NSE: HONASA · BSE: 544014
HONASA CONSUMER LIMITED
Operates a multi-brand beauty and personal care platform in India, selling topical products directly to consumers through general trade, modern trade and e-commerce channels. The flagship Mamaearth brand, focused on natural and baby care, is sold across 200,000 retail outlets and grew in the mid-teens in FY26. The Derma Co, built around active-ingredient skincare, has reached ₹750 cr+ in annualised revenue with about 1% Nielsen share in the face wash category. Reginald Men, a men's grooming brand consolidated in FY26, doubled its revenue and crossed ₹100 cr in annualised revenue within its first quarter post-acquisition. Focus categories grew 35% year-on-year in FY26, contributing 500 basis points to overall mix. The company has entered nutraceuticals via a 58% stake in Fluence Pharma and added BTM Ventures at a 95% stake. Other operating expenses are the largest line on the cost sheet at 49.3% of revenue, and management has flagged raw and packaging material inflation as a near-term cost pressure addressed through Q1 FY27 calibrated price hikes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mamaearth (flagship natural and baby care brand), The Derma Co (active-ingredient skincare), Reginald Men (men's grooming), Younger brands (Aqualogica, BBlunt, Dr Sheth's, etc.), Nutraceuticals (Fluence Pharma, BTM Ventures). Multi-brand, asset-light Indian beauty and personal care platform
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,920 | 2,067 | 2,392 |
| EBITDA (ex other income) | 137 | 69 | 231 |
| margin % | 7.1 | 3.3 | 9.7 |
| Owners' profit | 112 | 73 | 200 |
| EPS, as reported (₹) | 3.57 | 2.24 | 6.15 |
| ROE % · ROCE % | 10.1 · 12.8 | 6.2 · 7.9 | 14.2 · 17.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 235 | 102 | 141 |
| Capex | 0 | (17) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 462 | 518 | 534 | 595 | 1,133 | 602 | 657 | 756 |
| Profit before tax | (24) | 29 | 32 | 56 | 108 | 67 | 82 | 119 |
| Net profit | (19) | 26 | 25 | 41 | 81 | 50 | 69 | 90 |
| EPS (₹) | (0.57) | 0.80 | 0.77 | 1.27 | 2.47 | 1.54 | 2.13 | 2.77 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 84,803 | 44.3 | 6.70 | 27.6 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 63,474 | 32.2 | 5.38 | 21.2 | 15.8 | 19.8 | 6.6 | 24.3 |
| COLGATE PALMOLIVE LTD. | 43,612 | 32.4 | 27.53 | — | 83.7 | 107.1 | — | 31.3 |
| CUPID LIMITED | 42,491 | 116.2 | 94.26 | 281.8 | 24.0 | 30.3 | — | 40.3 |
| GILLETTE INDIA LTD | 23,823 | 35.7 | 25.17 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE | 22,102 | 27.9 | 29.33 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED | 16,061 | 21.4 | 5.50 | 15.4 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED ◆ | 14,621 | 50.4 | 10.36 | 46.0 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.4 | 35.7 | 10 of 15 | 36% |
| P/B | 10.4 | 6.7 | 9 of 13 | 33% |
| ROCE | 16.9 | 19.4 | 12 of 16 | 27% |
| ROE | 14.2 | 15.8 | 9 of 13 | 33% |
| Debt / Equity | 0.0 | 0.0 | 1 of 13 | 50% |
| EBITDA margin | 17.6 | 23.5 | 10 of 13 | 25% |
| Revenue growth | 27.0 | 13.4 | 5 of 14 | 69% |
| Profit growth | 118.9 | 9.4 | 2 of 13 | 92% |
| Market cap | 14621 | 9835 | 8 of 16 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Vipul Maheshwari elevated to Chief Product and Technology Officer | management changes | medium | — | — |
| 22 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 7 Oct 2026 · Routine compliance filing on share dematerialisation for Q2 FY2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Honasa Consumer Q2 FY27 update: early-thirties NSV growth expected | business updates | medium | — | — |
| 5 Oct 2026 · Redwood Trust sells 75,549 shares of Honasa Consumer via open market | ownership changes | high | — | — |
| 5 Oct 2026 · Peak XV Partners sells 3.30 percent stake in Honasa Consumer via open market | ownership changes | high | — | — |
| 5 Oct 2026 · Sequoia Capital sells 25 lakh shares of Honasa Consumer via open market | ownership changes | high | — | — |
| 29 Sept 2026 · Honasa Consumer 10th AGM: all 6 resolutions approved, Rs 3 dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 10th AGM results: all 6 resolutions passed; Rs 3 dividend approved | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Honasa Consumer AGM: Rs. 3 dividend declared, Varun Alagh re-appointed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.