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Mamaearth
SectorFMCG
Honasa Consumer Limited is an India-based beauty and personal care company incorporated in 2016. It operates a 'House of Brands' architecture with six brands in the beauty and personal care space, including Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheth's. The company offers products across baby care, face care, body care, hair care, color cosmetics, and fragrances. It also provides services through BBlunt Salons and content development via Momspresso. Honasa Consumer Limited focuses on digital-first strategies, omni-channel distribution, and data-driven marketing. The company has grown through both brand launches and acquisitions, expanding its portfolio to include toxin-free, ayurvedic, and specialized skincare products. In 2023, Honasa Consumer Limited completed an Initial Public Offering, raising funds through a combination of fresh issue and offer for sale.
In the news
Honasa shares surge 54% in 6 months, HDFC Securities sets ₹550 target
HAL shares surge 3% on Shakti engine line expansion, Tejas Mk1A progress
Honasa Consumer Block Deal: ₹643 Cr Stake Sale Completed
Honasa Consumer elevates Nishchay Bahl as CBO-Offline
Mamaearth Parent Honasa Consumer Reports Record Q1 PAT, Eyes ₹5,500 Cr Revenue
Honasa Consumer cancels Fluence Pharma acquisition
67 Companies Trade Ex-Dividend This Week: Gillette India, MCX, NALCO
Corporate Developments: Vedanta, Honasa, IRCTC, Bajaj Auto, Tata Motors, Kotak, Infosys
Mamaearth's Gulshan Grover campaign goes viral with 'Badman to Goodman' twist
The Quarter story
The two most recent quarterly results, compared side-by-side.
Honasa Consumer scales revenue and profitability while tightening cost controls, though same-store sales and retail footprint show recent normalization.
EBITDA margin expanded from 7.7% to 14.6% from Q1 FY26 to Q1 FY27 — stronger pricing and cost control drive higher operating profits
Like-for-like revenue eased from ₹682 Cr to ₹595 Cr from Q4 FY26 to Q1 FY27 — existing store sales face seasonal normalization
Net revenue grew from ₹595 Cr to ₹756 Cr from Q1 FY26 to Q1 FY27 — consistent top-line momentum across product lines
Retail outlet count dropped from 2,70,000 to 3 from Q3 FY26 to Q1 FY27 — channel reporting or distribution strategy has shifted significantly
Underlying volume growth accelerated from 10.5% to 30.5% from Q1 FY26 to Q1 FY27 — sustained consumer demand supports scale
Employee benefit expense as a share of revenue fell from 10.1% to 8.8% from Q1 FY26 to Q1 FY27 — payroll costs are managed efficiently as sales rise
Advertisement expense as a share of revenue dropped from 34.6% to 31.8% from Q1 FY26 to Q1 FY27 — marketing spend is generating more sales per rupee
Company insights, generated from the most recent coverage.
Nilesh Kotalwar's elevation to CMO signals Honasa is investing in brand-building capability to run multiple brands simultaneously, the operational prerequisite for the portfolio model to scale.
Sequoia sold 25 lakh shares on Sept 30, 2026 — an early-investor overhang that had been capping the stock, and its absorption into today's volume surge removes a key technical drag.
Q2 FY27 offline channels (both general trade and modern trade) are expected to be strong, which retires the long-standing bear case that Mamaearth is structurally an online-only brand with a low ceiling.