Honasa Consumer Q2 Update: NSV Growth Expected in Early 30s

Honasa Consumer

released a strong operating update for the quarter ended September 30, 2026. The key positive is broad-based growth across its brands and channels, accompanied by an expected improvement in profitability. Net Sales Growth Moves Into the 30s Honasa Consumer expects NSV growth in the early thirties YoY in Q2 FY27, supported by traction across its key categories and brands. Mamaearth, the company’s largest brand, is expected to deliver high-teens YoY NSV growth, supported by improving brand affinity and a wider offline presence. More importantly, the company’s younger brands are expected to accelerate much faster, with growth projected at around the mid-forties YoY. This suggests that Honasa’s growth is increasingly being supported by a broader brand portfolio rather than relying only on Mamaearth. Offline Expansion Is Becoming Important One of the more interesting aspects of the update is the continued strength of offline channels. Both General Trade and Modern Trade are expected to perform strongly, supported by deeper direct distribution and improved point-of-sale execution. Online sales are also expected to maintain their growth momentum. For Honasa, this omnichannel expansion is important because the ability to build distribution beyond digital platforms can potentially improve brand visibility, customer reach and long-term scalability. Profitability Could Be the Bigger Catalyst Growth is only one part of the story. Honasa expects to deliver an early double-digit operating margin in Q2 FY27, along with strong YoY improvement in EBITDA margins. My View I see the Q2 update as a positive development because the improvement appears to be broad-based. Mamaearth is still growing at a healthy pace, while the younger brands are expanding much faster. At the same time, stronger offline execution gives Honasa another avenue to scale its brands beyond its traditional digital-first positioning.