Six stories from India’s consumer economy this morning. The theme running through the results: revenue is growing almost everywhere, and profit is not keeping pace.
1. Honasa’s profit rose 87%, and fell 19%
Honasa Consumer, which owns Mamaearth, The Derma Co and Aqualogica, reported September-quarter revenue of Rs 731 crore against Rs 538 crore a year ago, up 36%. Net profit was Rs 73.25 crore against Rs 39.23 crore, up 87%. The number nobody printed: against the June quarter, which did Rs 755.9 crore of revenue and Rs 90.4 crore of profit, revenue fell 3.3% and profit fell 19%. Cost of materials rose 38.4%, faster than sales. On these numbers the recovery has arrived and the compounding has not, or at least not yet. (Entrackr, Inc42)
Bosch Limited reported September-quarter net profit of Rs 840 crore, up 19%, on revenue up 28.2%. Its automotive business, which is most of the company, grew sales 29.8%. The board approved a 1:5 stock split and a 3:1 bonus in the same meeting, which together turn each share into twenty: the price falls to a twentieth, the count rises twentyfold, and nothing about the business changes. The stock fell about 4% anyway. That revenue grew nine points faster than profit perhaps says Bosch is paying more for inputs or spending ahead of demand. (Deccan Herald, Autocar Professional)
3. Shiprocket made its first profit, of Rs 60 lakh
Shiprocket, which handles shipping for small online sellers, reported revenue of Rs 674 crore for the September quarter, up 35%, and a profit of Rs 60 lakh after a loss in the same quarter last year. That is about nine paise on every hundred rupees of revenue. The company has crossed from loss into profit by the width of a line. What it buys is optionality: a business that is roughly breaking even can choose when to spend, and one that is losing money cannot. With a listing being prepared, a thin profit reads better in a prospectus than a narrowing loss. (Entrackr, Medianama)
4. Moneyview’s profit rose five times to Rs 201 crore
Moneyview, a lending app that mostly writes small personal loans, reported September-quarter profit of Rs 201 crore, a little over five times the year-ago figure, on revenue of Rs 1,120 crore, up 41%. Across the first half of FY27 it reported Rs 2,161 crore of revenue and Rs 375 crore of profit. Profit growing five times on revenue growing 41% is a very wide gap, and in lending that gap usually comes from one of two places: cheaper borrower acquisition, or a smaller provision for loans going bad. The first is durable. The second depends on how the older loans behave. (Entrackr, Inc42)
5. Safari’s profit fell 21%, and it approved Rs 230 crore of new capacity
Safari Industries, India’s second-largest luggage maker after VIP, reported September-quarter revenue of Rs 582.22 crore, up 9.1%, and net profit of Rs 36.93 crore, down about 21% from Rs 47 crore a year ago. In the same board meeting it approved Rs 230 crore of new manufacturing capacity. Committing that much in the quarter your profit falls a fifth is a decision about the next three years rather than this one. Luggage demand tracks air travel, and airlines have been adding seats faster than they have filled them. Safari would rather have the factory ready than the margin protected. (Free Press Journal, Indian Retailer)
The full edition, with JSW Dulux’s margin drop and three quick briefs, is here: https://theinsightlabs.in/daily/2026-11-08
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