29 Sep 2026, 09:15 IST
Honasa Consumer Limited
HDFC Securities · BUY · target INR 550
The note says offline execution, where the channel accounts for ~35% of business (50%+ for Mamaearth), is central to the next phase of growth, with management targeting 3x expansion in direct reach to 300k outlets over three years and value-weighted distribution rising from 40-45% to 80-85%; HSIE expects ~25% revenue growth in Q2FY27 with ~12% operating profit margin and reiterates BUY with a Sep-27 TP of INR 550 on 5x EV/sales (cut from 5.25x on sector de-rating).
From Honasa Update Sep26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
Open the original PDF →Research PDFs are often removed by the firms that publish them. The summary above is kept so this page still means something if that happens.