Mamaearth parent Honasa sees over 20% Q4 revenue growth

Honasa Consumer, the Gurugram-based parent of Mamaearth, said it expects January-March revenue to rise in the early 20% range as reported, and the late 20% range on an adjusted basis.

Reported growth was moderated after Flipkart began deducting logistics and fulfillment costs from revenue instead of invoicing them as expenses.

The company said Mamaearth may grow in the teens, while The Derma Co, Aqualogica, and Dr Sheth’s may rise in the mid-20% range, helped by offline sales and a full-quarter contribution from BTM Ventures after its December 2025 acquisition.

Honasa said margins should stay broadly stable, but flagged geopolitical risks that could affect costs and operations.

In October-December, Honasa posted operating revenue of 6 billion rupees (US$64.9 million), up 16% year-on-year, and net profit of 500 million rupees (US$5.4 million), up from 260 million rupees (US$2.81 million).

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

Behind the numbers A strategic overhaul and an acquisition fuel growth

Honasa bought BTM Ventures, adding a profitable, fast-growing business to its portfolio 1.
BTM’s brand Reginald Men brought in over 700 million rupees (US$7.56 million) in revenue with about a 25% EBITDA margin in the 12 months to October 2025, which boosts Honasa’s reach in men’s personal care 1.
Offline sales also rose because of Project Neev, a distribution revamp rather than only organic growth 2.
Project Neev moved Honasa away from super-stockists, which are large intermediaries that supply retailers, toward direct distributors in top cities. Direct distributors now handle more than 80% of offline distribution 2.
A Flipkart accounting change has already affected reported revenue before. In Q2 FY26, it cut Honasa’s reported revenue by 280 million rupees (US$3.02 million) while leaving profitability unchanged 3.

Beyond Mamaearth A new D2C growth playbook takes shape

Different growth rates across Mamaearth and newer labels back Honasa’s “house of brands” approach.
With the flagship brand maturing, Honasa is leaning on newer names such as The Derma Co, which has crossed 7.5 billion rupees (US$81 million) in annual recurring revenue (ARR) 4.
Quick commerce, which means ultra-fast delivery platforms, contributes around 10% of total revenue 4.
Honasa ceo Varun Alagh said this channel has “healthier economics” than online marketplaces. He added that it helps push products priced under 200 rupees (US$2.2) shaping a new distribution route for consumer goods companies 4.