Growth confirmed, Q2 headwinds flagged

27% YoY revenue growth (Flipkart settlement-adjusted LTL reconciliation)

INR90.4 crores reported

14.6% EBITDA margin (₹110Cr); track record shows 100–150bps annual expansion target

NPM 11.6%, no visible margin deterioration despite sector-wide crude/packaging inflation

Core brand contribution not separately disclosed; 27% portfolio growth consistent with core exceeding average

Management flagged FY27 will exceed high-teens CAGR (prior maintained at high-teens). Q1 27% validates upside; full year expected to beat range.

Mamaearth achieving high-teens growth (prior: double-digit CAGR commitment). Rice, Rosemary, Sun Care categories accelerating; hero SKU strategy delivering.

14.6% EBITDA margin; 100–150bps/year expansion confirmed to 15% in 5 years. FY27 seen at 150–200bps (above average) due to operating leverage and mix.

Aqualogica, BBlunt, Dr. Sheth's, Reginald all plateauing despite 40%+ growth. Prior roadmap assumed continuous scale; now repositioning required to unlock next leg.

Mamaearth's prior fragrance attempt discontinued (poor PMF). Learned fragrance-first approach essential; now FIKN launched standalone, gender-specific, elixir-based (India-first).

High-teens CAGR target maintained. This year will be better than planned CAGR. Distribution gains driving outlook.

Double-digit CAGR reaffirmed. FY27 expected to exceed planned growth profile. Inputs (distribution, product mix) supporting target.

Category-level unaudited data (e.g., face wash, sunscreen share). QC is branded purchase; strong brands gain via consumer searches. Pareto will dominate.

Differentiated proposition → focus → share gain. Aqualogica GenZ relaunch done; BBlunt, Dr. Sheth's actions planned over 6–9 months. Each brand different strategy.

Investor day plan assumes growth prioritization. Core will grow and profitabilize, funding new brands/categories while delivering committed 4–5yr goals.

Tracking distributor inventories real-time. <30 days now. Collections at highest ever. Retail STRs healthier than category. Extremely confident.

₹3lakh is AC Nielsen universe; Mamaearth driving expansion. Derma Co ~1yr into offline, 50k GT outlets, 80% online 20% offline contribution.

Honasa Health subsidiary created. Fluence in condition precedent/diligence. Nutrition/wellness as decadal opportunity. Organic propositions also planned.

Rice can be ₹500Cr franchise. Rosemary ₹250Cr+ next year. Moisturizers at ₹50Cr, Vitamin C sunscreen next ₹100Cr candidate. New partitions (acne, dandruff) future ₹100Cr+.

Mamaearth's early fragrance lacked consumer PMF, shut down. Learned fragrance-first approach essential. Spent 1.5 years building R&D. FIKN now launched standalone, gender-specific, elixir-based.

Usually don't give channel-level breakdowns.

Crude and packaging inflation real. Good inventory management in Q1 absorbed impact. Price increases taken end-Q1. Real impact hits Q2.

Gen Z becoming 45% buying cohort in B2C e-commerce. Aqualogica sharply focused there. Confident in brand sharpness + TG relevance.

Both strong double-digits.

Q1 27% beats range. FY27 expected to exceed high-teens CAGR. Multi-brand acceleration tracking.

Currently 14.6%. FY27 seen at 150–200bps expansion (above average). Operating leverage + mix driving path.

Q1 high-teens growth achieved. Distribution gains, hero SKU focus, share gains (face wash +350bps, shampoo +160bps).

Aqualogica, BBlunt, Dr. Sheth's plateau at ₹150–200Cr ARR despite 40%+ growth. Category/TG limitations or positioning gaps slow ascent to ₹500Cr+.

Summer categories (face wash, sunscreen) peak Q1, contributing ~50bps EBITDA seasonality. Q2 'sequentially the scale kind of dips a little' as summer fades.

Crude oil inflation (West Asia war), packaging material inflation impacting industry. Q1 absorbed via inventory management; real impact shifts to Q2. Price increases taken end-Q1 may not fully offset.

FIKN fragrance just launched (India-first elixir-based claim, patented design). Prior Mamaearth fragrance attempt failed (poor PMF). Fluence Pharma diligence ongoing; nutraceuticals execution unproven.

BTM Ventures 100% growth post-acquisition (Jan 2026) impressive, but sustainability uncertain. Fluence Pharma deal in diligence; completion and integration timeline unclear.