Honasa Share Price Jumps 15% After Q4 Results – Buy, Sell Or Hold? Here’s What Brokerages Say

Shares of Honasa Consumer Ltd, the parent of D2C beauty and personal care brand Mamaearth, witnessed a sharp rally in Friday’s session, rising more than 15% after the company announced its Q4 FY25 results.

On BSE, the stock opened at Rs 282.95 and soared to a high of Rs 322.70 before trading at Rs 318.25 (+15.54%) at the time of reporting. Similarly, on NSE, Honasa opened at Rs 285 and peaked at Rs 322.74, last seen trading at Rs 318.55 (+15.77%) around 1:20 pm.

Honasa Share Q4 Results 
For the January–March 2025 quarter, Honasa posted a consolidated net profit of Rs 24.9 crore, down 18% compared to Rs 30.5 crore in the year-ago period. However, the company reported a healthy revenue growth of 13% YoY to Rs 533.5 crore, up from Rs 471 crore in Q4 FY24.

The results indicate a mixed performance, with strong top-line growth countered by a decline in bottom-line profitability.

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Honasa Share Price Target
Despite the upbeat stock performance, brokerage firm Emkay remained cautious. In its latest note, Emkay stated, "We retain SELL on Honasa, while we lift Mar-26E TP by ~13% to Rs 225 (from ₹200 earlier), as we factor in growth improvement in the core brand and raise the target multiple to 3x sales (60% discount to traditional peer valuations) from 2.75x."

The brokerage acknowledged the positive momentum, particularly in the Mamaearth portfolio’s retail performance. “Honasa’s Q4 results were heartening, with 13% revenue growth implying low single-digit decline for the Mamaearth brand. The management is looking to focus on 70% of the Mamaearth portfolio, which saw double-digit growth in modern retail in Q4,” Emkay added.
 

Cautious Optimism on Growth Recovery
While Emkay noted encouraging signs in Honasa’s Q4 performance, it remains cautious on a full turnaround. “We await a sustained growth recovery to turn positive on the stock,” the report emphasized.

Looking ahead, Emkay projects a revenue CAGR of ~16% for FY25–28E, driven by a resurgence in Mamaearth and strong growth in younger brands, which are expected to contribute over 50% of total sales by FY26E. With this anticipated scale-up, Emkay estimates operating profit margins (OPM) to improve to 11% by FY28E.


Honasa’s Q4 results have sparked renewed investor interest, as evident from the sharp surge in share price. While analysts like Emkay remain skeptical of the near-term upside, they recognize the company’s long-term growth potential if the management executes well on its core brand and new product strategies.