Honasa Consumer’s latest quarterly results highlight a broader product portfolio and offline expansion, with a strategic push into fragrance that could reshape its growth trajectory beyond the popular Mamaearth brand.
Honasa Consumer has just delivered its strongest quarter yet, but the more important story is no longer just the performance of Mamaearth, the brand that first put the company on the map. According to Trade Brains, the latest results show a business that is beginning to look broader, with newer labels, offline distribution and a fresh push into fragrance all contributing to a more resilient growth profile.
The company reported revenue from operations of ₹756 crore, up 27% from a year earlier and 15% sequentially, while like-for-like revenue rose 31.8% to ₹785 crore after adjustments for marketplace accounting. Volume growth of 30.5% suggested demand was coming from more products sold rather than simple price increases. Profitability improved even faster: reported EBITDA jumped 140.7% to ₹110 crore, lifting the margin to 14.6%, and profit after tax climbed 116.5% to ₹90 crore. Business Standard had already flagged the company’s improving earnings trend in earlier quarters, including a 93% rise in profit after tax for the quarter ended 31 December 2025, when revenue reached a record ₹602 crore.
What has changed most is the mix. Trade Brains reported that the newer portfolio, including Aqualogica, Dr. Sheth’s, BBlunt and Staze, grew more than 40% year on year, while The Derma Co has become a second engine in its own right. The skincare brand has crossed a ₹1,000 crore annual net sales run-rate, expanded to more than 50,000 retail outlets and now has three categories each generating more than ₹200 crore in annual run-rate revenue: serums, sunscreen and face cleansers. It has also entered what the company described as the “teens” EBITDA margin bracket, making it a meaningful profit contributor rather than just a growth asset.
The company’s reach is also widening beyond e-commerce. Trade Brains said general trade secondary sales rose by more than 40%, modern trade posted similar growth and the business now reaches about 3 lakh stores. E-commerce still grew more than 20%, showing that the offline expansion is complementing rather than replacing the channel that built the brand. Reginald Men, the men’s grooming brand acquired last year, has also scaled to an annual revenue run-rate of more than ₹150 crore, expanding beyond its South India base and into new products and quick-commerce channels.
The newest strategic bet is fragrance. Management has said the category could be a major growth opportunity, pointing to low penetration in India compared with global levels. After about 18 months of development, the company has launched F/KN, which it presents as an elixir-based fragrance brand built around a 30% fragrance oil concentration and designed for longer wear. Trade Brains also noted that Honasa previously tried fragrance under Mamaearth but pulled back after weak product-market fit, suggesting this is a second, more deliberate attempt. The company’s challenge now is not whether it can keep growing, but whether its newer brands can sustain their momentum and whether fragrance can become the next lasting growth leg rather than a small experiment.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
