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Consumer LimitedMain BoardEquity2025-04-012026-03-312026-05-212026-05-11INRMillionsQuarterlyFourth quarterSingle segmentBeauty and Personal care2026-05-2115:05:002026-05-2115:50:00trueCash Flow IndirectDeclaration of unmodified opiniontruetrueNANAfalsetrue2025-02-12https://honasa.in/cdn/shop/files/1._Policy_on_materiality_of_related_party_transactions_and_on_dealing_with_related_party_transactions.pdftrue1falseNot Applicable2026-01-012026-03-31AuditedStandalone6076480000177610000625409000002043160000-1920400006516500002543000082610000289205000055028600007512300000751230000200860000-94360000106500000064473000000006447300001940000646670000325370000001.981.97001.981.970001.The Audited Standalone Financial Results of Honasa Consumer Limited (the 'Company') have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') as prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules thereunder and in terms of the Regulation 33 of the Securities Exchange Board of India ('SEBI') (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended. These Audited Standalone Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 21, 2026. <BR> <BR> 2.During the year ended March 31, 2024, the Company had completed its Initial Public Offer (IPO) of 52,515,692 equity shares of face value of Rs. 10 each at an issue price of Rs. 324 per share (including a share premium of Rs. 314 per share). A discount of Rs. 30 per share was offered to eligible employees bidding in the employee's reservation portion of 22,678 equity shares. The issue comprised of a fresh issue of 11,267,530 equity shares aggregating to Rs. 3,650 Million and offer for sale of 41,248,162 equity shares by selling shareholders aggregating to Rs. 13,364.40 Million. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 07, 2023. <BR> The utilisation of the IPO proceeds from fresh issue of Rs 3,504.92 Million (net of IPO expenses of Rs 145.08 Million) is summarized below: <BR> Total Amount to be utilised as per prospectus is Rs.3504.92 million out of which total amount utilised upto March 31, 2026 is Rs.3152.66 million. <BR> <BR> 3.The Company is principally engaged in trading of variety of beauty and personal care products and related services with products across baby care, skin care, hair and other related personal care categories which are manufactured through third party contract manufacturers. Accordingly, these, in the context of Ind AS 108 on operating segments reporting, are considered to constitute one segment by the Chief Operating Decision Maker and hence the Company has not made any additional segment disclosures. <BR> <BR> 4.RSM General Trading LLC ('RSM'), an overseas distributor of the Company had filed a legal suit against the Company in the Court of First Instance in UAE on the grounds that the Distributorship Agreement between RSM and the Company was terminated illegally by the Company without complying with provisions of the Distributorship Agreement. RSM, in the legal suit, claimed damages to the tune of AED 45 million (equivalent to Rs 1,001.25 million), wherein the Court on May 16, 2024, ordered the Company to pay an amount of AED 25.07 million (equivalent to Rs 576.65 million) plus interest at the rate of 5% from the date of order till the date of payment (“UAE Court Order/Original Judgment”). The Company, subsequently, filed an appeal against the said order, which was subsequently dismissed by the Court of Appeal on October 15, 2024 (“Judgment”). The Company then filed an appeal against the Judgment before the Cassation Court, and the Cassation Court on March 26, 2025 allowed the Appeal referring the case back to Court of Appeal for a re-hearing by a panel composed of different judges. The Court of Appeal, composed of a different panel, issued a preliminary judgment on July 16, 2025 appointing 2 experts to review the case files and documents and directed the experts to submit an expert report. The Experts submitted a final expert report November 24, 2025 and supplemental report dated January 22, 2026 noting breaches of the Company as well as RSM and concluded that RSM is entitled to a compensation of only AED 1.75 millions ( equivalent to Rs. 42.75 million). <BR> <BR> Thereafter, the Court of Appeal in its judgment dated February 11, 2026, affirmed the aforesaid compensation amount AED 1.75 millions payable by Company.Further, Both Parties challenged this judgment of the Court of Appeal before the Cassation Court (Highest Court of Dubai, UAE). The Cassation Court has fixed June 17, 2026 for a hearing and subsequent judgment. <BR> <BR> The Company had further filed a petition under Section 9 of Arbitration and Conciliation Act, 1996, in High court of Delhi seeking Anti-suit and enforcement injunction prohibiting RSM from continuing proceedings in UAE, which was subsequently allowed by the Court. RSM appealed against this judgment before the division bench of Delhi High Court seeking stay on the anti-suit enforcement and the direction to deposit Rs 576.65 million to Delhi High Court. Further, the Court, on September 01, 2025 dismissed the appeal, on the grounds that arbitration has already commenced in India as per the dispute resolution clause of the Agreement and that both Parties shall agitate their disputes before the arbitral tribunal. <BR> <BR> Pursuant to conclusion of the trial and subsequent completion of the arbitral proceedings, the Tribunal has now passed an award in favour of the Company on 14th May 2026. The Award categorically declared that (i) it has the jurisdiction to adjudicate the disputes raised in the proceedings; (ii) RSM breached the Arbitration Agreement, Exclusive Jurisdiction and Governing Law clause under the Authorized Distribution Agreement ("ADA') by instituting proceedings before the Dubai Court; (iii) RSM is injuncted from initiating/continuing any proceedings before the Dubai Courts; (iv) Termination of the ADA by the Company was valid and not unlawful as held by Dubai Courts by virtue of the termination clause; and (v) RSM is liable to pay an amount of AED 7.25 million (INR 188.84 million), towards various claims filed by the Company, including a post award interest should the amount remain unpaid after a period of 30 days. <BR> Accordingly, as on date, the Company does not expect any material financial impact, in view of the above. <BR> <BR> 5.During the year ended March 31, 2025, the Board of Directors of the Company and its wholly owned subsidiaries Fusion Cosmeceutics Private Limited ('Transferor Company-1') and Just4Kids Services Private Limited ('Transferor Company-2'), had approved the Scheme of Amalgamation between the Company, Transferor Company-1, Transferor Company-2 and their respective shareholders and creditors (hereinafter referred to as “the Scheme”) in terms of the provisions of Sections 230 to 232 of the Companies Act, 2013 to transfer the business of Transferor Company-1 and Transfer Company-2 to the Company. <BR> <BR> The Company has received the order granting approval of merger by NCLT Chandigarh on May 08, 2025 and by NCLT Delhi on June 03, 2025. <BR> <BR> Since this was a common control transaction, the Company has accounted for the aforesaid business combination retrospectively for all periods presented in the Audited standalone financial results in accordance with Ind AS 103 - Business Combinations. Accordingly, figures for the quarter and year ended March 31, 2025 have been restated to give the effect of aforesaid business combination. <BR> <BR> 6.During the year ended March 31, 2025, the Company had executed Project 'Neev' which entails transition to Direct distribution model across top 50 cities and in the process making the general trade distribution future ready. As part of the Project 'Neev' the Company had discontinued super stockist layer as well as certain direct Distributors replacing them with higher quality/Tier 1 Distributors to service Retailers across top 50 cities. Consequent to the aforesaid transition, sales return of Rs 635.18 million had been provided for with resulting inventory/Right to return asset of Rs 114.42 million in the year ended March 31, 2025. <BR> As at March 31, 2026, the Company has outstanding provision for sales return of Rs. 27.52 million in this regard with resulting inventory/Right to return asset of Nil. <BR> <BR> 7.On November 21, 2025, the Government of India notified the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the “Labour Codes”). The Labour Codes consolidate various existing labour laws and introduce changes, including a harmonised definition of wages, which impacts the computation of employee benefit obligations such as gratuity and compensated absences. Based on the information currently available and the guidance issued by the Institute of Chartered Accountants of India, the Company has evaluated the impact of these changes and recognised an incremental cost of Rs. 47.97 million as past service cost as an exceptional item for the year ended March 31, 2026. The Company continues to monitor developments relating to the Labour Codes and will assess the impact, if any, on the measurement of employee benefit liabilities in future periods. <BR> <BR> 8.During the previous quarter ended December 31, 2025, the Company has invested Rs. 99.98 million for a stake of 25% in Couch Commerce Private Limited. Based on the shareholders agreement dated November 12, 2025, the investment is in the nature of Joint Venture and accordingly accounted as per equity method in line with the requirements of Ind AS 28 - Investment in Associates and Joint Ventures. <BR> <BR> 9.During the quarter ended March 31, 2026, the Company has acquired 95% shareholding in BTM Ventures Private Limited for a purchase consideration of Rs. 1,979.62 million. Pursuant to the Shareholders Agreement between the Company and existing shareholders of BTM Ventures Private Limited, both the parties have the obligation to purchase and sell the remaining shares of the existing shareholders at a pre-agreed valuation. This has been treated as a derivative instrument and accordingly fair valued through profit and loss account. <BR> <BR> 10.The Board of Directors at their meeting held on May 21, 2026 recommended a final dividend of Rs. 3/-per equity share of Rs.10 each for the financial year ended March 31, 2026, subject to approval of the shareholders at the ensuing Annual General Meeting. In accordance with Ind AS 10 – 'Events After the Reporting Period', the dividend recommended by the Board of Directors has not been recognised as a liability as at March 31, 2026. <BR> <BR> 11.The figures for the quarter ended March 31, 2026 and corresponding quarter ended March 31, 2025 are the derived balancing figures between audited figures in respect of full financial year ended March 31, 2026 and March 31, 2025 respectively and the unaudited figures of nine months ended December 31, 2025 and December 31, 2024 respectively.2025-04-012026-03-31AuditedStandalone23054120000806630000238607500000689086000094930000245110000010526000034476000011478780000213656900002495060000-479700002447090000562280000-23460000538820000019082700000000190827000036880000194515000032537000000107073000005.865.84005.865.84000Advertisement expense1998380000Sales Commission70830000Packaging materials and other consumables61150000Legal and professional charges99850000Travelling and conveyance26520000Change in fair value of derivative liability2640000Rent26590000Contract Labour charges55050000Freight and forwarding charges462660000Other Expenses88380000Advertisement expense7715250000Sales Commission621410000Packaging materials and other consumables195420000Legal and professional charges325840000Travelling and conveyance114950000Change in fair value of derivative liability2640000Rent108800000Contract Labour charges227570000Freight and forwarding charges1794760000Other Expenses372140000112500000001643800001598070000009998000030436700000250000005982020000905069000085650000384000001114967000014699900002350550000196078000010183700008787000000507520000671592000073119000089171000000020066770000325370000010707300000139610000001396100000000007976800007976800001042800000090196000004374000003149870000358727000062022000042074900005199500009883000037754000005203810000610577000020066770000Security deposits56380000Deposit with maturity of more than 12 months5482590000Interest accrued443050000Income tax assets (net)36630000Other non-current assets1770000Security deposits60680000Interest accrued101340000Recoverable from payment partners345370000Other receivables130000Balance with government authorities566660000Prepaid expenses53220000Advance to suppliers51430000Right to recieve inventory on provision for sales return net of Provision54510000Other current assets5370000Lease Liablities797680000Lease liablities288500000Employee benefits payable305180000Payable for capital goods6340000Other financial liabilities16410000Derivative Liablity3790000Statutory dues payable164840000Advance from customers40890000Provision for sales return300430000Deferred revenue13790000105260000124750000-6457400000-40741000000-325600000178700000158380000034476000007720000001178300000-45400000624580000287880000-136600000-1411100000-191000000-6547700001792320000000599070000011932500000002079600000000042100005660000000000000000665215000050492800000000039865000000-13047000000395000000000002949400000502000000-29601000076677000007667700002516000001018370000Re-measurement gains/(losses) on defined benefit plans26000002600000Re-measurement gains/(losses) on defined benefit plans49290000492900006600001241000000194000036880000Honasa Consumer Limited******Bhabani Blunt Hairdressing Private Limited******SubsidiaryAny other transactionRoyaltyNA1494000072900006760000Honasa Consumer Limited******Bhabani Blunt Hairdressing Private Limited******SubsidiarySale of goods or servicesNA39000000Honasa Consumer Limited******Honasa Consumer General Trading L.L.C******SubsidiaryAny other transactionCross charge of ExpensesNA37640000019770000Honasa Consumer Limited******Honasa Consumer General Trading L.L.C******SubsidiaryAny other transactionCross charge of Expenses -recoveredNA6000000130000Honasa Consumer Limited******Bblunt Spratt Hairdressing Private Limited******Step down subsidiarySale of goods or servicesNA39000000Honasa Consumer Limited******Bblunt Spratt Hairdressing Private Limited******Step down subsidiaryAny other transactionCross charge of ExpensesNA180000050000Honasa Consumer Limited******Honasa Consumer General Trading L.L.C******SubsidiaryInterest receivedNA107000000Bhabani Blunt Hairdressing Private Limited******Bblunt Spratt Hairdressing Private Limited******SubsidiaryAny other transactionCross Charge of expenses - commissionNA3450000000Bhabani Blunt Hairdressing Private Limited******Bblunt Spratt Hairdressing Private Limited******SubsidiaryAny other transactionCross charge of expenses recoveredNA70000000Bhabani Blunt Hairdressing Private Limited******Bblunt Spratt Hairdressing Private Limited******SubsidiaryAny other transactionCross Charge of expensesNA697000083000006900000Honasa Consumer Limited******Varun Alagh******Key management personnelRemunerationNA2733000000Honasa Consumer Limited******Ghazal Alagh******Key management personnelRemunerationNA1482000000Honasa Consumer Limited******Raman Preet Sohi******Key management personnelRemunerationNA1070000000Honasa Consumer Limited******Dhanraj Dagar******Key management personnelRemunerationNA000Honasa Consumer Limited******Gaurav pandit******Key management personnelRemunerationNA238000000Honasa Consumer Limited******Vivek Gambhir******Key management personnelRemunerationNA150000000Honasa Consumer Limited******Namita Gupta******Key management personnelRemunerationNA180000000Honasa Consumer Limited******Subramaniam Somasundaram******Key management personnelRemunerationNA240000000Bhabani Blunt Hairdressing Private Limited******Spoorthy Shetty******Key management personnelRemunerationNA969000000168000000AuditedtrueS.R.Batliboi & Associates LLPtrue2027-07-31Public Issues2023-11-0335049200002026-03-31trueICRA LimitedfalseNot ApplicableAudit Committee reviewed and noted that there is no deviation.No CommentsVarun AlaghCEOGurugram2026-05-21Advertisement expenses towards enhancing the awareness and visibility of our brandsNA1820000000017733800000Capital expenditure to be incurred by Company for setting up new EBOsNA2060000000877900000Investment in Subsidiary, BBlunt for Setting up new salonsNA2600000000725700000Includes advance payments made to vendors for setting up new salons.General corporate purposes and unidentified inorganic acquisitionNA1218920000012189200000As on March 23, 2026, the Company transferred an amount of INR 34.269 crore from the monitoring account to the current account towards utilization for an unidentified inorganic acquisition. The expenditure of INR 34.269 crore was initially incurred during Q3 FY26 out of internal funds and was subsequently reimbursed from the monitoring account during Q4 FY26.