Financial Performance (Consolidated)

Q2 FY27 Performance (YoY):

  • Revenue from operations: INR 731 Crore, up 35.9% from INR 538 Crore in Q2 FY26.
  • Gross Profit: INR 511 Crore (Gross Profit Margin: 69.9%, vs. 70.5% in Q2 FY26).
  • EBITDA: INR 93 Crore, up 95.6% from INR 48 Crore in Q2 FY26 (EBITDA Margin: 12.7% vs. 8.9%).
  • Profit After Tax (PAT): INR 73 Crore, up 86.7% from INR 39 Crore in Q2 FY26 (PAT Margin: 10.0% vs. 7.3%).
  • Underlying Volume Growth (UVG), excluding price impact and BTM Ventures Limited: 31.3%.

H1 FY27 Performance (YoY):

  • Revenue from operations: INR 1,487 Crore, up 31.2% from INR 1,133 Crore in H1 FY26.
  • Gross Profit: INR 1,038 Crore (Gross Profit Margin: 69.8%, vs. 70.9% in H1 FY26).
  • EBITDA: INR 203 Crore, up 117.7% from INR 93 Crore in H1 FY26 (EBITDA Margin: 13.7% vs. 8.2%).
  • Profit After Tax (PAT): INR 164 Crore, up 103.2% from INR 81 Crore in H1 FY26 (PAT Margin: 11.0% vs. 7.1%).
  • Cash Generation: INR 110 Crore, representing a 5x+ increase year-over-year. Cash generation is defined as profit before tax, less working-capital build, tax paid, lease rentals, and capex, plus non-cash charges.

Consolidated revenue includes contributions from subsidiaries BBlunt Spratt Hair Dressing Private Limited, Bhabani Blunt Hairdressing Private Limited, and BTM Ventures Limited.

Operational and Market Highlights

  • The company reported its highest growth rate since its initial public offering.
  • Offline Value Market Share in key categories increased to 2.7% as of Q2FY27, a year-on-year increase of 52 basis points. Strong performance was noted in Face Cleanser (Rice Face Wash, Ubtan Natural Glow Face Wash) and Shampoo (Rosemary Anti-Hair Fall Shampoo, Onion Hair Fall Control Shampoo) categories.
  • The company's younger brands accelerated to over 45% year-on-year growth.
  • The Derma Co. brand was highlighted for its strong profitable growth trajectory.

Product Innovation and Development

Several new product launches and innovations were highlighted, demonstrating a focus on new-age consumers and effective formulations:

  • Mamaearth x Chaayos: Kulhad Chai Tinted Lip Balm
  • The Derma Co: 2% Sali-Cinamide Anti-Acne Body Wash
  • Aqualogica: 3-in-1 Tinted Sun Serum (SPF 50 PA++++); Refresh+ Sugar Baddie Perfume Body Mist
  • BBlunt: Dream Curl Shampoo
  • Dr. Sheth's: Collagen & Vitamin C Overnight Moisture Wrapping Mask; Copper & Argireline® Peptide B'tox Eye Cream
  • Staze: Caught Blushin' Triple Stack (concealer, blush, highlighter compact)

The Mamaearth Rice Water Face Moisturizer was cited as a formulation proven superior in an independent consumer blind test, winning with an overall likeability score of 58 versus a competition score of 47.

Balance Sheet Position (Consolidated)

As on September 30, 2026 (vs. March 31, 2026):

  • Total Assets: INR 2,308 Crore (vs. INR 2,092 Crore)
  • Property, Plant and Equipment (including CWIP): INR 21 Crore (vs. INR 22 Crore)
  • Goodwill: INR 172 Crore (unchanged)
  • Other Intangible Assets: INR 180 Crore (vs. INR 181 Crore)
  • Inventories: INR 232 Crore (vs. INR 165 Crore)
  • Trade Receivables: INR 239 Crore (vs. INR 198 Crore)
  • Cash and Bank Balances: INR 148 Crore (vs. INR 214 Crore)
  • Investments: INR 338 Crore (vs. INR 252 Crore)
  • Total Equity: INR 1,486 Crore (vs. INR 1,412 Crore)
  • Total Liabilities: INR 822 Crore (vs. INR 681 Crore)

Industry Context

The presentation included context on the Indian beauty market, identifying key growth categories and trends, including Hair Color (a INR 7,000-7,500 Crore+ market), Fragrance, Nutraceuticals, Men's Skin Care, Oral Beauty, Colour Cosmetics, and Actives-led solutions in Hair Care.