06 Oct 2026, 15:07 IST
Honasa Consumer Limited
HDFC Securities · BUY · target INR 550
The report reiterates a BUY rating with a Sep-27 target price of INR 550 (5x EV/sales), citing strong offline execution by Mamaearth and The Derma Co, scaling of younger brands like Aqualogica, Dr. Seth's, BBlunt and Reginald, and management's confidence of sustaining 12-12.5% margins in FY27 with gradual expansion thereafter, while modeling 18% revenue CAGR and 29% EBITDA CAGR over FY26-29E.
From Honasa Update Oct 26 HSIE, written by HDFC Securities. Orivam summarised it; the view is HDFC Securities's, not Orivam's.
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