
The Comeback That Shocked Dalal Street: How Mamaearth's Parent Was Written Off by Critics—Then Delivered a ₹69 Crore Quarterly Profit and a 52-Week High
In the winter of 2024, Honasa Consumer was the most hated stock on Dalal Street. The parent company of Mamaearth, India's largest digital-first beauty and personal care brand, had listed at a valuation that critics called absurd—a multiple of revenue that seemed to price in a decade of flawless execution. When the stock fell, the critics were vindicated. When it fell further, they were merciless. "IPO Frenzy Fades," read one headline. "Valuation Without Substance," read another. The company was a poster child for everything that had gone wrong with Indian startup IPOs: too much hype, too little profit, too much optimism baked into a share price that had nowhere to go but down.








