Gurugram-based Honasa Consumer is expected to deliver a steady performance in the January-March quarter, with growth moderating due to changes in revenue recognition tied to the Flipkart group, it said in an exchange filing.
The issue with Flipkart refers to a change in Honasa's settlement process with the company, which was first reported by the beauty and personal care outfit last November. This pertains to Flipkart, until the July-September quarter of 2025, sharing an invoice with Honasa for logistics and fulfilment costs, which were recognised as a part of its expenses. However, the ecommerce company no longer issues this invoice. Instead, it deducts these costs directly from the revenue, leading to lower topline numbers.
The Mamaearth parent said it is likely to clock revenue growth in the late twenties on an adjusted basis, and in the early twenties as reported, according to its quarterly update.
The company said its flagship brand Mamaearth is projected to grow in the teens, while newer labels such as The Derma Co, Aqualogica, and Dr Sheth’s are expected to expand at a faster clip, in the mid-twenties.
Offline distribution continued to underpin growth during the quarter. General trade and modern trade channels saw sustained traction aided by wider distribution, even as digital-first brands across the sector increasingly push into physical retail.
The quarter also includes a full contribution from BTM Ventures, the parent of brands such as Reginald Men and Molecular Company, following its acquisition in December 2025.
Margins are expected to remain broadly stable, supported by operating leverage in marketing spends and fixed costs, indicating tighter control on expenses even as the company continues to invest in growth, it added.
However, the company flagged external risks, including geopolitical developments, which could have a bearing on input costs and operations going forward.
Honasa Consumer is yet to report audited financial results for the quarter. In the October-December period, it reported a 16% on-year increase in operating revenues, at Rs 601 crore. The company’s net profit for the quarter had come in at Rs 50 crore, compared to Rs 26 crore a year ago.
The issue with Flipkart refers to a change in Honasa's settlement process with the company, which was first reported by the beauty and personal care outfit last November. This pertains to Flipkart, until the July-September quarter of 2025, sharing an invoice with Honasa for logistics and fulfilment costs, which were recognised as a part of its expenses. However, the ecommerce company no longer issues this invoice. Instead, it deducts these costs directly from the revenue, leading to lower topline numbers.
The Mamaearth parent said it is likely to clock revenue growth in the late twenties on an adjusted basis, and in the early twenties as reported, according to its quarterly update.
The company said its flagship brand Mamaearth is projected to grow in the teens, while newer labels such as The Derma Co, Aqualogica, and Dr Sheth’s are expected to expand at a faster clip, in the mid-twenties.
Offline distribution continued to underpin growth during the quarter. General trade and modern trade channels saw sustained traction aided by wider distribution, even as digital-first brands across the sector increasingly push into physical retail.
The quarter also includes a full contribution from BTM Ventures, the parent of brands such as Reginald Men and Molecular Company, following its acquisition in December 2025.
Margins are expected to remain broadly stable, supported by operating leverage in marketing spends and fixed costs, indicating tighter control on expenses even as the company continues to invest in growth, it added.
However, the company flagged external risks, including geopolitical developments, which could have a bearing on input costs and operations going forward.
Honasa Consumer is yet to report audited financial results for the quarter. In the October-December period, it reported a 16% on-year increase in operating revenues, at Rs 601 crore. The company’s net profit for the quarter had come in at Rs 50 crore, compared to Rs 26 crore a year ago.