Honasa Consumer Shares Jump Nearly 12% After Q2 Update; Stock Up Over 60% in Six Months

Honasa Consumer shares extended their strong run on Tuesday after the Mamaearth parent indicated another quarter of healthy growth, helped by its expanding offline business and improving momentum across brands. 

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The stock opened at ₹450.65 against its previous close of ₹441.80 and climbed as much as 11.6% to an intraday high of ₹492.90 on October 6. 

The latest surge adds to a sharp recovery in the stock. Honasa Consumer shares have gained more than 61% over the past six months and are up over 73% so far in 2026. 

The immediate trigger came from the company’s September-quarter business update, which pointed to strong sales growth across both Mamaearth and its younger brands. 

Honasa Expects Sales Growth in Early Thirties 

Honasa Consumer expects net sales value to grow in the early-thirties percentage range year-on-year during the second quarter of FY27. 

The company said growth was broad-based across its focus categories and brands, carrying forward the momentum seen in the previous quarter. 

Mamaearth, its largest brand, is expected to record high-teens year-on-year growth. Honasa attributed the performance to stronger brand affinity and a wider offline presence. 

Its younger brands are growing at a much faster pace and are expected to deliver year-on-year growth in the mid-forties during the quarter. 

Detailed financial numbers will be released after the company’s board approves its Q2FY27 results. 

Offline Expansion Emerges as an Important Growth Driver 

Honasa’s offline business has become an increasingly important part of its growth story. 

General Trade and Modern Trade are both expected to report strong growth during the September quarter, supported by deeper direct distribution and better execution at stores. 

The online business is also expected to maintain its growth momentum. 

This combination has helped the company build on a strong first quarter at a time when the broader stock market has remained difficult and gains have increasingly been concentrated in individual companies. 

Margins Also Expected to Improve 

Growth is not the only area where Honasa expects progress. 

The company said it remains on track with its efforts to improve profitability and expects to deliver an early double-digit operating margin in Q2FY27, along with strong year-on-year improvement. 

That has given investors another metric to watch when the full quarterly results are released. 

Analysts See Further Upside, but Risks Remain 

Stock brokerages quoted in the Livemint report are largely upbeat about Honasa Consumer post the latest business update. 

Emkay Global has reiterated its ‘Buy’ rating on the stock and hiked its target price to ₹550 from ₹525 on better growth and margins from all brands. 

JM Financial, on the other hand, has reiterated its ‘Buy’ rating with a target price of ₹535. 

The brokerage firm believes that Honasa is poised to benefit from strong growth in Mamaearth, contribution from new brands, and improved distribution. 

There are, however, some risks as well. The competition in the Indian beauty and personal care industry continues to be stiff, while the growth momentum in brands and profitability is something that needs to be monitored. 

With Honasa Consumer having gained over 60% in just six months, expectations around the company have obviously seen an uptick. The Q2 update from Tuesday has reaffirmed the same, although the results for the September quarter will provide a clearer idea as to whether the sales growth momentum is translating into performance improvement.