The parent of Mamaearth is targeting 15% EBITDA margins while scaling core beauty categories, expanding its house of brands and capturing India’s rapidly shifting online retail opportunity.
Honasa Consumer, the parent company of beauty brand Mamaearth, is targeting a two-fold increase in revenue to ₹5,550 crore by FY31, as it looks to accelerate growth across its portfolio of consumer brands. The company also aims to expand its EBITDA margin to 15% during the same period.
Founded in 2016 by Ghazal Alagh and Varun Alagh, the Gurugram-based company operates a house-of-brands model targeting millennial and Gen Z consumers. Its portfolio includes Mamaearth, The Derma Co, Aqualogica and Dr Sheth’s.
Honasa Consumer reported ₹475.53 crore in total income in FY26, representing 15.37% year-on-year growth. The founders said the company’s longer-term ambition is to build brands that are loved by Indian consumers while improving the speed at which new products and brands become profitable.
Growth will remain focused on a set of established categories, including face cleansers, shampoos, sunscreens, moisturisers, face serums, lipsticks and baby care. These categories currently contribute around 80% of Honasa Consumer’s revenue, while the company plans to explore newer segments within existing and new categories.
Mamaearth, the flagship brand that built the company, is also showing renewed momentum. During FY26, it gained both value market share and share among handlers in face cleansers and shampoos across general trade and modern trade channels, according to NielsenIQ.
The company’s strategy comes as consumer discovery and purchasing behaviour continues to shift. Honasa Consumer said beauty discovery has increasingly moved to mobile platforms, where creators play a larger role in influencing consumers. At the same time, consumers are increasingly prioritising product efficacy and ingredients.
The path to purchase is also becoming more fragmented across e-commerce, quick commerce and general trade, requiring brands to build visibility across multiple channels. Gen Z consumers are further accelerating this shift by adopting beauty products earlier and raising expectations around product performance and discovery.
For Honasa Consumer, this creates an opportunity to combine its digital-first roots with broader distribution and a multi-brand strategy. The company believes India’s online retail penetration remains in its early stages and expects the online share of retail to roughly double by the end of the decade.
The founders have cautioned that revenue and margin targets are outcomes rather than the ultimate objective. Their focus remains on identifying consumer needs, proving products, scaling brands and reaching profitability faster.
With ₹5,550 crore in FY31 revenue and 15% EBITDA margin as stated targets, Honasa Consumer is positioning its house of brands for the next phase of India’s evolving beauty and FMCG market.
Source: Based on reporting by ET Retail, with additional editorial adaptation and analysis.
