025.

In response, the company is redesigning its smart ring. Speaking with Inc42 in September, CEO Kumar said production of the new model began on September 10, with shipments likely to start by late October.

“There could be a hit for two to three weeks, but not much longer. We already have a redesigned product ready, and once approved, we will be able to import and sell again in the US,” Kumar told Inc42 earlier in September.

Magnifying Ultrahuman’s Expenses

In line with revenue growth, Ultrahuman’s expenses jumped 4X to INR 535.1 Cr in FY25, compared to INR 146.4 Cr in FY24.

Cost Of Material Consumed: Spends under this bucket, which constituted about 33% of its overall expense in the fiscal, surging 5.31X to INR 175.4 Cr in the reported year, from INR 33 Cr in FY24.

Employee Benefit Expenses: Employee costs rose by 89% to INR 51.6 Cr from INR 27.3 Cr in FY24.

Selling And Distribution Charges: The spending under this head surged to INR 98.4 Cr in the fiscal year under review, a 556% increase from INR 15 Cr in FY24.

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