Archive · 22 Sep 2026
Nykaa, Honasa Ride India’s Digital Beauty Spending Shift
India’s beauty market is expected to become much bigger by 2030.
More young people are buying beauty products online and through quick-commerce apps.
Nykaa sells many brands through websites, apps and physical stores.
It also owns brands such as Dot & Key and Kay Beauty.
Honasa Consumer owns brands including Mamaearth and The Derma Co.
Nykaa is the larger company by revenue.
Honasa earns a higher profit margin despite being smaller.
Both companies are growing, but their stock valuations and business strengths are different.
The article says investors should research carefully and consult advisers rather than treat the comparison as a recommendation.
India’s beauty and personal care market is projected to grow from US$23 billion in FY25 to US$40 billion by 2030.
Gen Z and Gen Alpha could account for nearly half of beauty spending by 2030, while online sales may exceed 33%.
FSN E-Commerce Ventures, known as Nykaa, reported Q1FY27 revenue of ₹2,782 crore and EBITDA of ₹236 crore.
Honasa Consumer reported Q1FY27 revenue of ₹756 crore, EBITDA of ₹110 crore and a 14.1% EBITDA margin.
Nykaa offers greater scale, while Honasa has higher margins and a lower price-to-earnings multiple, according to the article’s data.
- Who
- FSN E-Commerce Ventures, known as Nykaa, and Honasa Consumer are the companies examined.
- What
- The article compares their growth, profitability, brands, distribution channels and valuations amid India’s expanding beauty and personal care market.
- When
- The operating figures cited are for Q1FY27; valuation data are stated as of 21 September 2026, with the market outlook extending to 2030 and FY31.
- Where
- India.
- Why
- Digital adoption, premiumisation, quick commerce and increased spending by younger consumers are expected to drive beauty and personal care growth.
Nykaa’s Scale And Omnichannel Reach
Honasa’s Margins And Brand Growth
Business scale
Nykaa’s Scale And Omnichannel Reach
Nykaa reported nearly 3.7 times Honasa’s Q1FY27 revenue, operates more than 324 stores, serves over 6 crore consumers and carries more than 10,000 brands.
Honasa’s Margins And Brand Growth
Honasa is smaller but has expanded direct retail toward 300,000-plus beauty outlets, with online channels contributing about 68% of sales.
Profitability and valuation
Nykaa’s Scale And Omnichannel Reach
Nykaa reported an 8.5% EBITDA margin and continued to invest in its omnichannel platform and owned brands; its reported price-to-earnings multiple was 360 times.
Honasa’s Margins And Brand Growth
Honasa reported a 14.1% EBITDA margin and ₹90 crore in Q1FY27 net profit, exceeding Nykaa’s ₹80 crore despite lower revenue; its reported price-to-earnings multiple was 60.8 times.
- Market projection
- India’s beauty and personal care market is projected to reach US$40 billion, or about ₹3.8 lakh crore, by 2030, up from US$23 billion in FY25.
- Online penetration
- Online beauty and personal care sales are expected to increase from about 7% of the market to more than 33%.
- Nykaa Q1FY27 revenue
- FSN E-Commerce Ventures reported ₹2,782 crore in revenue, up 29% year on year.
- Nykaa Q1FY27 profit
- Nykaa reported EBITDA of ₹236 crore, an 8.5% margin, and net profit of ₹80 crore.
- Honasa Q1FY27 revenue
- Honasa Consumer reported ₹756 crore in revenue, up 27% year on year.
- Honasa Q1FY27 profit
- Honasa reported EBITDA of ₹110 crore, a 14.1% margin, and net profit of ₹90 crore.
- Reported valuations
- As of 21 September 2026, Honasa traded at 60.8 times earnings and FSN E-Commerce Ventures at 360 times earnings, according to the article.