Today › Beauty & personal care (D2C) › Honasa Consumer

Beauty & personal care (D2C) Historical case study · data as of 31 Jul 2026 · published 03 Nov 2026 (95 days later)

Honasa Consumer — 100-point case study

How Honasa Consumer looked on 50 technical and 50 fundamental measures on 31 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: HONASA · BSE: 544014
Close on 31 Jul 2026	₹449.55
Market cap then	₹14,653 crore
Valuation	P/E 73.6× · P/B 10.38×
Momentum	RSI (14) 51 · 1-year return +65.3%
Next 3 months	-1.7% vs Nifty 50 -5.5% (to 30 Oct 2026)

Scorecard

Technical — 50 points

19 bullish · 20 neutral · 3 caution · 7 bearish — the picture leaned positive.

Fundamental — 50 points

14 bullish · 30 neutral · 4 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Honasa Consumer listed in November 2023, so long-term history is limited; FY26's ₹3 final dividend was its first.

Technical analysis — 50 points

Calculated by code from daily prices up to 31 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.32%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.32% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +32.0%	Bullish	The 100-session trend line was up (+0.56%/day) and the stock was +32.0% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +65.3%	Bullish	Compared with a year earlier the price was +65.3%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 437.02 / 30W 353.79	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 438.35→491.35; lows 398.20→442.20	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	25.2	Bullish	ADX at 25.2 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 17.0 / –DI 16.3	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	460.43 (-2.4%)	Bearish	Close of 449.55 was 2.4% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	433.71 (+3.7%)	Bullish	Close of 449.55 was 3.7% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	330.52 (+36.0%)	Bullish	Close of 449.55 was 36.0% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 451.69 / 21E 451.49	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 27 Mar 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 31.2% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+11.5% in 20 sessions	Bullish	The 50-day average rose 11.5% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	460 / 434 / 378 / 331	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	463.47 (-3.0%)	Bearish	Anchored to the start of July, the volume-weighted average price was 463.47; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	51.1	Neutral	RSI at 51.1 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 3.93 / signal 8.09	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-5.02 → -4.16	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	3.93	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 12.4 / %D 15.1	Caution	Slow stochastic at 12.4 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-85.0	Caution	%R of -85.0 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-75	Neutral	CCI at -75 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-3.7%	Bearish	Price changed -3.7% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.24 (bands 439.73–481.12)	Neutral	%B of 0.24 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 9.0% (17th pct of 6M)	Neutral	Band width was at the 17th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹14.59 (3.2% of price)	Neutral	A typical day's range was about ₹14.59, or 3.2% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	27.2% vs 1Y 31.1%	Neutral	Annualised 30-day volatility was 27.2%, close to the one-year level of 31.1%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	423.38–480.40	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.73	Neutral	A beta of 0.73 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.75× / 5-day 0.92×	Neutral	The final session traded 0.75× its 20-day average volume and the last five sessions averaged 0.92× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.46	Bullish	Average volume on up days was 1.46× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price fell — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.20	Bearish	CMF at -0.20 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	50.0	Neutral	MFI, a volume-weighted RSI, was 50.0. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹42 cr/day	Neutral	About ₹42 crore changed hands per day on average over 20 sessions — moderately liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	442.20 / 400.25 / 338.93	Neutral	Nearest support (prior swing lows) sat at 442.20, 1.7% below the close, then 400.25, 338.93. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	491.35	Neutral	Nearest resistance (prior swing highs) sat at 491.35, 9.3% above the close. How to read: Information only.
40	Monthly pivot points (for next month)	P 461.03 \| R1 479.87 \| S1 430.72	Neutral	Classic pivots from July's high/low/close gave a pivot of 461.03; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 437 \| 38.2% 403 \| 50.0% 376 \| 61.8% 349	Neutral	Measuring the 6-month rise from 260.80 to 491.35, the close was nearest the 23.6% retracement at 436.94. How to read: Information only.
42	52-week high / low	H 491.35 / L 248.40	Neutral	The close was 8.5% below the 52-week high and 81.0% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 22 May at 363.80	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 22 May 2026, left an open level at 363.80 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 442.20–491.35	Neutral	The close was inside the prior 20-day range of 442.20–491.35. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 31 Jul the candle opened 448.00, ranged 446.20–457.85 and closed 449.55: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 377.48–403.80; Tenkan 454.60 / Kijun 453.45	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -5.1% / 3M +30.4%	Bullish	The stock outperformed the Nifty 50 by 30.4 points over three months and underperformed by 5.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +68.1%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 68.1 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	19 bullish · 7 bearish · 20 neutral · 3 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 442.20, resistance 491.35. This is a description of the chart on 31 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 31 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 31 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	73.6×	Neutral	At ₹449.55 the market valued the company at about ₹14,653 crore, or 73.6× the ₹199 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	10.38×	Neutral	Market cap was 10.38× the Mar 2026 book value (equity + reserves) of ₹1,411 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	6.13×	Neutral	The company was valued at 6.13× its trailing-12-month sales of ₹2,392 crore. How to read: Information only.
4	EV / EBITDA (approx.)	62.7×	Neutral	Enterprise value (market cap + ₹135 cr borrowings; cash not netted) was 62.7× trailing operating profit of ₹236 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.4%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.4 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was not available. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹14,653 cr	Neutral	At about ₹0.15 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹77.12 vs ₹449.55	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹77.12; the price was 483% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+15.7%	Bullish	Revenue for FY26 was ₹2,392 crore, +15.7% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+23.0%	Bullish	The Jan–Mar 2026 quarter brought ₹657 crore of revenue, +23.0% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+174.0%	Bullish	FY26 net profit was ₹200 crore, +174.0% on FY25's ₹73 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+176.0%	Bullish	Quarterly profit was ₹69 crore versus ₹25 crore a year earlier (+176.0%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	17.0%	Caution	Revenue compounded at 17.0% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	n/a	Neutral	Not available. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	39.1%	Caution	Over five years (FY21–FY26) revenue compounded at 39.1% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+174.6%	Bullish	Reported EPS went from ₹2.24 to ₹6.15 (+174.6%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	10%	Neutral	Operating profit (EBITDA) was 10% of sales in FY26 versus 3% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	8% → 9% → 11% → 12%	Bullish	Quarterly margins moved from 8% to 12% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	8.4%	Neutral	₹8.4 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	15.4%	Neutral	FY26 profit was 15.4% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	19%	Neutral	Return on capital employed (debt + equity) was 19% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	9.49%	Neutral	Net profit was 9.49% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	22%	Neutral	The company paid about 22% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	31%	Caution	Non-operating 'other income' of ₹79 crore made up 31% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.10	Bullish	Borrowings of ₹135 crore were 0.10× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.57×	Bullish	Debt equalled 0.57 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	20.8×	Bullish	Earnings before interest and tax covered interest cost 20.8 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+19.6%	Bullish	Shareholders' equity grew +19.6% from ₹1,180 crore to ₹1,411 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹0 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-9 days	Neutral	Working capital tied up equalled -9 days of sales (FY25: -17). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-71 days	Neutral	It took -71 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	30 (FY25 23)	Caution	Customers took 30 days on average to pay, versus 23 a year earlier — a notable stretch in collections. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹141 cr	Bullish	The business generated ₹141 crore of operating cash in FY26 versus ₹102 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹134 cr	Bullish	After capital spending, free cash flow was ₹134 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.70×	Neutral	Operating cash flow was 0.70× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	0.9%	Neutral	FY26 free cash flow was 0.9% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹440 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹440 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹7 cr	Neutral	Implied capital expenditure was about ₹7 crore, 0.3% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	49%	Neutral	The company paid out about 49% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 49%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹325 cr → ₹325 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	35.47% (+0.48 pts YoY)	Neutral	Promoters owned 35.47% at Jun 2026 versus 34.99% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	13.64% (-2.45 pts YoY)	Bearish	FIIs held 13.64% at Jun 2026, down from 16.09% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	21.58% (+2.68 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 21.58%, up from 18.90%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	0.9 lakh (+5.2% YoY)	Neutral	The shareholder count moved from 0.8 lakh to 0.9 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, leverage fell, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: CFO > net profit, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 1 weakness(es)	Neutral	No strengths flagged. Weaknesses: Stock is trading at 10.3 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	14 bullish · 1 bearish · 30 neutral · 4 caution	Bullish	On the numbers published by 31 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 73.6×, P/B 10.38×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 01 May 2026 – 31 Jul 2026 that an investor could have known on the snapshot date.

21 May 2026 Honasa Consumer reports Q4 FY26 profit of about Rs 69 crore, declares Rs 3 dividend — Consolidated net profit rose about 178% YoY to roughly Rs 69 crore on operating revenue of Rs 657.1 crore (+23.1% YoY); board recommended a maiden final dividend of Rs 3 per share. Results were declared after market hours. source
22 May 2026 Honasa shares hit 52-week high after Q4 results — Shares rose about 10% intraday on NSE to a 52-week high of Rs 398 after the Q4 FY26 results; Q4 EBITDA was Rs 77 crore with an 11.7% margin. FY26 consolidated net profit was Rs 200.19 crore. source
11 Jun 2026 Honasa unveils FY31 plan at Investor Day 2026 — At its Investor Day the company set targets of revenue above Rs 5,500 crore and EBITDA margin above 15% by FY31, and plans to expand direct retail reach from about 1.2 lakh to over 3 lakh outlets. source
23 Jun 2026 Honasa to acquire 58% stake in nutraceutical firm Fluence Pharma — Honasa announced a 58% stake purchase in Fluence Pharma (FY26 revenue about Rs 40 crore) to enter nutraceuticals via a new subsidiary, Honasa Health. source
09 Jul 2026 Honasa guides for about 30% YoY growth in Q1 FY27 — In a quarterly update, the company said it expected about 30% like-for-like operating revenue growth for Q1 FY27 (mid-twenties reported, due to a Flipkart settlement change) and a double-digit operating margin. source

What happened next (31 Jul 2026 → 30 Oct 2026)

Price went from ₹449.55 to ₹442.10 by 30 Oct 2026 (-1.7%) while the Nifty 50 moved -5.5% — outperforming by 3.8 points.
Highest ₹509.80 on 14 Aug 2026; lowest ₹413.85 on 01 Oct 2026.
S1 442.20: broken on a closing basis on 29 Sep 2026.
S2 400.25: held on a closing basis.
R1 491.35: cleared on a closing basis on 14 Aug 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 13 Aug 2026): revenue ₹756 crore (+27.1% YoY), net profit ₹90 crore (+119.5% YoY), operating margin 15% vs 8% a year earlier (Screener consolidated figures).

Later news

13 Aug 2026 Honasa Q1 FY27 profit more than doubles to about Rs 90 crore — Consolidated net profit was about Rs 90.5 crore vs Rs 41.3 crore a year earlier; operating revenue rose 27% to Rs 755.9 crore (like-for-like Rs 785 crore, +31.8%); EBITDA about Rs 110 crore. source
25 Aug 2026 Honasa calls off proposed Fluence Pharma stake acquisition — The company terminated the planned 58% stake purchase in Fluence Pharma as closing conditions in the share purchase agreement were not met; it said it would continue to look at the nutraceutical category. source
29 Sep 2026 Early investors sell Honasa shares via block deal — Peak XV/Sequoia-linked entities and Redwood Trust offered up to 89 lakh shares at a floor price of Rs 450; the stock fell about 5% intraday. source
06 Oct 2026 Honasa shares rise about 8% on Q2 FY27 update — The company guided for low-thirties like-for-like net sales growth and a low double-digit operating margin for Q2 FY27; shares closed about 8% higher on BSE. source

Educational summary. On 31 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -1.7% against -5.5% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Honasa Consumer today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 03 Nov 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹38,155.00close 31 Jul

Industrial automation (MNC)NSE: HONAUTData as of 31 Jul 2026

Honeywell Automation India — 100-point case study

Technical

Fundamental

What happened next (3 months): -22.7% vs Nifty 50 -5.5%

Technical: positiveFundamental: positiveP/E 64.1×P/B 7.56×RSI 511Y -1.6%

₹83.75close 31 Jul

Private-sector bank (govt/LIC-owned)NSE: IDBIData as of 31 Jul 2026

IDBI Bank — 100-point case study

Technical

Fundamental

What happened next (3 months): -5.7% vs Nifty 50 -3.9%

Technical: positiveFundamental: positiveP/E 9.8×P/B 1.31×RSI 501Y -9.6%

₹76.54close 31 Jul

PSU development finance NBFCNSE: IFCIData as of 31 Jul 2026

IFCI — 100-point case study

Technical

Fundamental

What happened next (3 months): -24.5% vs Nifty 50 -3.9%

Technical: positiveFundamental: was mixedP/E 47.5×P/B 2.30×RSI 571Y +33.9%