Honasa Consumer
Honasa Consumer Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹538Cr
- +16.5% YoY
- Net profit
- ₹39Cr
- Q2 FY25: −₹19 Cr
- Margin
- 9%
- +16 pp YoY
Guidance rank: #3 of 8 in Personal Products
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The short version
Mamaearth is back to growth with an objective of high single-digit growth in the next quarter and aims to reach double-digit growth by Q4, maintaining this into next year. Honasa Consumer expects to maintain or improve EBITDA margin around the current 7-8% range with a target to unlock 50 to 100 basis points of operating margin annually through procurement efficiencies, marketing efficiency, and product mix improvements.
From Honasa Consumer's Q2 FY26 earnings-call transcript · updated 26 Aug 2026.
Revenue & Sales Performance
- Mamaearth is back to growth with an objective of high single-digit growth in the next quarter and aims to reach double-digit growth by Q4, maintaining this into next year.
- Core categories' contribution expected to rise from 75% to around 84-85% over the next 4-6 quarters, driving strong share ownership.
- Derma Co has strong growth potential with plans to build moisturizer and shampoo categories, targeting INR1,000+ crores in 1-2 years.
- Quick commerce channel is rapidly growing, currently about 10% of revenues, with healthy economics and fastest-growing channel.
- Total secondary sales growing well with 35% Y-o-Y increase in direct outlet billings; brand availability expanded to over 250,000 retail outlets.
- Focus on offline expansion for brands like Derma Co, now INR100+ crores in offline run rate.
2 more points from Honasa Consumer's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Honasa Consumer is actively investing in building new brands, focusing on mega brand creation opportunities in India driven by a new generation of consumers.
- They have a dedicated function called the "brand factory" to cultivate and scale new brands, with openness to participation or M&A when internal bandwidth is insufficient.
- An investment was made in Fang, an early-stage oral care brand where Honasa holds a 25% stake, with options to increase stake in the future based on performance.
- The company emphasizes capital-efficient growth by building own brands rather than only acquiring.
2 more points from Honasa Consumer's call on capex
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Top-ranked in Personal Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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Honasa Consumer — Quarterly revenue & net profit
Honasa Consumer Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 538 | 462 | +16.5% | 595 | -9.6% |
| Operating profit (EBITDA) | 48 | -31 | — | 46 | +4.3% |
| Operating margin | 9% | -7% | +16 pp | 8% | +1 pp |
| Profit before tax | 53 | -24 | — | 56 | -5.4% |
| Net profit (PAT) | 39 | -19 | — | 41 | -4.9% |
| EPS (₹) | 1.21 | -0.57 | — | 1.27 | -4.7% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹731 Cr, net profit ₹73 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Honasa Consumer's management said in earlier quarters
Others in Personal Products this season
- Aakaar Medical (Q2 FY26)
Long-term ambition to reach INR 1,000 crore revenue benchmark and become the number one Indian aesthetic company. Key concall takeaways from Aakaar Medical…
- Godrej Consumer (Q2 FY26)
Volume growth trajectory around 7-8% for the next four quarters after adjusting for GST-related noise. Key concall takeaways from Godrej Consumer's Q2 FY26…
- Dabur India (Q2 FY26)
Rural growth is robust at around 7%, driven by initiatives like LUP bundles and expansion in rural distribution. Key concall takeaways from Dabur India Ltd's…
- Emami (Q2 FY26)
GST-driven price cuts (~INR 250-260 crores impact on MRP) intended to boost demand and consumer affordability. Key concall takeaways from Emami's Q2 FY26…
Potential multibaggers · Q2 FY27
Potential multibaggers in Personal Products
on management's own guidance
- Strong growth2
- Strong growth1
- 3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Honasa Consumer Q2 FY26 results?
Mamaearth is back to growth with an objective of high single-digit growth in the next quarter and aims to reach double-digit growth by Q4, maintaining this into next year. Honasa Consumer expects to maintain or improve EBITDA margin around the current 7-8% range with a target to unlock 50 to 100 basis points of operating margin annually through procurement efficiencies, marketing efficiency, and product mix improvements.
What is Honasa Consumer share price analysis?
Honasa Consumer currently shows a neutral. The stock trades at a P/E of 62.2 with a market cap of ₹15,711 Cr. Investors should review the full earnings analysis for detailed insights.
Is Honasa Consumer planning capital expenditure?
Honasa Consumer is actively investing in building new brands, focusing on mega brand creation opportunities in India driven by a new generation of consumers.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.