HONASA
Honasa Consumer share price & financials
- Price
- ₹466.95
- Market cap
- ₹15.5k Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 7
Honasa Consumer Limited Q1 FY27
What went well
- Revenue grew 32% YoY, demonstrating strong market demand and execution.
- Volume growth of 30.5% indicates healthy underlying business expansion, not just price-led growth.
- EBITDA of almost INR110 crores and PAT of INR90 crores reflect robust profitability and operational efficiency.
What to watch
- Input cost inflation (crude oil, packaging materials) is noted, with price increases implemented towards the end of Q1 to offset Q2 impact, indicating potential margin pressure if not managed effectively.
- Fluence Pharma acquisition is still in the 'condition precedent process', delaying full integration and contribution to the nutraceuticals business.
What Honasa Consumer Limited does
Honasa Consumer Limited, the company behind Mamaearth, builds and scales a portfolio of digital-first beauty and personal-care brands spanning skincare, haircare, colour cosmetics and men's grooming. Its brands — Mamaearth, The Derma Co., Dr. Sheth's, Aqualogica, BBlunt Staze and Reginald Men — are typically incubated online on e-commerce and quick-commerce platforms before being scaled into general trade and modern trade retail. The company reaches consumers through a distribution network spanning hundreds of thousands of retail outlets and tens of thousands of pin codes across India, supported by a workforce of roughly 3,500 people. It is headquartered in Gurugram, Haryana.
- FMCG retail outlets reached (Mamaearth, India, FY24-25)
- 2,36,825
- Pin codes serviced (FY24-25)
- 18,500+
- Outlets billed directly through distributors (FY26)
- ~120,000
- Modern Trade outlets reached (FY26)
- 10,000+
- Direct distributors active across Top-100 cities (FY26)
- 200+
- The Derma Co. General Trade outlet presence (FY26)
- 30,000+
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 4 delivered 0 missed 14 open- Mamaearth Revenue Growth delivered said Q3 FY25 Promised: Return to growth levels after Q4 FY25 and Q1 FY26 Q1 FY27: Growth accelerated to high-teens, further cementing the achieved status.
- Total Revenue on track said Q3 FY25 Promised: >INR 4,000 crores by end of the decade Q1 FY27: Revenue grew 32% YoY. Management reiterated high-teens CAGR agenda and expressed confidence in exceeding it for the current year.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.2%, net profit up 110.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 417 | 505 | 523 | 584 | 527 +26% | 587 +16% | 608 +16% | 696 +19% |
| EBITDA | -30 | 22 | 24 | 42 | 44 +247% | 61 +177% | 68 +183% | 100 +138% |
| Net profit | -15 | 25 | 25 | 40 | 38 +353% | 48 +92% | 64 +156% | 84 +110% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +55.3% 1Y
1Y: ₹303.35 on 10 Sept 2025 → ₹471.15. High ₹502.8 (14 Aug 2026), low ₹256.3 (11 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +2.6%
- 13 Aug
- Q4 FY26
- +1.1%
- 21 May
- Q3 FY26
- +2.5%
- 12 Feb
- Q2 FY26
- +2.6%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 17.7% a year over 3 years, FY23 to FY26. Operating margin widened to 9.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.3k Cr |
| Operating profit | ₹41 Cr | ₹140 Cr | ₹58 Cr | ₹215 Cr |
| Operating margin | 2.9% | 7.9% | 2.9% | 9.3% |
| Interest | ₹5 Cr | ₹7 Cr | ₹12 Cr | ₹12 Cr |
| Depreciation | ₹18 Cr | ₹24 Cr | ₹35 Cr | ₹34 Cr |
| Net profit | ₹-126 Cr | ₹122 Cr | ₹74 Cr | ₹190 Cr |
| Net margin | -8.9% | 6.9% | 3.7% | 8.2% |
| Cash from operations | ₹-23 Cr | ₹218 Cr | ₹78 Cr | ₹119 Cr |
| Free cash flow | ₹-31 Cr | ₹211 Cr | ₹65 Cr | ₹-84 Cr |
| ROCE | 7.0% | 17.0% | 7.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹136 Cr | ₹324 Cr | ₹325 Cr | ₹325 Cr |
| Reserves | ₹-1.8k Cr | ₹712 Cr | ₹-1.3k Cr | ₹800 Cr | ₹937 Cr | ₹1.1k Cr |
| Borrowings | ₹2.0k Cr | ₹0 Cr | ₹1.9k Cr | ₹110 Cr | ₹116 Cr | ₹109 Cr |
| Other liabilities | ₹94 Cr | ₹240 Cr | ₹249 Cr | ₹387 Cr | ₹473 Cr | ₹502 Cr |
| Total liabilities | ₹303 Cr | ₹952 Cr | ₹949 Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Fixed assets | ₹21 Cr | ₹98 Cr | ₹126 Cr | ₹170 Cr | ₹199 Cr | ₹188 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹164 Cr | ₹532 Cr | ₹392 Cr | ₹426 Cr | ₹371 Cr | ₹549 Cr |
| Other assets | ₹118 Cr | ₹321 Cr | ₹431 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Total assets | ₹303 Cr | ₹952 Cr | ₹949 Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.68 pp while FIIs trimmed −2.45 pp. The shareholder count grew 5% to 85,336.
- Promoters
- 35.5%
- FIIs
- 13.6%
- DIIs
- 21.6%
- Public
- 29.3%
Since Jun 2025
- DIIs +2.68 pp
- FIIs −2.45 pp
- Public −0.72 pp
How it drifted, 11 quarters
Over this window the public fell from 37.0% to 29.3% — −7.7 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 35.3%, FIIs 10.1%, DIIs 17.6%, Public 37.0%.Mar '24: Promoters 35.1%, FIIs 12.2%, DIIs 15.9%, Public 36.8%.Jun '24: Promoters 35.1%, FIIs 13.9%, DIIs 17.4%, Public 33.6%.Sep '24: Promoters 35.0%, FIIs 19.3%, DIIs 17.5%, Public 28.2%.Dec '24: Promoters 35.0%, FIIs 15.4%, DIIs 18.4%, Public 31.1%.Mar '25: Promoters 35.0%, FIIs 15.6%, DIIs 18.5%, Public 31.0%.Jun '25: Promoters 35.0%, FIIs 16.1%, DIIs 18.9%, Public 30.0%.Sep '25: Promoters 35.0%, FIIs 15.5%, DIIs 19.1%, Public 30.4%.Dec '25: Promoters 35.5%, FIIs 14.6%, DIIs 18.6%, Public 31.2%.Mar '26: Promoters 35.5%, FIIs 13.7%, DIIs 19.2%, Public 31.5%.Jun '26: Promoters 35.5%, FIIs 13.6%, DIIs 21.6%, Public 29.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Life Insurance Company Limited Insurer +1.45 pp 2.74% held
- Bandhan Large & Mid Cap Fund Mutual fund newly disclosed 1.34% held
The same filing shows 5 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Honasa Consumer Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Varun Alagh | 32.38% | −0.07 pp |
| Peak Xv Partners Investments Vi VC / PE | 14.80% | unchanged |
| ICICI Prudential Life Insurance Company Limited Insurer | 6.26% | −2.18 pp |
| Sequoia Capital Global Growth Fund Iii - U.S./Indi | 3.44% | unchanged |
| Ghazal Alagh | 3.06% | unchanged |
| HDFC Life Insurance Company Limited Insurer | 2.74% | +1.45 pp |
| Iroha Emerging India Fund-I AIF | 1.85% | unchanged |
| Arohi Emerging India Master Fund FPI fund | 1.75% | unchanged |
| Map Institutional Llc - Map Institutional Llc 804 FPI fund | 1.41% | unchanged |
| Stellaris Venture Partners India I VC / PE | 1.36% | −0.76 pp |
| Bandhan Large & Mid Cap Fund Mutual fund | 1.34% | newly disclosed |
| Franklin Templeton Investment Funds - Templeton As Global fund house | 1.22% | −0.68 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HONASA
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +0.05 L shares (+0.3%).
- Held by funds
- ₹92 Cr
- 8 schemes
- Biggest holder
- Nippon India Innovation Fund
- ₹58 Cr · 1.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Innovation Fund Nippon India Mutual Fund | ₹58 Cr | held | Aug '24 |
| Nippon India Active Momentum Fund Nippon India Mutual Fund | ₹12 Cr | held | May '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.03 L | Mar '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Mar '24 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹4 Cr | +0.01 L | Jun '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +5,129 shares (+0.3%)
- Funds are sitting on
- +14%
- vs est. average cost
- Held by funds
- ₹92 Cr
- 8 schemes · ≈ 0.57% of the company
- Biggest holder
- Nippon India Innovation Fund
- ₹58 Cr · 1.9% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 2y 6m · since Mar '24
Shares held by these funds +49%
Oct '23 19.06 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Honasa Consumer Limited
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