12-Jun-2026 19:06:12
GOLDMAN SACHS ON HONASA CONSUMER
Maintains a Neutral rating; Raises target price to ₹400 from ₹385 Targets FY31 revenue of ₹55,000 million Implies ~18% annual growth from FY26 levels Growth to be led by Mamaearth at 20,000 million revenue Derma Co expected to contribute ₹15,000 million revenue by FY31 Targets EBITDA margin expansion of 500 bps to 15%+ by FY31 Margin gains expected from channel efficiencies, premiumisation and operating leverage Direct outlet network targeted to expand from ~120,000 to 300,000 by FY31 Shift towards general trade, modern trade and quick commerce seen as a margin tailwind FY27-FY29 earnings estimates raised by 1-4% Faster margin expansion and improving profitability support upgrades Goldman Sachs sees risk-reward as balanced at current valuations
HONASA CONSUMER LIMITED