Mamaearth
Honasa Consumer Ltd
- P/E
- 60.36
Key Fundamentals
SmallcapPersonal ProductsFMCGPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 19.20%
- Debt to Equity
- 0.10
- EPS (TTM)
- ₹7.65
- Book Value
- ₹43.33
- Market Cap
- —
- P/E (TTM)
- 60.36
- P/B
- 10.66
- ROE
- 15.70%
- Dividend Yield
- 0.66%
- EBITDA
- ₹320 Cr
- 52W High
- ₹509.80
- 52W Low
- ₹248.40
- Day Range
- ₹452.70 – ₹467.50
- Volume
- 7,24,796
Peer Comparison
Fast Moving Consumer Goods › Consumer Goods › Personal Care
| ₹849.00 | 45.38 | ₹86,648 Cr | 6.89 | 1.82% | 16.10% | 18.80% | ₹15,949 Cr | ₹1,914 Cr | |
| ₹395.00 | 35.52 | ₹69,681 Cr | 6.14 | 2.16% | 17.00% | 20.30% | ₹13,552 Cr | ₹1,947 Cr | |
| ₹1,660.70 | 33.17 | ₹45,422 Cr | 27.92 | 1.47% | 82.70% | 108.00% | ₹6,391 Cr | ₹1,362 Cr | |
| ₹336.50 | 329.90 | ₹44,683 Cr | 100.45 | 1.48% | 27.60% | 33.90% | ₹484 Cr | ₹137 Cr | |
| ₹7,527.00 | 36.71 | ₹23,745 Cr | 25.92 | 3.32% | 66.50% | 90.70% | ₹3,176 Cr | ₹668 Cr | |
| ₹6,959.00 | 28.57 | ₹22,555 Cr | 29.98 | 3.61% | 115.00% | 157.00% | ₹4,245 Cr | ₹790 Cr | |
| ₹381.35 | 22.24 | ₹16,773 Cr | 5.69 | 2.62% | 26.20% | 28.10% | ₹3,915 Cr | ₹749 Cr | |
| Mamaearth (this company) | ₹461.75 | 60.36 | ₹15,167 Cr | 10.66 | 0.66% | 15.70% | 19.20% | ₹2,553 Cr | ₹248 Cr |
| Median 8 companies | ₹655.38 | 36.12 | ₹34,214 Cr | 18.29 | 1.99% | 26.90% | 31.00% | ₹4,080 Cr | ₹770 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 98/100
Category scores
- Quality
- 58
- Good
- Returns, margins, earnings quality 22% weight
- Valuation
- 27
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 71
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 89
- Strong
- Solvency, leverage, coverage 9% weight
- Momentum
- 88
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 76
- Strong
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
No strengths listed
Weaknesses
1- Stock is trading at 10.8 times its book value
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 3 | 5 | 11 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bullish | 1 | 0 | 9 |
Oscillators
Neutral
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 53.95
- Neutral
- MACD (12,26,9)
- −2.45
- Bullish
- SMA (50)
- 462.82
- Bearish
- SMA (200)
- 390.72
- Bullish
As of
Analyst Rating
11 of 15 analysts rate Buy, 2 Hold, 2 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +39.06% |
|---|---|
| 3Y | +17.01% |
| 1Y | +15.72% |
| TTM | +21.05% |
Net profit
| 5Y | Turned to profit |
|---|---|
| 3Y | Turned to profit |
| 1Y | +173.97% |
| TTM | +239.73% |
Operating cash flow
| 5Y | +36.28% |
|---|---|
| 3Y | Turned positive |
| 1Y | +38.24% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +299.87 pp |
|---|---|
| 3Y | +8.33 pp |
| 1Y | +6.48 pp |
| TTM | +8.53 pp |
Revenue by year
| Mar 2021 | ₹460 Cr |
|---|---|
| Mar 2022 | ₹943 Cr |
| Mar 2023 | ₹1,493 Cr |
| Mar 2024 | ₹1,920 Cr |
| Mar 2025 | ₹2,067 Cr |
| Mar 2026 | ₹2,392 Cr |
Net profit by year
| Mar 2021 | −₹1,332 Cr |
|---|---|
| Mar 2022 | ₹14.00 Cr |
| Mar 2023 | −₹151 Cr |
| Mar 2024 | ₹111 Cr |
| Mar 2025 | ₹73.00 Cr |
| Mar 2026 | ₹200 Cr |
Analyst Forecasts
Analyst consensus here uses a different definition from reported ebitda (they differ 1.6× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.
AI Analysis — Bull vs Bear
Honasa Consumer Ltd trades at ₹452.75 as of 2026-11-02 with a market cap of ₹14,416.79 crore. The company has delivered strong TTM profit growth of 242% and a 1-year stock CAGR of 62%, but trades at elevated valuations with a P/E of 59.18x and a P/B of 10.45x.
- TTM profit growth of 242% signals a sharp acceleration in earnings, indicating the company may be hitting an inflection point in profitability
- 3-year compounded profit growth of 118% demonstrates sustained earnings momentum over a meaningful period, not just a one-off quarter
- 5-year compounded sales growth of 39% reflects strong top-line expansion as the company has scaled its brand portfolio in a large addressable market
- Debt-to-equity ratio of just 0.10 as of 2026-11-02 means the balance sheet is virtually debt-free, providing financial flexibility for reinvestment or acquisitions
- ROCE of 17.74% indicates efficient deployment of capital, a positive sign for a consumer goods company in growth mode
- ROE of 14.18% (with last year's ROE at 16%) shows improving return generation for equity shareholders
- Stock is up 62% on a 1-year CAGR basis and has rallied from a 52-week low of ₹248.40 to ₹452.75, reflecting strong market confidence in the business trajectory
- TTM sales growth of 21% shows continued double-digit revenue expansion, supporting the long-term consumer brand-building thesis
- Stock is trading at 10.45x book value, well above what most consumer companies command, pricing in substantial future growth that must materialize
- 5-year compounded profit growth of only 17% contrasts sharply with the recent 242% TTM surge, raising questions about whether the current profit trajectory is sustainable or driven by a low base
- 3-year compounded sales growth of 17% is modest relative to the premium valuation, suggesting revenue scale-up may be decelerating from the 5-year 39% pace
- Dividend yield of just 0.68% offers minimal income return, meaning investor returns depend almost entirely on capital appreciation at these valuations
- The stock trades about 11% below its 52-week high of ₹509.80, indicating some recent selling pressure or profit-taking at higher levels
- EPS of ₹7.65 on a TTM basis underpins a rich multiple — any earnings miss could trigger a disproportionate correction given the 59.18x P/E
- As a relatively young listed entity in a competitive FMCG landscape, the company faces execution risk in sustaining high growth rates against established incumbents with deeper distribution networks
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Honasa is delivering strong revenue momentum with Q2FY27 NSV growth in the early 30s and younger brands accelerating to mid-40s, while the stock has materially outperformed the broader market over the past year. The leadership elevation for AI transformation signals strategic intent but lacks concrete financial commitments. No significant headwinds emerged in recent news. The growth trajectory across the brand portfolio appears healthy, and execution on the AI strategy will be worth monitoring in coming quarters.
- Strong Q2 NSV growth ~30% Oct 06
Honasa reported Q2FY27 net sales value growth in the early 30s YoY, with Mamaearth growing high-teens and younger brands accelerating to mid-40s growth.
- Stock up 55% in past year Oct 23
Despite a 3.45% intraday decline to ₹427.15 on Oct 23, the stock has returned over 55% in the past year, significantly outperforming the Nifty 500.
- New CPTO for AI transformation Oct 23
Honasa elevated six-year veteran Vipul Maheshwari to Chief Product & Technology Officer to lead AI and agentic AI strategy across its seven beauty and personal care brands. No specific investment figures or deployment timelines were disclosed.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 464 | 496 | 488 | 471 | 554 | 462 | 518 | 534 | 595 | 538 | 602 | 657 | 756 |
| Expenses | 435 | 456 | 454 | 438 | 508 | 493 | 491 | 507 | 549 | 490 | 536 | 580 | 646 |
| Operating Profit | 29 | 40 | 34 | 33 | 46 | −31 | 26 | 27 | 46 | 48 | 65 | 77 | 110 |
| OPM % | 6% | 8% | 7% | 7% | 8% | −7% | 5% | 5% | 8% | 9% | 11% | 12% | 15% |
| Other Income | 13 | 7 | 11 | 19 | 19 | 20 | 19 | 21 | 24 | 20 | 16 | 19 | 23 |
| Interest | 1 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 6 | 6 | 8 | 10 | 9 | 11 | 13 | 12 | 11 | 12 | 11 | 11 | 10 |
| PBT | 34 | 39 | 35 | 39 | 52 | −24 | 29 | 32 | 56 | 53 | 67 | 82 | 119 |
| Tax % | 27% | 25% | 25% | 22% | 23% | −24% | 12% | 22% | 26% | 26% | 25% | 15% | 24% |
| Net Profit | 25 | 29 | 26 | 30 | 40 | −19 | 26 | 25 | 41 | 39 | 50 | 69 | 90 |
| EPS (₹) | 1.9 | 2.16 | 0.8 | 0.94 | 1.24 | −0.57 | 0.8 | 0.77 | 1.27 | 1.21 | 1.54 | 2.13 | 2.77 |
Profit & Loss
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 460 | 943 | 1,493 | 1,920 | 2,067 | 2,392 | 2,553 |
| Expenses | 1,794 | 932 | 1,470 | 1,782 | 1,997 | 2,156 | 2,252 |
| Operating Profit | −1,334 | 12 | 23 | 138 | 70 | 236 | 300 |
| OPM % | −290% | 1.2% | 1.5% | 7% | 3.4% | 10% | 12% |
| Other Income | 12 | 21 | −132 | 49 | 78.73 | 79 | 77 |
| Interest | 1 | 3 | 7 | 9 | 13 | 13 | 13 |
| Depreciation | 2 | 7 | 25 | 31 | 45 | 44 | 44 |
| PBT | −1,325 | 22 | −141 | 147 | 90 | 257 | 321 |
| Tax % | 1% | 36% | 7% | 25% | 19% | 22% | — |
| Net Profit | −1,332 | 14 | −151 | 111 | 73 | 200 | 249 |
| EPS (₹) | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | −10.47 | 3.45 | 2.24 | 6.15 | 7.65 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 49% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 136 | 324 | 325 | 325 |
| Reserves | −1,765 | −1,087 | −1,323 | 771 | 855 | 1,086 |
| Borrowings | 1,954 | 1,853 | 1,885 | 131 | 136 | 135 |
| Other Liabilities | 114 | 271 | 288 | 413 | 492 | 560 |
| Total Liabilities | 303 | 1,036 | 986 | 1,640 | 1,808 | 2,107 |
| Fixed Assets | 21 | 342 | 252 | 299 | 302 | 489 |
| CWIP | 0 | 2 | 0 | 0 | 0 | 0 |
| Investments | 164 | 339 | 260 | 292 | 305 | 272 |
| Other Assets | 117 | 354 | 474 | 1,049 | 1,201 | 1,346 |
| Total Assets | 303 | 1,036 | 986 | 1,640 | 1,808 | 2,107 |
Cash Flow
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 30 | 45 | −52 | 235 | 102 | 141 |
| Investing | −21 | −505 | 40 | −470 | −145 | −17 |
| Financing | −1 | 481 | −14 | 337 | −31 | −38 |
| Net Cash Flow | 8 | 21 | −26 | 102 | −74 | 86 |
| Free Cash Flow | 29 | 42 | −63 | 224 | 82 | 134 |
| CFO/OP | −3 | 470 | −172 | 194 | 139 | 85 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 27 | 28 | 32 | 30 | 23 | 30 |
| Inventory Days | 114 | 86 | 99 | 83 | 105 | 92 |
| Days Payable | 221 | 219 | 161 | 185 | 212 | 193 |
| Cash Conversion Cycle | −80 | −105 | −30 | −71 | −84 | −71 |
| Working Capital Days | −2 | −12 | 8 | −10 | −17 | −9 |
| ROCE % | — | 5% | 3% | 16% | 8% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mamaearth insights
70 extracted metrics across FY17–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · Jun 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026PPT
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- General announcements 29 Oct 2026
- General announcements 7 Oct 2026
Frequently Asked Questions about Mamaearth
What does Honasa Consumer Ltd do?
Where is Honasa Consumer Ltd (HONASA) listed?
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What is the PE ratio of Honasa Consumer Ltd?
What is the 52-week high and low of Honasa Consumer Ltd?
Does Honasa Consumer Ltd pay dividends?
What is the Return on Equity (ROE) of Honasa Consumer Ltd?
Company Information
Incorporated in 2016, Honasa Consumer Limited (HCL) provides beauty and personal care products through its digital platform.
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