Honasa Consumer profit jumps 87% as revenue rises 36%

By Olivia Hart

Honasa Consumer, the parent company of Mamaearth, reported second-quarter FY27 net profit of Rs 73.25 crore. Profit rose 86.7% from Rs 39.23 crore in Q2 FY26, according to the Gurugram-based company's financial statements for the fiscal year ending March 2027, accessed through the National Stock Exchange of India.

Revenue from operations rose 36% to Rs 731 crore from Rs 538 crore a year earlier. The Rs 193 crore sales increase lifted total income to Rs 753 crore, compared with Rs 558 crore in Q2 FY26, after Honasa recorded Rs 22 crore in other income.

The profit gain was Rs 34.02 crore, far smaller than the Rs 193 crore revenue increase but substantial against the prior-year base. The statements identify no cause for the surge and provide no sales breakdown for the Mamaearth brand, products or channels.

On the reported numbers, overall expense growth lagged revenue growth and drove the earnings improvement. The statements identify no one-off gain, so the result appears operational; that conclusion remains limited by the missing segment detail.

How did Honasa's costs change?

Honasa Consumer's statements show that cost of materials consumed remained the largest expense component. It rose 38.4% to Rs 220 crore from Rs 159 crore a year earlier.

The Rs 61 crore increase was smaller in absolute terms than the Rs 193 crore sales gain, but its growth rate outpaced revenue's 36% rise. The statements did not explain whether input prices, product mix or purchasing costs caused the change.

Employee benefit expense rose 21.7% to Rs 73 crore, while depreciation edged down to Rs 11 crore from Rs 11.75 crore. Other expenses climbed 26.9% to Rs 348 crore, taking total expenses up 29.1% to Rs 652 crore.

Taken together, Honasa's expenses rose more slowly than revenue, but materials moved against that trend. That divergence is the cost pressure investors will need to monitor.

How strong was the first half?

Honasa Consumer reported first-half FY27 revenue from operations of Rs 1,487 crore, up 31.2% from Rs 1,133 crore in H1 FY26. The increase was Rs 354 crore over six months.

Net profit for H1 FY27 jumped 2.03 times to Rs 164 crore from Rs 80.5 crore, an increase of Rs 83.5 crore. Total income reached Rs 1,531 crore, up Rs 354 crore from Rs 1,177 crore.

The quarter's 36% revenue growth exceeded H1's 31.2% rate, while quarterly profit growth of 86.7% trailed the half-year gain of 103%. Because H1 includes Q2, those comparisons are not independent periods.

The half-year figures show that the profit increase was not confined to Q2. Profit also grew roughly three times as fast as revenue over the six-month comparison.

What does the market snapshot show?

Market data recorded in the report put Honasa Consumer's shares at Rs 487 as of 1:35 PM. That price implied a market capitalisation of approximately Rs 15,703 crore.

The report did not specify the trading date for the price snapshot. That omission limits a direct, dated comparison with the quarterly financial results.

The market snapshot therefore provides a price marker, not enough evidence for a valuation conclusion.

What remains undisclosed?

The provided financial information does not separate Mamaearth revenue from any other Honasa Consumer activity. It also omits gross margin, tax rate, cash-flow data, inventory and receivables, management commentary and forward guidance.

The stated increase in material costs has no explanation in the results, which leaves the key margin pressure unresolved. That absence also prevents a clean assessment of whether the profit surge will persist.

The next filing will test whether Honasa can keep operating revenue growth ahead of material-cost growth while adding the brand and cash-flow detail missing here.