Honasa Consumer Limited (HONASA)
₹452.25 +0.97% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Honasa Consumer's revenue was ₹756 Cr (+27.0% year on year, +15.1% on the previous quarter), and net profit ₹90.4 Cr (+120.6% year on year); the operating margin was 14.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹756 | +27.0% | +15.1% |
| Operating profit | ₹110 | +139.5% | +43.1% |
| Net profit | ₹90.4 | +120.6% | +31.1% |
| EPS (₹) | 2.77 | +118.1% | +30.0% |
| Operating margin | 14.6% | — | — |
HONASA delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.16% of the HONASA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.03%. That is close to its usual level. Volume was 0.1 times its average, well below normal. 4 bulk or block deals were reported in HONASA in the last 60 days: ₹230 Cr bought and ₹597 Cr sold.
Delivery in the last 5 sessions: 43.0% · 50.5% · 52.5% · 48.3% · 39.2%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 29 Sep | Sell | Peak Xv Partners Investments Vi | ₹484.23 Cr | ₹450.22 | 10,755,495 | Bulk |
| 29 Sep | Buy | Franklin Templeton Mutual Fund | ₹150.00 Cr | ₹450.00 | 3,333,333 | Bulk |
| 29 Sep | Sell | Sequoia Capital Global Growth Fund Iii - U.S./ India Annex Fund L.P. | ₹112.60 Cr | ₹450.00 | 2,502,289 | Bulk |
| 29 Sep | Buy | Icici Prudential Life Insurance Company Limited | ₹80.00 Cr | ₹450.00 | 1,777,777 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Honasa Consumer released its provisional operational update for Q2 FY27, signaling strong momentum with expected Net Sales Value (NSV) YoY growth in the early-thirties. Its flagship brand Mamaearth is projected to grow in the high-teens YoY, while younger brands are accelerating to around mid-forties YoY growth. Offline retail channels (General and Modern Trade) continue to lead growth driven by direct distribution expansion. The company also anticipates sustaining an early double-digit operating margin profile during the quarter with strong YoY margin gains.
- Q2 FY27 Net Sales Value (NSV) YoY growth projected in the early-thirties on a like-for-like basis
- Mamaearth brand expected to deliver high-teens YoY NSV growth
- Younger brands (The Derma Co., Aqualogica, etc.) accelerating to around mid-forties YoY growth
- Operating margin profile expected in early double-digits with strong YoY improvement
Honasa Consumer Limited has announced its participation in two upcoming investor conferences in September 2026. The management will attend the Jefferies India Forum in Gurugram on September 17, 2026, followed by the J.P. Morgan India Conference in Mumbai on September 22, 2026. Both conferences will involve in-person one-on-one and group meetings between 10:00 am and 6:00 pm IST. These interactions are standard analyst engagements with no material financial disclosures or transactions announced.
- Participation scheduled in Jefferies India Forum on September 17, 2026, from 10:00 am to 6:00 pm IST in Gurugram
- Participation scheduled in J.P. Morgan India Conference on September 22, 2026, from 10:00 am to 6:00 pm IST in Mumbai
- Meetings will be conducted in-person via one-on-one and group meeting formats
Honasa Consumer has announced the elevation of Nishchay Bahl to Chief Business Officer - Offline, effective September 08, 2026. Bahl previously served as Senior Vice President - Offline Revenue for nearly 3 years, leading the rollout of 'Project Neev' to revamp General Trade distribution. With over 17 years of FMCG experience including roles at Reckitt and Britannia, Bahl will oversee General Trade, Modern Trade, and other offline channels as Honasa aims to scale beyond digital-first channels.
- Nishchay Bahl elevated to Chief Business Officer - Offline with effect from September 08, 2026
- Bahl served as Senior Vice President - Offline Revenue at Honasa for close to 3 years prior to this promotion
- Executive brings over 17 years of experience across FMCG, including stints at Reckitt, Britannia, and The Good Glamm Group
- Role directly oversees offline execution and Project Neev across General Trade and Modern Trade channels
Honasa Consumer Limited has released the notice convening its 10th Annual General Meeting (AGM) on September 28, 2026, via video conferencing. Key ordinary and special resolutions include the adoption of FY26 financial statements and declaration of a final dividend of ₹3 per equity share (30% on face value of ₹10). The company is also seeking shareholder approval for the re-appointment of Co-founder & CEO Varun Alagh and Independent Director Subramaniam Somasundaram for a second 5-year term starting February 2027.
- 10th AGM scheduled for Monday, September 28, 2026, at 4:00 PM IST through video conference
- Shareholder approval sought for a final dividend of ₹3 per equity share for FY25-26 (Record date: August 28, 2026)
- Remote e-voting period runs from September 24, 2026 (9:00 AM IST) to September 27, 2026 (5:00 PM IST) with a cut-off date of September 21, 2026
- Proposed re-appointment of Independent Director Subramaniam Somasundaram for a second 5-year term effective February 11, 2027 to February 10, 2032
Honasa Consumer Limited has issued a communication to shareholders regarding tax deduction at source (TDS) requirements for its maiden final dividend of ₹3 per equity share (30% of face value ₹10) for FY 2025-26. The dividend is subject to approval at the 10th Annual General Meeting scheduled for September 28, 2026. The record date for determining eligible shareholders is August 28, 2026, and the deadline to submit tax exemption documents via RTA KFin Technologies is September 10, 2026.
- Maiden final dividend recommended at ₹3 per equity share (30% of face value ₹10) for FY 2025-26
- Record date for dividend entitlement established as August 28, 2026
- Shareholder approval scheduled at the 10th AGM on September 28, 2026
- Last date for submission of tax exemption/lower TDS documents is September 10, 2026
Honasa Consumer Limited has called off its proposed acquisition of a 58% equity stake in Fluence Pharma Private Limited as of August 25, 2026. The deal, originally announced on June 23, 2026, was terminated due to the non-fulfilment of conditions precedent outlined in the Share Purchase Agreement. Honasa stated it remains committed to its nutraceutical strategy and will pursue alternative organic and inorganic routes.
- Terminated the proposed acquisition of a 58% equity stake in Fluence Pharma Private Limited on August 25, 2026.
- Decision driven by non-fulfilment of closing conditions specified under the Share Purchase Agreement.
- Follows initial disclosure regarding the proposed transaction dated June 23, 2026.
- Management reaffirmed commitment to expanding into the nutraceutical category via alternate opportunities.
Honasa Consumer released its Q1 FY27 earnings call transcript, highlighting a 32% YoY revenue growth supported by 30.5% volume expansion. Quarterly EBITDA reached ~₹110 Cr with PAT at ₹90 Cr, while generating ₹83 Cr in cash flow during the quarter. Focus categories contributed ~85% of total revenue, expanding by 35%+, while offline channels showed strong momentum with General Trade secondary sales and Modern Trade offtakes both growing 40%+. Management reiterated its 5-year target of expanding EBITDA margins by 100–150 bps annually towards a 15% target.
- Revenue grew 32% YoY in Q1 FY27, backed by 30.5% volume growth
- EBITDA reached ~₹110 Cr (normalized margin around ~12% excluding one-time items) and PAT stood at ₹90 Cr
- Generated ₹83 Cr of cash during the quarter while maintaining negative working capital
- Focus categories grew 35%+ YoY and represented ~85% of Q1 FY27 revenue
- Offline traction strengthened with 40%+ growth in General Trade secondary sales and Modern Trade offtakes
Honasa Consumer has released the audio recording of its earnings conference call held on August 13, 2026, for the quarter ended June 30, 2026. This follows a strong FY26 where the company reported revenue of ₹2,355 crore and a PAT of ₹195 crore. The call provides management's perspective on the progress of 'Project Neev' (General Trade transition) and the scaling of younger brands like The Derma Co and Aqualogica. With a high P/E of 78.0, investor focus remains on whether the company can maintain its 20%+ growth trajectory and 71%+ gross margins.
- Earnings conference call conducted on August 13, 2026, for the Q1 FY27 period.
- Company reported TTM revenue of ₹2,355 crore and TTM PAT of ₹195 crore leading into this period.
- Management previously targeted increasing 'Focus Categories' revenue contribution to 84-85% over 4-6 quarters.
- Promoter holding remains stable at 35.54% as per March 2026 filings.
Honasa Consumer Limited has announced its 10th Annual General Meeting (AGM) for September 28, 2026. The company has declared a final dividend of ₹3 per equity share for FY26, which represents a payout of approximately 48.8% of its TTM EPS of ₹6.15. The record date for determining dividend eligibility is August 28, 2026. This follows a year where the company reported TTM revenue of ₹2,355 Cr and a PAT of ₹195 Cr.
- Final dividend of ₹3 per equity share declared for the financial year 2025-26
- Record date for dividend eligibility fixed as Friday, August 28, 2026
- 10th Annual General Meeting scheduled for Monday, September 28, 2026
- Cut-off date for e-voting eligibility set for Monday, September 21, 2026
Honasa Consumer has fixed August 28, 2026, as the record date for a final dividend of ₹3 per equity share for FY 2025-26. This dividend represents a payout of approximately 48.8% of the company's TTM EPS of ₹6.15. The distribution is subject to shareholder approval at the 10th Annual General Meeting (AGM) scheduled for September 28, 2026. At the current market price of ₹484.7, the dividend yield is approximately 0.62%.
- Final dividend declared at ₹3 per equity share for the financial year 2025-26
- Record date for determining dividend eligibility is Friday, August 28, 2026
- 10th Annual General Meeting (AGM) to be held on Monday, September 28, 2026
- Cut-off date for e-voting eligibility is Monday, September 21, 2026
- Dividend payout ratio stands at ~48.8% relative to TTM EPS of ₹6.15
Honasa Consumer reported its highest-ever quarterly performance in Q1 FY27, with revenue reaching Rs 785 Cr, a 31.8% YoY increase. Profitability saw a sharp uptick as EBITDA more than doubled to Rs 110 Cr, representing a 14.1% margin compared to previous levels. The company successfully scaled 'The Derma Co.' to a Rs 1,000 Cr Annual Sustainable Revenue (ARR) milestone, making it their second brand to reach this scale. Offline expansion remains aggressive, with outlet coverage reaching approximately 3 lakh retail points and growing at 40%+ in General and Modern Trade.
- Quarterly revenue reached an all-time high of Rs 785 Cr, growing 31.8% YoY
- EBITDA more than doubled YoY to Rs 110 Cr with a margin of 14.1%
- The Derma Co. crossed the Rs 1,000 Cr NSV ARR milestone
- Offline distribution expanded to ~3 lakh FMCG retail outlets with 40%+ growth in GT and MT
- BTM Ventures crossed Rs 150 Cr ARR, growing over 2x since its acquisition
Honasa Consumer reported a robust Q1 FY27 with Like-for-Like (LFL) revenue growing 31.8% YoY to ₹785 Cr, representing approximately 33% of its TTM revenue. EBITDA surged 140.7% YoY to ₹110 Cr, with LFL margins expanding significantly to 14.1% from 7.7% in the previous year. The growth was volume-led (30.5% UVG) and supported by The Derma Co reaching a ₹1,000 Cr Annual Revenue Run Rate (ARR). Profit After Tax (PAT) more than doubled to ₹90 Cr, driven by scale-led leverage and a shift toward high-margin focus categories.
- Like-for-Like (LFL) revenue grew 31.8% YoY to ₹785 Cr, adjusted for a ₹29 Cr accounting change in Flipkart settlement terms.
- EBITDA margins expanded by 636 bps YoY to 14.1% on an LFL basis, driven by B2B channel mix and scale leverage.
- The Derma Co achieved a milestone ₹1,000 Cr Net Sales Value (NSV) Annual Revenue Run Rate (ARR).
- Focus categories contribution to total revenue expanded by 450 bps YoY to reach 85%+ in Q1 FY27.
- Offline distribution reach expanded to approximately 3 lakh retail outlets as of June 2026.
Honasa Consumer reported its Q1 FY27 results alongside a significant legal victory where an arbitral tribunal awarded the company AED 9.92 million (~Rs 25.53 crore) in damages from its former UAE distributor, RSM. The board also progressed with the acquisition of a 58% majority stake in Fluence Pharma and the incorporation of a new nutraceuticals subsidiary, Honasa Health Private Limited. A final dividend of Rs 3 per share was confirmed, subject to shareholder approval. Additionally, the company allotted 654,422 equity shares following ESOP exercises during the quarter.
- Arbitral award of Rs 25.53 crore (AED 9.92 million) granted in favor of the company against RSM for breach of distribution agreement.
- Acquisition of 58% majority stake in Fluence Pharma approved, with the remaining 42% to be acquired over 5-7 years.
- Recommended a final dividend of Rs 3 per equity share (30% on face value of Rs 10) for FY26.
- Incorporation of 'Honasa Health Private Limited' on July 7, 2026, to house the B2C nutraceuticals business.
- Paid-up equity capital increased to Rs 3,260.24 million following the allotment of 654,422 shares via ESOPs.
Honasa Consumer Limited (Mamaearth) has scheduled a physical investor meeting in Singapore for August 18, 2026. The management will participate in the 'Ambit-Daiwa India Access' conference organized by Ambit Capital, involving both one-on-one and group meetings. This routine engagement follows a period where the company reported TTM revenue of ₹2,355 Cr and is focusing on scaling younger brands like The Derma Co and Aqualogica to drive 20%+ growth.
- Physical investor meeting scheduled for August 18, 2026, in Singapore
- Conference organized by Ambit Capital Pvt Ltd (Ambit-Daiwa India Access)
- Meeting window spans 8 hours from 9:00 am to 5:00 pm SGT
- Company currently maintains a market capitalization of ₹14,844 Cr
- Management to discuss growth strategies for brands contributing to 75% of revenue
The Cassation Court in Dubai has upheld a previous judgment awarding AED 1.71 million (approx. Rs 4.43 Cr) to RSM General Trading LLC, dismissing appeals from both parties. RSM had sought significantly higher damages of AED 45 million (approx. Rs 117 Cr), which the court categorically rejected. Honasa maintains that this will have no financial impact due to a prior Indian Arbitral Tribunal award (May 2025) which injuncts RSM from Dubai proceedings and requires RSM to indemnify Honasa for any amounts recovered there. The company further argues the Dubai judgment is not binding under Indian law as the original agreement is governed by Indian law.
- Dubai Cassation Court upheld an award of AED 1,707,407.06 (approx. Rs 4.43 Cr) to RSM for material and moral damages.
- RSM's appeal seeking damages of AED 45,000,000 (approx. Rs 117 Cr) was rejected by the court.
- The award amount of Rs 4.43 Cr represents approximately 0.19% of Honasa's TTM revenue of Rs 2,355 Cr.
- An Indian Arbitral Tribunal award dated May 14, 2025, already declared RSM must pay Honasa any amount recovered via Dubai court proceedings.
- Honasa received the translated judgment on August 07, 2026, following the court's decision on July 29, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 7.66% in FY25 to INR 2,066.9 Cr. In Q2 FY26, Like-for-Like (LFL) revenue grew 22.5% YoY to INR 566 Cr. Focus categories (Face Cleanser, Shampoo, Serum, Suncare, Moisturizer, Baby, Lipstick) grew 20%+ in E-commerce and Modern Trade channels, while General Trade saw double-digit secondary sales growth.
Geographic Revenue Split
Not disclosed in available documents, though the company noted significant headroom to grow beyond South India with localized go-to-market playbooks for the newly acquired Reginald Men brand.
Profitability Margins
Gross Profit margin reached an all-time high of 71.9% in Q2 FY26, a 318 bps YoY improvement. PAT margin for Q2 FY26 stood at 6.9% (INR 39 Cr). For FY25, Gross Margin was 70.3% (up 59 bps), while PAT margin was 3.5% (INR 72.6 Cr), impacted by the General Trade transition.
EBITDA Margin
EBITDA margin for Q2 FY26 was 8.4% (INR 48 Cr). H1 FY26 EBITDA margin stood at 8.0% (INR 93 Cr), representing a YoY growth of 500%+. FY25 EBITDA margin was 3.3% (INR 68.5 Cr), a decline of 382 bps due to Project Neev and marketing investments.
Capital Expenditure
In FY25, the company spent INR 19.9 Cr on Capex and Intangible Assets, up from INR 11.9 Cr in FY24. This 66% increase supports new warehouse structuring and EBO expansions.
Credit Rating & Borrowing
Not disclosed in available documents; however, finance costs increased to INR 12.6 Cr in FY25 from INR 9.0 Cr in FY24, primarily due to interest on lease liabilities for new warehouses and EBOs.
Operational Drivers
Raw Materials
Specific chemical/natural ingredients not named; however, 'face-driven skincare' products represent the primary cost component, with procurement efficiencies contributing to a 59 bps improvement in gross margins in FY25.
Capacity Expansion
Not disclosed in absolute units; however, the company implemented a new warehouse structuring and expanded its ROI-led Tier-1 distributor network to strengthen offline GTM muscle.
Raw Material Costs
Cost of Goods Sold (COGS) was INR 612.9 Cr in FY25, representing 29.7% of revenue. COGS increased 5.54% YoY, which was lower than the 7.7% growth in product sales, reflecting procurement efficiencies.
Manufacturing Efficiency
Manufacturing efficiency is driven by a shift toward high-margin face-driven skincare brands (The Derma Co, Aqualogica, Dr. Sheth's) which improved the overall gross margin profile to 71.9% in Q2 FY26.
Logistics & Distribution
Logistics and fulfillment costs were previously recognized as expenses but are now netted off against revenue for Flipkart marketplace sales, impacting topline by INR 28 Cr in Q2 FY26 with zero impact on contribution margins.
Strategic Growth
Expected Growth Rate
20%+
Growth Strategy
Honasa aims to increase the revenue contribution of 'Focus Categories' from 75% to 84-85% over the next 4-6 quarters. Growth is driven by scaling younger brands (The Derma Co, Aqualogica), offline expansion through Project Neev, and the INR 195 Cr acquisition of Reginald Men to enter the men's personal care segment.
Products & Services
Face cleansers, shampoos, face serums, suncare, moisturizers, lipsticks, baby care products, and men's grooming products.
Brand Portfolio
Mamaearth, The Derma Co, Aqualogica, Dr. Sheth's, BBlunt, and Reginald Men.
New Products/Services
Expansion into 'Prestige' categories and the acquisition of Reginald Men (TTM revenue INR 74 Cr) are expected to diversify the portfolio and improve margins.
Market Expansion
Strengthening offline GTM through direct distribution expansion and widening retail outlet coverage beyond current strongholds in South India.
Market Share & Ranking
Honasa is the largest digital-first BPC (Beauty and Personal Care) player in India.
Strategic Alliances
Acquisition of a 95% stake in BTM Ventures (Reginald Men) for an enterprise value of INR 195 Cr.
External Factors
Industry Trends
The Indian BPC industry is shifting toward digital-first, purpose-driven brands. Honasa is positioning itself by balancing 'How to Play' (trend-led innovation) with 'Where to Play' (category-led prioritization in high-growth segments like suncare and serums).
Competitive Landscape
Competes with traditional FMCG giants and other D2C players; Honasa differentiates through rapid innovation cycles and a data-led omnichannel approach.
Competitive Moat
Moat is built on a 'House of Brands' architecture, digital-first agility, and a negative working capital cycle. The ability to scale younger brands like The Derma Co to high profitability (72%+ GM) demonstrates a repeatable brand-building playbook.
Macro Economic Sensitivity
Sensitive to consumer spending in the BPC sector; however, underlying volume growth (UVG) remained strong at 16.7% in Q2 FY26 despite macro headwinds.
Consumer Behavior
Shift toward 'face-driven' skincare and prestige categories; focus categories now contribute 75% of revenue compared to 70% last year.
Regulatory & Governance
Industry Regulations
Compliance with marketplace seller regulations and revenue recognition standards (Ind AS) as evidenced by the adjustment for Flipkart's settlement process changes.
Taxation Policy Impact
Effective tax rate in FY25 was 18.9% (INR 16.9 Cr tax on INR 89.6 Cr PBT), aided by a first-time Deferred Tax Asset (DTA) recognition of INR 10.8 Cr in the Fusion Cosmeceutics subsidiary.
Risk Analysis
Key Uncertainties
Success of the General Trade (GT) transition (Project Neev) and the ability to maintain marketing efficiencies (currently 36% of revenue) as younger brands scale.
Geographic Concentration Risk
Reginald Men brand currently has a heavy concentration in South India, posing a regional dependency risk until national scaling is achieved.
Third Party Dependencies
High dependency on e-commerce marketplaces like Flipkart for revenue settlement and logistics, where policy changes can impact reported financial metrics.
Technology Obsolescence Risk
Mitigated by investments in advanced DMS/SFA systems and a digital-first DNA.
Credit & Counterparty Risk
Trade receivables stood at INR 132.3 Cr in FY25, a decrease from INR 159.3 Cr in FY24, indicating improved collection efficiency despite higher sales.
