Honasa Consumer, the parent company of Mamaearth, has reported its strongest quarter since listing. Net profit rose 87 per cent year on year to Rs 73.24 crore in the September quarter, while revenue from operations grew 36 per cent to Rs 731.18 crore.
The results were announced on 6 November 2026. Revenue growth of 35.9 per cent was the highest the company has recorded since its public listing in November 2023. Profit grew faster than sales, which pushed margins higher across the business.
The quarter in numbers
Operating profit nearly doubled to Rs 93 crore from Rs 48 crore a year earlier, and the operating margin widened to 12.7 per cent from 8.9 per cent.
The net profit margin improved to 10 per cent from 7.3 per cent, while gross profit climbed to Rs 511 crore from Rs 379 crore.
For the first half of the financial year, revenue reached Rs 1,487.13 crore, up 31 per cent from a year earlier. Net profit for the six months more than doubled to Rs 163.69 crore, a rise of 103 per cent.
Profit was lower than the Rs 90.4 crore reported in the June quarter, and revenue eased from Rs 755.9 crore in the same period. The year on year comparison still shows the strongest growth the company has delivered since listing.
Where the growth came from
The growth was led by the company focus categories, which grew more than 40 per cent and now account for over 80 per cent of the business. These categories cover face cleansers, shampoos, face serums, sunscreens, moisturisers, baby care and lipsticks.
Our focus categories grew over 40 per cent and now contribute more than 80 per cent of our business, with strong momentum across General Trade, Modern Trade and eCommerce. This reflects the strength of our category playbooks and our ability to reach consumers across an increasingly diverse retail landscape.
Varun Alagh, Chairman and CEO and Co-founder, Honasa Consumer
Sales grew across every channel. E-commerce expanded by more than 20 per cent, while general trade secondary sales and modern trade offtake each grew by more than 40 per cent. Retail reach extended to about 3.2 lakh FMCG outlets, a rise of 26 per cent.
The focus categories sit in an addressable market of about Rs 50,000 crore, where Honasa holds around 5 per cent share. That gap leaves room for the company to keep growing by winning share rather than waiting for the market to expand.
The brands behind the numbers
Mamaearth sustained growth in the high teens and held a mid-teens operating margin. Its offline share in face cleansers reached 7.1 per cent, up 140 basis points in a year, while its shampoo share rose to 2.7 per cent.
The Derma Co continued to grow profitably, with distribution across more than 65,000 outlets. Its offline share in face cleansers stood at 1.2 per cent, up 101 basis points from a year earlier.
Our younger brands grew over 45 per cent year-on-year, reflecting the potential of our emerging portfolio.
Varun Alagh, Chairman and CEO and Co-founder, Honasa Consumer
The younger brands in the portfolio grew by more than 45 per cent together. Innovation is feeding that growth, with new formats built around changing consumer tastes rather than line extensions alone.
While we continue to strengthen the core of our flagship brands, we are also creating room for our younger brands to experiment with new formats and consumer propositions. From Mamaearth’s Kulhad Chai Tinted Lip Balm, in collaboration with Chaayos, to Dr. Sheth’s Collagen & Vitamin C Overnight Moisture Wrapping Mask, our innovations reflect our effort to stay culturally relevant and anticipate evolving consumer preferences.
Ghazal Alagh, Chief Innovation Officer and Co-founder, Honasa Consumer
Honasa’s portfolio spans eight brands, including Mamaearth, The Derma Co, Aqualogica, Dr. Sheth’s, BBlunt and Staze. The company describes itself as India’s largest digital-first beauty and personal care company, with an omni-channel presence across more than 750 districts. Read more on the Honasa Consumer website.
A market with room to grow
Honasa’s quarter comes as India’s beauty and personal care market heads for sharp growth. Research firm Redseer estimates the market at about 23 billion dollars today and expects it to reach about 40 billion dollars by 2030, which would make India the fourth largest market in the world.
The same report puts average beauty spending in India at about 15 dollars per person, against 38 dollars in China and 383 dollars in the United States. The gap points to how early the Indian market still is, and why brands with strong distribution keep investing in it.
Indian consumer companies have been reporting strong quarters. Media technology company Amagi reported record revenue of Rs 476 crore in the same earnings season, with profit rising sharply. Honasa’s numbers sit in the same pattern of listed consumer brands turning scale into profit.
Honasa is spending to stay in the race. Advertising outlay rose 36 per cent to Rs 245 crore in the quarter, or about a third of revenue. The company has now fully used the Rs 182 crore it had set aside from its 2023 IPO for advertising.
The next two quarters will show whether Honasa can hold this pace. The company has the distribution, the brands and the balance sheet to keep growing, and the market around it is expanding fast enough to reward the brands that execute well.
