Honasa slips 3% after ₹135 cr Fluence Pharma deal to enter nutraceuticals
Mamaearth parent buys 58% of Fluence Pharma at 3.4x EV/sales, forming Honasa Health to push B2C nutraceuticals via digital channels. Target ₹500 cr revenue in a ₹16,000 cr market; full buyout planned over 5-7 years. Street wary on margin dilution.
What happened
Honasa Consumer · Honasa (Mamaearth parent) acquires 58% of nutraceuticals maker Fluence Pharma at ₹135 crore EV, with plan to absorb remainder over 5-7 years.
Key facts
- 3.07% stock decline
- ₹407 share price
- 58% stake
- ₹135 crore EV
- 3.4x EV/sales
- 42% remaining stake over 5-7 years
- ₹40 crore FY26 revenue
- 20%+ EBITDA margin
- 3,000 dermatologists
- ₹13,287 crore m-cap
- ₹485 target price
- ₹500 crore revenue opportunity
- ₹16,000 crore nutraceuticals market
Why this matters
The 58% stake with a 5-7 year full buyout glide path is a sensible risk-shared structure for category entry, and 3.4x EV/sales sets a useful comp for future D2C health & wellness tuck-ins.