HONASA
Large CapHonasa Consumer Limited
Consumer
Honasa Consumer Limited is an Indian beauty and personal care company. It operates a portfolio of brands including Mamaearth and The Derma Co., focusing on 'inside-out beauty' with a digital-first approach and expanding offline distribution.
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.
Mixed 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 31 Mar 2026
Excellent · 100/100Rev +23% YoY · PAT +176% YoY · margin expansion · +9% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹657 Cr | +23.0% | +9.1% |
| EBITDA | ₹77 Cr | +185.2% | +18.5% |
| Operating margin | 12.0% | +700 bps | +100 bps |
| PAT | ₹69 Cr | +176.0% | +38.0% |
| PAT margin | 10.5% | +582 bps | +219 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 28% YoY (LFL) to INR 682 Cr, with EBITDA scaling 2.5x+ to INR 77 Cr (11.3% margin). FY26 revenue grew 20% YoY (LFL) to INR 2,479 Cr, and EBITDA tripled to INR 231 Cr (9.3% margin), demonstrating profitable growth.
Honasa delivered strong Q4 and FY26 results, driven by volume growth and margin expansion. Focus categories and younger brands show robust traction. The maiden dividend payout signals confidence. Sustaining market share gains and offline expansion are key for continued performance.
Focus Category Strategy
Focus Categories grew at 35%+ in Q4 FY26 and 29%+ YoY in FY26. Their contribution expanded by 500 bps YoY to 80%+ in Q4 FY26.
Younger Brands Momentum
Younger brands (The Derma Co., Aqualogica, Dr. Sheth’s, BBlunt Staze, Reginald Men) grew at 40%+ in Q4 FY26, continuing strong growth.
Offline Distribution Expansion
~120K outlets billed directly through distributors in FY26 and 10,000+ Modern Trade outlets reached, strengthening offline demand capture.
Hero Products Scaling
Mamaearth Rice Face wash, Rosemary Shampoo, 1% Hyaluronic Sunscreen Aqua Gel, Sali-Cinamide Facewash heroes are crossing meaningful ARR milestones.
Rising Role of Nutraceuticals
The next frontier of I-Beauty, moving from niche to mainstream, with ~40% growth in searches for Hair Care and Skin Care Nutraceuticals from FY24 to FY26.
Influencer & Dermatologist Effect
Rising health influencers and dermatologists on digital platforms are driving mainstream consumer adoption of nutraceuticals.
Beauty from Inside Trend
Increasing consumer attribution to factors that address the root cause to solve beauty concerns, fueling demand for inside-out solutions.
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 presentation primarily compares Q4 FY26 with Q4 FY25 and FY26 with FY25, indicating a focus on annual performance and growth trends over seasonal fluctuations.
Underlying Volume Growth (UVG)
30% in Q4 FY26 and 23% in FY26, indicating volume-led growth.
Gross Profit Margin
71.4% in Q4 FY26 (+69 bps YoY improvement) and 71.2% in FY26 (+83 bps YoY improvement).
EBITDA Margin
11.3% in Q4 FY26 (185%+ YoY growth) and 9.3% in FY26 (237%+ YoY improvement).
PAT Margin
10.2% in Q4 FY26 (175%+ YoY growth) and 8.1% in FY26 (175%+ YoY growth).
Shareholder Rewards Commitment
The Board recommended a maiden dividend distribution of INR 3 per share, representing 51.2% of FY26 Standalone PAT, subject to shareholder approval.
Investment in Talent
The company is hiring talent to build new businesses and expand the leadership team, including specialists in digital-first brands.
CSR Initiatives
Honasa has planted 1,101,200+ trees to date, with a target of 2,000,000+ by 2030, and supports education and health checkups.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Underlying Volume Growth | 30% (Q4 FY26), 23% (FY26) | Monitor sustained volume-led growth across categories and brands. |
| Gross Profit Margin | 71.4% (Q4 FY26), 71.2% (FY26) | Watch for continued margin expansion amidst input cost trends and competitive pricing. |
| Offline Channel Penetration | ~120K direct billed outlets, 10K+ MT outlets | Track further penetration and sales contribution from General Trade and Modern Trade channels. |
| Younger Brands Performance | 40%+ growth in Q4 FY26 | Assess continued strong growth momentum and profitability of newer brands like The Derma Co. and Aqualogica. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +32.4% / mo · near 52W high
Technical chart
HONASAweekly · 1Y+32.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 69. Wait for confirmation.
- SMA20 rising (~24.5% over last month) — short-term momentum positive.
- RSI(14) at 69 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 64% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 15.0%.
- Quality contributes 12/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 5/30; 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: +0 points.
Factor attribution
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 87th percentile of the scored universe and 87th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 19%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 87th pctile, median 67 · Large: 68th pctile, median 74
54 documents indexed, 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 0.9%.
- ▸Debt/equity is 0.10.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸OPM spread across recent quarters is 19%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 66.30
- P/B
- 9.56
- EV/EBITDA
- 48.70
- Market Cap
- 13500.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 19.20%
- ROA
- 11.06%
- Dividend Y
- —
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
- 18.15×
- Altman Z
- 8.88
- Book Value
- 43.40
Cash Flow
- FCF Yield
- 0.92%
- FCF Positive Y
- 2/5
- OCF
- 141.00 Cr
- EPS TTM
- 6.15
Shareholding
- Promoter Hold
- 35.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 94%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.