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Direct-to-consumer beauty and personal care company behind the Mamaearth, The Derma Co and Aqualogica brands.
Direct-to-consumer beauty and personal care company behind the Mamaearth, The Derma Co and Aqualogica brands.
Owns no factories: contract manufacturers make its products, and the company concentrates on brand-building and distribution. Sales run through online marketplaces and its own sites, with growing offline distribution to chemists and general stores. It listed on the stock exchange in 2023.
In one line: India's digital-first beauty house, like e.l.f. Beauty.
Moat: narrow (brand, distribution). Strong digital-native brand recall and multi-brand portfolio, though personal care has low switching costs.
Headquarters: Gurugram, India · Founded: 2016 · Employees: 3,453
Size Honasa Consumer (HONASA.NS) is an India Consumer Discretionary company (Specialty Stores) with a market value of $1.61B, the 439th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹466.40 on 6 Nov 2026.
Performance Over six months the shares gained 31.5%, against -8.2% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 21.1% over the last twelve months (peer median +2.6%); the operating margin is 10.1% (peer median 7.8%).
Valuation It trades at 52.9× forward earnings against a peer median of 13.5× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +39%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.2 points above its cost of capital (12.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹25.5B | ₹23.9B | ₹20.7B | ₹19.2B | ₹14.9B |
| Revenue growth | — | +16% | +8% | +29% | — |
| Gross profit | ₹14.7B | ₹13.2B | ₹11.6B | ₹11.0B | ₹8.23B |
| EBITDA | ₹3.01B | ₹2.38B | ₹717M | ₹1.39B | ₹231M |
| Net income | ₹2.49B | ₹2.00B | ₹727M | ₹1.12B | -₹1.43B |
| Free cash flow | n/a | ₹1.73B | ₹1.20B | ₹2.36B | -₹555M |
| Capital expenditure | n/a | ₹74.4M | ₹204M | ₹118M | ₹117M |
| Total debt | n/a | ₹1.35B | ₹1.36B | ₹1.31B | ₹922M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Honasa Consumer HONASA.NS | $1.61B | +32% | +21% | 10% | 52.9× | 42.5% |
| FSN E-Commerce Ventures NYKAA.NS | $10.7B | +31% | +28% | 5% | 209.2× | n/a |
| Hindustan Unilever HINDUNILVR.NS | $49.6B | -12% | +6% | 21% | 41.5× | 27.2% |
| Procter & Gamble Hygiene & Health Care PGHH.NS | $2.40B | -29% | -2% | 24% | 27.3× | 15.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HONASA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | +6.2% | 7th lowest of 21 |
| 6-month return | +31.5% | -8.2% | 3rd highest of 21 |
| Distance from 52-week high | -8.5% | -22.3% | 6th highest of 21 |
| Revenue growth (TTM) | +21.1% | +2.6% | 6th highest of 21 |
| Operating margin | 10.1% | 7.8% | 6th highest of 21 |
| Forward P/E | 52.9× | 13.5× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 42.5% | -0.1% | most demanding of 18 |
| Growth delivered (Del g) | +39.1% | +4.2% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | +3.5 pp | -4.8 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | +1.2 pp | +4.0 pp | 7th lowest of 21 |
| EV / EBITDA | 50.6× | 7.3× | most expensive of 14 |
| Net debt / EBITDA | -1.1× | 1.7× | 2nd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Honasa Consumer HONASA.NS | India | $1.61B | +32% | +21% | 10% | 52.9× | 42.5% | +39.1% |
| Luk Fook Holdings (International) 0590.HK | Hong Kong | $1.58B | -9% | +29% | 20% | 6.1× | n/a | n/a |
| Savers Value Village SVV | United States | $1.52B | +22% | +10% | 8% | 18.2× | 12.9% | +15.0% |
| Pets At Home PETS.L | United Kingdom | $1.51B | +48% | -1% | 7% | 15.9× | 9.2% | +5.2% |
| Sally Beauty SBH | United States | $1.71B | +31% | +1% | 9% | 8.3× | -2.6% | +1.0% |
| Beijing Caishikou Department Store 605599.SS | China | $1.71B | -23% | +37% | 4% | 13.3× | -17.2% | +32.7% |
| Leon's Furniture LNF.TO | Canada | $1.43B | +16% | 0% | 8% | 13.3× | -3.3% | +3.0% |
| National Vision EYE | United States | $1.42B | -22% | +8% | 4% | 16.3× | 15.6% | +3.0% |
| Itochu Enex 8133.T | Japan | $1.41B | +3% | +2% | 3% | n/a | -7.1% | +2.9% |
| Chow Tai Seng Jewelry 002867.SZ | China | $1.88B | -12% | -22% | 14% | 13.1× | 1.3% | +11.7% |
| Sun Art Retail 6808.HK | Hong Kong | $1.37B | -24% | -10% | 0% | n/a | 1.6% | -9.4% |
| Bilia BILI-A.ST | Sweden | $1.37B | +9% | +1% | 3% | 14.6× | 0.9% | +6.0% |
| Sonic Automotive SAH | United States | $1.95B | -24% | +2% | 3% | 9.3× | n/a | n/a |
| MTG 7806.T | Japan | $1.96B | +36% | +44% | 11% | 27.4× | n/a | n/a |
| SILICON 2 257720.KS | South Korea | $1.30B | -39% | +55% | 19% | 7.2× | -14.8% | +62.2% |
| North West NWC.TO | Canada | $2.02B | +17% | +1% | 8% | 17.1× | -2.8% | +1.9% |
| Rusta RUSTA.ST | Sweden | $1.28B | -17% | +8% | 8% | 18.7× | 2.5% | +7.3% |
| Chengdu Fusen Noble-House Industrial 002818.SZ | China | $1.26B | -8% | -22% | 42% | 11.2× | -2.7% | -1.0% |
| Nextage 3186.T | Japan | $1.25B | -26% | +24% | 4% | 11.2× | -0.1% | +22.0% |
| Kidswant Digital Technology 301078.SZ | China | $1.24B | -25% | +5% | 5% | 21.8× | -0.6% | +4.2% |
| Super Retail SUL.AX | Australia | $2.14B | +22% | +3% | 9% | 13.8× | 6.7% | +4.0% |