Monitoring Agency Report issued by ICRA Limited Monitoring Agency for the quarter ended March 31 2026
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ICRA Limited has submitted its monitoring agency report for Honasa Consumer Limited (Mamaearth) covering Q4 FY26 (quarter ended March 31, 2026). The company raised Rs. 1,701.44 crore via IPO in October-November 2023, with net proceeds of Rs. 350.49 crore. Of this, Rs. 315.27 crore (90%) has been utilized, with Rs. 35.23 crore remaining unutilized. Advertisement spend stands at Rs. 177.34 crore of Rs. 182 crore (97% utilized), while EBO capital expenditure is at Rs. 8.78 crore of Rs. 20.60 crore (43% utilized), and BBlunt subsidiary investment is at Rs. 7.26 crore of Rs. 26 crore (28% utilized). General corporate purposes of Rs. 121.89 crore has been fully deployed, including Rs. 34.27 crore transferred during Q4 for an inorganic acquisition. The unutilized funds are parked in fixed deposits with HDFC Bank and Unity Small Finance. No deviations or delays have been reported across any object heads. All projects remain on schedule through FY27.
This is a routine compliance filing with no red flags. The IPO proceeds are being deployed as per the offer document with no material deviations or delays, which is positive for shareholder confidence. The company remains on track with its spending timeline across all capital deployment categories.