Honasa projects 30 percent revenue growth in Q1 FY27
Mamaearth parent Honasa Consumer said it expects about 30 percent revenue growth in Q1 FY27, with reported growth lower on a Flipkart accounting change.
- Honasa expects about 30 percent year on year operating revenue growth for the quarter ended 30 June 2026.
- Reported growth is seen in the mid twenties after Flipkart changed how it reports fulfilment and logistics costs.
- Mamaearth is expected to grow in the high teens, while younger brands grew in the early forties.
- For FY26 Honasa reported net profit of 200.2 crore rupees, up 175.4 percent, on revenue of 2,391.9 crore rupees.
The Q1 projection
Honasa Consumer, the parent of Mamaearth, said it expects about 30 percent year on year growth in operating revenue for the quarter ended 30 June 2026, Inc42 reported on 9 July 2026. On a reported basis the top line is expected to grow in the mid twenties, because Flipkart changed its reporting method to deduct fulfilment and logistics costs before paying Honasa for goods sold. The company said operating margins reached double digits in the quarter.
Mamaearth, the flagship, is expected to post high teens growth on stronger offline distribution, while younger brands such as The Derma Co, Aqualogica, Dr Sheth’s, BBlunt and Staze Beauty grew in the early forties. For FY26, Honasa reported net profit of 200.2 crore rupees, up 175.4 percent, on operating revenue of 2,391.9 crore rupees, up 15.7 percent.
Why it matters
The Flipkart accounting shift shows how marketplace policy can move the reported numbers of listed D2C brands even when underlying demand holds steady. For Indian consumer brands, Honasa’s split of slower flagship growth and faster younger brands points to a portfolio playbook, using newer labels to sustain momentum as the core matures. Investors and founders alike will read the reported versus underlying gap as a reminder to look past headline revenue when a large channel changes its rules.
Zane’s analysis draws on original reporting by Inc42. Read the original report.