ICICI Securities again maintains its bullish outlook on Honasa Consumer Ltd., predicting more than 40% jump in the stock price. Honasa is a “high conviction top pick” in the consumer sector, it said, based on better execution, profitability visibility and brand recovery.
CICI Securities’ revised outlook. ICICI Securities recently raised its target price for Honasa Consumer to ₹550-600 from ₹500. This implies an upside potential of 32-45% from a current market price of ₹417-420. The brokerage maintained its BUY recommendation as Honasa is a company evolving from a digital-first company to a more balanced online-to-offline distribution business.
Company Background
Honasa Consumer Ltd, the parent company of Mamaearth, has expanded into many personal care brands including The Derma Co. The company has been able to go well beyond its initial digital channels to build offline retail. ICICI Securities believes this will be supported by founder-led agility, corporate governance and capital efficiency.
Key Drivers of Growth
Distribution Reset: Honasa has completed its restructuring phase, it is now easier to move into offline markets.
Brand Recovery: Mamaearth has stabilized and newer brands like The Derma Co are catching on.
Profitability path: The company is targeting profitable product partitions and AI-driven strategies support that.
Market Positioning: Honasa is seen as a direct listed opportunity in India’s growing beauty and personal care market.
Current Market Performance
Honasa Consumer shares were at ₹413.30 as of June 12, 2026, down slightly on the day but up 45.9% year-to-date. The company reported a net profit of ₹69.44 crore in the last quarter and its mutual fund holdings were at 3.44% and foreign institutional investors at 13.74% in comparison with the sector average of 42%.
ICICI Securities’ prediction of a 45% jump in Honasa’s stock price is in line with the brokerage’s belief in Honasa’s growth trajectory. Honasa is a good choice in India’s consumer businesses with a better distribution network, brand recovery and a clearer path to profitability. But investors should weigh the relatively high valuation against execution risks as the company scales further.
