Honasa Consumer Limited (HONASA)
Large CapFMCG stocks · Large cap · NSE
Honasa Consumer Limited is an Indian BPC company that started with Mamaearth, a digital-first brand. It has expanded to 7 brands across 7 focus categories, leveraging a proprietary brand-building playbook and an omni-channel distribution strategy. The company aims to become India's largest pureplay BPC company.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +27% YoY · PAT +120% YoY · margin expansion · +15% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹756 Cr | +27.1% | +15.1% |
| EBITDA | ₹110 Cr | +139.1% | +42.9% |
| Operating margin | 15.0% | +700 bps | +300 bps |
| PAT | ₹90 Cr | +119.5% | +30.4% |
| PAT margin | 11.9% | +501 bps | +140 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Honasa reported FY26 revenue of ~INR 2,400 Cr, EBITDA of INR 230 Cr+, and PAT of ~INR 200 Cr, demonstrating strong financial performance and achieving double-digit growth across channels.
Management has successfully executed on prior commitments, including EBITDA margin expansion, Mamaearth's growth, and direct distribution enhancement. The company's FY26 results show robust growth and profitability, with a clear strategic roadmap for Honasa 2.0 focused on AI-led innovation, personalized communication, and expanded omni-channel distribution to achieve ambitious FY31 targets.
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Whitespace in BPC Categories
80+ partitions in the USD 20+ Bn Indian BPC market are yet to be entered by Honasa.
Omni-channel Distribution Expansion
Targeting 300k+ direct outlet reach by FY31, enabled by AI and automation.
AI-led Innovation & Communication
Agent OS and AI-driven tools for real-time platform spend optimization, dynamic media mix modeling, and faster product launches.
New Brand Building Playbook
New brands are designed for contribution margin neutrality by Year 2, leveraging partition additive entry and AI toolkits.
Direct Distribution Outlets
Direct distribution reach increased to ~120k outlets in FY26.
Direct Distribution Target
Targeting 300k+ direct outlet reach by FY31.
Digital Media & E-commerce Growth
E-commerce & Quick Commerce penetration expected to reach ~40% channel salience by 2030.
Changing Media Landscape
Rise of OTT to 700M+ users and social media to 850M+ users, with Reels-first and vernacular content at scale.
Rise of Gen Z & Gen Alpha
Product-literate and authenticity-first customers will drive ~50% of the BPC market by 2030.
Rise of AI
Agentic AI replacing manual workflows, offering speed and quality improvements.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document presents annual financial results for FY26 and discusses a multi-year vision, making year-over-year comparison most relevant for assessing performance and future trajectory.
Revenue from Operation
FY26 revenue from operation was ~INR 2,400 Cr.
EBITDA
FY26 EBITDA was INR 230 Cr+.
Profit After Tax
FY26 Profit After Tax was ~INR 200 Cr.
EBITDA Margin
FY26 EBITDA margin was 9.9%, up from ~7% in Q4FY24.
FY31 Revenue Target
Aims to become the fastest FMCG company in India to reach ₹5,000+ Cr revenue by FY31, targeting ₹5,500+ Cr.
FY31 EBITDA Target
Plans to achieve 15%+ EBITDA by FY31, unlocking 500 bps through improved channel mix, operating leverage, channel spend efficiencies, and changing category mix.
Brand Portfolio Growth
Mamaearth to reach ₹2,000+ Cr, The Derma Co to ₹1,500+ Cr, and at least two more brands to ₹500+ Cr by FY31.
Category Leadership
Aims to be a national market leader in at least two skincare categories and top 3 in two more by FY31.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Revenue | ~INR 2,400 Cr (FY26) | Achieving ₹5,500+ Cr by FY31. |
| EBITDA Margin | 9.9% (FY26) | Reaching 15%+ by FY31. |
| Direct Distribution Reach | ~120k outlets | Progress towards 300k+ direct outlet reach by FY31. |
| Mamaearth Revenue | Back to teens growth | Reaching ₹2,000+ Cr by FY31. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +4.2% / mo · MACD − · near 52W high
Technical chart
HONASAdaily · 1Y · AUTO+57.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.1% over last month) — short-term momentum positive.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 8% off 52W high · 90% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 22.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Quality contributes 12/20 to the score.
Main drags
- Fair-value margin of safety is negative at -36.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 52nd percentile within FMCG. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 22%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 52nd pctile, median 78 · Large: 70th pctile, median 73
50 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸Debt/equity is 0.10.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸OPM spread across recent quarters is 22%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 60.80
- P/B
- 10.85
- EV/EBITDA
- 45.03
- Market Cap
- 15357.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 19.20%
- ROA
- 13.77%
- Dividend Y
- 0.64%
Growth (CAGR)
- Revenue 5Y
- 39.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 42.50%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 23.08×
- Altman Z
- 9.08
- Book Value
- 43.40
Cash Flow
- FCF Yield
- 0.81%
- FCF Positive Y
- 2/5
- OCF
- 141.00 Cr
- EPS TTM
- 7.65
Shareholding
- Promoter Hold
- 35.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.