Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Honasa Consumer Ltd.
NSE: HONASAConsumer DefensiveHousehold & Personal Products
- Last close
- ₹431.80
- Day change
- −₹10.60 (−2.40%)vs
- Market cap
- ₹14,744 crIndian rupees
- Research updated
- 1 report
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About Honasa Consumer
Honasa Consumer Ltd. is a dynamic personal care company, prominently known for brands like Mamaearth. This company focuses on manufacturing and distributing a wide range of natural and toxin-free personal care products. One of its primary functions is to provide consumers with ethically produced skincare, haircare, and baby care products that cater to environmentally conscious individuals. Honasa's product offerings are distinguished by their commitment to organic ingredients, aligning with the increasing consumer demand for sustainable and eco-friendly solutions. Operating in the consumer goods sector, Honasa Consumer Ltd. significantly impacts the personal care industry by promoting transparency and leveraging digital platforms for direct consumer outreach and engagement. Its market presence is further strengthened by a strong online sales strategy and adept utilization of social media for brand building. Honasa Consumer Ltd. plays a pivotal role in the shift towards sustainable personal care products, contributing positively to industry trends with their innovative, conscientious approach.
- Sector
- Consumer Defensive
- Industry
- Household & Personal Products
- Listing
- NSE: HONASA
- Next results
- Chief executive
- Mr. Varun Alagh
- Employees
- 936
- Headquarters
- Gurugram, India
- ISIN
- INE0J5401028
- Website
- honasa.in
Public research · Report of
Business model & financial foundation
Honasa Consumer (NSE: HONASA), Beauty and personal care brands: revenue of ₹2,392 crore in FY26 (+15.7% on FY25), an EBITDA margin of 9.9%, net profit of ₹199.9 crore and net cash of ₹832.2 crore.
- Revenue, FY26 (₹ crore)
- 2,392
- consolidated
- Revenue growth, FY26
- +15.7%
- on FY25
- EBITDA margin, FY26
- 9.9%
- EBITDA (revenue less COGS, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 199.9
- to owners
- Return on equity, FY26
- 15.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -832.2
- Lease inclusive net debt unrestricted treasury
- Market capitalisation (₹ crore)
- 15,300
- at the close of 17 Oct 2026
Company profile
Honasa is a digital-first, asset-light house of beauty and personal-care brands selling primarily in India, with products made by third-party contract manufacturers. Brands include Mamaearth, The Derma Co, Aqualogica, Dr. Sheth's, BBlunt, Staze, Lumineve and Reginald Men. Distribution spans e-commerce, general trade and modern trade; direct distribution is expanding. Exact comparable brand/channel revenue weights are not available for modelling.
| Item | Value |
|---|---|
| Legal name | Honasa Consumer Limited (formerly Honasa Consumer Private Limited) |
| Exchange and ticker | NSE: HONASA; BSE: 544014 |
| ISIN | INE0J5401028 |
| CIN | L74999DL2016PLC306016 |
| Sector | Consumer Staples |
| Industry | Beauty and personal care brands |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹15,300 crore (17 Oct 2026) |
| Shares outstanding | 32.54 crore shares (FY26) |
| Price | ₹452.3 (close, 17 Oct 2026) |
| 52-week range | ₹248.4 - ₹509.8 (to 17 Oct 2026) |
| Website | https://honasa.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| BTM Ventures Private Limited | 95% | Reginald Men men personal-care brand; acquired 6 Jan 2026 |
| Bhabani Blunt Hairdressing Private Limited | 100% | BBlunt professional hair care and salon/academy |
| B:Blunt Spratt Hairdressing Private Limited | 100% | BBlunt salon chain; step-down subsidiary |
| Honasa Consumer General Trading L.L.C. | 100% | UAE beauty and personal care trading |
| PT Honasa Consumer Indonesia | 100% | Indonesian subsidiary not yet operational |
| Couch Commerce Private Limited | 25% | Fang Oral oral beauty; JV under Ind AS 28 |
| Honasa Health Private Limited | 100% | Nutraceutical B2C subsidiary incorporated 7 Jul 2026 |
Board said no material subsidiaries in FY26. Fusion Cosmeceutics and Just4Kids merged into parent effective 24 Jul 2025. Registered office Dwarka, New Delhi; corporate office Gurugram.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 34.97% | 35.54% | 35.54% | 35.47% |
| Promoter holding pledged | 0.00% | 1.48% | 1.47% | |
| Foreign institutions | 15.50% | 14.63% | 13.74% | 13.64% |
| Domestic institutions | 19.16% | 18.64% | 19.24% | 21.58% |
| of which mutual funds | 2.51% | 2.90% | 3.44% | 6.10% |
| Retail | 4.67% | 5.00% | 5.92% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Honasa is an asset-light house of beauty and personal-care brands, outsourcing product manufacturing while owning brand development, marketing, digital customer acquisition and distribution. Mamaearth is the anchor; The Derma Co, Aqualogica, Dr. Sheth's, BBlunt, Staze and acquired Reginald Men broaden category/consumer exposure. Own D2C sites, marketplaces, quick commerce, modern trade and general trade are complementary routes. Physical capex understates economic investment because advertising is expensed. BBlunt salon operations, acquired goodwill/brands and leases mean asset-light is not asset-free.
The statutory operating disclosure is one BPC products/services segment, not separate brand segments. FY26 revenue INR2,391.942cr comprises India INR2,327.487cr and outside India INR64.455cr (FY26 annual, 3 September 2026, printed p331). Exact brand/channel weights are not found; ARR milestones and growth lower bounds cannot be summed into audited revenue. Internal descriptions conflict on online-channel salience in identity.json and industry.json; neither percentage is used to weight the model. A primary definition/period bridge is still needed.
Reginald/BTM is consolidated from 6 January 2026; Fang/Couch Commerce is equity-accounted rather than gross consolidated revenue. Fusion/Just4Kids merger changes standalone comparatives, not consolidated economics. Honasa Health is a post-FY26 nutraceutical start-up; abandoned Fluence is not a completed acquisition.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Beauty and personal care products and services (single segment) | 2,392 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | Largest Indian beauty and personal-care incumbent across skin, hair and channels |
| Dabur India (DABUR) | Natural personal-care and hair-care portfolio with overlapping ingredient positioning |
| Emami (EMAMI) | Branded personal care including men grooming and skin care |
| Marico (MARICO) | Hair care and digital-first brands portfolio |
| Gillette India (GILLETTE) | Men grooming adjacency now relevant after Reginald Men |
| Procter & Gamble Hygiene and Health Care (PGHH) | |
| FSN E-Commerce Ventures (NYKAA) | Digital beauty ecosystem and owned beauty brands |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 943.5 | 1,493 | 1,920 | 2,067 | 2,392 |
| Cost of revenue (vendor classification) * | 283.4 | 446.7 | 580.7 | 612.9 | 714.4 |
| Other operating costs (vendor classification) * | 561.9 | 843.5 | 1,006 | 1,153 | 1,179 |
| EBITDA (vendor classification) * | 19.2 | -100.8 | 165.8 | 129.1 | 319.6 |
| Operating EBIT before exception and JV | 25.1 | -134.9 | 106.5 | 23.5 | 191.8 |
| Finance cost | 2.68 | 6.10 | 9.04 | 12.6 | 13.1 |
| Profit before tax | 22.4 | -141.0 | 147.1 | 89.6 | 257.3 |
| Total tax | 8.00 | 9.93 | 36.6 | 16.9 | 57.1 |
| PAT including NCI | 14.4 | -151.0 | 110.5 | 72.7 | 200.2 |
| Diluted EPS (₹) | 0.49 | -4.44 | 3.55 | 2.23 | 6.12 |
| Purchases of traded goods | 593.6 | 656.4 | 714.7 | ||
| Inventory change (increase negative) | -12.8 | -43.5 | -0.23 | ||
| Employee cost | 170.6 | 200.4 | 262.6 | ||
| Other expenses including advertising | 1,032 | 1,185 | 1,179 | ||
| EBITDA (revenue less COGS, employee, other expenses) | 137.1 | 68.5 | 236.2 | ||
| Other income | 49.7 | 78.7 | 83.6 | ||
| Depreciation and amortisation | 30.6 | 45.0 | 44.4 | ||
| Exceptional items signed | 0.00 | 0.00 | -4.80 | ||
| JV share of profit or loss signed | 0.00 | 0.00 | -0.14 | ||
| Current tax | 36.8 | 27.7 | 60.0 | ||
| Deferred tax signed | -0.20 | -10.8 | -2.97 | ||
| NCI profit or loss signed | -1.25 | 0.00 | 0.25 | ||
| PAT attributable to owners | 111.8 | 72.7 | 199.9 | ||
| Basic EPS (₹) | 3.57 | 2.24 | 6.15 | ||
| COGS purchases plus inventory change | 580.7 | 612.9 | 714.4 | ||
| Advertising | 661.3 | 743.4 | 788.1 | ||
| Freight forwarding | 179.5 | 162.2 | 182.1 | ||
| Software support | 26.8 | 23.1 | 24.0 | ||
| Sales commission | 56.1 | 114.0 | 62.4 | ||
| Packaging consumables | 18.3 | 25.3 | 20.1 | ||
| Influencer expense | 1.83 | 0.00 | n.d. | ||
| Content creation | 0.43 | 0.00 | n.d. | ||
| Activation expense | 0.58 | 0.00 | n.d. | ||
| Power fuel | 1.43 | 2.14 | 3.13 | ||
| Rent | 4.61 | 7.87 | 11.4 | ||
| Rates taxes | 0.76 | 2.02 | 1.14 | ||
| Contract labour | 19.3 | 21.3 | 22.8 | ||
| Insurance | 1.03 | 0.68 | 0.83 | ||
| Repairs maintenance | 4.48 | 6.56 | 6.98 | ||
| Travel conveyance | 11.3 | 12.3 | 11.6 | ||
| Communications | 0.56 | 1.55 | 2.31 | ||
| Printing stationery | 0.26 | 0.18 | 0.12 | ||
| Legal professional | 25.3 | 33.7 | 35.2 | ||
| Bad debts written off | 0.21 | 0.13 | 0.00 | ||
| Doubtful advances | 0.39 | 0.00 | n.d. | ||
| Payment gateway | 1.41 | 1.39 | 1.55 | ||
| Research insights | 0.29 | 0.03 | 0.08 | ||
| PPE disposal loss or writeoff | 1.10 | 1.64 | 0.01 | ||
| FX loss signed | -0.04 | 0.00 | n.d. | ||
| Slow inventory provision signed | 0.96 | 9.48 | -3.41 | ||
| CSR expense | 0.77 | 1.53 | 2.08 | ||
| Doubtful debts | 10.4 | 12.4 | 1.82 | ||
| Miscellaneous expense | 1.61 | 1.47 | 3.64 | ||
| Directors sitting fees | 0.74 | 0.74 | 0.74 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 705.6 | 605.9 | 1,095 | 1,180 | 1,412 |
| Borrowings excluding leases | 59.6 | 92.2 | 0.00 | 0.00 | 0.00 |
| Cash equivalents | 33.7 | 8.26 | 107.0 | 33.0 | 119.2 |
| Trade receivables net | 72.8 | 130.8 | 159.4 | 132.3 | 198.3 |
| Inventories net | 65.9 | 111.0 | 122.8 | 158.3 | 165.1 |
| Total trade payables | 170.4 | 196.7 | 294.1 | 356.8 | 377.7 |
| PPE net excludes intangibles and ROU | 0.00 | 0.00 | 20.0 | 25.8 | 22.2 |
| CWIP | 0.00 | 0.43 | 0.46 | 0.08 | 0.00 |
| Total assets | 1,035 | 976.6 | 1,632 | 1,790 | 2,092 |
| Current leases | 18.5 | 26.6 | 34.9 | ||
| Noncurrent leases | 112.5 | 109.8 | 100.5 | ||
| Total leases | 131.0 | 136.4 | 135.3 | ||
| Other bank balances | 378.6 | 298.3 | 94.5 | ||
| Current investments total | 291.8 | 304.8 | 252.2 | ||
| Quoted current treasury investments | 291.8 | 304.8 | 252.2 | ||
| Noncurrent quoted treasury bonds | 0.00 | 0.00 | 10.4 | ||
| Strategic JV investment | 0.00 | 0.00 | 9.86 | ||
| Deposits maturity over twelve months | 187.0 | 438.0 | 555.5 | ||
| Investments securing bank guarantees | 29.5 | 29.5 | 29.5 | ||
| FDs securing guarantees | 15.0 | 7.02 | 7.02 | ||
| FDs lien against overdraft facility | 24.4 | 29.8 | 27.8 | ||
| Other intangible assets | 101.8 | 102.5 | 180.6 | ||
| Right of use assets | 124.3 | 121.0 | 113.6 | ||
| Goodwill | 52.8 | 52.8 | 172.5 | ||
| Gross cash deposits quoted treasury | 964.4 | 1,074 | 1,032 | ||
| Treasury after disclosed collateral | 895.5 | 1,008 | 967.6 | ||
| Lease inclusive net debt unrestricted treasury | -764.6 | -871.4 | -832.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operations | -33.3 | -251.7 | 235.3 | 102.2 | 141.3 |
| Free cash flow (vendor definition) * | 42.0 | -63.3 | 223.5 | 81.8 | 133.9 |
| Cash capex positive outflow | -1.41 | -11.7 | 11.8 | 20.4 | 7.44 |
| Cash PPE purchases including CWIP advances | 11.8 | 17.1 | 7.44 | ||
| Cash intangible purchases | 0.03 | 3.28 | 0.00 | ||
| CFO less gross cash capex | 223.5 | 81.8 | 133.9 | ||
| Acquisition and NCI buyout cash outflow | 23.0 | 0.00 | 192.2 | ||
| Cash invested in joint venture | 0.00 | 0.00 | 10.00 | ||
| Lease principal cash paid | 17.4 | 23.3 | 25.3 | ||
| Lease interest cash paid | 8.25 | 11.9 | 12.1 | ||
| Cash dividends paid in fiscal year | 0.00 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year end issued equity shares | 32.17 | 32.17 | 32.42 | 32.52 | 32.54 |
| Diluted EPS weighted average shares | 31.49 | 32.59 | 32.69 | ||
| Basic EPS weighted average shares | 31.33 | 32.51 | 32.56 | ||
| Employee salaries wages bonus | 147.8 | 180.7 | 219.6 | ||
| Provident and other funds | 2.57 | 2.91 | 3.04 | ||
| Gratuity expense | 2.40 | 3.87 | 5.05 | ||
| Equity settled share based payment expense | 13.1 | 7.10 | 28.8 | ||
| Staff welfare | 4.72 | 5.81 | 6.10 | ||
| PPE depreciation | 5.56 | 9.77 | 10.0 | ||
| ROU depreciation | 23.1 | 32.7 | 33.0 | ||
| Intangible amortisation | 1.95 | 2.50 | 1.33 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 461.8 | 517.5 | 533.6 | 595.3 | 538.1 | 601.5 | 657.1 | 755.9 |
| Cost of revenue (vendor classification) * | 144.2 | 155.5 | 156.2 | 171.4 | 158.8 | 189.3 | 195.0 | 229.1 |
| Other operating costs (vendor classification) * | 296.9 | 284.1 | -784.7 | 317.7 | 271.8 | 275.7 | 313.5 | 350.3 |
| EBITDA (vendor classification) * | -10.7 | 45.4 | 47.0 | 69.7 | 67.8 | 86.2 | 96.0 | 132.8 |
| EBIT * | -21.2 | 32.7 | 34.6 | 58.9 | 56.0 | 70.3 | 85.2 | 122.3 |
| Finance costs | 3.13 | 3.32 | 3.17 | 3.28 | 3.30 | 3.23 | 3.33 | 3.02 |
| Profit before tax including joint venture result | -24.4 | 29.4 | 32.2 | 55.6 | 52.7 | 67.1 | 81.8 | 119.2 |
| Total current and deferred tax expense/(credit) | -5.80 | 3.40 | 7.19 | 14.3 | 13.5 | 16.9 | 12.4 | 28.8 |
| Profit after tax including non-controlling share | -18.6 | 26.0 | 25.0 | 41.3 | 39.2 | 50.2 | 69.4 | 90.4 |
| Diluted EPS, not annualised (₹) | -0.57 | 0.79 | 0.77 | 1.26 | 1.20 | 1.54 | 2.12 | 2.76 |
| Exceptional items, signed gain/(cost) | n.a. | n.d. | 0.00 | 0.00 | n.a. | -4.80 | 0.00 | 0.00 |
| Cost of goods sold | 144.2 | 155.5 | 156.2 | 171.4 | 158.8 | 189.3 | 195.0 | 229.1 |
| Employee benefits expense | 51.5 | 51.8 | 47.8 | 60.4 | 59.8 | 71.0 | 71.4 | 66.4 |
| Other expenses including advertising | 296.9 | 284.1 | 302.6 | 317.7 | 271.8 | 275.7 | 313.5 | 350.3 |
| Operating EBITDA excluding other income | -30.7 | 26.1 | 27.0 | 45.8 | 47.6 | 65.5 | 77.2 | 110.2 |
| Other income | 20.0 | 19.2 | 20.8 | 23.9 | 20.1 | 20.7 | 18.9 | 22.5 |
| Depreciation and amortisation | 10.6 | 12.6 | 12.4 | 10.8 | 11.7 | 11.0 | 10.8 | 10.5 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 | 0.20 |
| Share of joint venture profit/(loss), net of tax | n.a. | n.a. | 0.00 | n.a. | n.a. | -0.02 | -0.12 | 0.06 |
| PAT attributable to owners of parent | -18.6 | 26.0 | 25.0 | 41.3 | 39.2 | 50.2 | 69.2 | 90.2 |
| Purchases of traded goods | 189.2 | 148.3 | 135.3 | 170.6 | 158.0 | 163.6 | 222.5 | 240.2 |
| Decrease/(increase) in inventories, signed expense | -45.0 | 7.19 | 20.9 | 0.79 | 0.78 | 25.7 | -27.5 | -11.2 |
| Current tax expense/(credit) | -3.28 | 10.0 | 7.03 | 8.57 | 15.5 | 14.0 | 22.0 | 28.5 |
| Deferred tax charge/(credit) | -2.52 | -6.62 | 0.16 | 5.70 | -1.95 | 2.90 | -9.62 | 0.25 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 105.1% | 58.2% | 28.6% | 7.7% | 15.7% |
| EBITDA margin | 7.1% | 3.3% | 9.9% | ||
| Net margin | 5.8% | 3.5% | 8.4% | ||
| Return on equity | 13.1% | 6.4% | 15.4% | ||
| Return on capital employed | -5.1% | -18.4% | 11.9% | 2.1% | 14.8% |
| Return on assets | 8.6% | 4.2% | 10.3% | ||
| Net debt (₹ crore) | -764.6 | -871.4 | -832.2 | ||
| Net debt / EBITDA | -5.58x | -12.7x | -3.52x | ||
| Interest cover | 9.37x | -22.1x | 11.8x | 1.86x | 14.6x |
| Asset turnover | 1.41x | 1.48x | 1.47x | 1.21x | 1.23x |
| Receivable days | 28 | 32 | 30 | 23 | 30 |
| Inventory days (on revenue) | 25 | 27 | 23 | 28 | 25 |
| Payable days (on revenue) | 66 | 48 | 56 | 63 | 58 |
| Cash conversion | 2.11x | 1.41x | 0.71x | ||
| Capex intensity | 0.1% | 0.8% | 0.6% | 1.0% | 0.3% |
| Free cash flow (₹ crore) | -34.7 | -263.5 | 223.5 | 81.8 | 133.9 |
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 0.49 | -4.44 | 3.55 | 2.23 | 6.12 |
| Book value per share (₹) | 21.93 | 18.83 | 33.78 | 36.28 | 43.39 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less COGS, employee, other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease inclusive net debt unrestricted treasury; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less COGS, employee, other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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