Q1 FY26–27: three launches, 40% growth, India #1, and a massive capex

This is the second of these letters, and the first with a full quarter behind it. The first letter was about why I write these at all. This one has something to account for: Q1 of FY26–27 was the strongest quarter Unived has had, and it contained one clear failure I'll own below.

What we launched.

Start with ashwagandha, because we now sell two, and I want to explain why. In February we launched Shoden, a patented extract from Arjuna standardized to 35% withanolide glycosides — a standardization that lets it work at a very low dose, 60 to 120 mg. We already sell KSM-66, a full-spectrum root extract standardized to 5% withanolides and taken at 600 mg. On paper, 35% next to 5% looks like one is seven times the other. It isn't. The two numbers measure different things — glycosides in one case, total withanolides in the other — and are not directly comparable.

The larger launch is our new protein range — four variants, all built on one decision. We blended pea and yeast protein to reach a PDCAAS of 1.0. Most plant proteins fall short of that, because they run low on an essential amino acid or two; pea is short on methionine, and yeast protein closes the gap. A PDCAAS of 1.0 means that, by the standard measure, the protein is as complete as whey.

The four exist because protein is not one need. Complete is the everyday protein: a raw, unflavoured version at 30g a serving, and chocolate and vanilla-berry at 25g. Essential is a 25g chocolate protein carrying CoQ10, B vitamins and other micronutrients, for people who want more than protein from the scoop. Elite Performance is a 30g training protein in chocolate and coffee — the coffee is caffeinated — with nitrates, taurine, 3g of creatine and a full electrolyte profile. Elite Rebuild is a 25g chocolate protein built for recovery, with magnesium and the essential electrolytes.

The third launch is Alpha Lipoic Acid — 600 mg of it, formulated with co-nutrients rather than sold as a bare isolate: L-methyltetrahydrofolate, chromium picolinate and B vitamins. Alpha lipoic acid is an antioxidant that works in both water- and fat-soluble environments, which is unusual, and it has a genuine evidence base for supporting glucose metabolism and nerve health. The co-nutrients aren't decoration: chromium supports the same glucose-handling pathways, and the methylfolate and B vitamins support the nerve and methylation side — so the formula points in one direction rather than scattering. We formulate this way because it is how we think the ingredient is actually used well, not because a longer label sells better.

What we didn't.

Now the failure. We meant to ship more this quarter than we did. Several launches we had planned for Q1 slipped, some by a few weeks, some further. When we hold a launch it is usually because something in formulation or testing wasn't ready, and I would rather be late than ship something we'll have to recall. But late is still late. Planning that assumes a date and then misses it costs us — in inventory we've built early, in momentum, and in the patience of customers who were told to expect something. We are getting better at not over-committing to dates internally. We are not there yet.

What's coming.

Some of what slipped is now simply what's next.

We are reformulating Daily Supergreens — a better ingredient mix, more useful co-nutrients, and a cleaner overall offering than the previous version.

We are building a high-carbohydrate gel — the same 2:1 formulation as our Gel-180, but two full servings in a single spout sachet, so 360 kcal in one pack. It is for the endurance athlete who would rather take one thing than two, mid-effort.

And we are working on something we're calling Athlete Meal, which is exactly what it sounds like: a complete meal, built for an athlete.

Year two with Yashaswini.

We have extended our contract with Yashaswini Ghorpade, who is a professional athlete under contract with Unived, and we have begun a second year with her.

We signed her in February 2025, when she was India's number two in table tennis. She is now India's number one. She won her maiden senior national title at Indore in March, going in as the eighth seed after a dip in form, and beating the top seed on the way to it.

I want to be careful about what I claim here, because this is precisely the point at which a supplement company reaches for credit it has not earned. We did not make Yashaswini the number one player in India. She did that, from the eighth seed, against the best in the country. What we do is supply the products she trains and competes on, and stay out of her way.

We look forward to supporting & fuelling Yashaswini for years to come. 

How the quarter went.

Q1 grew 40% over the same quarter a year earlier, one of the strongest year-on-year quarters we've had. Growth at that rate is not free. It strains a plant, a supply chain and a team that were all sized for a smaller company than the one we've become — which is not unrelated to the delays above, and is most of what the next section is about.

Our largest capex.

Which brings me to the thing I am not going to tell you yet.

We are planning a capital investment — a new production unit and a research centre. It will be the largest capex in Unived's history, by a wide margin. It is why the strain I just described matters. We have been manufacturing to the limits of our existing plant and leaning on outside laboratories for a great deal of our testing, and at some point you either build or you stop growing.

I am not putting the numbers, the location or the timeline in this letter. Not because they are secret, but because the finer details are still being ironed out.

More on this very soon. It will have a letter of its own.

Closing.

That is the quarter: we launched a few key products, we failed to launch some of what we promised, and we grew faster than we ever have. What we intend to do with that is the subject of the next letter.

If you've read this far, thank you.