Brokerages see up to 38% upside in Honasa Consumer after Q4FY26 beat
Mamaearth-parent Honasa Consumer drew bullish calls from Jefferies, SBI, Emkay and others post Q4FY26: revenue Rs 657 cr (+23.2% YoY), Ebitda margin +666 bps to 11.7%, net profit Rs 69.4 cr (+178%), 30% UVG and a maiden Rs 3/share dividend. Targets range Rs 420–565 vs Rs 13,500 cr mcap; stock already +50% YTD.
What happened
Brokerages flag up to 38% upside on Honasa Consumer after strong Q4FY26 — revenue +23%, Ebitda margin +666 bps, maiden dividend. Jefferies, SBI, Emkay back
Key facts
- 38% upside
- Q4FY26 revenue Rs 657 cr (+23.2% YoY)
- Ebitda margin 11.7% (+666 bps)
- UVG 30%
- Net profit Rs 69.44 cr (+178% YoY)
- Maiden dividend Rs 3/share
- Target prices: Rs 475 (SBI), Rs 565 (Jefferies), Rs 500 (Emkay), Rs 462 (Antique), Rs 420 (JM)
- Mcap Rs 13,500 cr
- Stock +50% YTD
Why this matters
Honasa's Rs 13,500 cr mcap and proven multi-brand House-of-Brands execution make it both a benchmark for D2C beauty roll-ups and a potential acquirer of niche personal care assets seeking distribution scale.