Honasa Consumer Projects 30% YoY Growth In Q1 FY27

Mamaearth is expected to deliver YoY growth in the high teens during the quarter, driven by continued customer demand and strengthening offline distribution

Its offline business is showing strong growth momentum, with improved in-store execution across both general and modern trade and improved direct distribution reach in general trade

Scaling up operations across channels has also resulted in a double-digit operating margin profile in Q1 FY2

On a reported basis, Honasa’s YoY top line growth is expected to be in the mid-twenties. This is because the Flipkart Group recently changed its reporting guidelines, deducting fulfilment and logistics costs prior to paying Honasa for goods sold, as opposed to the company earlier counting the entire order in its revenue before deducting expenses separately.

Mamaearth is expected to deliver YoY growth in the high teens during the quarter, the company said in an exchange filing, driven by continued customer demand and strengthening offline distribution.

The company said its offline business is showing strong growth momentum, with improved in-store execution across both general and modern trade and improved direct distribution reach in general trade. Meanwhile, the online channel is expected to deliver “healthy growth” during the period under review, it said.

Scaling up operations across channels has also resulted in a double-digit operating margin profile in Q1 FY27, Honasa said.

In Q4 FY26, Honasa’s consolidated net profit zoomed 177.6% to ₹69.4 Cr from ₹25 Cr in the same quarter last year. Operating revenue grew 23.1% to ₹657.1 Cr from ₹533.6 Cr in Q4 FY25. On a quarterly basis, revenue jumped 9.2% from ₹601.5 Cr.

For the entire fiscal year ended March 2026, Honasa recorded a profit of ₹200.2 Cr, up 175.4% from ₹72.7 Cr in FY25. Meanwhile, operating revenue grew 15.7% to ₹2,391.9 Cr during the year from ₹2,066.9 Cr in the previous fiscal.

The company has been diversifying its revenue mix beyond Mamaearth, even as it expects the flagship brand to deliver a double-digit CAGR growth over the next five years.

Honasa also operates brands like Aqualogica, Dr Sheth’s, The Derma Co, BBlunt, and Staze Beauty, which have become a focal point of growth for the house of brands in recent quarters.

Honasa is also entering new categories through acquisitions. Last year, it announced the acquisition of Reginald Men, which caters to male BPC consumers.

Last month, Honasa’s board approved the acquisition of a majority stake (58%) in nutraceuticals company Fluence Pharma for ₹135 Cr, marking its entry into the fast-growing nutrition and supplements space. The company plans to buy the remaining 42% equity stake in the company via secondary transactions in two tranches over the next 5-7 years.

The acquisitions are in line with Honasa’s recently unveiled “Honasa 3.0” strategy. Under the five-year roadmap, the company is looking to double its FY31 revenue to over ₹5,500 Cr by FY31 and improve EBITDA margins to more than 15%.

As part of the plan, Honasa aims to build multiple large brands, scale its offline distribution network from about 1.2 Lakh outlets to more than 3 Lakh outlets, and reduce its dependence on flagship brand Mamaearth by creating several new growth engines across its portfolio.