05What the history shows
Patterns found by re-reading the full history, not just the months I ran. Each is labelled: measured pattern, correlation, anomaly or seasonality.
SeasonalityFeb to Aug is a seasonal climb: 2025 did +49.5% with no rebuild; Feb 2026 was not the worst month
Revenue rises Feb to Aug every year. 2025 climbed ₹1.84 to 2.75 Cr; 2026 ₹1.91 to 2.94 Cr. Bills climbed less in 2026 than in 2025. Feb 2025 (₹1.84 Cr) is below Feb 2026, so the 'worst month in the record' line contradicts the ledger. Feb is 28 days: ₹6.82 L a day, above Jan 2026 (₹6.65 L) and Feb 2025 (₹6.57 L).
The numbers
Rev Feb to Aug: 2025 +49.5%, 2026 +53.9% (reports print +54.1%). Bills: 2025 +33.8%, 2026 +29.4%. Seasonal-shape Aug 2026 = ₹2.85 Cr vs actual ₹2.94 Cr (+3.0%). Per day, Feb 2026 ranks 4th lowest of 20 months.
So whatDo not use Feb-to-Aug as the result; use YoY. Feb 2026 is not the low point of the 20 months; Feb 2025 is. One year of seasonality only: no 2024 data.
Measured patternAbout 70% of the growth acceleration is average bill recovering, not more bills
YoY revenue went from +1.3% (Jan-Feb) to +14.7% (Mar-Aug). Bills growth moved +17.1% to +21.6%; average-bill gap moved -13.5% to -5.7%. Log decomposition gives about 30% to bills and 70% to ticket size. The fall started Dec 2025 (₹2,774), reached ₹2,439 in Jan and ₹2,359 in Feb, before the engagement.
The numbers
₹2,942 (Oct 2025) to ₹2,359 (Feb 2026) = -19.8%; Dec to Jan -12.1%. Mar-Aug 2026 weighted ₹2,682 vs ₹2,844 (-5.7%). Contribution: bills 30.2%, average bill 69.8% (calculated).
So whatThe +1.3% pre-join trend is depressed by an average-bill trough, so the 'above trend' credit to media in any above-trend attribution is probably overstated. Volume growth (+17%) was already running before March.
AnomalyThe lead step-change and the dilution happened in Oct 2025, four months before I joined
MQLs jumped 10,399 to 17,665 in Oct 2025 with CTR 1.28% to 2.40% (3.58% by Nov) and impressions halved by Nov. Revenue per MQL fell from ₹3,116 (Jan-Sep 2025) to ₹1,473 (Oct-Dec 2025), then ₹1,361 in Mar-Aug 2026. Oct-Dec 2025 averaged 17,607 MQLs a month; Mar-Aug 2026 averaged 19,709 (+11.9%). Jan-Feb 2026 test: bills +17.0% YoY in Jan with MQLs -20% YoY and spend -43%; +17.2% in Feb with MQLs +202%.
The numbers
Bills per 1,000 MQLs 1,106 to 512 to 508. Avg monthly MQLs: 7,192 (Jan-Sep 2025), 17,607 (Oct-Dec), 19,709 (Mar-Aug 2026). 58% of the CPC fall Jan 2025 to Aug 2026 (₹14.23 to 4.58) was done by Feb 2026.
So whatPart of the '+165% leads' is a step that predates the rebuild, possibly a conversion-action change (not stated). Month-to-month MQL volume has not tracked bills in the one clean test. Audit MQL definition before quoting lead growth as demand.
Correlation, not causationAug 2026 repeated the Oct 2025 spend spike: revenue per Google rupee 38-39x both times
Oct 2025: spend +130% on Sep, revenue +10.0%, bills +2.4%, 38x. Dec 2025 then bought 95% of Oct's MQLs on 44% of the spend, with higher revenue (111%). Aug 2026: Google spend +75% on Jul, revenue +9.7%, bills +3.5%, 39x. In 2025 Jul to Aug on flat spend revenue rose +16.5%, bills +10.2%. May 2026 record per day (₹9.58 L) came on ₹3.43 L spend; Aug per day ₹9.48 L on ₹7.60 L.
The numbers
Seasonal-shape Aug 2026 from Jul = ₹3.12 Cr vs actual ₹2.94 Cr (-5.9%). Rev/day May to Aug 2026 -1.0% while Google spend +121.6% (2025 same span +15.5% per day, spend +14.3%). YoY revenue: Apr-May +25.7% on spend +50.9%; Jun-Aug +10.1% on spend +101.2%. Marginal Oct 2025: ₹50 per extra MQL, ₹6 revenue per extra rupee.
So whatAt about ₹6.4 L+ a month Google spend has twice bought leads, not revenue. Peak efficiency months (Apr-May, ₹3.4-3.5 L) were the strongest. Season, new salons and Meta also moved, so causation is unproven.
Measured patternAugust spend is inversely related to salon revenue: 3 salons took 15% of ad money for 43% of revenue, 4 took 53% for 13%
Phoenix Mall of Asia, Phoenix MarketCity and Lulu billed 42.7% of Aug revenue on 15.0% of salon-attributed ad spend. Sadashivanagar, Nexus Vega City, Koramangala 4th Block and Hennur billed 12.6% on 53.3%. Correlation of salon revenue with ad spend is negative. The three low-return new-ish salons have average bill ₹2,278 vs ₹2,876 elsewhere.
The numbers
Salon-attributed ad spend ₹6,52,433 (of ₹10,32,325 total). Top 5 salons 57.8% of revenue, 22.6% of spend. r(revenue, spend) = -0.27 across 15 salons. Koramangala 4th, Vega City, Hennur: 8.5% of revenue, 43.9% of spend, 8.7x vs 71.5x for the rest. Top 3 salons also ₹3,268 average bill. HHI 936 (about 10.7 equal-size salons).
So whatSpend followed new-store push and targets, not return. One month only: no earlier salon-level revenue, so the trend is unknown. Network average bill gap (₹63 of ₹170) may partly be mix from low-ticket salons; Aug 2025 mix not available.