Honasa Consumer Ltd, the parent company of beauty brand Mamaearth, expects to more than double its revenue to Rs 5,550 crore by FY31. Meanwhile, the company also expects its EBITDA margin to expand to 15 percent over the next five years, according to its founders.
Looking ahead, Honasa Consumer founders Ghazal Alagh and Varun Alagh said they aim to “become the fastest-growing company in Indian FMCG to reach the Rs 5,000 crore revenue mark.”
Furthermore, the company plans to reach around Rs 5,500 crore in revenue by FY31 by “building brands that are loved by Indian consumers.” Honasa Consumer also targets a 15 percent EBITDA margin, “unlocking a further 500 basis points as mix and scale move our way,” the founders said in their message to shareholders in the Annual Report.
Meanwhile, Honasa Consumer reported a total income of Rs 475.53 crore in FY26, registering 15.37 per cent year-on-year growth. However, the founders clarified that revenue and margin targets do not represent the company’s sole objectives.
Instead, the company plans to drive growth through a focused portfolio of categories, including face cleansers, shampoos, sunscreens, moisturisers, face serums, lipsticks, and baby care. These categories currently contribute around 80 percent of Honasa Consumer’s revenue. At the same time, the company plans to expand into “newer partitions within existing and new categories.” “So, we directed the great majority of our brand investment at a focused set of categories,” they said.
Additionally, the founders highlighted the performance of the company’s flagship brand, Mamaearth. During FY26, the brand increased both its Value Market Share and Share-Amongst-Handlers in Face Cleansers and Shampoos across General Trade and Modern Trade channels, according to NielsenIQ.
“The brand that built this company is growing again and is better built now for what comes next,” it said.
At the same time, the founders pointed to changing consumer behaviour in the beauty market. They said “discovery has moved to our mobiles, where beauty is found and debated through creators rather than told through mass media communication”. Moreover, consumers are increasingly trading up and prioritising product efficacy and transparent ingredients.
Meanwhile, Gen Z consumers continue to influence market trends by adopting products earlier and raising expectations. “We have watched this story unfold before, in the US, in China, and in Indonesia: wherever e-commerce has surged, it is the home-grown challengers who gain the most. India’s online share of retail is still in its early innings and set to roughly double by the turn of the decade. We intend to be standing exactly where that wave breaks,” they said.
Founded in 2016, the Gurugram-based company operates through a house-of-brands model focused on millennial and Gen Z consumers. Subsequently, Honasa Consumer went public in November 2023 and now owns brands including Mamaearth, The Derma Co, Aqualogica, and Dr Sheth’s.
