Honasa Consumer, the parent company of Mamaearth, has identified what it believes could be the next major premium frontier in India’s beauty and personal care market — oral beauty.
The company expects the segment, still nascent in India, to evolve into a $700 million opportunity by 2030, driven by rising aesthetic awareness and the growing premiumisation of personal care.
“Today we’re going to talk about a very different category, which, till now, isn’t considered exactly as beauty,” said Varun Alagh, co-founder, chairman and chief executive officer of Honasa Consumer Limited, during the company’s Q2FY26 earnings commentary.
“As we see the developed markets, we’re seeing the rise of oral beauty that is happening, and over the next decade, we expect this to shape in India as well.”
Alagh noted that while Indian consumers have embraced premium offerings in skincare, haircare and fragrances, oral care remains largely functional.
“If you look at bathroom shelves today, almost all categories, from skin care to hair care to fragrances, have premiumized significantly, but oral has not seen the same level of premiumisation,” he said.
Further, Honasa's top management described the evolution of oral care in three stages — from basic hygiene, to targeted wellness, and now toward aesthetics.
“This category started with functional hygiene as a stage one of growth... and it moved on to targeted wellness, which is where, you know, sensitivity and freshness, et cetera, are created,” the company explained. “We believe over the next couple of decades, one of the strong partitions which will get created in this category is aesthetics and aesthetic expression right there. Your smile will be a core part of your beauty.”
To position itself early in this emerging space, Honasa has invested in Couch Commerce Private Limited, the owner of Fang Oral Care, acquiring a 25% stake for Rs 10 crore through compulsory convertible preference shares. The deal, approved by the board on Wednesday, is expected to close within four weeks.
Alagh said the investment reflects Honasa’s intent to support early-stage brands that can define new premium categories. “We’ve also made an investment in the future of oral beauty… we see Fang to be clearly one of those brands which can become prestige leaders in the country,” Honasa noted. “From a worldview perspective, it’s a beautiful set of products and a set of founders which come with extremely relevant experience, and this is a team that we would like to back and support with the playbooks that we have to build this brand into something larger.”
Revenue up 16% in Q2, profit at Rs 39 crore
For the quarter ended September 2025 (Q2FY26), Honasa reported operating revenue of Rs 538 crore, a 16% year-on-year increase, driven by growth in its focus categories and product innovation.
The company posted a net profit of Rs 39 crore, compared with a loss of Rs 18 crore a year ago, though down 5% sequentially from Rs 41 crore in the previous quarter.
“This quarter brought category wins, with Mamaearth back in the black. The Derma Co crossed the Rs 750 crore ARR milestone,” Alagh said.
Focus categories — face wash, shampoo, sunscreen, moisturiser, and baby care — now contribute over 75% of total revenue, while the company’s newer brands such as The Derma Co, Aqualogica, Dr Sheth’s, BBlunt, and Staze Beauty grew more than 20% year-on-year.
Honasa’s shares closed 2.56% higher at Rs 282.80 on the BSE on Wednesday.
The company expects the segment, still nascent in India, to evolve into a $700 million opportunity by 2030, driven by rising aesthetic awareness and the growing premiumisation of personal care.
“Today we’re going to talk about a very different category, which, till now, isn’t considered exactly as beauty,” said Varun Alagh, co-founder, chairman and chief executive officer of Honasa Consumer Limited, during the company’s Q2FY26 earnings commentary.
“As we see the developed markets, we’re seeing the rise of oral beauty that is happening, and over the next decade, we expect this to shape in India as well.”
Alagh noted that while Indian consumers have embraced premium offerings in skincare, haircare and fragrances, oral care remains largely functional.
“If you look at bathroom shelves today, almost all categories, from skin care to hair care to fragrances, have premiumized significantly, but oral has not seen the same level of premiumisation,” he said.
Further, Honasa's top management described the evolution of oral care in three stages — from basic hygiene, to targeted wellness, and now toward aesthetics.
“This category started with functional hygiene as a stage one of growth... and it moved on to targeted wellness, which is where, you know, sensitivity and freshness, et cetera, are created,” the company explained. “We believe over the next couple of decades, one of the strong partitions which will get created in this category is aesthetics and aesthetic expression right there. Your smile will be a core part of your beauty.”
To position itself early in this emerging space, Honasa has invested in Couch Commerce Private Limited, the owner of Fang Oral Care, acquiring a 25% stake for Rs 10 crore through compulsory convertible preference shares. The deal, approved by the board on Wednesday, is expected to close within four weeks.
Alagh said the investment reflects Honasa’s intent to support early-stage brands that can define new premium categories. “We’ve also made an investment in the future of oral beauty… we see Fang to be clearly one of those brands which can become prestige leaders in the country,” Honasa noted. “From a worldview perspective, it’s a beautiful set of products and a set of founders which come with extremely relevant experience, and this is a team that we would like to back and support with the playbooks that we have to build this brand into something larger.”
Revenue up 16% in Q2, profit at Rs 39 crore
For the quarter ended September 2025 (Q2FY26), Honasa reported operating revenue of Rs 538 crore, a 16% year-on-year increase, driven by growth in its focus categories and product innovation.
The company posted a net profit of Rs 39 crore, compared with a loss of Rs 18 crore a year ago, though down 5% sequentially from Rs 41 crore in the previous quarter.
“This quarter brought category wins, with Mamaearth back in the black. The Derma Co crossed the Rs 750 crore ARR milestone,” Alagh said.
Focus categories — face wash, shampoo, sunscreen, moisturiser, and baby care — now contribute over 75% of total revenue, while the company’s newer brands such as The Derma Co, Aqualogica, Dr Sheth’s, BBlunt, and Staze Beauty grew more than 20% year-on-year.
Honasa’s shares closed 2.56% higher at Rs 282.80 on the BSE on Wednesday.
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