India’s Beauty Boom Is Moving Up the Value Chain

The interesting part of the beauty cycle isn't just who sells the shampoo or face cream. $HONASA reported a record ₹90 crore Q1 FY27 profit, while Galaxy Surfactants more than doubled quarterly profit to ₹166 crore. One owns consumer brands; the other supplies specialty ingredients used by personal-care companies. That combination is worth watching. India's beauty and personal-care market is expanding, but the opportunity may be spreading across the entire value chain, from ingredients to brands. Honasa Consumer, Galaxy Surfactants, Stylam Industries and S H Kelkar offer different ways to play this shift.