Honasa (Mamaearth): ₹1,866 Cr Revenue, ₹64 Cr PAT — But Still 133x P/E? Even Your Charcoal Face Pack Can’t Hide That
At a Glance
If you’ve ever bought a ₹399 face wash from Amazon, chances are you’ve funded this company’s marketing budget. Honasa Consumer Ltd, aka Mamaearth, is India’s biggest digital-first beauty brand — and probably the only one whose P/E ratio (133x) is higher than its return on equity (5.5%). Despite turning profitable, the story is smelling more of overvaluation than essential oils.
1. Introduction
Mamaearth’s IPO was the influencer moment of Dalal Street. Glowing reviews, #OrganicSkincare, and a ₹547 listing high. But the after-party? Not so pretty. The stock’s down over 50% from the highs, and currently trading at ₹263.
Sure, the brand’s all over Nykaa and Amazon. But beneath the serum-soaked surface lies a very FMCG-unlike reality: erratic margins, reliance on “other income”, and a promoter holding of just 35%. So, is this India’s L’Oréal in the making — or just another unicorn trying to look beautiful on paper?
2. Business Model (WTF Do They Even Do?)
Honasa isn’t just Mamaearth anymore. It’s a house of BPC (Beauty & Personal Care) brands including:
