Amid ownership transition, Sirona’s revenue drops to Rs 77 Cr in FY25

Feminine hygiene brand Sirona’s journey over the past year has seen an ownership change that affected the brand’s course. The Deep Bajaj-led firm was acquired by the Good Glamm Group in October 2024 in a deal valued at around Rs 450 crore. However, amid challenges at Good Glamm, Sirona’s founders bought back the brand earlier this year at a sharply lower valuation of around Rs 150–180 crore.

Amid this transition, the Gurugram-based company’s operating scale took a hit during the fiscal year ended March 2025.

Sirona’s revenue from operations declined 23% to Rs 77 crore in FY25 from Rs 100 crore in FY24, according to its standalone financial statements sourced from the Registrar of Companies (RoC).

Founded in 2015, Sirona offers a range of feminine hygiene products, including PeeBuddy (a stand-and-pee device), herbal period pain patches, menstrual cups, period stain removers, and sanitary disposal bags.

The sale of products remained the sole contributor to the company’s operating revenue. Sirona also recorded Rs 3 crore from other operating income, taking its total revenue to Rs 80 crore in FY25.

On the cost side, advertising continued to be the largest expense head, accounting for around 30% of the company’s overall expenditure. However, Sirona significantly reduced its marketing spends, which declined 36% to Rs 26 crore in FY25.

The cost of materials also dropped to Rs 26 crore in line with the reduced scale of operations. Warehousing and employee benefit expenses stood at Rs 10 crore and Rs 5 crore, respectively. Overall, Sirona managed to cut its total expenditure to Rs 91 crore in FY25 from Rs 146 crore in FY24.

Despite the decline in revenue, the company narrowed its losses substantially, primarily due to lower advertising and employee expenses. Sirona’s losses reduced to Rs 22.6 crore in FY25 from Rs 45.5 crore in FY24.

At the unit level, Sirona spent Rs 1.18 to earn every rupee of operating revenue during FY25. As of March 2025, the firm reported current assets worth Rs 29 crore, including cash and bank balances of Rs 12 crore.

Operating in a market where Pee Safe has been the notable performer with a profitable journey, Sirona’s woes are obviously attributable to the sale that didn’t work out. Now that the founders are back in full control, it remains to be seen if they have the drive to help take it where they dreamt of, when they pitched the firm top Good Glamm. That GoodGlamm has been a disaster for far too many of the brands it acquired, and Sirona must be one of the bigger let downs in terms of prospects versus outcomes. The feminine hygiene space is a growing space, and like many other categories, past performance is no indicator of future prospects, in a positive way. While the broader FMCG space looks set to stagnate with the high penetration in most categories today, the feminine hygiene space is one segment where there is genuinely a long way to go.