Established in 2016, Honasa Consumer Limited (HCL) is a pioneering force in the realm of beauty and personal care, operating primarily through its digital platform. With a commitment to innovation and customer satisfaction, HCL has swiftly carved a niche for itself in the industry.
In this article, we delve into the comprehensive landscape of the company, exploring its origins, product offerings, market presence, and strategic endeavors. Join us as we unravel the essence of HCL and its impactful journey in the beauty and personal care sector.
About Honasa Consumer
Honasa Consumer Limited (HCL) stands as a formidable presence in India’s beauty and personal care sector, solidifying its dominance as the largest digital-first company by revenue in FY23. With a diverse product portfolio encompassing baby care, face care, body care, hair care, color cosmetics, and fragrances, HCL caters to a wide spectrum of consumer needs. At the forefront of its offerings is Mamaearth, the company’s flagship brand, which accounted for a significant 43% of the FY23 revenue. Launched in 2016, Mamaearth has garnered acclaim for its commitment to crafting toxin-free beauty products derived from natural ingredients.
Notably, Mamaearth has earned the distinction of being India’s largest digital-first BPC brand in terms of revenue. Its popularity is further underscored by being the most-searched BPC brand on Google Trends in India between January 2020 and June 2023. HCL’s strategic focus on innovation, quality, and consumer wellness has propelled it to the forefront of the industry, shaping the landscape of digital-first beauty and personal care in India.
Q3 FY24 Performance Highlights for Honasa Consumer Limited
- Honasa Consumer, the parent company of Mamaearth, reported a significant 250% year-on-year rise in net profit to Rs 26.1 crore in Q3FY24.
- Operating revenue for Mamaearth stood at Rs 488.2 crore, marking a robust 28% increase from the previous year.
- Despite the strong YoY performance, operating revenue fell by 2% sequentially from Rs 496.1 crore.
- Mamaearth CEO highlighted that the first half (H1) is typically stronger for the company, driven by core products like facewash, sunscreen, creams, and shampoos.
- The company reported a sales growth of 28% YoY in the said quarter.
- Mamaearth achieved notable milestones, including selling approximately 10 lakh color care units, reaching an ARR of Rs 150 crore, and The Derma Co. attaining EBITDA positive status year-to-date.
- Four out of six brands in the company’s portfolio have entered the Rs 150 crore ARR club, reflecting the company’s brand-building capabilities and innovation focus.
- During the quarter, 36,95,191 stock options were exercised by employees, while the promoters of Momspresso resigned from their employment, leading to a reversal of share-based payment expenses.
Below are the trading platforms that you can use to purchase Honasa Consumer shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| April 2024 | 443.88 | 385.98 |
| May 2024 | 437.32 | 380.28 |
| June 2024 | 453.06 | 393.97 |
| July 2024 | 448.53 | 390.03 |
| August 2024 | 466.47 | 405.63 |
| September 2024 | 485.13 | 421.86 |
| October 2024 | 475.62 | 413.58 |
| November 2024 | 489.89 | 425.99 |
| December 2024 | 502.14 | 436.64 |
In 2024, Honasa Consumer Limited’s share price target reflects a fluctuating trajectory throughout the year, ranging from a maximum of ₹502.14 to a minimum of ₹385.98. The market cap stands at ₹13,339 crore, with a current price of ₹411 (as of April 3rd, 2024).
The stock’s high and low points hit ₹511 and ₹256 respectively, while the P/E ratio sits at a notable 1,445. With a book value of ₹21.7, the company maintains a dividend yield of 0.00%, with ROCE at 7.50% and ROE at 1.38%. The face value remains at ₹10.0.
| When | Maximum Price | Minimum Price |
| January 2025 | 512.18 | 393.98 |
| February 2025 | 525.31 | 404.09 |
| March 2025 | 545.80 | 419.85 |
| April 2025 | 535.10 | 411.61 |
| May 2025 | 519.51 | 399.62 |
| June 2025 | 542.89 | 417.61 |
| July 2025 | 532.25 | 409.42 |
| August 2025 | 548.71 | 422.08 |
| September 2025 | 567.91 | 436.85 |
| October 2025 | 582.68 | 448.21 |
| November 2025 | 597.24 | 459.42 |
| December 2025 | 612.18 | 470.90 |
In 2025, Honasa Consumer Limited’s share price target exhibits a bullish trend, with the maximum price reaching ₹612.18 and the minimum price at ₹393.98 in January. The year progresses with consistent upward momentum, peaking at ₹612.18 in December.
Notably, Honasa has expanded its brand portfolio significantly since the launch of Mamaearth in 2016, adding five new brands: The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheth’s. This strategic move has enabled the company to adopt a ‘House of Brands’ architecture, diversifying its offerings and strengthening its market presence.
| When | Maximum Price | Minimum Price |
| January 2026 | 630.54 | 485.03 |
| February 2026 | 646.71 | 497.47 |
| March 2026 | 671.93 | 516.87 |
| April 2026 | 658.75 | 506.73 |
| May 2026 | 639.57 | 491.97 |
| June 2026 | 668.35 | 514.11 |
| July 2026 | 655.24 | 504.03 |
| August 2026 | 675.51 | 519.62 |
| September 2026 | 699.15 | 537.81 |
| October 2026 | 717.33 | 551.79 |
| November 2026 | 735.26 | 565.59 |
| December 2026 | 753.64 | 579.73 |
In 2026, Honasa Consumer Limited continues its upward trajectory with an optimistic outlook for its share price. The year starts strong, with the maximum price hitting ₹753.64 and the minimum at ₹485.03 in January. Throughout the months, prices maintain a steady climb, culminating in a high of ₹753.64 in December. Despite volatility in the market, Honasa solidifies its position with a 5.4% share in the Online Beauty and Personal Care Market and 1.5% in the Indian BPC market.
Moreover, the recent acquisition of BBlunt Salons and its product business in March 2022 further bolsters the company’s offerings, expanding its reach into hair care, grooming, and styling services across key cities like Mumbai, Bangalore, and Kolkata.
| When | Maximum Price | Minimum Price |
| January 2027 | 768.72 | 591.32 |
| February 2027 | 788.43 | 606.48 |
| March 2027 | 819.18 | 630.14 |
| April 2027 | 803.11 | 617.78 |
| May 2027 | 779.72 | 599.79 |
| June 2027 | 814.81 | 626.78 |
| July 2027 | 798.83 | 614.49 |
| August 2027 | 823.54 | 633.49 |
| September 2027 | 852.36 | 655.66 |
| October 2027 | 874.52 | 672.71 |
| November 2027 | 896.39 | 689.53 |
| December 2027 | 918.80 | 706.77 |
In 2027, Honasa Consumer Limited anticipates robust growth as its share price target continues to soar. Starting the year with a maximum price of ₹918.80 and a minimum of ₹591.32 in January, the trend remains bullish throughout the months. The company’s in-house innovation team, comprising 47 members as of June 2023, spearheads product development initiatives, driving end-to-end ideation and execution of new launches.
Notably, Honasa has demonstrated exceptional growth, with revenue expanding at an impressive CAGR of 80% between FY21-FY23. This remarkable growth trajectory underscores the company’s commitment to innovation, market expansion, and sustained success in the beauty and personal care industry.
| When | Maximum Price | Minimum Price |
| January 2028 | 937.17 | 720.90 |
| February 2028 | 961.20 | 739.39 |
| March 2028 | 998.69 | 768.22 |
| April 2028 | 979.11 | 753.16 |
| May 2028 | 950.59 | 731.22 |
| June 2028 | 993.37 | 764.13 |
| July 2028 | 973.89 | 749.15 |
| August 2028 | 1,004.01 | 772.32 |
| September 2028 | 1,039.15 | 799.35 |
| October 2028 | 1,066.17 | 820.13 |
| November 2028 | 1,092.82 | 840.63 |
| December 2028 | 1,120.14 | 861.65 |
- January 2028: ₹720.90(Minimum)
- December 2028: ₹1,120.14 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 1,142.55 | 878.88 |
| February 2029 | 1,171.84 | 901.42 |
| March 2029 | 1,217.54 | 936.57 |
| April 2029 | 1,193.67 | 918.21 |
| May 2029 | 1,158.90 | 891.46 |
| June 2029 | 1,211.05 | 931.58 |
| July 2029 | 1,187.31 | 913.31 |
| August 2029 | 1,224.03 | 941.56 |
| September 2029 | 1,266.87 | 974.51 |
| October 2029 | 1,299.81 | 999.85 |
| November 2029 | 1,332.30 | 1,024.85 |
| December 2029 | 1,365.61 | 1,050.47 |
- January 2029: ₹878.88(Minimum)
- December 2029: ₹1,365.61 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 1,392.92 | 1,071.48 |
| February 2030 | 1,428.64 | 1,098.95 |
| March 2030 | 1,484.36 | 1,141.81 |
| April 2030 | 1,455.25 | 1,119.42 |
| May 2030 | 1,412.86 | 1,086.82 |
| June 2030 | 1,476.44 | 1,135.73 |
| July 2030 | 1,447.49 | 1,113.46 |
| August 2030 | 1,492.26 | 1,147.89 |
| September 2030 | 1,544.49 | 1,188.07 |
| October 2030 | 1,584.65 | 1,218.96 |
| November 2030 | 1,624.26 | 1,249.43 |
| December 2030 | 1,664.87 | 1,280.67 |
- January 2030: ₹1,071.48 (Minimum)
- December 2030: ₹1,664.87 (Maximum)
Financial Condition of Honasa Consumer: Last 5 Years
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Sales | 17 | 110 | 460 | 932 | 1,395 |
| Expenses | 21 | 541 | 1,794 | 916 | 1,350 |
| Operating Profit | -4 | -432 | -1,334 | 16 | 45 |
| OPM % | -26% | -393% | -290% | 2% | 3% |
| Other Income | 1 | 4 | 12 | 21 | -132 |
| Interest | 0 | 0 | 1 | 3 | 5 |
| Depreciation | 0 | 1 | 2 | 6 | 15 |
| Profit before tax | -4 | -428 | -1,325 | 28 | -107 |
| Tax % | 0% | 0% | -1% | 29% | -12% |
| Net Profit | -4 | -428 | -1,332 | 20 | -121 |
| EPS (Rs.) | -3,431.37 | -419,637.25 | -1,306,098.04 | 19,291.26 | -8.84 |
| Dividend Payout (%) | 0% | 0% | 0% | 0% | 0% |
- Over the past five years, Honasa Consumer’s financial performance has seen a blend of hurdles and growth prospects.
- Despite fluctuations in sales and expenses, the company has enhanced its operating profit margin (OPM) from negative values to 3% by 2023.
- Profitability has shown variability, with net profit oscillating from negative to positive in certain periods.
- The compounded sales growth over three years has been impressive at 133%, indicating substantial revenue expansion.
- However, the compounded profit growth over the same period has been moderate at 26%, indicating challenges in converting sales growth into profitability.
- Despite fluctuations, the company has maintained a consistent dividend payout of 0%.
- Stock performance has been mixed, with a return on equity (ROE) of 1% in the last year, suggesting a need for better profitability management and improved stock performance.
FAQs
What is Honasa Consumer’s current market cap?
Honasa Consumer’s current market cap is ₹13,339 crore.
The current share price target for Honasa Consumer ranges from ₹385.98 to ₹502.14.
The projected share price target for Honasa Consumer in 2025 ranges from ₹393.98 to ₹612.18.
The projected share price target for Honasa Consumer in 2030 ranges from ₹1,071.48 to ₹1,664.87.
What is Honasa Consumer’s current P/E ratio?
Honasa Consumer’s current P/E ratio is 1,445.
What is Honasa Consumer’s dividend payout percentage?
Honasa Consumer’s dividend payout percentage is 0%.
How has Honasa Consumer’s sales grown over the last 3 years?
The compounded sales growth for Honasa Consumer over the last 3 years is 133%.
What is Honasa Consumer’s sales growth in the trailing twelve months (TTM)?
Honasa Consumer’s sales growth in the TTM is 50%.
How has Honasa Consumer’s profit grown over the last 3 years?
The compounded profit growth for Honasa Consumer over the last 3 years is 26%.
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HCL has emerged as a leading force in India’s beauty and personal care sector since its inception in 2016. With a robust digital platform, diverse product portfolio, and a commitment to innovation, HCL has solidified its dominance as the largest digital-first company by revenue in FY23. The flagship brand, Mamaearth, epitomizes the company’s ethos of crafting toxin-free beauty products derived from natural ingredients, garnering significant acclaim and market share.
Despite fluctuations in financial performance, including sales and expenses, HCL has demonstrated substantial growth, with a compounded sales growth of 133% over the past three years. However, challenges in converting sales growth into profitability have been noted, with a compounded profit growth of 26% over the same period.
Looking ahead, HCL’s share price targets indicate a bullish trajectory, with projections ranging from ₹385.98 to ₹1,664.87 by 2030. This growth outlook is supported by strategic endeavors such as expanding the brand portfolio, achieving notable milestones, and venturing into new markets and acquisitions like BBlunt Salons.
However, it’s essential to note that the stock is trading at 19.0 times its book value, which may present a downside risk. Overall, HCL’s relentless focus on innovation, market expansion, and consumer satisfaction positions it favorably for continued success in the dynamic beauty and personal care industry. Investors should closely monitor the company’s financial performance, competitive landscape, and strategic initiatives to make informed decisions.
What did we learn?
- 1 About Honasa Consumer
- 2 Q3 FY24 Performance Highlights for Honasa Consumer Limited
- 3 How to Purchase Honasa Consumer Shares?
- 4 Honasa Consumer Share Price Target 2024 – 2030
- 4.1 Honasa Consumer Share Price Target 2024
- 4.2 Honasa Consumer Share Price Target 2025
- 4.3 Honasa Consumer Share Price Target 2026
- 4.4 Honasa Consumer Share Price Target 2027
- 4.5 Honasa Consumer Share Price Target 2028
- 4.6 Honasa Consumer Share Price Target 2029
- 4.7 Honasa Consumer Share Price Target 2030
- 5 Financial Condition of Honasa Consumer: Last 5 Years
- 6 FAQs
- 6.1 What is Honasa Consumer’s current market cap?
- 6.2 What is the current share price target for Honasa Consumer?
- 6.3 What is the projected share price target for Honasa Consumer in 2025?
- 6.4 What is the projected share price target for Honasa Consumer in 2030?
- 6.5 What is Honasa Consumer’s current P/E ratio?
- 6.6 What is Honasa Consumer’s dividend payout percentage?
- 6.7 How has Honasa Consumer’s sales grown over the last 3 years?
- 6.8 What is Honasa Consumer’s sales growth in the trailing twelve months (TTM)?
- 6.9 How has Honasa Consumer’s profit grown over the last 3 years?
- 7 Conclusion: Navigating the Dynamic Landscape of Beauty and Personal Care
