HDFC Securities Maintains Buy Rating On Honasa Consumer With Target Price ₹550

Domestic brokerage firm HDFC Securities maintained its Buy rating on Honasa Consumer with a target price of ₹550, following a 54% share surge over the past six months.

The company reported that annual recurring revenue for Mamaearth and The Derma Co. remains above ₹10 billion, with offline retail reach targeted at 300,000 outlets by FY31.

Honasa expects robust Q2FY27 results with early thirties year-on-year net sales value growth and early double-digit operating margins across its focus categories and brands.