Honasa Consumer Shares Can Zoom 42% Says ICICI Securities Post Strong Q2 Numbers — Check Target Price

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ICICI Securities Report

Honasa Consumer Ltd.’s Q2 FY26 performance reaffirms its focus on building category depth, scaling younger brands, and strengthening distribution reach.

Mamaearth is back to growth (like-for-like: double digit) and sustained traction across younger brands such as The Derma Co. underscoring portfolio resilience, while continued innovation and selective entry into premium segments strengthened category relevance.

Expanding offline footprint, improving mix and disciplined cost control supported steady margin progression in Q2. With younger brands now contributing >50% of revenue, new initiatives such as Luminéve in premium skincare and Fang in oral care broaden Honasa’s play in emerging adjacencies.

The business enters H2 FY26 on a steady footing, with margin tailwinds and broad-based brand momentum likely to drive healthy performance ahead. Buy.

Key risks:

• Heightened competition,

• execution miss,

• low success in scale-up of new brands and

• continued slowdown in Mamaearth.

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