The shares of the respective parent companies of Nykaa and Mamaearth saw a sharp surge on Friday, after the two beauty and skincare companies posted strong surge in profitability and leading to bullish calls from international brokerages, with analysts highlighting which stock investors should consider buying now.
Nykaa-parent FSN E-Commerce Ventures on Thursday reported a consolidated net profit of Rs 78 crore for the March quarter of FY26, marking a 286% jump from Rs 20 crore in the same period last year. Its revenue from operations meanwhile rose 28% year-on-year (YoY) to Rs 2,648 crore, compared with Rs 2,062 crore in Q4 FY25.
Mamaearth-parent Honasa Consumer on the other hand reported a whopping 177% year-on-year (YoY) jump in consolidated net profit to Rs 69 crore for the fourth quarter of the financial year 2026, from Rs 25 crore in the year-ago period. Honasa’s revenue from operations, meanwhile, jumped over 23% YoY to Rs 657 crore during Q4 of FY26, compared to the Rs 533 crore revenue reported in the corresponding quarter of FY25.
Nykaa shares gained more than 4% to hit an intraday high of Rs 285.60 apiece on NSE, before paring some gains to close at Rs 277.25 apiece on Friday. The shares of the company gained more than 6% in one month, 4% in 2026 so far and 27% in one year. The company has a market capitalisation of Rs 79,176 crore.
Honasa Consumer shares meanwhile saw a sharper rally, jumping around 12% to hit an intraday high of Rs 402.80 apiece on NSE, before paring some gains and closing at Rs 384.35 apiece. The stocks gained over 7% in one week, 10% in one month and 34% in 2026 so far. The company has a market capitalisation of Rs 12,361 crore.
Nykaa vs Honasa: Which stock should you buy?
At current levels, neither Nykaa nor Honasa offers a clean enough risk-reward for fresh allocation, according to Harshal Dasani, Business Head at INVasset PMS. “Nykaa’s Q4 was operationally stronger, with healthy revenue growth, sharp profit improvement and better margin delivery. The fashion business moving closer to breakeven is also a positive signal. But the market is already discounting a fair part of that improvement. At these valuations, Nykaa needs consistent margin expansion and execution discipline, not just one strong quarter,” the analyst said.
On the other hand, Honasa’s Q4 also showed a strong rebound, helped by revenue growth, better profitability and operating leverage. “The concern is not the quarter; the concern is durability,” according to Dasani. “This is still a young brand portfolio where repeat behaviour, distribution depth and category leadership need more evidence across cycles,” he added.
Between the two, Nykaa has the stronger platform and clearer category positioning, while Honasa has the sharper near-term recovery, Dasani believes. He, however, concluded by saying that neither looks compelling enough to chase after the results reaction. “This is a setup where patience is better rewarded than momentum chasing. Fresh exposure can wait until valuations offer a wider margin of safety and earnings delivery becomes more repeatable,” he further said.
