Honasa Consumer Ltd(HONASA)

NSE: HONASABSE: 544014

₹ 431.4-2.49%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 14,065 crNext results: 6 Nov 2026Website: www.honasa.inUpdated: 24 Oct 2026

About

Honasa Consumer Ltd is an India-based beauty and personal care company that sells products across baby care, skin care, hair care and related categories under a portfolio of digital-first brands including Mamaearth, The Derma Co., Aqualogica, BBlunt, Dr. Sheth's, Staze and Reginald Men. In FY26 the company reported revenue from operations of ₹2,391.94 Cr. It operates as a single business segment and competes across mass-premium to prestige personal care.^[1][2]

Business segments

Honasa operates as a single segment principally engaged in trading beauty and personal care products across baby care, skin care, hair and other personal care categories.^[2]
Focus categories (face cleansers, shampoo, suncare, moisturizers, baby, lipstick, face serum) comprised 85%+ of company revenue in Q1 FY27, up 450 bps YoY.^[3]
Focus categories grew 35%+ YoY and represented 80%+ of company revenue in Q4 FY26, up 500 bps YoY.^[4]

Brand portfolio

Mamaearth, the largest brand, delivered high-teens YoY NSV growth in Q1 FY27; Rice Dewy Bright became its #1 face cleanser and Rosemary shampoo crossed INR 100 Cr+ ARR.^[3]
The Derma Co. crossed INR 1,000 Cr NSV ARR in Q1 FY27, becoming Honasa's second brand at that scale, and entered teens EBITDA margin.^[3]
Reginald Men (acquired January 2026) reached INR 150 Cr+ ARR in Q1 FY27, a 2x+ increase versus pre-acquisition TTM revenue.^[3]
Staze crossed INR 50 Cr ARR in Q3 FY26; the younger brand cohort (Derma Co, Aqualogica, Dr. Sheth's, BBlunt, Staze) collectively grew 25%+ YoY in Q3 FY26.^[5]
FIKN, positioned as India's first elixir-based fragrance brand (30%+ oil concentration), was launched in Q1 FY27; its first drop sold out in 48 hours with 15,000+ waitlist sign-ups.^[3]
Younger brands (The Derma Co., Aqualogica, BBlunt, Dr. Sheth's, Staze, Lumineve, Reginald Men) were expected to accelerate YoY NSV growth to around mid-forties in Q2 FY27.^[6]

Key operating numbers

Underlying volume growth (UVG) was 30.5% in Q1 FY27 and 30% in Q4 FY26; full-year FY26 UVG was 23%.^[3][4]
Gross profit margin was 69.7% in Q1 FY27; 71.4% in Q4 FY26; and 71.2% for full-year FY26 (+83 bps YoY).^[3][4]
Advertising and promotion spend as a percentage of revenue was 31.8% in Q1 FY27 (down from 34.6% in Q1 FY26) and 32.9% in full-year FY26 (down from 36.0% in FY25).^[3][4]
EBITDA margin (LFL) expanded to 14.1% in Q1 FY27 from 7.7% in Q1 FY26 (+636 bps); full-year FY26 EBITDA margin was 9.3%, up from 3.3% in FY25.^[3][4]
Mamaearth face cleanser Nielsen value market share reached 6.9% in Jun'26 (+138 bps YoY); shampoo share reached 2.5% (+93 bps YoY).^[3]
Company-level NSV growth on a like-for-like basis was ~32% YoY in Q1 FY27 (27% reported, adjusted for ~INR 29 Cr Flipkart settlement impact), with revenue of INR 756 Cr vs INR 595 Cr in Q1 FY26.^[3]

Distribution and customers

Nielsen-reported FMCG outlet reach was ~3 lakh as of Jun'26; distributor inventory optimised to below 30 days.^[3]
General trade secondary sales grew 40%+ YoY and modern trade offtake grew 40%+ YoY in Q1 FY27; e-commerce grew 20%+.^[3]
Offline distribution scaled to 2,70,000+ outlets in Q3 FY26 (25% YoY increase per NielsenIQ) with 1,13,000+ outlets billed directly; direct distribution contributed ~80% of revenue.^[5]
The Derma Co. had offline presence at 50,000+ outlets as of Q1 FY27 with ~1% Nielsen market share in face cleansers.^[3]
GT distribution rebuilt post-Project Neev to 200+ distributors in Top-100 cities with ~120K outlets billed directly in FY26 and stocks optimised to 25 - 30 days.^[4]

Expansion and new categories

Honasa created a subsidiary, Honasa Health, for nutraceuticals/ingestibles; acquisition of Fluence Pharma was in condition-precedent and diligence stage as of Q1 FY27.^[3]
Mamaearth is targeted to expand distribution from ~200K outlets to ~0.5 million outlets over the next 3 - 5 years.^[4]
Fragrance identified as a Horizon 2 priority category; India fragrance market cited at INR 7,000 Cr+ growing at 15% CAGR with 3% penetration versus 11% globally.^[3]
Reginald Men is targeted to reach INR 500 Cr brand revenue within 4 - 5 years, expanding beyond its South India stronghold into categories beyond sunscreen.^[5]
Rosemary shampoo franchise targeted to reach INR 250 Cr by FY27; Rice face wash franchise seen as capable of reaching INR 500 Cr.^[3]

Recent developments

Company-level NSV growth was expected to be in the early-thirties YoY in Q2 FY27, with EBITDA margin in early double-digit and strong YoY gains, per the October 2026 provisional quarterly update.^[7][6]
Honasa acquired Reginald Men (BTM Ventures) in January 2026; the brand is #1 searched men's sunscreen on Google with 80%+ of sales from South India at the time of acquisition.^[5]
Board recommended Honasa's maiden dividend of INR 3 per equity share (~INR 98 Cr, ~51% of FY26 standalone PAT) for FY26.^[4][8]
Statutory auditors issued unmodified audit reports on both standalone and consolidated financial statements for FY26.^[8]
Promoter Varun Alagh held 10,55,82,701 shares in the company as of FY26 annual report.^[8]
BBlunt and Dr. Sheth's brand sharpening and repositioning was planned over the next 6 - 9 months from Q1 FY27.^[3]

Medium-term targets

Company targets high-teens CAGR over the next 5 years and EBITDA margin of 15% (500 bps expansion over 5 years, ~100 bps/year), reaffirmed at Q1 FY27 results.^[3][4]
FY27 full-year company NSV growth targeted to exceed the 5-year high-teens CAGR target; EBITDA margin improvement of at least 150 - 200 bps vs FY26 targeted for FY27.^[3]
Long-term milestones: Mamaearth to reach INR 2,000 Cr revenue (~60% offline); The Derma Co. to reach INR 1,000 Cr; two more brands to reach INR 500 Cr each; Honasa group to reach INR 5,000 Cr ARR.^[2]

Market Cap

₹14,065 Cr

High / Low

₹510 / 249

Stock P/E

56.5

Price / Book

9.9

Book Value

₹43

EPS

₹6.2

No. of Shares

32.54 Cr

ROCE

19.6%

ROE

15.4%

OPM

11.1%

Debt / Equity

0.00

Sales

₹2,392 Cr

Net Profit

₹200 Cr

Promoter holding

35.5%

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