Honasa Bets on Mamaearth Revival for FY27 Growth
Honasa Consumer expects revenue growth in the high-teen percentage range for fiscal 2027, outpacing analyst projections of around 15%, as recovery in its flagship brand Mamaearth gathers pace. CEO and co-founder Varun Alagh said the turnaround follows product refreshes, pricing tweaks and sharper marketing after a period of sluggish demand in 2024 and 2025 due to changing consumer preferences. Mamaearth, which contributes over half of Honasa’s topline, returned to growth in recent quarters, with its Rice Facewash crossing ₹1 billion in annual recurring revenue.
For the December quarter, Honasa reported consolidated profit of ₹502 million, nearly doubling year-on-year, while revenue from operations rose 16% to ₹6.02 billion. Double-digit growth at Mamaearth supported overall performance, and shares gained about 3%, taking the company’s market capitalisation beyond ₹100 billion. The brand, launched in 2016, initially gained popularity for its “toxin-free” mom-and-baby personal care products.
Beyond organic growth, Honasa is pursuing acquisitions to expand into fragrance and nutrition-focused “inside-out” beauty segments. The strategy, initiated after its transition from a single-brand business in 2020, aligns with a broader dealmaking trend in India’s consumer sector, where peers such as Marico and Hindustan Unilever have stepped up personal-care acquisitions. Last month, Honasa acquired a men’s personal-care brand for nearly ₹2 billion, though it currently has no immediate deals in the pipeline.
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