Newsletter
Honasa Consumer shares gained more than 4% after the Mamaearth parent reported its highest-ever quarterly revenue and profit in Q1.
And this wasn't simply higher prices making the numbers look better. The company sold significantly more products, its younger brands grew quickly and more sales came from higher-margin categories.
Breaking it down:
Revenue jumped 31.8% YoY to ₹785 crore, supported by 30.5% volume growth.
Net profit more than doubled, rising 118% to ₹90.3 crore.
focus categories grew 35% (these are the beauty segments Honasa is prioritising for growth, such as face cleansers, sunscreens, serums, shampoos and conditioners.)
adjusted EBITDA more than doubled and margin expanded to 13.1%.
What worked: its e-commerce business grew more than 20%, while general trade and modern trade each grew around 40%.
That's an important shift for a company that started as a digital-first business.
Honasa isn't relying only on online marketplaces and its own websites anymore. Getting deeper into physical stores gives its brands access to a much larger pool of customers.
Younger brands are moving faster: The Derma Co, Aqualogica, Dr. Sheth’s, BBlunt, Staze and Reginald Men, grew more than 40% YoY during the quarter.
That makes these brands increasingly important to Honasa's growth story and reduces how much the overall business has to depend on Mamaearth.
The Derma Co is the standout - The skincare brand crossed a ₹1,000 crore annualised net sales run rate, while searches for the brand jumped 34% YoY to record levels.
Its face cleanser business crossed a ₹200 crore annualised run rate, becoming its third category to cross that level after serums and sunscreens. And recently acquired men's grooming brand Reginald Men has more than doubled since the acquisition and now has an annual revenue run rate of over ₹150 crore.
Honasa now wants to smell good too: the company has entered another major beauty category with FIKN, its first fragrance brand.
According to Honasa co-founder Ghazal Alagh, fragrance is one of the world's largest beauty categories and India's fastest-growing beauty category. She estimates India's perfume market at more than ₹7,000 crore in 2026, growing at around 15% annually.
FIKN is being positioned as a premium lifestyle brand targeting men aged 20-35 in metros and Tier-1 cities.
Bigger story is how Honasa itself is changing: it began as a digital-first company built around Mamaearth. Now it has a growing offline presence, multiple younger brands, acquisitions and bets across everything from clinical skincare and men's grooming to fragrances.
Q1 gives that strategy some numbers to back it up. Revenue grew 32%, volumes rose 31%, younger brands grew over 40% and profit more than doubled.
Perhaps the most important shift is underneath those headline numbers.
