Honasa Consumer Ltd
Incorporated in 2016, Honasa Consumer Limited (HCL) provides beauty and personal care products through its digital platform.[1]
- Market Cap ₹ 9,483 Cr.
- Current Price ₹ 291
- High / Low ₹ 334 / 190
- Stock P/E 76.2
- Book Value ₹ 38.8
- Dividend Yield 0.00 %
- ROCE 7.44 %
- ROE 5.51 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
Cons
- Stock is trading at 7.52 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 35.0%
- Earnings include an other income of Rs.82.1 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 17 | 110 | 460 | 932 | 1,395 | 1,764 | 1,866 | 2,103 | |
| 21 | 541 | 1,794 | 916 | 1,350 | 1,634 | 1,812 | 1,970 | |
| Operating Profit | -4 | -432 | -1,334 | 16 | 45 | 130 | 54 | 133 |
| OPM % | -26% | -393% | -290% | 2% | 3% | 7% | 3% | 6% |
| 1 | 4 | 12 | 21 | -132 | 58 | 76 | 82 | |
| Interest | 0 | 0 | 1 | 3 | 5 | 7 | 11 | 11 |
| Depreciation | 0 | 1 | 2 | 6 | 15 | 23 | 36 | 38 |
| Profit before tax | -4 | -428 | -1,325 | 28 | -107 | 158 | 84 | 167 |
| Tax % | 0% | 0% | 1% | 29% | 12% | 24% | 24% | |
| -4 | -428 | -1,332 | 20 | -121 | 121 | 64 | 124 | |
| EPS in Rs | -3,431.37 | -419,637.25 | -1,306,098.04 | 19,291.26 | -8.84 | 3.73 | 1.97 | 3.83 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 76% |
| 3 Years: | 26% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 48% |
| TTM: | 56% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 22% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 6% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 0.01 | 0.01 | 136 | 324 | 325 | 325 |
| Reserves | 30 | -437 | -1,765 | 712 | -1,302 | 800 | 875 | 937 |
| 0 | 593 | 1,974 | 0 | 1,866 | 110 | 110 | 116 | |
| 4 | 25 | 94 | 240 | 249 | 387 | 451 | 473 | |
| Total Liabilities | 34 | 181 | 303 | 952 | 949 | 1,622 | 1,761 | 1,852 |
| 0 | 1 | 21 | 98 | 126 | 170 | 165 | 199 | |
| CWIP | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| Investments | 26 | 124 | 164 | 532 | 392 | 426 | 459 | 371 |
| 8 | 56 | 118 | 321 | 431 | 1,026 | 1,137 | 1,281 | |
| Total Assets | 34 | 181 | 303 | 952 | 949 | 1,622 | 1,761 | 1,852 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -4 | -10 | 30 | 52 | -23 | 218 | 78 | |
| -23 | -117 | -21 | -518 | 3 | -459 | -132 | |
| 28 | 129 | -1 | 481 | -7 | 344 | -24 | |
| Net Cash Flow | 0 | 1 | 8 | 15 | -27 | 103 | -78 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 57 | 35 | 27 | 25 | 30 | 30 | 24 |
| Inventory Days | 86 | 136 | 115 | 83 | 95 | 84 | 106 |
| Days Payable | 231 | 217 | 221 | 210 | 152 | 184 | 210 |
| Cash Conversion Cycle | -88 | -46 | -79 | -102 | -27 | -70 | -80 |
| Working Capital Days | 4 | 14 | -2 | -11 | 12 | -9 | -14 |
| ROCE % | -461% | -725% | 7% | 7% | 17% | 7% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
2d - Transcript of Nov 12, 2025 Q2 FY26 call; revenue INR566 crore, EBITDA INR48 crore, PAT INR39 crore.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Nov - Management of the Company will participate in Investor Conference namely - 28th India Forum 2025 hosted by CLSA on November 18, 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
13 Nov - Newspaper publication for the unaudited financial results for the quarter and half year ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
12 Nov - Audio of Nov 12, 2025 earnings call for quarter/H1 ended Sept 30, 2025 posted online.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
12 Nov - ICRA monitoring report (Sep 30, 2025): IPO proceeds used as intended; ₹350.492Cr IPO, ₹113.012Cr unutilized.
Concalls
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
Market Position[1] Honasa is India's largest digital-first beauty and personal care (BPC) company by revenue in FY24. As of CY23, according to Euromonitor, Mamaearth ranks as the third-largest skincare brand in India.[2]