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Honasa Consumer grew 13.3% in Q4, led by 21.2% growth in UVG categories like facewash, shampoo, sunscreen, moisturizer, and baby products, with strong e-commerce and modern trade performance. FY25 revenue was INR 2,067 Cr, with stable EBITDA despite project investments. Mamaearth’s retail share increased, and direct distribution expanded from ~45K to 102K outlets, improving GT channel health. Derma Co. crossed INR 100 Cr offline ARR, supporting offline brand growth. Management emphasizes innovation through advanced actives and AI to boost premiumization and efficiency. FY26 targets double-digit value growth and a 250 bps EBITDA margin gain to restore FY24 profitability, driven by focus category shifts and robust distribution.