Honasa Consumer: brokerages see up to 38% upside in 2026

Why Honasa Consumer is back on brokerage radars

Brokerage firms have largely stayed constructive on Honasa Consumer, the parent of Mamaearth, as the company pushes a multi-brand strategy across skincare, haircare, baby care, cosmetics and fragrances. The bullish tone is tied to reported growth in core and emerging brands, wider offline distribution, and improving profitability. Several reports frame Honasa as a longer-term consumer play that could benefit from premiumisation and rising personal care demand. In the near term, brokerage notes also point to operating leverage and channel mix optimisation as key drivers.

Stock move and market positioning

Honasa Consumer shares rose more than 2.8% to ₹420, taking the company’s market capitalisation to over ₹13,500 crore. The stock was marginally below its 52-week high of ₹424.55, reached on May 29, 2026. The article also notes the stock has jumped nearly 20% in the last one month and is up nearly 50% in 2026 so far. These moves have kept investor attention on whether earnings delivery and distribution expansion can support further re-rating.

SBI Securities: buy call with a ₹475 target

SBI Securities said the outlook remains “structurally positive,” citing premiumisation, innovation, channel mix optimisation, offline expansion and operating leverage. It expects a high-teens CAGR over five years along with 100 basis points of annual margin expansion. SBI Securities maintained a ‘buy’ rating with a target price of ₹475. It also flagged risks including high competition, slower execution, and delays in scaling the offline channel.

Jefferies: management guidance and higher targets

The management has guided for high-teens revenue growth and 100 basis points of annual EBITDA margin expansion over the next five years, according to the article. On that framing, Jefferies said it anticipates an 18% revenue CAGR over FY2026 to FY2029 and a near-23% EBITDA CAGR over the same period. Jefferies has a price target of ₹565 in the report cited.

Quarterly performance: profit jump and margin improvement

Honasa Consumer reported a 178% year-on-year jump in net profit to ₹69.44 crore. Revenue from operations increased 23% YoY to ₹675.09 crore. EBITDA rose 186% YoY to ₹77.1 crore, and the EBITDA margin improved to 11.75% for the quarter. The company also announced a maiden dividend of ₹3 per share.

Other brokerage calls: targets cluster around ₹420 to ₹500

Among other brokerages mentioned, Emkay Global Financial Services has a ‘buy’ rating with a target price of ₹500. Antique Stock Broking has a ‘buy’ rating with a target price of ₹462. JM Financial also has a ‘buy’ rating, but with a target price of ₹420, which is close to the cited trading level of ₹420.

Board meetings and corporate actions in focus

The text highlights a board meeting scheduled for May 21, 2026 at 15:05 IST to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. It also references earlier scheduled board meetings on November 12, 2025 (15:09 IST) to consider unaudited results for the quarter and half-year ended September 30, 2025. Another board meeting was scheduled on December 11, 2025 to consider acquiring BTM Ventures Private Limited, which operates the men-focused personal care brand Reginald Men.

Why analyst targets vary widely

The article includes a wide range of price views for Honasa Consumer. One section notes analysts have raised a fair value estimate to ₹565 from ₹500 on updated assumptions such as revenue growth, discount rate, profit margin, and future P/E. Another section highlights bearish targets, including a revision to ₹270 from ₹260, while also pointing to execution and competition risks. A separate update references a fair value estimate raised to ₹374.85 from ₹328.77. The text also cites a broad range where the most optimistic analyst target is ₹500 and the most pessimistic is ₹260, alongside a consensus target of ₹369.

A separate 2025 snapshot: momentum, but valuation debate

A Nov 13, 2025 report cited Honasa shares around ₹299.6, up 6.2% on the day. It also said the share price hit a one-month high of ₹299.40 on the NSE on strong volumes and referenced a 52-week high of ₹378.9 on November 14, 2024. In that 2025 context, ICICI Securities reiterated a ‘Buy’ with a ₹400 target, while Emkay Global was cited with a ‘Sell’ call and a ₹250 target and HSBC with a ‘Reduce’ rating and ₹264 target. HSBC’s note cited valuations of around 35 to 40 times forward earnings in that period.

Key numbers and brokerage targets

Market impact and what investors are tracking

The market reaction described across the excerpts links price performance to signs of profitability returning and margins improving, helped by product mix and operating leverage. At the same time, risks repeatedly highlighted include intense competition, execution quality, and the pace of offline scaling. The analyst split in 2025 and the wide target range cited later underline that valuation assumptions can change quickly as growth and margins evolve.

Conclusion

Honasa Consumer remains in focus as brokerages weigh brand-led growth, offline expansion, and margin improvement against execution and competitive risks. The scheduled May 21, 2026 board meeting for audited results is one of the near-term events investors will track alongside delivery on revenue growth and margin guidance.