Honasa Consumer Limited (HONASA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-33.3%

₹303.67

vs ₹455.00 price

Levered DCF

₹183.99

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	48.5×	104.71×	114.13×	-75.92×	687.96×	-3.33×	-10.36×
P/B	6.87×	6.48×	11.65×	17.06×	15.37×	-2.52×	-10.15×
P/S	4.05×	3.7×	6.65×	6.92×	11.5×	4.71×	9.64×
EV / EBITDA	30.85×	50.85×	68.59×	-94.76×	339.6×	946.99×	192.18×
Gross margin	57.3%	70.3%	69.8%	70.1%	70.0%	58.7%	61.6%
Operating margin	8.0%	1.2%	5.6%	-0.1%	0.6%	0.5%	5.5%
Net margin	8.4%	3.5%	5.8%	-9.6%	1.7%	1.5%	-289.6%
Current ratio	1.69×	2.07×	2.73×	2.21×	2.9×	2.97×	7.26×
Debt / equity	0.1×	0.12×	0.12×	0.15×	0.08×	-1.12×	-1.36×
Interest coverage	14.6×	2×	11.92×	-0.32×	1.76×	5.18×	520.61×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	14.2%	6.2%	10.2%	-23.6%	2.2%	-0.8%	304.7%
Return on invested capital	9.6%	1.5%	6.5%	-0.3%	0.4%	1.5%	16.4%
Return on assets	9.6%	4.1%	6.9%	-14.6%	1.5%	4.8%	-736.0%
Free cash flow yield	1.8%	1.1%	1.8%	-0.6%	0.4%	0.7%	-0.2%
Earnings yield	2.1%	1.0%	0.9%	-1.4%	0.1%	0.3%	-30.0%
Enterprise value	₹97.1B	₹74.5B	₹127.9B	₹104.2B	₹108.7B	₹64B	₹50.3B
Net debt / EBITDA	0.05×	-1.33×	0.13×	-0.76×	0.81×	290.49×	22.6×
Cash conversion cycle (days)	-39	-95	-71	-38	-98	-23	-8