Honasa Consumer Acquires 95% of Reginald Men for ₹195 Cr
Honasa Consumer Limited is acquiring a 95% stake in men's personal care brand Reginald Men for ₹195 crore. The deal values Reginald Men at an enterprise value of ₹195 crore, with an implied EV/Revenue of 2.6x and EV/EBITDA of 10.9x. Reginald Men reported ₹74 crore in revenue and ₹18 crore in EBITDA for the twelve months ending October 2025.
The acquisition is a significant strategic move for Honasa, expanding its portfolio into a growing segment. However, the immediate financial impact is moderate relative to the company's overall size.
The acquisition marks Honasa Consumer's entry into the growing men's personal care market, a strategic expansion that is expected to leverage the brand's traction and the market's growth potential.
Honasa Consumer Limited has announced its entry into the men's personal care market with the acquisition of Reginald Men, a premium personal care brand for men. The company is acquiring a 95% stake in BTM Ventures, the parent entity of Reginald Men, through a secondary purchase at an enterprise value of ₹195 crore, subject to closing adjustments. The remaining 5% stake will be acquired after 12 months based on pre-agreed valuation criteria.
Reginald Men, launched in August 2022, focuses on men's personal care products, with sunscreens being a core offering. The brand has shown rapid traction, particularly in South India, and its hero product is the Helios Moisturizing Sunscreen. The acquisition is strategically significant as the Indian men's personal care market is projected to grow to over ₹40,000 crore by 2032, driven by premiumization and evolving self-care mindsets.
The transaction terms include Honasa investing via Series A CCPS, with the potential to increase its stake up to 51%. Governance will involve a 4-member board with 3 founders and 1 investor director, requiring investor consent for reserved matters. Honasa will have information and inspection rights, including monthly MIS and access to books. Founders will have a proposed 3-year lock-in period, with ROFR and Tag-along rights for the investor. The exit timeline is set within 8-9 years through IPO, third-party sale, or drag-along. The implied EV/Revenue is 2.6x and EV/EBITDA is 10.9x based on trailing twelve months (Oct'25 ended) financials, which show Net Revenue of ₹74 crore, GM of 72%+, and EBITDA of ₹18 crore (24% EBITDA margin).
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Honasa Consumer Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Honasa Consumer Limited. Read the original for the full detail.