Honasa Consumer Limited’s shares rose 3.59% to ₹265.50 on the National Stock Exchange on Friday morning, following positive investor reactions to the company’s acquisition of BTM Ventures Private Limited, which owns the premium men’s personal care brand Reginald Men.
The acquisition involves Honasa purchasing a 95% stake in BTM Ventures for an enterprise value of ₹195 crore, structured as cash-free and debt-free. The remaining 5% will be acquired within 12 months based on mutually agreed valuation criteria. The transaction is expected to complete within four weeks.
Reginald Men, founded in August 2022 by Trisha Reddy Talasani and based in Hyderabad, generated sales of ₹74 crore in the trailing twelve months ending October 2025. This figure accounts for roughly 3% of Honasa’s sales during the same period. Notably, the brand reports gross margins exceeding 72% and EBITDA margins of 24%, which are significantly higher than Honasa’s EBITDA margin of 7%.
The acquisition represents an EV-to-sales multiple of 2.6x and an EV-to-EBITDA multiple of 10.9x based on trailing twelve-month figures. JM Financial Research has maintained a ‘Buy’ rating on Honasa shares, asserting that the acquisition is in line with the company’s strategy to broaden its premium product portfolio.
Manoj Menon, an analyst at ICICI Securities, indicated that early signs of demand recovery are emerging in FMCG categories, particularly in beauty products, with price elasticity greater than 1 in discretionary segments. SBI Securities has characterized the acquisition as favorable for both medium- and long-term growth.
During the trading session, the stock opened at ₹260 and reached a high of ₹269, with trading volumes amounting to 27.74 lakh shares. The men’s personal care market in India is currently valued at ₹200 billion and is expected to double by 2032, according to IMARC research. Honasa aims to boost Reginald Men’s revenue to ₹500 crore through category expansion, channel diversification, and increased geographic reach beyond South India.
Published on December 12, 2025.
