ICICI Securities sees 32% upside in Honasa, sets Rs 550 target on structural recovery

Brokerage retains Buy on Mamaearth parent Honasa Consumer, citing the flagship's return to teen growth, Derma Co's scalability, improving offline execution, and white-space bets in nutraceuticals, oral beauty and men's grooming.

— Source publishedFri, 5 Jun, 2026, 11:38 IST·First seen Fri, 5 Jun, 2026, 13:00 IST·Source NDTV Profit

What happened

ICICI Securities retains Buy on Honasa Consumer with Rs 550 target (32% upside), citing Mamaearth's return to teen growth, Derma Co scalability, improving

Key facts

  • Rs 550 target
  • 32% upside

Why this matters

Honasa's signaled white-space pushes into nutraceuticals, oral beauty and men's grooming flag likely tuck-in M&A or brand incubation targets in adjacent BPC categories.