HONASA - Honasa Consumer
📢 Recent Corporate Announcements
Honasa Consumer Limited has announced its participation in the 'Chasing Growth 2026' investor conference organized by Kotak Securities Ltd. The event is scheduled for February 25, 2026, at the Hotel Grand Hyatt in Mumbai. Management will engage in both one-on-one and group meetings with institutional investors from 10:00 am to 6:00 pm. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.
- Management participation in Kotak Securities' 'Chasing Growth 2026' conference on February 25, 2026.
- The event features a full day of meetings from 10:00 am to 6:00 pm in Mumbai.
- Format includes both physical one-on-one and group interactions with analysts and investors.
- Compliance disclosure confirms no unpublished price sensitive information will be discussed.
Honasa Consumer reported its highest-ever quarterly revenue of ₹602 crores, representing a 21.7% like-to-like growth driven by a 30% volume increase. The flagship brand Mamaearth returned to double-digit growth, while younger brands like Derma Co and Aqualogica grew by over 25%. Profitability improved significantly with EBITDA margins reaching 10.9% and PAT nearly doubling year-on-year. The company also announced the acquisition of Reginald Men to capitalize on the growing men's skincare segment.
- Highest ever quarterly revenue of ₹602 crores with 21.7% like-to-like growth
- Volume growth (UVG) stood at a robust 30%, indicating strong consumer demand
- Mamaearth brand returned to double-digit growth; Derma Co achieved double-digit EBITDA margins
- Direct distribution now contributes 80% of offline revenue with optimized inventory of 30 days
- Strategic acquisition of Reginald Men to enter the high-growth men's skincare white space
Honasa Consumer Limited has received a favorable judgment from the Dubai Court of Appeal, which significantly reduced a previous compensation award to RSM General Trading LLC from approximately AED 25 million to AED 1.7 million. The court noted that RSM had breached contractual obligations by failing to meet sales performance targets. Additionally, the Delhi High Court has granted an anti-enforcement injunction, preventing the execution of any Dubai court decree in India while arbitration is pending. Honasa plans to further appeal the remaining AED 1.7 million award in the Cassation Court.
- Dubai Court of Appeal reduced the compensation award from ~AED 25 million to AED 1.7 million
- Court recognized RSM General Trading's breach of contract regarding sales performance
- Delhi High Court granted an anti-enforcement injunction restraining RSM from enforcing Dubai decrees
- Honasa to file a further appeal in the Cassation Court within 30 days to contest the remaining amount
- Management confirms no immediate financial impact due to ongoing legal protections and pending arbitration
Honasa Consumer Limited has released the audio recording of its earnings conference call held on February 12, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a mandatory regulatory filing under SEBI (LODR) Regulations, 2015. Investors can now access management's detailed commentary and responses to analyst queries via the company's website.
- Audio recording of the Q3 FY26 earnings call is now available for public access.
- The call covered financial performance for the nine-month period ending December 31, 2025.
- Filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Management provided insights into standalone and consolidated results during the session.
Honasa Consumer Limited has officially released the audio recording of its earnings conference call held on February 12, 2026. The call focused on the company's unaudited standalone and consolidated financial results for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations, 2015. The recording provides investors and analysts with direct access to management's commentary on business performance and future outlook.
- Audio recording of the Q3 FY26 earnings call is now available on the company website.
- The call discussed financial performance for the quarter and nine months ended December 31, 2025.
- Filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements).
- Management provided insights into the company's standalone and consolidated operations.
Honasa Consumer reported a robust Q3 FY26 with Like-for-Like (LFL) revenue growth of 21.7% YoY, reaching ₹630 crore. Profit After Tax (PAT) before exceptional items surged by 111% YoY to ₹55 crore, supported by a strong underlying volume growth of 30.2%. The company achieved its highest-ever EBITDA margin of 10.4%, up from 5.0% in the previous year, driven by marketing optimization and scale leverage. Additionally, the company completed the acquisition of Reginald Men to strengthen its position in the rapidly growing men's grooming segment.
- Delivered highest-ever quarterly revenue of ₹630 Cr (LFL) with a 30.2% underlying volume growth.
- EBITDA margins doubled YoY to 10.4%, reflecting significant operational efficiency and ad-spend optimization.
- Younger brands (The Derma Co, Aqualogica, etc.) maintained high momentum with 25%+ YoY growth.
- Offline distribution reach expanded by 25% YoY to over 2,70,000 retail outlets across India.
- Acquired Reginald Men, a premium men's personal care brand, to capture the ₹20,000 Cr men's skincare market.
Honasa Consumer reported its highest-ever quarterly revenue of ₹630 crore in Q3 FY26, representing a 21.7% year-on-year growth on a like-for-like basis. Profit after tax (PAT) doubled compared to the previous year, reaching ₹55 crore, driven by strong performance in focus categories. The company achieved a robust underlying volume growth (UVG) of 30.2%, with the flagship brand Mamaearth returning to double-digit growth. Distribution reached 2.7 lakh outlets, a 25% increase YoY, signaling significantly improved offline execution.
- Revenue from operations reached ₹630 Cr, a 21.7% YoY increase on a like-for-like basis.
- Profit After Tax (PAT) doubled YoY to ₹55 Cr, while underlying volume growth (UVG) hit 30.2%.
- Flagship brand Mamaearth returned to double-digit growth with market share gains.
- Younger brands grew over 25% and The Derma Co. maintained a double-digit EBITDA profile.
- Total distribution network expanded 25% YoY to 2.7 lakh outlets, with direct coverage crossing 1 lakh.
Honasa Consumer Limited has announced its earnings conference call for the third quarter and nine months ended December 31, 2025. The call is scheduled for Thursday, February 12, 2026, at 5:30 PM IST. Top management, including CEO Varun Alagh and CFO Ramanpreet Sohi, will be present to discuss the unaudited financial results. This is a standard regulatory procedure following the end of the reporting period.
- Earnings conference call scheduled for February 12, 2026, at 5:30 PM IST
- Covers financial performance for Q3 and the nine-month period ended December 31, 2025
- Management participants include Co-founders Varun Alagh and Ghazal Alagh, and CFO Ramanpreet Sohi
- Call hosted by JM Financial Institutional Securities Limited with international dial-in options
Honasa Consumer Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Transfer Agent, KFin Technologies Limited, confirmed that no requests for dematerialization or rematerialization of shares were received during the period from October 1, 2025, to December 31, 2025. This is a standard administrative filing required for all listed entities in India to maintain transparency in shareholding records.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Registrar and Transfer Agent, KFin Technologies, confirmed zero demat/remat requests.
- The filing is in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- No changes to the physical or electronic share registry were necessitated during this period.
Honasa Consumer Limited has successfully completed the acquisition of a 95% stake in BTM Ventures Private Limited (BVPL) on January 06, 2026. BVPL owns the men's personal care brand "Reginald Men," marking a strategic expansion for Honasa into the men's grooming market. The deal was valued at an equity price of INR 197.96 Crores, which includes INR 12.71 Crores of cash on BVPL's books. Following this transaction, BVPL has officially become a subsidiary of Honasa Consumer.
- Acquisition of 95% equity share capital of BTM Ventures Private Limited (BVPL)
- Total equity value for the transaction is INR 197.96 Crores
- Includes cash and cash equivalents of INR 12.71 Crores available on BVPL's books
- Strategic entry into the men's focused personal care segment through the Reginald Men brand
Mr. Varun Alagh, the promoter of Honasa Consumer Limited, has increased his equity stake by acquiring 18,51,851 shares on December 29, 2025. The transaction was conducted via a block deal at a price of ₹270 per share, totaling approximately ₹50 crore. This acquisition raises his individual holding to 32.45% and the total promoter group stake to 35.54%. This move signals strong promoter confidence in the company's intrinsic value and future potential.
- Purchase of 18,51,851 shares representing a 0.57% stake in the company.
- Transaction executed at a price of ₹270 per share via block deal mechanism.
- Total investment value of approximately ₹50 crore by the promoter.
- Individual promoter stake increased to 32.45%, while total promoter group holding rose to 35.54%.
Honasa Consumer Limited has officially announced the closure of its trading window for designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 financial results. The window will remain closed until 48 hours after the declaration of the unaudited standalone and consolidated financial results for the quarter ending December 31, 2025. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.
- Trading window closure begins on January 1, 2026, for all designated persons.
- Closure is related to the upcoming financial results for the quarter ending December 31, 2025.
- The window will reopen 48 hours after the public disclosure of the Q3 FY26 results.
- The filing is a mandatory compliance requirement under SEBI PIT Regulations.
Honasa Consumer Limited has finalized the acquisition of a 25% stake in Couch Commerce Private Limited, the owner of the 'Fang Oral' brand. The transaction was completed on December 15, 2025, for a total cash consideration of approximately ₹10 crore. The investment was executed through the subscription of Compulsory Convertible Preference Shares (CCPS). This move aligns with Honasa's strategy to expand its 'house of brands' portfolio into the niche oral care segment.
- Acquired approximately 25% share capital of Couch Commerce Private Limited.
- Total investment consideration of INR 9,99,78,000 (approx. ₹10 crore).
- Couch Commerce owns and operates the 'Fang Oral' brand, marking Honasa's entry into oral care.
- The acquisition was completed via subscription to Compulsory Convertible Preference Shares (CCPS).
Honasa Consumer Limited is acquiring a 95% stake in BTM Ventures (Reginald Men) for an enterprise value of ₹195 Cr. Reginald Men, launched in Aug'22, focuses on premium men's personal care, particularly sunscreens, with 80%+ of sales from South India. The acquisition allows Honasa to enter the fast-growing men's personal care market, projected to reach INR 40K Cr+ by 2032. Reginald Men has a net revenue of ₹74 Cr with an EBITDA of ₹18 Cr and an EBITDA margin of 24%.
- Honasa to acquire 95% stake in Reginald Men for ₹195 Cr
- Reginald Men's net revenue is ₹74 Cr
- Reginald Men's EBITDA is ₹18 Cr with a 24% margin
- Men's personal care market projected to reach INR 40K Cr+ by 2032
- 80%+ of Reginald Men's sales are from South India
Honasa Consumer Limited is expanding into the men's personal care category by acquiring Reginald Men for an enterprise value of ₹195 crore. Honasa will acquire a 95% stake initially, with the remaining 5% to be acquired after 12 months. Reginald Men achieved a top line of ₹70+ crore in the last twelve months with nearly 25% EBITDA. This acquisition strengthens Honasa's presence in the South Indian market and adds strength in categories like sunscreen and serums.
- Honasa acquires Reginald Men for ₹195 crore enterprise value.
- Reginald Men's last twelve-month revenue: ₹70+ crore.
- Reginald Men's EBITDA: ~25%.
- Honasa to acquire 95% stake initially.
- Reginald Men founded in August 2022.
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.