Mamaearth parent company Honasa Consumer Limited has received research coverage from CLSA, with the brokerage firm setting a target price of ₹350 per share.

Research Coverage Details

CLSA has issued its analysis on Honasa Consumer Limited, providing investors with a professional assessment of the company's stock performance potential. The research report establishes a specific price target that reflects the brokerage's valuation methodology and market outlook for the consumer goods company.

Company Background

Honasa Consumer Limited operates as a consumer goods company with a portfolio of brands in the personal care and wellness segments. The company has established its presence in the Indian consumer market through various product categories and distribution channels.

Investment Implications

The CLSA research coverage provides market participants with an analytical perspective on Honasa Consumer's stock valuation. Professional research reports typically include fundamental analysis, financial projections, and risk assessments that help investors make informed decisions about their investment strategies.

CLSA's research report on Honasa Consumer Limited offers investment guidance for the consumer goods company, potentially influencing investor sentiment and market perception of the stock.

Honasa Consumer Limited 's Board of Directors has approved the strategic acquisition of BTM Ventures Private Limited (BVPL), the company behind men's personal care brand Reginald Men. The board meeting held on December 11, 2025, from 4:00 PM to 4:15 PM (IST), sanctioned this expansion into the men's personal care segment.

Acquisition Structure and Financial Terms

The acquisition follows a phased approach with specific financial parameters:

The transaction is structured as a cash consideration through secondary share purchase, subject to closing adjustments. The remaining 5% equity stake will be acquired upon completion of 12 months from the initial acquisition, following predetermined valuation criteria outlined in the Share Purchase and Shareholders Agreement.

Target Company Performance and Market Position

BTM Ventures Private Limited demonstrates strong financial performance in the men's personal care segment:

Incorporated in August 2022 and founded by Trisha Reddy Talasani, BVPL operates exclusively in the Indian market. The company focuses on men's personal care products under the Reginald Men brand, with sunscreens as its core offering. Reginald Men's Helios Moisturizing Sunscreen has achieved recognition as the most searched sunscreen for men on Google in India, demonstrating strong product acceptance and consumer pull.

Leadership Perspectives and Strategic Vision

Varun Alagh, Co-founder CEO of Honasa Consumer Limited, expressed enthusiasm about the acquisition: "We are deeply inspired by what the Reginald Men team has built in such a short span of time. Their sharp understanding of the modern male consumer, combined with their ability to quickly translate ideas into action, aligns perfectly with Honasa's long-term vision."

Trisha Reddy Talasani, Founder of BTM Ventures Private Limited, commented on the partnership: "Joining hands with Honasa Consumer and its visionary founders, Ghazal and Varun, is a landmark moment for us. Our shared passion for innovation and commitment to excellence forge a strong partnership, and I am excited to collaboratively elevate our brand to new horizons."

Strategic Rationale and Market Opportunity

The acquisition aligns with Honasa Consumer's expansion strategy in the fast-moving consumer goods sector. The men's personal care market in India represents a rapidly evolving category driven by premiumization and heightened awareness of self-care among men.

Reginald Men has established strong market traction through compelling multi-functional products and clean, minimal packaging that resonates with modern male consumers. The brand offers multi-benefit propositions combining sun protection with moisturization, built on performance and clear benefit messaging.

Business Integration and Growth Prospects

The acquisition provides Honasa Consumer with opportunities to scale into multiple personal care categories for men using existing product equity. The company plans to leverage Reginald Men's established presence beyond current direct-to-consumer channels, expanding across offline, e-commerce, and quick commerce platforms. The strong South India revenue base strengthens Honasa's position in a large beauty and personal care market with distinct regional preferences, offering significant headroom for growth beyond South India through localized go-to-market strategies.

Regulatory Compliance and Approvals

The acquisition does not fall within related party transactions, and no governmental or regulatory approvals are required for completion. The transaction details have been disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated November 11, 2024.