India, Aug. 14 -- Most companies built around a single hit product eventually face the same question: what happens when that product matures? One home-grown beauty business has spent the last few years quietly answering that question, building out a stable of brands and, most recently, stepping into an entirely new category that it believes could be India's next big beauty opportunity.

Shares of Honasa Consumer are trading around Rs489, giving the company a market capitalization of roughly Rs15,951 crore. The stock has moved in a 52-week range of Rs248 to Rs501.60, and trades at a P/E of about 63x.

A Strong Quarter, Built on Volumes, Not Just Prices Reported revenue from operations came in at Rs756 crore, up 27% year-on-year and 15% qua...