Executive Summary
Overall
Net Revenue Trend
MONTHLY · RS CRORES · SELECTED SEGMENT
Net Revenue
Gross Revenue
Gross Margin % & CM %
WHERE THE MARGINS BROKE · OCT 2025 INFLECTION
GM%
CM%
Post Oct 2025
Revenue by Segment — Monthly
NET REVENUE STACKED · RS CRORES
Channel Mix Trend
D2C VS RETAIL VS MARKETPLACE · STRUCTURAL SHIFT
D2C
Retail
Marketplace
Rings Sold — Monthly
UNITS · GREEN = GOOD MARGINS · RED = POST OCT 2025
WHY DID MARGINS BREAK POST SEP 2025?
Trade Discounts / Ring
USD · NOV–DEC 2025 SPIKE
Channel Margin / Ring
USD · RISING WITH RETAIL SHIFT
Returns / Ring
USD · D2C & MARKETPLACE RETURNS
S&M Cost
RS CRORES · DEC 2025 MEDIA SPIKE
Unit Economics
PER RING · USD
Channel
Per-Unit P&L — Jan 2026
HORIZONTAL BAR · USD PER RING
Cost Composition per Ring
AS % OF NET REVENUE
ASP vs Net Revenue per Ring
USD · MONTHLY
Net Rev/Ring
Gross ASP/Ring
BOM Cost per Ring
USD · INDIA + US
BOM India
BOM US
GM% & CM% per Ring Trend
MONTHLY
GM%
CM%
Channel Unit Economics — Latest
PER RING USD · JAN 2026
Per-Unit P&L Table
USD PER RING · ALL MONTHS · TOTAL BLENDED
Revenue
Overall
Revenue Waterfall — Jan 2026
GROSS TO NET · EACH BAR FROM ZERO
Deduction Breakdown
AS % OF GROSS REVENUE
Net Revenue by Channel — Monthly
STACKED · RS CRORES
D2C
Retail
Marketplace
Monthly Revenue Summary
NEWEST FIRST
Cost & Margin
Overall
CM Bridge — Jan 2026
NET REVENUE TO CM · EACH BAR FROM ZERO
CM% by Channel — Monthly
CONTRIBUTION MARGIN AS % OF NET REVENUE
D2C
Retail
Marketplace
COGS Components — Monthly
STACKED · RS CRORES
S&M Breakdown — Latest
COMPONENT SPLIT
Warranty Cost Trend
RS CRORES
GM% by Channel
MONTHLY TREND
D2C
Retail
Marketplace
Segment Analysis
ALL SEGMENTS
Segment Revenue Mix — Monthly
NET REVENUE STACKED · RS CRORES
Segment Gross Margin % Trend
ALL SEGMENTS · MONTHLY
Segment CM% — Latest
MOST RECENT MONTH
Segment Snapshot
LATEST MONTH PER SEGMENT
Competition
INDIA-FIRST
Smart Ring TAM 2025E
$1.2B
17.8% CAGR TO 2030
India Wearables
$1.8B
2024E · 22% CAGR
UH India Price
Rs.24,999
RING AIR STARTING
UH US Price
$349
RING AIR US
Competitive Landscape
INDIA-FIRST VIEW
| Brand | Category | India Price | Est Units/yr | Subscription | Threat |
|---|---|---|---|---|---|
| Ultrahuman | Smart Ring | Rs.24,999 | 200K+ | None | Baseline |
| boAt | Watch/Audio | Rs.1,499–8,999 | 15M+ | None | High if enters rings |
| Noise | Smartwatch | Rs.1,999–9,999 | 8M+ | None | High |
| Gabbit | Smart Ring | Rs.12,999–18,999 | ~10K | None | Direct competitor |
| Fire-Boltt Ring | Smart Ring | Rs.3,999–7,999 | ~50K | None | Price disruption |
| Oura Ring | Smart Ring | Rs.32,000–50,000 | ~20K | $5.99/mo | Medium |
| Samsung Galaxy Ring | Smart Ring | Rs.33,999 | ~30K | None | Retail footprint |
India Price Positioning
INR · RING CATEGORY
Feature Matrix
RING PLAYERS
| Feature | Ultrahuman | Gabbit | Oura | Samsung |
|---|