{"id":292710,"date":"2026-10-07T15:25:22","date_gmt":"2026-10-07T09:55:22","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=292710"},"modified":"2026-10-07T15:25:22","modified_gmt":"2026-10-07T09:55:22","slug":"honasa-consumer-q2-earnings-fy27-estimates-upgrade-nsv-margin-outlook","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/honasa-consumer-q2-earnings-fy27-estimates-upgrade-nsv-margin-outlook\/","title":{"rendered":"Honasa Consumer Q2 Earnings May Raise FY27 Estimates: How Much the Early-Thirties NSV Growth and Early Double-Digit Margin Could Add, What Analysts Expected, the Margin Question and What to Watch in the Results"},"content":{"rendered":"

Honasa Q2 FY27 guide: NSV early thirties, margin early double digit. HDFC Sec expected revenue +25%, margin 12%. FY27 revenue consensus about Rs 2,930 cr.<\/em><\/p>\n

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Quick Answer<\/strong><\/p>\n

Honasa Consumer Q2 earnings may raise FY27 estimates because the company guided net sales value growth in the early thirties against HDFC Securities’ expected revenue growth of about 25%, with Mamaearth growing in the high teens and younger brands in the mid-forties. My arithmetic suggests that the revenue beat alone lifts the FY27 revenue estimate by only about 1%, since one quarter is a small part of the year, so a bigger upgrade needs a higher margin, because the guide of an early double-digit operating margin is close to HDFC Securities’ 12% estimate and not clearly above it. Q1 FY27 set a high base with revenue of Rs 755.9 crore, EBITDA of Rs 110 crore and profit of Rs 90.5 crore, and the CFO has said Q2 margins usually dip from Q1, so the margin line is the swing factor. The shares rose over 10% on 6 October, so some of the upgrade is already priced in.<\/p>\n<\/p><\/div>\n

Honasa Consumer Q2 earnings are due after the 30 September quarter end, with the date not confirmed in my sources, and the company’s operating update has already set the tone. The Mamaearth parent said growth is like-for-like, adjusting the base for a change in Flipkart’s settlement mechanism.<\/p>\n

If you are trying to judge how estimates may move, this article covers the Q2 guidance of early thirties NSV growth versus the HDFC Securities estimate, the arithmetic of an upgrade to FY27 earnings estimates from the Rs 2,930 crore revenue consensus, the margin question against a 12% estimate and the EBITDA margin trend, the Q1 base of Rs 755.9 crore revenue and Rs 110 crore EBITDA, what analysts said earlier including the Rs 550 target, valuation after the rally, the risks and what to watch in Honasa Consumer Q2 earnings, including Mamaearth and NSV growth.<\/p>\n

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