Honasa forecasts Q1 revenue growth in thirties
Provisional update: Mamaearth high-teens, younger brands ~40%, margins double-digit. Consistent with medium-term guidance.
— 6 earlier stories on Honasa Consumer Ltd. →What's new
- Voluntary provisional Q1 update: adjusted revenue growth in thirties, reported mid-twenties.
- Mamaearth expects high-teens growth; Derma Co. and Aqualogica early forties.
- Double-digit operating margin guided, aided by scale.
Why this matters
The voluntary disclosure signals management’s confidence. Growth is in line with the high-teens CAGR guided earlier, so no material surprise. The margin target shows scale is improving.
What we're watching
- Audited results and actual margin delivery.
- Offline channel growth momentum.
- Sustained performance of younger brands.
The full read
Honasa just issued a voluntary, provisional quarterly update. Adjusted revenue growth for Q1 FY27 is in the thirties; reported is mid-twenties due to Flipkart’s policy change. Mamaearth grows high-teens, while The Derma Co. and Aqualogica clock early forties growth. Operating margins: double-digit. The market had been guided for high-teens compound growth — this update is consistent, not a surprise. But the voluntary disclosure itself says something: management is comfortable enough to put numbers out early. The figures are provisional and subject to auditor review. Still, the direction is clear. Scale is kicking in. That matters.
Questions answered
- Why did Honasa issue a voluntary quarterly update?
- It’s a provisional update ahead of final results. Management likely wanted to signal confidence in the trajectory, as growth and margins align with prior guidance.
- How does the growth compare to prior guidance?
- The medium-term guidance was for high-teens compound annual growth. The Q1 adjusted growth in the thirties is consistent with or slightly above that trajectory.
- What is the impact of Flipkart's revenue recognition change?
- The change reduces reported revenue growth to mid-twenties. Without it, growth would be in the thirties. The company presented both figures for clarity.
- How are younger brands performing vs Mamaearth?
- Mamaearth is expected to grow in high-teens, while The Derma Co. and Aqualogica grow in early forties, showing successful portfolio diversification.
- What about margins?
- Operating margin is expected to be double-digit for Q1, helped by scale. This compares to a trailing net margin of about 10% in the latest reported quarter.
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All notes on HONASA →- 9 Jul 2026 · 9:02 AM IST Honasa forecasts Q1 revenue growth in thirties
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