Ultrahuman, the metabolic health company behind the Ultrahuman Ring Air, today announced record FY25 results, establishing itself as the profitability leader among high-growth smart wearables. The company combined 5.4× year-on-year revenue growth with positive net income, and underscored that its newly emerging, high-margin software subscription revenue has become a material driver of profitability.

Two Takeaways for the Category 

Profitability Leader: Ultrahuman delivered ₹73 Cr in net profit on ₹565 Cr revenue from operations (FY25), with EBITDA margin at 8.76% and ROCE at 12.9%, demonstrating profitable scale in a category where rapid growth is often subsidized by heavy losses.

Software-Led Profitability: While subscriptions represent a modest share of revenue today (₹29 Cr in FY25), their outsized margin profile and rising attach to a fast-growing installed base are now a primary contributor to EBITDA and net profit, a structural shift from “hardware-led growth” to a hardware-to-software flywheel.

FY25 Financial Highlights 

• Revenue from operations: ₹565 Cr, up 5.4× YoY (₹105 Cr in FY24)
• Net profit: ₹73 Cr (profitable FY25)
• Overall income: ₹581 Cr (₹108 Cr in FY24)
• Unit economics: ₹0.95 spent for every ₹1.00 earned
• Margins: EBITDA margin 8.76%; ROCE 12.9%
• Current assets: ₹544 Cr
• Revenue mix: Smart Rings ₹516 Cr (91.3% of revenue; 9.5× growth), Subscriptions ₹29 Cr (+7.4%), Other operating revenue ₹20 Cr

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The Profit Engine: Hardware → Software 

• Installed-base leverage: Explosive ring adoption seeds a large, low-CAC funnel for subscription upgrades.
• High-margin layer: Subscription software contributes disproportionately to EBITDA versus its revenue share, improving blended margins.
• Capital efficiency: Software expands gross margin without commensurate capex, reinforcing free-cash generation potential. 

Speaking on the breakout FY 25 results, Ultrahuman’s founder and CEO, Mohit Kumar said “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 could provide medical grade value beyond just wellness insights.”