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HDFC Securities reiterates Buy rating for Honasa Consumer, sets ₹550 target

The brokerage said annual recurring revenue for Mamaearth and The Derma Co. is now above ₹10 billion each, and Honasa aims to reach 300,000 offline outlets by FY31.

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LiveMint Markets reports that HDFC Securities maintained a Buy rating on Honasa Consumer, the parent company of Mamaearth and The Derma Co., and set a target price of ₹550.

The brokerage highlighted growth efforts across both brands, saying annual recurring revenue for each is now above ₹10 billion despite a competitive market.

HDFC Securities also pointed to scaling through offline channels, including a plan to reach 300,000 outlets by FY31, up from about 120,000 currently.

It further noted Honasa has been building a portfolio of emerging brands and expanding into newer personal care categories, while scaling faster across offline retail using chemists alongside cosmetics retailers.

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