CLSA on Honasa

O-P, TP Rs 462 Analyst day takeaways, Expects FY31 sales to be over Rs55bn with an over 15% Ebitda margin implying a 18% and 28% Cagrs over FY26-31CL. Honasa’s strategy will focus on driving speedy, accurate innovation and product superiority, personalised marketing and distribution expansion all while developing best-in-class tech capabilities. Margin expansion will be driven by improving channel mix and operating leverage on channel dedicated A&P spending and other Opex Raise FY27-29CL estimates 6%-14% to reflect an improved margin outlook

HONASA CONSUMER LIMITED

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