Jefferies said Mamaearth returned to double-digit growth in the teens while younger brands grew nearly twice as fast. | Photo Credit: AMIT DAVE
Honasa Consumer shares jumped 3.64 per cent to ₹310.15 on Friday morning after multiple brokerages upgraded earnings estimates following the company’s robust third-quarter performance. The stock, which opened at ₹311 and touched an intraday high of ₹319, saw strong buying interest with over 10 lakh shares on the buy side against 7.8 lakh on the sell side as of 10.20 am.
Jefferies maintained its Buy rating with a target price of ₹500, highlighting that Mamaearth returned to double-digit growth in the teens while younger brands grew nearly twice as fast. The brokerage sharply raised earnings estimates, noting that margin expansion alongside growth restoration should rebuild investor confidence after a bumpy journey.
JM Financial retained its Buy rating and raised the target price to ₹375 from ₹330, citing like-for-like sales growth of 21.7 per cent year-on-year with underlying volume growth of 30.2 per cent. The firm increased FY26-28 estimates by 12-13 per cent, noting that management expects sustained double-digit growth for Mamaearth and 100 basis points margin expansion in FY27.
Goldman Sachs remained cautious with a Neutral rating but raised its target to ₹330 from ₹300. The firm noted a 4 per cent revenue beat and EBITDA margin of 10.9 per cent, up 240 basis points versus estimates, driven by younger brands and offline distribution improvements.
HSBC struck a contrarian note with a Reduce rating and ₹260 target, though it acknowledged the 30 per cent EBITDA beat and raised FY26-28 EPS estimates by 7-18 per cent. The firm emphasized that while margin improvement is impressive, sustained growth delivery remains key.
For Q3 FY26, Honasa reported revenue of ₹602 crore, up 16.2 per cent year-on-year, with net profit nearly doubling to ₹50 crore. Focus categories grew 25 per cent while distribution expanded over 25 per cent to 2.7 lakh outlets. The stock has gained 34.67 per cent over the past year.
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Published on February 13, 2026