India, Aug. 21 -- It wasn't easy for Honasa founders Varun and Ghazal Alagh as shareholders fired on all cylinders when the Mamaearth's parent sank into losses by the middle of FY25 after tasting profits in the previous fiscal year.

The beauty and personal care (BPC) company's revenue increased 8% on-year to INR 2,066.9 Cr in FY25, but profits plunged 32% to INR 72.6 Cr.

Honasa Consumer turned cash flow negative with the topline crumbling 7% in the first six months of FY25, driving the company's stock down 40%. Honasa slipped into INR 18.6 Cr losses in Q2 of FY25 after almost a year of reporting profits.

The company, however, picked up growth in the latter half of the fiscal year. Market analysts and brokerages too downgraded the ratin...