Honasa Consumer (Mamaearth)

CSell / Avoid

HONASA · NSE · Mid Cap · D2C

D2CFMCG Supplier

Fetching live…

₹240

1D -1.2%1M -6.0%1Y -45%

Fundamental (RQ-100)

Technical (TQ-100)

Valuation

Market cap

₹11.0K Cr

Live decision ratingCSell / Avoid

Fundamental score breakdown

47/100

Growth Quality

15.6 / 20

Rev 1Y 8.0%, 3Y CAGR 28.0%, 5Y CAGR 60.0%

Margin & Profitability

4.5 / 15

EBITDA 6.0%, PAT 3.0%

Return on Capital

6.0 / 20

ROCE 10.0%, ROE 8.0%

Cash Flow Quality

4.0 / 15

OCF/EBITDA 0.40

Leverage

10.0 / 10

ND/EBITDA -1.50

Reinvestment

3.0 / 8

Capex/Sales 1.5%

Accounting

4.0 / 7

Governance

4.0 / 5

Red flags (penalty)

-4.0 / 0

Technical score breakdown

34/100

Trend Structure

8.0 / 20

↓ 200 · ↓ 50 · ↓ 20

Momentum

1.0 / 15

1Y -45.0%, 1M -6.0%

Volume Dynamics

8.0 / 15

Vol30 —%

Relative Strength

2.0 / 15

1Y -45.0%

MA Cluster

5.0 / 10

Extension

5.0 / 10

—% from 50DMA

Volatility

4.0 / 8

Price Action

1.0 / 7

-100.0% from 52W H

Business

What this company actually does

Listed D2C personal care house-of-brands (Mamaearth, The Derma Co, Aqualogica, Ayuga, Bblunt).

Stores

—

Dark stores

—

Cities

—

Listed status

Listed

Format exposure

How direct is this play?

Primary formatD2C

Exposure typePure-play

Revenue visibilityLow

Operating leverage stageInvestment

Policy beneficiaryNone

Data confidenceMedium

Financial snapshot

Live · green dot = live, falls back to curated

Revenue

₹2.1K Cr

Rev 1Y growth

Rev 3Y CAGR

28%

EBITDA margin

6.0%

PAT margin

3.0%

ROE

ROCE

10%

OCF/EBITDA

0.40

Net Debt/EBITDA

-1.5

Financial statements

Multi-year P&L, balance sheet, cash flow — scraped live from Screener.in

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Valuation

Live multiples + retail-specific (curated)

P/E

Forward P/E

EV/EBITDA

EV/Sales

5.5

P/B

7.0

FCF Yield

0.9%

Aggressive multiple. Needs flawless execution to justify.

Investment thesis

AI-generated · always cite sources before acting

Bull

Compounding revenue at 28% CAGR. Pure-play exposure to D2C. Long-runway TAM with structural tailwinds.

Base

Earnings growth of ~31% over the next 3 years assuming margins hold. Multiple compression risk if growth slows; multiple expansion possible if D2C GMV outperforms.

Bear

Premium multiple has no margin for error. Format-level risk: regulation, gig-cess, or competitive pressure compress contribution margin.

Variant perception

Consensus views Honasa Consumer (Mamaearth) as a challenged player. Our differentiated take: the current multiple already prices in mid-cycle outcomes.

Key monitorables

Quarterly EBITDA margin trajectory
Revenue growth vs management guidance
Capex vs store/dark-store adds
Promoter holding and ESOP dilution

Peers

Same primary format · sorted by market cap