HONASA · Fast Moving Consumer Goods
Honasa Consumer Ltd. reported revenue of ₹602 cr for October to December 2025, +16.2% on the year and +11.9% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹2,269 cr, +13.2% on the four before.
Operating profit (EBITDA) was ₹65.0 cr, a margin of 10.8%, +578 bps on the year and +188 bps on the quarter. It is the widest margin of the last 8 quarters (range −6.7% to 10.8%). Operating costs grew +9.1% against revenue growth of +16.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹50.0 cr, +92.3% on the year and +28.2% on the quarter, with earnings per share of ₹1.54. Profit before other income, one-offs and tax grew faster, at +410.0%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹155 cr, +101.3% on the four before.
On earnings per share of ₹4.79 over the last four quarters, the stock at ₹452.95 trades at 94.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹11.0 cr, −15.4% on the year.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +92.3% on the year; profit before other income, exceptional items and tax +410.0%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹496 cr | ₹488 cr | ₹471 cr | ₹554 cr | ₹462 cr | ₹518 cr | ₹534 cr | ₹595 cr | ₹538 cr | ₹602 cr | ₹657 cr | ₹756 cr |
| YoY | — | — | — | +19% | −7% | +6% | +13% | +7% | +16% | +16% | +23% | +27% |
| EBITDA margin | 8.1% | 7.0% | 7.0% | 8.3% | −6.7% | 5.0% | 5.1% | 7.7% | 8.9% | 10.8% | 11.7% | 14.6% |
| Other income, % of PBT | 18% | 31% | 49% | 37% | — | 66% | 66% | 43% | 38% | 24% | 23% | 19% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 22% | 23% | — | 12% | 22% | 26% | 26% | 25% | 15% | 24% |
| Net profit | ₹29.0 cr | ₹26.0 cr | ₹30.0 cr | ₹40.0 cr | −₹19.0 cr | ₹26.0 cr | ₹25.0 cr | ₹41.0 cr | ₹39.0 cr | ₹50.0 cr | ₹69.0 cr | ₹90.0 cr |
| YoY | — | — | — | +60% | −166% | 0% | −17% | +2% | — | +92% | +176% | +120% |
| Core profit YoY | — | — | — | +57% | −238% | −58% | −45% | −3% | — | +410% | +473% | +200% |
| EPS | ₹2.16 | ₹0.80 | ₹0.94 | ₹1.24 | −₹0.57 | ₹0.80 | ₹0.77 | ₹1.27 | ₹1.21 | ₹1.54 | ₹2.13 | ₹2.77 |
| Flags | · | 1 | 1 | ✓ | 2 | 2 | 1 | ✓ | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Honasa Consumer Ltd. reported revenue of ₹602 cr (+16.2% on the year) and net profit of ₹50.0 cr (+92.3% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +410.0% on the year, against +92.3% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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