Mamaearth is a budget skincare and haircare brand that belongs to Honasa Consumer Limited, a listed company that makes none of its products itself. This audit reads its owner, its factories, its labels and its prices as they stood on 1 September 2026.
Mamaearth belongs to Honasa Consumer Limited, listed since 7 November 2023, which makes nothing itself: five third-party manufacturers are named across the eleven product pages we read. The serums cost ₹10.00 to ₹11.67 per ml on the brand’s own site, checked 1 September 2026.
Snapshot
- Legal name
- Honasa Consumer Limited, CIN L74999DL2016PLC306016, incorporated 16 September 2016
- Listing
- NSE and BSE, ticker HONASA, since 7 November 2023 at ₹324 a share
- Founders’ holdings
- Varun Alagh 32.38%, Ghazal Alagh 3.06%, at 30 June 2026
- Group brands
- Mamaearth, The Derma Co, Aqualogica, Dr. Sheth’s, BBlunt, Staze, Lumineve, Reginald Men
- Who makes it
- Third parties only; five named across 11 product pages
- Core line, selling price
- ₹250 to ₹359 on hair oil, sunscreens and serums, checked 1 September 2026
- Financials
- ₹2,392 crore revenue, ₹200 crore profit, FY2026
How it started
There is no company called Mamaearth. The brand belongs to Honasa Consumer Limited, incorporated in Delhi on 16 September 2016 by Varun and Ghazal Alagh, which began with baby care and now runs eight brands from Gurugram. The Derma Co, launched in-house in 2020, is the group’s second-largest brand by Honasa’s own FY2024-25 annual report.
Honasa listed on 7 November 2023 at ₹324 a share, raising ₹1,701 crore, of which only ₹365 crore was fresh money for the company. At 30 June 2026 Varun Alagh, the CEO, held 32.38%, after buying another ₹50 crore of shares at ₹270 on 29 December 2025, and Ghazal Alagh held 3.06%.
- FY2024₹1,920 crore revenue, ₹110.5 crore profit
- FY2025₹2,067 crore revenue, ₹72.7 crore profit, down 34%
- FY2026₹2,392 crore revenue, ₹200 crore profit; first dividend, ₹3 a share
Revenue rose in each year; profit fell in FY2025 and rose in FY2026.
Consolidated figures from Honasa’s Annual Report 2024-25 and its FY26 results of 22 May 2026.
What they actually make
Start with the badge. MADE SAFE is a programme of Nontoxic Certified, a private United States organisation rather than an Indian regulator. Its published process is an ingredient screen: the applicant discloses the formula and the certifier checks it against more than 15,000 banned or restricted substances. Mamaearth prints the MADE SAFE badge on its product pages and calls itself Asia’s first brand with the certification.
Honasa makes none of its products. Most of the product pages name the factories that do.
Now the factories. Honasa’s prospectus says: “We do not manufacture any of our products and rely entirely on third-party manufacturers.” Indian law requires the manufacturer’s name and address on every cosmetic, so the product pages say who those are. We read eleven on 1 September 2026.
| Product page | Manufactured by | Licence shown |
|---|---|---|
| Ubtan, Tea Tree and Charcoal face washes; Mineral Sunscreen; Baby Lotion | Kapco International, Parwanoo (Ubtan also VA Lifesciences) | S-COS/10/19 |
| Vitamin C Daily Glow Sunscreen SPF 50, 50 g | Alaina Healthcare, Baddi | HIM/COS/16/227 |
| Ultra-Light Indian Sunscreen SPF 50, 80 g | Indo Herbal Products Unit-2, Haridwar | 20/C/U.A/2010 |
| 10% Vitamin C and Niacinamide serums, 30 ml | Cheryl Laboratories, Navi Mumbai | KD-C/313 |
| Onion Hair Oil 250 ml | No manufacturer named on the page | 20/C/U.A/2010 |
| Rice Face Wash, twin pack | No manufacturer named on the page | HIM/COS/20/305; 20/C/U.A/2010 |
Five manufacturers are named across those eleven product pages. This is the marketer-versus-manufacturer question this site puts to every brand; Campus answers it by running its own plants, and Mamaearth by printing its contract manufacturers’ names and licence numbers on most of its product pages.
The Onion Hair Oil and Rice Face Wash pages print a licence number but no manufacturer’s name. The physical pack may carry it, so read the back panel before deciding the name is missing.
Then the ingredient lists, which combine botanical extracts with conventional cosmetic ingredients. The SPF 50 sunscreens name the UV filters avobenzone, octocrylene and ethylhexyl methoxycinnamate; the Rice Face Wash lists potassium hydroxide and butylated hydroxytoluene. All are ingredients in ordinary cosmetic use, listed alongside the botanical extracts.
The one product with a number on the front is the 10% Vitamin C Essence Serum. The 10% is in the product name; the ingredient list carries no percentages and names ethyl ascorbic acid, a vitamin C derivative, second after water.
The sunscreens are where Mamaearth publishes the most. Both SPF 50 pages carry a standard, a laboratory and a measured result.
- StandardIn-vivo SPF to ISO 24444:2019, the international method
- LaboratoryCCFT Laboratories, Meerut, named on both pages
- Study numbersCTRI/2025/07/090388 and CTRI/2025/05/087276, as quoted by Mamaearth
- Measured SPF63.3 on the Ultra-Light, 52.2 on the Vitamin C Daily Glow, against 50 claimed
On the pages read on 1 September 2026, neither page cites a test method or result for its PA++++ rating.
“Dermatologically Tested” appears on most product pages read on 1 September 2026, without a cited report. In India, cosmetics manufacturing licences are issued by state licensing authorities under the Cosmetics Rules, 2020; the licence numbers printed on the product pages are in the table above.
What Mamaearth costs in India
MRP is printed the same everywhere and the discount does the work. On the brand’s own site on 1 September 2026, most of the core line sold between ₹250 and ₹359 against MRPs of ₹399 to ₹699.
| Product, mamaearth.in | Selling price (MRP) | Per ml or g |
|---|---|---|
| Onion Hair Oil 250 ml | ₹300 (₹599) | ₹1.20 |
| Charcoal Face Wash 250 ml | ₹559 (₹799) | ₹2.24 |
| Ultra-Light Indian Sunscreen 80 g | ₹250 (₹499) | ₹3.13 |
| Vitamin C Daily Glow Sunscreen 50 g | ₹359 (₹399) | ₹7.18 |
| Skin Correct Niacinamide Serum 30 ml | ₹300 (₹599) | ₹10.00 |
| 10% Vitamin C Essence Serum 30 ml | ₹350 (₹699) | ₹11.67 |
Prices and unit prices as displayed on mamaearth.in, 1 September 2026.
The most useful comparison in the table is the sunscreen pair.
- Ultra-Light Indian Sunscreen SPF 50 PA++++, 80 g
- ₹250, or ₹3.13 per g
- Vitamin C Daily Glow Sunscreen SPF 50 PA++++, 50 g
- ₹359, or ₹7.18 per g
- Gap
- 2.3× per gram for the same claimed protection
- Checked on
- 1 September 2026, mamaearth.in
The dearer one adds vitamin C to its name and comes in a smaller tube.
Where you buy matters as much as what. On 1 September 2026 the Ultra-Light sunscreen was ₹250 on mamaearth.in and ₹374 on Nykaa; the Onion Hair Oil 250 ml was ₹300 on the brand’s site and ₹568 on 1mg. Only the Vitamin C sunscreen went the other way, at ₹343 on 1mg against ₹359. We did not capture an Amazon price. It is the pattern this site records for Metro and Mochi: the selling price usually sits well below the printed MRP.
Who Mamaearth is actually for
Mamaearth is a budget brand: five of the six products in our price table sold under ₹500 on its own site. It suits a buyer who wants a 250 ml face wash at ₹2.24 a ml or a serum at ₹10 to ₹12 a ml, and who reads the back of the pack rather than the front. It suits less well a buyer who wants the strength of each active printed as a percentage in the ingredient list.
Reputation and controversies
The figure every article quotes is 187. ASCI’s Annual Complaints Report for FY2023-24, released 23 May 2024, processed 187 Honasa Consumer advertisements across its brands, more than any other advertiser in India that year. Honasa confirmed the figure and explained it: “Almost 94% of the cases have been around influencer content.” These were posts without an “Ad” label. They were not 187 findings about product claims.
The count then fell. ASCI’s report for FY2024-25, published 29 May 2025, recorded 29 Mamaearth and Honasa advertisements requiring modification, 22 of them influencer-disclosure breaches. ASCI’s beauty-sector report of 6 April 2026 put Honasa first again at 23, 17 for disclosure, and this time named the Mamaearth Vitamin C Daily Glow Sunscreen among the products it cited. That concerned the advertising, not the SPF result.
Behind those yearly totals sits a case-by-case record. Mamaearth-brand advertisements account for 61 of the 106 complaint outcomes that name Honasa Consumer Limited as the advertiser, on the council’s public record as at 2 September 2026. Not all 106 went against the company; several were dismissed. The other 45 belong to the group’s other brands, The Derma Co among them, and are not Mamaearth’s.
Two different things sit inside those 61, and they must not be added together. One is an influencer’s post that carried no “Ad” label, which is a disclosure lapse by whoever published it and says nothing about the product. The other is a claim Mamaearth itself made about what a product does. Only the second kind tells a buyer anything. The council’s listing publishes no split between the two, so no share of the 61 should be read as findings about products.
Three of the findings against product claims are worth naming. On 25 November 2021 ASCI upheld a complaint about a Mamaearth Onion Shampoo film promising “Natural”, “Hairfall Roke” and “8X Smoother Hair”. On 21 April 2023 it upheld one about the Ubtan Face Wash, over “Repairs Sun Damage” and “Made from Natural Ingredients” printed on the website and the pack. On 7 May 2026 it upheld one about the Vitamin C Face Wash page, where “We always recycle more plastic than we use” breached both the code and ASCI’s guidelines on environmental claims.
The record is not all one way: on 7 May 2025 a review panel heard both sides on a contested Mamaearth complaint and did not uphold it.
Every one of those decisions was about a particular advertisement as it stood on the date it was heard. None bars a form of words going forward, and nobody has ruled on the pages as they read on 1 September 2026. ASCI is the advertising industry’s own self-regulatory council rather than a statutory regulator.
Buying it in India
Buy from mamaearth.in unless a marketplace beats it on the day; on 1 September 2026 it was cheapest on two of the three packs compared. Every page there prints the MRP, selling price and unit price, and most print the manufacturer block; our Bata audit shows how another listed company presents the same details.
Find the active in the ingredient list
A percentage on the front is a claim. An active near the top of the INCI list is consistent with it; one near the bottom is not.
Find the manufacturer, not the marketer
The pack must carry the manufacturer’s name, address and licence number. “Marketed by Honasa” is not a factory. If only a licence number appears online, check the physical pack.
Look for a report, not a badge
For sunscreen, look for a standard, a laboratory and a measured number, and ask the brand for its test report on any rating the pack does not explain.
Divide the price by the millilitres
₹559 for 250 ml is ₹2.24 a ml. Two sunscreens with identical claims cost ₹3.13 and ₹7.18 a gram.
Common questions
Who owns Mamaearth?
Honasa Consumer Limited, listed on the NSE and BSE since 7 November 2023. Varun Alagh held 32.38% and Ghazal Alagh 3.06% at 30 June 2026; the rest is public.
Is Mamaearth MADE SAFE certified?
Mamaearth shows the MADE SAFE badge on its product pages and calls itself Asia’s first brand with the certification. MADE SAFE is a private US programme that screens a brand’s disclosed ingredients against a banned list; ask the brand which products the certificate covers.
Does Mamaearth make its own products?
No. Honasa’s prospectus states it does not manufacture any of its products. Five third-party manufacturers are named across eleven product pages, in Parwanoo, Baddi, Haridwar and Navi Mumbai.
Is Mamaearth sunscreen tested?
The two SPF 50 product pages cite in-vivo SPF studies, set out in the section on what they make above. For any rating the pages do not explain, check the pack and ask the brand for its test report.
How we research and verify brand audits: our methodology.
References
- MADE SAFE certification process — ingredient disclosure screened against a banned list of over 15,000 substances
- Mamaearth, Made Safe page, read 1 September 2026 — “Asia’s 1st” claim
- Honasa Consumer Limited abridged prospectus, October 2023 — legal name, incorporation date, offices, “we do not manufacture any of our products”
- Chittorgarh, Honasa Consumer IPO record — issue price, size, fresh issue and offer for sale, listing date
- Honasa shareholding pattern, 30 June 2026 — Varun Alagh 32.38%, Ghazal Alagh 3.06%, promoter group 35.47%
- Business Standard, 30 December 2025 — Varun Alagh buys 18.52 lakh shares at ₹270
- bharatfast, 21 May 2026 — first dividend of ₹3 a share
- Honasa Consumer Annual Report 2024-25 — FY2024 and FY2025 revenue and profit; brand portfolio; The Derma Co as “second-largest brand”
- Business Standard, 22 May 2026 — FY2026 revenue ₹2,392 crore and profit ₹200 crore
- Mamaearth homepage, read 1 September 2026 — “Dermatologically Tested” wording
- Mamaearth, Ultra-Light Indian Sunscreen SPF 50, read 1 September 2026 — manufacturer, licence, ISO 24444:2019 result of 63.304, CCFT Laboratories, CTRI/2025/07/090388, price ₹250
- Mamaearth, Vitamin C Daily Glow Sunscreen SPF 50, read 1 September 2026 — Alaina Healthcare, HIM/COS/16/227, SPF result 52.175, CTRI/2025/05/087276, ingredient list, PA++++, price ₹359
- Mamaearth, 10% Vitamin C Essence Serum, read 1 September 2026 — INCI order, Cheryl Laboratories, KD-C/313, price ₹350, ₹11.67 per ml
- Mamaearth, Skin Correct Niacinamide Serum, read 1 September 2026 — price ₹300, ₹10.00 per ml
- Mamaearth, Rice Face Wash twin pack, read 1 September 2026 — licence numbers with no manufacturer named, ingredient list, price ₹494
- Mamaearth, Onion Hair Oil 250 ml, read 1 September 2026 — licence number with no manufacturer named, price ₹300
- Mamaearth, Ubtan Face Wash 150 ml, read 1 September 2026 — manufacturers, licences
- Nykaa, Ultra-Light Indian Sunscreen 80 g, 1 September 2026 — price ₹374
- 1mg, Onion Hair Oil 250 ml, 1 September 2026 — price ₹568
- 1mg, Vitamin C Daily Glow Sunscreen 50 g, 1 September 2026 — price ₹343
- Cosmetics Rules, 2020, CDSCO — Rule 34 on manufacturer name, address and licence number; state licensing under Rule 25
- Inc42, May 2024 — ASCI FY2023-24 report, 187 Honasa advertisements, released 23 May 2024
- Storyboard18, Honasa’s response, May 2024 — “Almost 94% of the cases have been around influencer content”
- Storyboard18, 29 May 2025 — ASCI FY2024-25 report: 29 Mamaearth and Honasa advertisements, 22 influencer-disclosure
- Storyboard18, 6 April 2026 — ASCI beauty-sector report: Honasa 23 advertisements, 17 for disclosure; Vitamin C Daily Glow Sunscreen named
- ASCI complaint outcomes, read 2 September 2026 — 61 of the 106 outcomes against Honasa Consumer Limited concern Mamaearth-brand advertisements; Onion Shampoo 25 November 2021, Ubtan Face Wash 21 April 2023, Vitamin C Face Wash 7 May 2026, review panel 7 May 2025
Buy the Ultra-Light Indian Sunscreen at ₹250 for 80 g and the face washes in the largest size. Those are sound budget buys from a listed company that prints its unit price.
Buy on the back of the pack: the ingredient list and the manufacturer block are the most useful details on each page, and for sunscreen, check the pack and ask the brand for its test report. Skip the Vitamin C Daily Glow Sunscreen at ₹7.18 a gram when its stablemate makes the same claim at ₹3.13.
Mamaearth is good value at its own-site prices for a buyer who chooses by unit price and reads the ingredient list.
