Honasa Consumer Ltd
HONASA NSE
Honasa Consumer Ltd
Fast Moving Consumer GoodsNSE: HONASA BSE: 544014 Personal Products
Incorporated in 2016, Honasa Consumer Limited (HCL) provides beauty and personal care products through its digital platform.[1]
AI Verdict: HOLD Confidence: 5%
Honasa Consumer shows strong revenue growth at 5-year sales CAGR of 39% and explosive profit growth of 180% TTM, but trades at a steep PE of 66.2x and 9.38x book value, suggesting much of the growth is already priced in. With 66.67% analyst buy ratings, the stock has momentum but limited margin of safety at current levels.
Key Fundamentals
MicrocapPersonal CareConsumer GoodsMarket Cap
₹13,799 Cr
Volatility
Moderate
P/E Ratio
67.92
EBITDA
₹231 Cr
Return on Equity
10.09%
Debt to Equity
0.12
Book Value
₹43.33
EPS
₹3.89
52W High
₹438.35
52W Low
₹248.4
Technical Indicators
Key Insights
Weaknesses
1- Stock is trading at 9.59 times its book value
Growth Rate
Revenue Growth
11.48% ↗
Net Income Growth
171.28% ↗
Cash Flow Change
-56.59% ↘
ROE
-39.01% ↘
ROCE
-38.69% ↘
EBITDA Margin (Avg.)
36.15% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoHOLD
Risk high
Honasa Consumer shows strong revenue growth at 5-year sales CAGR of 39% and explosive profit growth of 180% TTM, but trades at a steep PE of 66.2x and 9.38x book value, suggesting much of the growth is already priced in. With 66.67% analyst buy ratings, the stock has momentum but limited margin of safety at current levels.
Bull Case 7
- Compounded profit growth of 180% TTM indicates a sharp inflection in profitability and operating leverage kicking in
- 5-year compounded sales CAGR of 39% demonstrates sustained top-line momentum in a competitive FMCG market
- 66.67% of analysts (8 out of 12) rate the stock a Buy, reflecting broad institutional confidence
- Stock price CAGR of 33% over 1 year shows strong market re-rating and positive sentiment
- TTM revenue growth of 16% remains healthy and above traditional FMCG peers which typically grow at 8-12%
- ROE of 16% in the last year shows improving capital efficiency for a young consumer brand
- Market cap of Rs 13,395 Cr positions Honasa as a mid-cap with significant runway for institutional ownership increase
Bear Case 8
- PE ratio of 66.2x is significantly above FMCG sector average of 40-50x, leaving limited room for valuation expansion
- Stock trades at 9.38x price-to-book value, which is expensive even by premium FMCG standards
- 3-year compounded profit CAGR of 118% is partly due to a low or negative base, making growth rates unsustainable going forward
- Dividend yield of only 0.74% offers minimal income support in a downturn scenario
- 5-year compounded profit growth of only 17% versus 39% sales growth suggests historically thin margins and past profitability struggles
- Only 16.67% sell ratings but the 16.67% hold ratings suggest not all analysts see near-term upside from current levels
- 52-week high and low data unavailable (reported as 0), making technical risk assessment difficult
- Lack of reported debt-to-equity and longer-term ROE/ROCE data limits visibility into balance sheet strength and consistency
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 2
- 58% stake in Fluence Pharma Jun 23
Honasa Consumer will acquire a 58% equity stake in Fluence Pharma Private Limited for ₹135 crore, marking its entry into the nutraceuticals sector.
- ₹5,500+ Cr revenue target by FY31 Jun 10
Honasa outlined a strategy to achieve ₹5,500+ Cr revenue by FY31, driven by omni-channel expansion and innovation.
Neutral 1
- No encumbrance on promoter shares Jun 11
Promoters confirmed no encumbrance on shares held during FY26, disclosed to NSE and BSE under SEBI regulations.
TL;DR: Honasa Consumer is on an aggressive growth path, expanding into nutraceuticals via the ₹135 crore Fluence Pharma acquisition and targeting ₹5,500+ Cr revenue by FY31. No headwinds are visible in recent news flow, and corporate governance disclosures remain clean. The trend is improving with clear strategic intent, though execution on new category entry and ambitious revenue targets remains to be watched.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 388 | 464 | 496 | 488 | 471 | 554 | 462 | 518 | 534 | 595 | 538 | 602 | 657 |
| Expenses | 391 | 435 | 456 | 454 | 438 | 508 | 493 | 491 | 507 | 549 | 490 | 536 | 580 |
| Operating Profit | -3 | 29 | 40 | 34 | 33 | 46 | -31 | 26 | 27 | 46 | 48 | 65 | 77 |
| OPM % | -1% | 6% | 8% | 7% | 7% | 8% | -7% | 5% | 5% | 8% | 9% | 11% | 12% |
| Other Income | -148 | 13 | 7 | 11 | 19 | 19 | 20 | 19 | 21 | 24 | 20 | 16 | 19 |
| Interest | 2 | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 8 | 6 | 6 | 8 | 10 | 9 | 11 | 13 | 12 | 11 | 12 | 11 | 11 |
| PBT | -161 | 34 | 39 | 35 | 39 | 52 | -24 | 29 | 32 | 56 | 53 | 67 | 82 |
| Tax % | 1% | 27% | 25% | 25% | 22% | 23% | -24% | 12% | 22% | 26% | 26% | 25% | 15% |
| Net Profit | -162 | 25 | 29 | 26 | 30 | 40 | -19 | 26 | 25 | 41 | 39 | 50 | 69 |
| EPS in Rs | -11.73 | 1.9 | 2.16 | 0.8 | 0.94 | 1.24 | -0.57 | 0.8 | 0.77 | 1.27 | 1.21 | 1.54 | 2.13 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales | 460 | 943 | 1,493 | 1,920 | 2,067 | 2,392 |
| Expenses | 1,794 | 932 | 1,470 | 1,782 | 1,998 | 2,156 |
| Operating Profit | -1,334 | 12 | 23 | 138 | 69 | 236 |
| OPM % | -290% | 1% | 2% | 7% | 3% | 10% |
| Other Income | 12 | 21 | -132 | 49 | 79 | 79 |
| Interest | 1 | 3 | 7 | 9 | 13 | 13 |
| Depreciation | 2 | 7 | 25 | 31 | 45 | 44 |
| PBT | -1,325 | 22 | -141 | 147 | 90 | 257 |
| Tax % | 1% | 36% | 7% | 25% | 19% | 22% |
| Net Profit | -1,332 | 14 | -151 | 111 | 73 | 200 |
| EPS in Rs | -13,06,098 | 15,262 | -10.47 | 3.45 | 2.24 | 6.15 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 49% |
Balance Sheet
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 136 | 324 | 325 | 325 |
| Reserves | -1,765 | -1,087 | -1,323 | 771 | 855 | 1,086 |
| Borrowings | 1,954 | 1,853 | 1,885 | 131 | 136 | 135 |
| Other Liabilities | 114 | 271 | 278 | 413 | 492 | 545 |
| Total Liabilities | 303 | 1,036 | 976 | 1,640 | 1,808 | 2,092 |
| Fixed Assets | 21 | 342 | 252 | 299 | 302 | 489 |
| CWIP | 0 | 2 | 0 | 0 | 0 | 0 |
| Investments | 164 | 339 | 260 | 292 | 305 | 272 |
| Other Assets | 117 | 354 | 464 | 1,049 | 1,201 | 1,331 |
| Total Assets | 303 | 1,036 | 976 | 1,640 | 1,808 | 2,092 |
Cash Flow
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Operating | 30 | 45 | -52 | 235 | 102 | 141 |
| Investing | -21 | -505 | 40 | -470 | -145 | -17 |
| Financing | -1 | 481 | -14 | 337 | -31 | -38 |
| Net Cash Flow | 8 | 21 | -26 | 102 | -74 | 86 |
| Free Cash Flow | 29 | 42 | -63 | 224 | 82 | 134 |
| CFO/OP | -3 | 470 | -172 | 194 | 142 | 85 |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 27 | 28 | 31 | 30 | 23 | 30 |
| Inventory Days | 114 | 86 | 101 | 83 | 105 | 84 |
| Days Payable | 221 | 219 | 161 | 185 | 212 | 193 |
| Cash Conversion Cycle | -80 | -105 | -28 | -71 | -84 | -78 |
| Working Capital Days | -2 | -12 | 8 | -10 | -17 | 27 |
| ROCE % | — | 5% | 3% | 16% | 8% | 19% |
Documents
1
Compliances-Reg.24(A)-Annual Secretarial Compliance
4 May - Honasa filed FY2025-26 secretarial compliance report; PCS found no non-compliances or deviations. 4 May - Honasa filed FY2025-26 secretarial compliance report; PCS found no non-compliances or deviations.
2
Board Meeting Intimation for Considering Financial Results And Recommendation Of Final Dividend
16h - Board meets May 21, 2026 to approve FY26 results and recommend final dividend. 16h - Board meets May 21, 2026 to approve FY26 results and recommend final dividend.
3
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
8h - ICRA monitoring report for quarter ended March 31, 2026 shows no deviation in IPO proceeds utilization. 8h - ICRA monitoring report for quarter ended March 31, 2026 shows no deviation in IPO proceeds utilization.
4
Announcement under Regulation 30 (LODR)-Change in Management
2d - Chief Business Officer Yatish Bhargava resigns, effective May 15, 2026. 2d - Chief Business Officer Yatish Bhargava resigns, effective May 15, 2026.
5
Compliances-Reg.24(A)-Annual Secretarial Compliance
4 May - Honasa filed FY2025-26 secretarial compliance report; PCS found no non-compliances or deviations. 4 May - Honasa filed FY2025-26 secretarial compliance report; PCS found no non-compliances or deviations.
Frequently Asked Questions about Honasa Consumer Ltd
What does Honasa Consumer Ltd do?
Incorporated in 2016, Honasa Consumer Limited (HCL) provides beauty and personal care products through its digital platform.[1]
Where is Honasa Consumer Ltd (HONASA) listed?
Honasa Consumer Ltd is listed on the Indian stock exchanges. It is listed on NSE: HONASA and BSE: 544014. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Honasa Consumer Ltd belong to?
Honasa Consumer Ltd operates in the Fast Moving Consumer Goods sector within the Personal Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Honasa Consumer Ltd?
Honasa Consumer Ltd has a market capitalisation of approximately ₹13798.93 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Honasa Consumer Ltd?
The Price-to-Earnings (PE) ratio of Honasa Consumer Ltd is 67.92. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Honasa Consumer Ltd?
Over the past 52 weeks, Honasa Consumer Ltd has traded between a low of ₹248.4 and a high of ₹438.35. This range helps investors understand the stock's price volatility and recent trading levels.
Does Honasa Consumer Ltd pay dividends?
Yes, Honasa Consumer Ltd has a dividend yield of 0.72%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Honasa Consumer Ltd?
Honasa Consumer Ltd has a Return on Equity (ROE) of 10.09%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Honasa Consumer Ltd on Tapetide?
On Tapetide, you can view Honasa Consumer Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 2016, Honasa Consumer Limited (HCL) provides beauty and personal care products through its digital platform.[1]
Website honasa.in
CEO Mr. Varun Alagh
Employees 923
Listed 2023-11-07
Face Value ₹ 10
Issued Size 32,53,69,794