Honasa's Nutraceuticals Bet: A ₹500 Cr Opportunity or a Distraction?

Honasa Consumer shares fell 3.07% to ₹407 on the NSE Wednesday, a day after the Mamaearth parent disclosed a majority stake in nutraceuticals company Fluence Pharma. The stock opened higher at ₹429.05, then reversed sharply as sell orders outpaced buys roughly 70-30. Volume hit 16.62 lakh shares worth ₹69.33 crore, putting the market cap at ₹13,287 crore.

The deal values Fluence Pharma at an enterprise value of ₹135 crore – roughly 3.4x trailing sales, according to SBI Securities. Honasa picked up a 58% stake and agreed to absorb the remaining 42% over the next five to seven years. A newly incorporated subsidiary, Honasa Health, will house the nutraceuticals business, led by Dheeraj Nagpal, formerly co-founder of the Zingavita brand.

Fluence Pharma is not a startup experiment. Co-founded by CEO Amit Bhusari and trichologist Dr. Rajendra Singh Rajput, the company reported revenue of around ₹40 crore in FY26 with EBITDA margins above 20%. Its patented Cyclical Nutrition Therapy – a structured sequence of OTC supplements – is prescribed by over 3,000 dermatologists across India. The current revenue is entirely B2B. Honasa plans to build a B2C portfolio on top of that, using its digital distribution and brand-building engine.

Analysts see the math as attractive relative to recent peer deals. HUL acquired Oziva at roughly 4x sales, and Marico bought Plix at about 6x sales. Honasa's 3.4x multiple looks cheaper, and on a smaller base. That leaves room for upside if the B2C conversion works.