Buy Honasa Consumer: target of Rs 750: ICICI Securities
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓ICICI Securities issued a buy rating for Honasa Consumer with a target price of Rs 750.
- ✓The firm showed strong Q2FY27 results, with revenue growth of 35.9 percent.
- ✓Younger brands grew over 45 percent, while EBITDA margins expanded to 12.7 percent.
Story at a Glance
- Category
- Indian Markets
- Reported By
- MoneyControl
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
ICICI Securities research report on Honasa Consumer Honasa remains top pick in our coverage. Its Q2FY27 performance builds on the momentum seen in Q1, with revenue/volume growth of 35.9%/31.3% YoY. Mamaearth sustained its high-teens growth, while younger brands grew over 45%. Importantly, younger brands, excluding TDC, also delivered 40%+ growth, highlighting the emergence of additional growth engines. Offline execution remained strong, with avg. secondary sales per retailer up 30%+ and retail reach expanding 26%. Notably, over 80% of ME's growth delta came from existing outlets. EBITDA margins expanded 385bps YoY to 12.7%, supported by A&P efficiencies and operating leverage, with management expecting margins to remain ~12.5% in H2.
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