Honasa Consumer (HONASA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was Rs 7,311.87 million, up 35.9% YoY and the highest growth since listing; UVG was 31.3%.

• EBITDA reached ₹93 Cr, up 95.6% YoY; PAT was Rs 732.48 million.

• H1FY27 revenue was Rs 14,871.33 million and PAT was Rs 1,636.96 million.

Financial highlights

• Q2 gross profit was ₹511 Cr versus ₹379 Cr YoY; gross margin was 69.9% versus 70.5%.

• Q2 EBITDA margin was 12.7%, up 389 bps YoY; H1 margin was 13.7% versus 8.2%.

• Q2 PBT was ₹101 Cr, up 91.1%, and PAT was ₹73 Cr, up 86.7% YoY.

• H1 EBITDA was ₹203 Cr, up 117.7%, and PAT was ₹164 Cr, up 103.2% YoY.

• Gross margin held near 70% despite crude-related cost pressure, supported by cost management and price increases.

Outlook and guidance

• Management considers the current margin trajectory of ~12.5% maintainable; the longer-term objective is a 15% EBITDA margin within four years, without year-by-year targets.

• Strong YoY growth is expected, with Q3 sequentially higher than Q2; no sequential growth figure was provided.

• Annual margin expansion may vary as investments shift toward younger brands, new categories and launches.