Honasa's Record Q4 Splits the Street: Jefferies Hikes TP to Rs 565, Citi Stays Sell at Rs 320
Mamaearth parent posted Q4 revenue of Rs 657 cr (+23% YoY) with EBITDA nearly tripling to Rs 77 cr and margin expanding to a record 11.7% from 5.1%. Net profit jumped to Rs 69 cr vs Rs 25 cr, with focus categories growing over 35%. Jefferies raised TP to Rs 565 (Buy); Citi lifted TP to Rs 320 but retains Sell, flagging sustainability of the margin print.
What happened
Mamaearth (Honasa Consumer) · Honasa Consumer's Q4 saw revenue up 23% to Rs 657 cr and profit nearly tripling to Rs 69 cr, with record 11.7% EBITDA margin.
Key facts
- Revenue Rs 657.1 cr (+23.1% YoY)
- EBITDA Rs 77.2 cr vs Rs 27 cr
- EBITDA margin 11.7% vs 5.1%
- Net profit Rs 69.2 cr vs Rs 24.9 cr
- Jefferies TP Rs 565 (from Rs 500)
- Citi TP Rs 320 (from Rs 285)
- Focus categories grew >35%
Why this matters
With profit nearly tripling and focus brands compounding 35%+, Honasa's currency strengthens for bolt-on acquisitions in adjacent personal care niches—though valuation debate may delay any equity-funded moves.