- Honasa Q2 FY26 revenue rose 17% YoY with volume growth of 16.7% reflecting steady performance
- Revenue on like-for-like basis grew 22.5% YoY after adjusting for Flipkart settlement impact
- Mamaearth and younger brands like The Derma Co. showed strong portfolio resilience and growth
Honasa's Q2 FY26 revenue / gross profit grew 17% / 19% YoY with underlying volume growth at +16.7%, reflecting steady volume-led performance. On a like-for-like basis (adjusted for the Flipkart settlement change of ~Rs 280 million), revenue grew 22.5% YoY, with no impact on absolute profitability as brand contribution remained unchanged.
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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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