Honasa Consumer Ltd
HONASA NSE
Honasa Consumer Ltd
Consumer GoodsNSE: HONASA BSE: 544014 Personal Care
Key Fundamentals
SmallcapPersonal CareConsumer GoodsMarket Cap
₹15,421 Cr
Volatility
Moderate
P/E Ratio
62.35
EBITDA
₹231 Cr
Return on Equity
6.16%
Debt to Equity
0.1
Book Value
₹43.33
EPS
₹3.89
52W High
₹509.8
52W Low
₹248.4
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Honasa Consumer Ltd insights
44 extracted metrics + investor summaries across FY21–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Weaknesses
1- Stock is trading at 11.1 times its book value
Growth Rate
Revenue Growth
11.48% ↘
Net Income Growth
171.28% ↗
Cash Flow Change
-56.58% ↘
ROE
-38.95% ↘
ROCE
-38.69% ↘
EBITDA Margin (Avg.)
36.15% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 7d agoAI opinion · based on fundamentals
Risk high
Honasa Consumer (parent of Mamaearth) trades at a market cap of approximately Rs 15,573 crore with a PE of ~78x. FY26 revenue grew 15.7% to Rs 2,392 crore while PAT surged 175% to Rs 200 crore, with EBITDA tripling from Rs 69 crore to Rs 231 crore. The stock trades at 11x book value, reflecting high growth expectations against a still-modest absolute profit base.
Bull Case 8
- FY26 PAT surged 175% YoY from Rs 73 crore to Rs 200 crore, demonstrating sharp profitability inflection
- EBITDA tripled from Rs 69 crore in FY25 to Rs 231 crore in FY26, with EBITDA margin expanding to 9.3% from under 3%
- Three consecutive quarters of 20%+ YoY revenue growth in FY26 (Q2: 19%, Q3: 16.2%, Q4: 23.2%), indicating sustained momentum
- 5-year compounded sales CAGR of 39% reflects rapid scale-up from a digital-first BPC platform
- Q4 FY26 EBITDA margin hit 11.3% — the highest quarterly operating margin in the company's listed history
- Multi-brand portfolio diversification with The Derma Co, Aqualogica, and Dr Sheth's growing in mid-twenties percentage, reducing single-brand dependence
- First-ever dividend of Rs 3 per share declared in FY26, signaling management confidence in sustained free cash flow generation
- Stock has delivered 79% returns over the past one year, reflecting market re-rating on improved execution
Bear Case 8
- PE ratio of ~78x is expensive relative to sector peers, pricing in significant future growth that must be delivered consistently
- Stock trades at 11x price-to-book value, leaving limited margin of safety if growth decelerates
- FY26 net profit margin is only 8.4% (Rs 200 crore on Rs 2,392 crore revenue), still thin for consumer goods
- Flagship Mamaearth brand growing only in teens percentage while newer brands carry higher execution risk at scale
- Intensifying competition from HUL, Marico, and P&G in the BPC segment — Honasa holds only ~5.4% of India's online BPC market
- Promoter holding has gradually declined from ~35.5% to ~33%, with periodic stake sales raising overhang concerns
- Q4 FY25 PAT had fallen 18% YoY to Rs 25 crore, highlighting earnings volatility that persisted until the FY26 turnaround
- ROE of 16% (last year) is modest relative to the premium valuation multiples the market assigns
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 16h ago Positives 3
- Q1FY27 revenue up 32%, EBITDA doubles Aug 13
Revenue rose 31.8% YoY to ₹785 crore and EBITDA more than doubled to ₹110 crore in Q1FY27, driven by strong House of Brands performance.
- Q1FY26 net profit jumps 119% Aug 13
Mamaearth reported 119% YoY rise in net profit to ₹904.5 million for Q1FY26 with 27% revenue growth. Company also won arbitration against its UAE distributor.
- New CMO appointed from HUL Aug 6
Nilesh Kotalwar appointed CMO effective August 6, 2026, bringing 15 years of FMCG experience from HUL and Godrej after serving as SVP of Online Revenue.
Neutral 3
- Investor meet in Singapore Aug 11
Honasa will participate in the Ambit-Daiwa India Access conference on August 18, 2026, in Singapore for analyst and investor engagement.
- Dubai court upholds AED 1.7M award Aug 8
Dubai Cassation Court dismissed appeals in Honasa vs RSM case, upholding AED 1,707,407 award. Company cites Indian Arbitral Award to negate financial impact.
- Q1FY27 earnings call scheduled Aug 2
Earnings conference call scheduled for August 13, 2026, to discuss unaudited results for the quarter ended June 30, 2026.
TL;DR: Honasa Consumer is delivering strong financial momentum with revenue growing 32% and EBITDA doubling in Q1FY27, building on a 119% profit jump in the prior year quarter. No material headwinds are visible in recent news flow. The CMO appointment and investor outreach signal management confidence in sustaining growth. The trend is clearly improving with accelerating profitability, though sustaining this pace across multiple quarters remains the key watch item.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 464 | 496 | 488 | 471 | 554 | 462 | 518 | 534 | 595 | 538 | 602 | 657 | 756 |
| Expenses | 435 | 456 | 454 | 438 | 508 | 493 | 491 | 507 | 549 | 490 | 536 | 580 | 646 |
| Operating Profit | 29 | 40 | 34 | 33 | 46 | -31 | 26 | 27 | 46 | 48 | 65 | 77 | 110 |
| OPM % | 6% | 8% | 7% | 7% | 8% | -7% | 5% | 5% | 8% | 9% | 11% | 12% | 15% |
| Other Income | 13 | 7 | 11 | 19 | 19 | 20 | 19 | 21 | 24 | 20 | 16 | 19 | 23 |
| Interest | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 6 | 6 | 8 | 10 | 9 | 11 | 13 | 12 | 11 | 12 | 11 | 11 | 10 |
| PBT | 34 | 39 | 35 | 39 | 52 | -24 | 29 | 32 | 56 | 53 | 67 | 82 | 119 |
| Tax % | 27% | 25% | 25% | 22% | 23% | -24% | 12% | 22% | 26% | 26% | 25% | 15% | 24% |
| Net Profit | 25 | 29 | 26 | 30 | 40 | -19 | 26 | 25 | 41 | 39 | 50 | 69 | 90 |
| EPS in Rs | 1.9 | 2.16 | 0.8 | 0.94 | 1.24 | -0.57 | 0.8 | 0.77 | 1.27 | 1.21 | 1.54 | 2.13 | 2.77 |
Profit & Loss
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales | 460 | 943 | 1,493 | 1,920 | 2,067 | 2,392 | 2,553 |
| Expenses | 1,794 | 932 | 1,470 | 1,782 | 1,998 | 2,156 | 2,252 |
| Operating Profit | -1,334 | 12 | 23 | 138 | 69 | 236 | 300 |
| OPM % | -290% | 1.2% | 1.5% | 7% | 3.3% | 10% | 12% |
| Other Income | 12 | 21 | -132 | 49 | 79 | 79 | 77 |
| Interest | 1 | 3 | 7 | 9 | 13 | 13 | 13 |
| Depreciation | 2 | 7 | 25 | 31 | 45 | 44 | 44 |
| PBT | -1,325 | 22 | -141 | 147 | 90 | 257 | 321 |
| Tax % | 1% | 36% | 7% | 25% | 19% | 22% | — |
| Net Profit | -1,332 | 14 | -151 | 111 | 73 | 200 | 249 |
| EPS in Rs | -13,06,098 | 15,262 | -10.47 | 3.45 | 2.24 | 6.15 | 7.65 |
| 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 | 288 | 413 | 492 | 545 |
| Total Liabilities | 303 | 1,036 | 986 | 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 | 474 | 1,049 | 1,201 | 1,331 |
| Total Assets | 303 | 1,036 | 986 | 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 | 32 | 30 | 23 | 30 |
| Inventory Days | 114 | 86 | 99 | 83 | 105 | 84 |
| Days Payable | 221 | 219 | 161 | 185 | 212 | 193 |
| Cash Conversion Cycle | -80 | -105 | -30 | -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 Consumer Goods sector within the Personal Care 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 ₹15420.95 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 62.35. 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 ₹509.8. 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 0.62%. 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 6.16%. 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