shares surged 3.59 per cent to ₹265.50 on the National Stock Exchange on Friday morning, as investors reacted positively to the company’s acquisition of BTM Ventures Private Limited, which owns premium men’s personal care brand Reginald Men.
The company disclosed it will acquire a 95 per cent stake in BTM Ventures Private Limited, the parent company of Reginald Men, for an enterprise value of ₹195 crore on a cash-free, debt-free basis. The remaining 5 per cent will be acquired within 12 months based on pre-agreed valuation criteria. The deal is expected to close within four weeks.
Founded in August 2022 by Trisha Reddy Talasani and headquartered in , Reginald Men recorded sales of ₹74 crore in the trailing twelve months ending October 2025, representing about 3 per cent of Honasa’s sales for the same period. The brand reported gross margins exceeding 72 per cent and EBITDA margins of 24 per cent, significantly higher than Honasa’s 7 per cent EBITDA margin.
The acquisition translates to an EV-to-sales multiple of 2.6x and an EV-to-EBITDA multiple of 10.9x on a trailing twelve-month basis. JM Financial Research maintains a ‘Buy’ rating on Honasa shares, noting the acquisition aligns with the company’s strategy to expand its premium portfolio.
According to ICICI Securities analyst Manoj Menon, early signs of demand recovery are visible in FMCG categories, including beauty products, with price elasticity exceeding 1 in discretionary segments. SBI Securities views the acquisition as positive for the medium- to long-term.
The stock opened at ₹260 and touched a high of ₹269 during the trading session, with volumes reaching 27.74 lakh shares.
The men’s personal care market in India is valued at ₹200 billion and is projected to double by 2032, according to IMARC research. Honasa plans to scale Reginald Men to ₹500 crore revenue through category expansion, channel diversification, and geographic reach beyond the South Indian market.