Mamaearth
Mamaearth
Consumer GoodsKey Fundamentals
MicrocapPersonal CareConsumer GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
1- Stock is trading at 9.86 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Honasa Consumer, the parent of Mamaearth and other digital-first personal care brands, has a market cap of about ₹15,581 Cr. It trades at 62x earnings and 10.94x book value. TTM sales grew 21% and TTM profit grew 242%, recovering from a weak base, while 3-year sales CAGR is 17% against a 5-year sales CAGR of 39%. Return on equity was 16% last year, and the stock has risen 64% over the past year.
- TTM sales grew 21%, faster than the 3-year sales CAGR of 17%. This suggests revenue growth has picked up again after a slowdown.
- TTM profit grew 242% and 3-year profit CAGR is 118%, showing strong operating leverage as the business grows.
- 5-year sales CAGR of 39% shows the company has built its brand portfolio and distribution quickly in Indian beauty and personal care.
- ROE of 16% last year shows the company has turned profitable and earns a double-digit return on shareholder capital.
- The stock returned 64% over one year, which suggests the market has taken the earnings recovery on board.
- A market cap of about ₹15,581 Cr and a PE of 62 imply TTM net profit of roughly ₹250 Cr. That is a meaningful profit base for a young consumer company.
- A dividend yield of 0.63% means some cash is being returned to shareholders, which points to cash generation.
- At 62x earnings, the earnings yield is only about 1.6%, which leaves little room for any earnings disappointment.
- At 10.94x book value, flagged as a known concern, the valuation assumes high returns will last. That looks demanding next to last year's ROE of 16%.
- Sales growth has slowed from a 5-year CAGR of 39% to a 3-year CAGR of 17%, so the hyper-growth phase appears to be over.
- The 242% TTM profit growth comes off a depressed base. The 5-year profit CAGR of only 17% suggests profits have been volatile rather than growing steadily.
- ROE of 16% is modest for a stock at 62x earnings. Established FMCG companies with similar or higher multiples often earn much higher returns on equity.
- After a 64% rise in one year, much of the recovery may already be in the price, which increases the risk of a sharp drop if growth slows.
- The dividend yield of 0.63% offers little income support at current valuations. Returns depend mostly on continued earnings growth.
- Long-term data is limited: there are no 3-year, 5-year, or 10-year ROE figures and no stock return history beyond 1 year. This makes it hard to judge how consistent performance has been over a full cycle.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹643 Cr PE block deal Sep 28
About 1.4 crore shares (4.4% of equity) changed hands at ₹450 apiece in a ₹643.4 crore block deal, up from the ₹400 crore size first reported. The stock fell up to 5% to an intraday low of ₹443.70. The sellers are believed to be Peak XV, which holds 14.8%, and Sequoia Capital Global Growth Fund III, which holds 3.44%.
- Ongoing investor stake overhang Sep 28
The selling shareholders face only a 45-day lock-up, so more supply could hit the market from mid-November. Peak XV's remaining stake is still large enough to keep up the pressure from early-investor exits.
- Rich valuation at 61x P/E Sep 8
The stock trades at a P/E of 61.32 and has stayed above 50x for four straight trailing quarters, after a 67% YTD gain. That leaves little room for error if execution slips.
- Record Q1FY27 profit, margins doubled Sep 4
Consolidated PAT rose 116.5% YoY to a record ₹90.2 crore and revenue grew 27% to ₹756 crore. EBITDA jumped 141% to ₹110.1 crore, with the margin widening to 14.57% from 7.68%.
- ₹5,550 Cr FY31 revenue target Sep 4
The founders aim to roughly double revenue to ₹5,550 crore by FY31 and add about 500 bps of EBITDA margin to reach 15%. Growth will be anchored in focus categories that make up about 80% of revenue, with plans for at least two more ₹500 crore brands.
- Equirus initiates LONG, TP ₹595 Sep 28
Equirus set a December 2027 target of ₹595, valuing the stock at 48x December 2028 EPS of ₹12.4. It projects 10% CAGR for Mamaearth, 20% for The Derma Co and 27% for younger brands, with EBITDA margin rising 314 bps to 13% by FY29E.
- Offline push under new CBO Sep 8
Nishchay Bahl was promoted to Chief Business Officer – Offline from September 8, 2026, to lead General Trade and Modern Trade. He was a key figure in Project Neev and brings over 17 years of FMCG experience from Reckitt, Britannia and Good Glamm.
- AGM approves ₹3 dividend Sep 29
At the 10th AGM on September 28, shareholders approved a final FY26 dividend of ₹3 per share, adopted the financials and reappointed directors, including CEO Varun Alagh.
- Jefferies, J.P. Morgan investor meets Sep 11
Management attended the Jefferies India Forum on September 17 and the J.P. Morgan India Conference on September 22, 2026. The Jefferies forum came just before Jefferies ran the September block deal as sole bookrunner.
- FY26 BRSR report filed Sep 3
The FY26 Business Responsibility and Sustainability Report lists turnover of ₹2,305.4 crore along with ESG and employee welfare data. A separate figure of ₹475.53 crore 'total income' cited for FY26 doesn't match this turnover and probably refers to a different scope, so treat it with caution.
TL;DR: Honasa's business is clearly improving: Q1FY27 profit more than doubled to ₹90.2 crore, EBITDA margin nearly doubled to 14.6%, and offline execution is getting stronger. The main risks are early investors selling, shown by the ₹643 crore Peak XV/Sequoia block deal and a lock-up of only 45 days, plus a stretched P/E above 60 after a roughly 59–67% YTD rally. The fundamentals are getting better, but the stock's near-term direction will likely depend on how much more stake selling comes after the lock-up ends and whether Q2 results back up the ₹5,550 crore FY31 target and the path to a 15% margin.
Quarterly Results
| Particulars | 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
| Particulars | 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 | 1,997 | 2,156 | 2,252 |
| Operating Profit | -1,334 | 12 | 23 | 138 | 70 | 236 | 300 |
| OPM % | -290% | 1.2% | 1.5% | 7% | 3.4% | 10% | 12% |
| Other Income | 12 | 21 | -132 | 49 | 77 | 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
| Particulars | 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 | 560 |
| Total Liabilities | 303 | 1,036 | 986 | 1,640 | 1,808 | 2,107 |
| 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 | 1,346 |
| Total Assets | 303 | 1,036 | 986 | 1,640 | 1,808 | 2,107 |
Cash Flow
| Particulars | 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 | 139 | 85 |
Ratios
| Particulars | 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 | 92 |
| Days Payable | 221 | 219 | 161 | 185 | 212 | 193 |
| Cash Conversion Cycle | -80 | -105 | -30 | -71 | -84 | -71 |
| Working Capital Days | -2 | -12 | 8 | -10 | -17 | -9 |
| ROCE % | — | 5% | 3% | 16% | 8% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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70 extracted metrics + investor summaries across FY16–FY27.
Documents
Frequently Asked Questions about Mamaearth
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Company Information
Incorporated in 2016, Honasa Consumer Limited (HCL) provides beauty and personal care products through its digital platform.[1]
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