The report maintains a BUY rating with a Sep-27 target price of INR 565 (raised from INR 550), citing healthy Q2FY27 revenue growth of 36%, volume growth of 31%, EBITDA growth of 95% YoY with margin at 12.7%, and raised FY27 earnings estimates by 8% on continued execution strength in offline distribution and younger brands.
Read this note →Honasa Consumer Limited
NSE HONASA BSE 544014 INE0J5401028
0 filings · 0 analysed
484.05
+3.28%
over 1 month
-
The report maintains a BUY rating with a Sep-27 target price of INR 565 (raised from INR 550), citing healthy Q2FY27 revenue growth of 36%, volume growth of 31%, EBITDA growth of 95% YoY with margin at 12.7%, and raised FY27 earnings estimates by 8% on continued execution strength in offline distribution and younger brands.
Prices from Yahoo Finance, NSE close, delayed — indicative only, not for dealing. Solid markers sit on the exchange's own timestamp.
Targets, and what happened next
What each house published, and where the price has gone since. Orivam issues no calls of its own and takes no view on these.
| House | Published | Call | Entry | Target | Now | Progress | Standing |
|---|---|---|---|---|---|---|---|
| HDFC Securities | 07 Nov 2026, 06:52 | long | 466.40 | 565.00 | — | — | open by 2027-11-07 |
| HDFC Securities | 29 Sep 2026, 09:15 | long | 441.65 | 550.00 | 466.40 | 23% | open by 2027-09-29 |
| JM Financial Institutional Securities Limited | 13 Nov 2025, 07:23 | long | 287.61 | 330.00 | 431.80 | 200% | hit |
Deadlines: 0 stated by the house, the rest set by Orivam’s convention — ten trading days for a technical call, twelve months for a price target. A target with no date cannot be judged, so one has to be chosen.
What the desks said
The note reports Honasa expects an early double-digit operating margin and early-thirties NSV growth for the quarter, with Mamaearth growing high-teens and younger brands growing around mid-forties.
Read this note →The note reports Honasa expects early double-digit operating margin and net sales value growth in the early thirties for the July-September quarter, with Mamaearth at high-teens and younger brands around mid-forties NSV growth.
Read this note →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.
Read this note →The report forecasts 28% revenue growth and 68% adjusted PAT growth YoY for Honasa Consumer in Q2FY27E, aided by margin expansion.
Read this note →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).
Read this note →The note says consolidated 2QFY26 revenue rose 16.5% YoY to INR 5.4bn (LFL 22.5%, UVG 16.7%) with EBITDA margin at 8.9% and PAT of INR 392mn ahead of its estimate, and that it raises FY26-28E earnings by 2-5% and upgrades the stock to BUY with a DCF-based target of INR 330 on improving outlook and recent price correction.
Read this note →Announcement timeline
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