Honasa eyes ₹5,500 cr by FY31 as Q4 revenue jumps 23% and margins recover
Mamaearth parent Honasa Consumer posted Q4FY26 revenue of ₹657 cr (+23% YoY) with Ebitda margin expanding 669 bps to 11.75%. Management targets ₹5,000-5,500 cr revenue and 15% Ebitda margin by FY31, scaling direct distribution from 120,000 to 300,000 outlets. Stock up 44% YTD at 55x FY27 PE leaves little room for execution slips.
What happened
Honasa Consumer posted 23% Q4FY26 revenue growth and outlined a FY31 target of ₹5,000-5,500 cr revenue with 15% Ebitda margin, scaling Mamaearth, Derma Co.,
Key facts
- Q4FY26 revenue ₹657 cr (+23% YoY)
- FY26 revenue ~₹2,400 cr
- FY31 target ₹5,000-5,500 cr (16-18% CAGR)
- Ebitda margin target 15% by FY31 (+500 bps)
- Q4 Ebitda margin 11.75% (+669 bps)
- gross margin 70.3% (-40 bps)
- direct distribution ~120,000 outlets, target 300,000 by FY31
- stock +44% YTD at ₹413
- 55x FY27 PE
Why this matters
Honasa's BPC growth trajectory and distribution build-out make adjacent house-of-brands tuck-ins or premium D2C bolt-ons increasingly accretive to the FY31 revenue bridge.