Honasa Consumer Limited (HONASA) — Financial Results Announcement

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Investor Takeaways

Consolidated revenue reached INR 657 crores in Q4 FY26, reflecting 28% YoY growth.

EBITDA rose 185% YoY to INR 77 crores, and PAT margin expanded to 10.6% from 3.5% in FY25.

A maiden dividend of INR 3 per share was recommended, representing 51.2% of PAT.

Nutraceuticals identified as a key growth frontier with 40% search growth in hair and skin supplements.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	657	28%
Net Profit	98	N/A
EBITDA	77	185%
EPS	1.24	N/A
OPM	10.6%	N/A

What Changed

The company demonstrated significant financial improvement in Q4 FY26, with revenue growing 28% YoY to INR 657 crores, driven by 30% volume growth across modern trade and e-commerce channels. Gross profit margin remained strong at 70.3%, supporting a 185% YoY increase in EBITDA to INR 77 crores. PAT margin expanded substantially to 10.6% from 3.5% in FY25, reflecting improved operational efficiency and cost management. The company reported a net profit of INR 98 crores for the quarter, up from a loss of INR 18.58 crores in Q2FY25, indicating a turnaround in profitability. A maiden dividend of INR 3 per share was recommended, representing 51.2% of PAT, signaling confidence in sustainable earnings. Nutraceuticals emerged as a strategic growth area, supported by 40% search growth in hair and skin supplements, and the company plans to expand into new geographies and offline channels. These developments suggest a shift toward profitable scaling and long-term market positioning.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Honasa Consumer Limited	145.08	Not available	Not available	11,518.09
Hindustan Unilever Limited	36.79	29.38%	27.39%	5,33,874.13
ITC Limited	11.06	50.02%	38.91%	3,87,724.39
Nestle India Limited	84.59	81.33%	93.64%	2,75,845.36

Honasa Consumer Limited trades at a significantly higher P/E multiple compared to its peers, reflecting market expectations of future growth, particularly in nutraceuticals and direct-to-consumer channels. However, its ROE and ROCE metrics are not provided in the filing, limiting direct comparability on capital efficiency.

Risks & Concerns

No specific risks were identified in the filing.

The company’s high P/E ratio of 145.08 may indicate elevated valuation expectations that could be vulnerable to growth slowdowns.

Profitability improvements were from a low base, and sustained margin expansion will depend on scalable growth in high-margin categories like nutraceuticals.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	517.51	26.02	5.05
Q2FY25	461.82	-18.58	-6.65
Q1FY25	554.06	40.26	8.32
Q4FY24	471.09	30.47	7.03

The company achieved profitability after a loss in Q2FY25, with Q4 FY26 marking the highest net profit and OPM in the recent trend. Revenue peaked in Q1FY25 at INR 554.06 crores but declined slightly in subsequent quarters before reaching 657 crores in Q4 FY26, indicating growth acceleration in the latest period.

CRITICAL: Quarterly trend data was provided, so the section is included as required.

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.