Honasa Consumer, the parent company of Mamaearth, has reported a sharp improvement in financial performance in the first quarter of FY27, with revenue from operations rising 27% year-on-year to ₹756 crore and net profit more than doubling to ₹90.45 crore. The company recorded its highest quarterly profit to date as growth across its portfolio of beauty and personal care brands helped improve operating performance.
The results mark another strong quarter for Honasa after a significant improvement in profitability during FY26. EBITDA doubled to about ₹110 crore, while the EBITDA margin expanded to around 14% from roughly 7.7% a year earlier. The company is also increasingly relying on a broader portfolio beyond Mamaearth, with brands such as The Derma Co, Aqualogica, BBlunt, Dr Sheth’s and Reginald Men contributing to its growth strategy.
Honasa Consumer Q1 FY27: Key Numbers
Honasa delivered broad-based improvement across revenue, profit and operating earnings during the quarter.
| Financial Metric | Q1 FY27 | Q1 FY26 | YoY Change |
|---|---|---|---|
| Revenue from operations | ₹756 Cr | ₹595 Cr | 27% |
| Total revenue | ₹778 Cr | — | — |
| Net profit | ₹90.45 Cr | ₹41.33 Cr | 119% |
| EBITDA | ₹110 Cr | ~₹45.8 Cr | ~140% |
| EBITDA margin | ~14% | ~7.7% | +6.3 pp |
| Total expenses | ₹659 Cr | ₹564 Cr | 17% |
| Material costs | ₹229 Cr | ₹171 Cr | 34% |
| Employee expenses | ₹66 Cr | ₹60 Cr | 10% |
The numbers show that profitability grew substantially faster than revenue.
While revenue increased by 27%, net profit climbed by nearly 119%, indicating that Honasa generated significantly more earnings from each rupee of revenue compared with the year-ago period.
Revenue Climbs 27% to ₹756 Crore
Honasa Consumer’s revenue from operations increased to ₹756 crore in Q1 FY27 from ₹595 crore in Q1 FY26.
That represents an increase of ₹161 crore in absolute terms.
The company also recorded ₹22.5 crore from non-operating activities, taking overall revenue to approximately ₹778 crore for the quarter.
On a sequential basis, revenue from operations increased about 15% from ₹657 crore in Q4 FY26.
| Revenue Growth | Amount |
|---|---|
| Q1 FY26 | ₹595 Cr |
| Q4 FY26 | ₹657 Cr |
| Q1 FY27 | ₹756 Cr |
| YoY increase | ₹161 Cr |
| YoY growth | 27% |
| QoQ increase | ~15% |
The sequential improvement is important because it shows that the growth was not limited to a comparison with a relatively weaker year-ago quarter.
Profit More Than Doubles
The strongest part of Honasa’s results was its bottom line.
Net profit increased to ₹90.45 crore in Q1 FY27 from ₹41.33 crore in the same quarter last year.
That represents an increase of approximately ₹49.12 crore and a growth rate of nearly 119%.
The company therefore added more than ₹1 of additional profit for every ₹3.3 of additional operating revenue generated compared with the year-ago period.
Profit also increased 30.3% sequentially from ₹69.44 crore in Q4 FY26.
Profit Growth Infographic
Q1 FY26
₹41.3 Cr
↓
Q1 FY27
₹90.5 Cr
↓
+119% YoY
This makes Q1 FY27 Honasa’s highest quarterly profit so far.
EBITDA Doubles as Margins Improve
Operating profitability also strengthened sharply.
Honasa’s EBITDA rose to approximately ₹110 crore during Q1 FY27, compared with around ₹45.8 crore in Q1 FY26.
That represents growth of roughly 140%.
The EBITDA margin expanded to around 14%, compared with approximately 7.7% a year earlier.
| EBITDA Performance | Q1 FY26 | Q1 FY27 |
|---|---|---|
| EBITDA | ~₹45.8 Cr | ₹110 Cr |
| EBITDA margin | ~7.7% | ~14% |
| Margin expansion | — | ~6.3 percentage points |
The improvement suggests that Honasa is gaining operating leverage as its revenue base expands.
Higher revenue is increasingly translating into earnings because operating costs are not rising at the same pace as sales.
Expenses Rise More Slowly Than Revenue
Honasa’s total expenses increased to ₹659 crore in Q1 FY27 from ₹564 crore in Q1 FY26.
That represents growth of roughly 17%.
Revenue, meanwhile, grew 27%.
The difference between the two growth rates is significant.
When revenue grows faster than expenses, a company can generate stronger operating leverage, which can result in a disproportionately larger increase in profit.
This appears to have been one of the key factors behind Honasa’s sharp improvement in profitability.
Revenue vs Expense Growth
Revenue: +27%
Total expenses: +17%
Profit: +119%
The numbers show how strongly margins improved during the quarter.
Material Costs Remain the Biggest Expense
Cost of materials remained Honasa’s largest cost centre.
Material expenses increased 34% year-on-year to ₹229 crore from ₹171 crore.
That means material costs increased by ₹58 crore during the quarter.
The increase was faster than revenue growth, which means raw-material expenses remain an important factor for Honasa’s profitability.
The company will need to manage procurement, manufacturing and product mix carefully as it continues to expand its portfolio.
| Major Cost Item | Q1 FY26 | Q1 FY27 | YoY Growth |
|---|---|---|---|
| Material costs | ₹171 Cr | ₹229 Cr | 34% |
| Employee costs | ₹60 Cr | ₹66 Cr | 10% |
| Total expenses | ₹564 Cr | ₹659 Cr | 17% |
Employee Costs Rise 10%
Employee benefit expenses increased 10% to ₹66 crore from ₹60 crore.
The increase was considerably lower than revenue growth.
This suggests that Honasa was able to expand its business without increasing employee costs at the same pace.
The gap between revenue growth and employee-cost growth can contribute to operating leverage, particularly for a consumer company that is scaling its distribution and brand portfolio.
Mamaearth Is No Longer the Whole Story
Although Mamaearth remains Honasa’s flagship brand, the company has increasingly positioned itself as a multi-brand beauty and personal care platform.
Its portfolio includes The Derma Co, Aqualogica, Dr Sheth’s, BBlunt and other brands.
The strategy is designed to reduce dependence on a single brand and allow Honasa to participate in multiple consumer categories.
This is important because the growth rates of individual brands can vary significantly.
A slower-growing mature brand can potentially be offset by faster expansion from younger brands.
Younger Brands Are Driving Portfolio Growth
Honasa had earlier indicated that several of its younger brands were growing at more than 40% during the period.
Mamaearth, meanwhile, was expected to deliver high-teen growth as its offline distribution strengthened.
The difference illustrates Honasa’s portfolio strategy.
Mamaearth provides scale and brand recognition, while newer brands provide additional growth opportunities.
Honasa’s Portfolio Strategy
Mamaearth
Flagship → Scale + brand recognition
The Derma Co
Skincare → Growth engine
Aqualogica
Skincare → Portfolio expansion
Dr Sheth’s
Premium skincare → Higher-value positioning
BBlunt
Haircare → Category diversification
Reginald Men
Men’s grooming → New growth opportunity
The strategy allows Honasa to build a broader beauty and personal care business rather than depending entirely on Mamaearth.
Reginald Men Crosses ₹150 Crore Revenue Run Rate
Honasa’s recently acquired men’s grooming brand Reginald Men has also shown strong growth.
According to the company’s shareholder communication, the brand has grown more than two times since its acquisition and now has an annual revenue run rate of more than ₹150 crore.
That translates to an average monthly revenue run rate of more than ₹12.5 crore.
| Reginald Men | Figure |
|---|---|
| Growth since acquisition | More than 2X |
| Annual revenue run rate | >₹150 Cr |
| Implied monthly run rate | >₹12.5 Cr |
The performance indicates why Honasa has been expanding into additional consumer categories through acquisitions.
Honasa Continues to Expand Through Acquisitions
In June 2026, Honasa Consumer acquired a 58% stake in nutraceuticals company Fluence Pharma at an enterprise value of approximately ₹135 crore.
The acquisition expands Honasa’s presence beyond traditional beauty and personal care into the broader health and wellness opportunity.
The strategy is consistent with the company’s evolution from a single-brand D2C company into a multi-brand consumer platform.
If successful, acquisitions can provide access to new categories, customers and distribution channels without requiring Honasa to build every brand from scratch.
From D2C Startup to Listed Consumer Company
Honasa’s business model has changed considerably since Mamaearth was launched as a digital-first brand.
The company initially relied heavily on online channels and the direct-to-consumer model.
It has since expanded its offline distribution and built a portfolio of multiple brands.
The shift is important because India’s beauty and personal care market is increasingly competitive.
Online channels provide access to customers and allow brands to scale quickly, while offline distribution can provide broader reach and stronger visibility in India’s mass consumer market.
Profitability Is Becoming a Bigger Story
For years, consumer startups were primarily valued on revenue growth and customer acquisition.
The market has become increasingly focused on profitability and cash generation.
Honasa’s latest results show a significant improvement on that front.
Revenue increased 27%, but EBITDA increased by roughly 140% and net profit by nearly 119%.
This suggests that the company’s focus is shifting from simply increasing sales to generating stronger returns from its existing business.
That transition could become increasingly important for investors evaluating consumer internet and D2C companies.
Honasa’s Market Value Crosses ₹15,000 Crore
Honasa Consumer’s shares closed at ₹479.45 on August 13, giving the company a market capitalisation of approximately ₹15,255 crore.
The stock closed about 2.6% higher during the session, even as the broader Nifty 50 index declined.
| Market Data | August 13, 2026 |
|---|---|
| Share price | ₹479.45 |
| Market capitalisation | ~₹15,255 Cr |
| Q1 revenue | ₹756 Cr |
| Q1 net profit | ₹90.45 Cr |
| Q1 EBITDA | ₹110 Cr |
The market reaction indicates that investors were positive about the company’s stronger-than-expected profitability and operating performance.
What the Results Mean for Honasa
The Q1 numbers suggest that Honasa is entering FY27 with stronger financial momentum.
The company is growing revenue at a healthy pace while simultaneously expanding operating margins.
Its multi-brand approach also gives it multiple avenues for future growth.
However, the company still needs to demonstrate that the improvement can be sustained over several quarters.
The beauty and personal care market remains highly competitive, with established FMCG companies and digitally native brands competing for the same consumers.
Key Numbers at a Glance
₹756 Cr
Q1 FY27 operating revenue
27%
Year-on-year revenue growth
₹90.45 Cr
Q1 FY27 net profit
119%
Year-on-year profit growth
₹110 Cr
Q1 FY27 EBITDA
~14%
EBITDA margin
₹229 Cr
Material costs
₹15,255 Cr
Approximate market capitalisation
₹150+ Cr
Reginald Men’s annual revenue run rate
Looking Ahead
Honasa Consumer’s Q1 FY27 results mark a significant improvement in both growth and profitability. Revenue from operations rose 27% to ₹756 crore, while net profit jumped nearly 119% to ₹90.45 crore. The doubling of EBITDA to ₹110 crore and expansion of the EBITDA margin to around 14% show that the company is generating substantially stronger operating leverage as it scales its portfolio. At the same time, material costs remain an area to watch, having increased 34% during the quarter.
The next phase of Honasa’s growth will depend on whether it can sustain this combination of revenue expansion and margin improvement. Mamaearth remains the flagship brand, but faster-growing brands and acquisitions such as Reginald Men and Fluence Pharma are becoming increasingly important to the company’s broader strategy. If Honasa can continue scaling its younger brands while maintaining profitability and controlling costs, it could strengthen its position as one of India’s leading multi-brand beauty and personal care companies.
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