Honasa Consumer Limited — M&A Activity 2025

Dec 11, 2025

Acquisition Announcement

Monthly Review – Nov‘25 – Corporate Development, Investor Relations and Process Excellence

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1

India’s men’s personal care market is growing fast with premiumization

Men’s personal care is at a clear demand inflection, with search trends[1] surging across core categories

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Demand Inflection visible in search trends [1] Growth in Search Trends [1] in Men’s Personal Care
255
2.0x 2.5x
200
150 Sunscreen Serum
100
1.5x
Nov-21Dec-21 Nov-22 Nov-23 Nov-24 Nov-25
Face Cleanser
“Sunscree n for men”#REF! "best face wash for men" "serum for men"
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The growth in the segment is fuelled by
1 2
Rapid Premiumization & Upgraded Heightened Awareness & Evolving Self-Care
Consumption Mindset
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~INR 20K Cr market[2] today projected to nearly double to INR 40K Cr+ by 2032

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1: Values represent indexed Google search volumes basis Google Ad words; smoothed using 9-month moving average 2: Source: Imarc Research, including Grooming

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Honasa Consumer Limited Enters Men's personal care category with the acquisition of

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Reginald Men – Premium personal care brand for men

Launched in Aug’22, Reginald Men offers curated men’s personal care products, with sunscreens as its core offering – a key focus category for Honasa

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1
2 3
Strong Multi-benefit Deep South India
product love proposition traction
Rapid traction built on
One product, multiple
Strong acceptance and
performance and clear
benefits—Sun protection &
repeat use across South
benefit messaging moisturization
India markets
#1 80%+
searched [1] Men’s Sunscreen
brand on google
Contribution to sales from
South India
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1: Source: Basis Google AdWords — brand searches in the men’s sunscreen category

Rationale for Acquisition by Honasa

1

Premium personal care brand positioned for men

Reginald Men operates in the large men’s personal care market…

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Indian men’s personal care market is a sizable category projected to reach INR 40K Cr+ by 2032[1] (fast-growing, premiumizing)

…complimenting the existing Honasa portfolio

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Science led Actives with Gen-Z focused Salon-like Gen-Z focused Natural led Prestige Skincare Premium Men’s based on Actives Botanicals Hydration haircare Make-up Personal care

2

Opportunity for Honasa to strengthen its market share in southern states

South India-led revenue strengthens Honasa in a large beauty & personal care market with distinct regional preferences & insights

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1: Source: IMARC Research, including Grooming

Multiple levers to unlock a ₹500 Cr+ revenue opportunity

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1 2
Category Channel Expansion
Expansion
Opportunity to scale into multiple Clear upside across Offline,
personal care categories for men, e-commerce and Quick Commerce
using existing product equity beyond current D2C
3
Geography
Expansion
Significant headroom to grow beyond
South India with localized go-to-
market playbooks
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Transaction terms & Key Financials

Key Terms of the Transaction

• BTM Ventures is the parent entity behind Reginald Men, a men’s focused personal care brand

• Honasa will acquire a 95% stake via secondary purchase at a ₹195 Cr enterprise value[1] , subject to closing adjustments

• The remaining 5% will be acquired after 12 months based on preagreed valuation criteria

• Implied EV/Revenue[2] : 2.6x & Implied EV/EBITDA[2] : 10.9x

Key Financials

INR Cr	Trailing Twelve Months (Oct’25 ended)
Net Revenue	74
GM%	72%+
EBITDA	18
EBITDA %	24%

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1: On a no cash, No debt basis

1. On an annualized Apr-25 to Aug’25 revenue run-rate