Honasa Consumer, the parent of Mamaearth, The Derma Co and a growing stable of digital-first beauty and personal care brands, heads into its Q2 FY27 print after three straight record quarters. The quarter will be judged on delivery against the October 6 provisional update — early-thirties % like-for-like NSV growth and an early double-digit EBITDA margin — with the crude-linked cost spike and the end of the Flipkart base adjustment as the key swing factors.
| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 755.95 Cr |
| Previous quarter PAT | Rs. 90.45 Cr |
| Previous quarter EBITDA margin | 14.1% (LFL) |
| Market cap | Rs. 15,045.94 Cr |
| CMP | Rs. 461.75 |
The board is scheduled to meet on November 6, 2026 to approve the Q2 and H1 FY27 results for the period ended September 30, 2026. The trading window remains closed until 48 hours after submission of the results.
The Q2 FY27 earnings call is scheduled for November 6, 2026 at 4:00 PM IST, hosted by JM Financial. Participants include Varun Alagh, Ghazal Alagh and Ramanpreet Sohi.
The quarter's central test is whether the October 6 provisional update holds: early-thirties % YoY NSV growth on a like-for-like basis, Mamaearth at high-teens %, younger brands at ~mid-forties %, and an early double-digit EBITDA margin. Growth momentum enters the print with UVG at 30.5% in Q1 FY27 — the third consecutive quarter above 30% — and Modern Trade and General Trade secondary sales both at 40%+ in Q1.
The margin line is the swing factor: management flagged a typical sequential Q2 EBITDA dip as summer seasonality fades for high-margin face wash and sunscreen, and Brent crude spiked from near $90/barrel at end-August to $110 in mid-September before settling around $103–105, pressuring a crude-linked input basket at a company with thin inventories and negative working capital.
Management had taken calibrated price hikes in Q1 while stating no further hikes were expected at then-current crude levels, so the call will likely address whether that stance holds. On the reporting side, management said Q1 FY27 was the last quarter with the Flipkart LFL adjustment slide, meaning reported and like-to-like growth should converge from this quarter. The standing yardsticks remain FY27 revenue exceeding the high-teens CAGR and +100–150 bps annual EBITDA margin expansion toward 15% in five years.
Delivery vs the October 6 provisional update: The provisional business update is the anchor for this print.
Margin bridge and crude-linked cost pressure
Operating metric trajectory
Guidance tracking
Strategic and corporate updates
In its October 6, 2026 provisional business update, the company flagged NSV growth in the early-thirties % YoY on a like-for-like basis, with Mamaearth at high-teens % and younger brands at ~mid-forties %. It also guided to an early double-digit EBITDA margin with strong growth across General Trade, Modern Trade and online.
Q1 FY27 EBITDA margin was 14.1% on an LFL basis, but management said EBITDA adjusted for one-time components — including a +150 bps ESOP reversal — was around 12%. Management has also flagged a typical sequential Q2 EBITDA dip as summer seasonality for high-margin face wash and sunscreen fades, and the crude-linked input cost spike adds pressure.
Mamaearth returned to double-digit growth from Q3 FY26 and grew high-teens % in Q1 FY27, driven by hero SKUs Rice face wash and Rosemary shampoo, each with ARR over Rs. 100 Cr. Management has committed to double-digit growth for five quarters until the end of FY27, and the Q2 FY27 update flags high-teens %.
The Derma Co crossed Rs. 1,000 Cr NSV ARR in Q1 FY27, becoming the company's second Rs. 1,000 Cr brand, with brand searches up 34% YoY and three categories — Serums, Sunscreen and Face Cleansers — each above Rs. 200 Cr ARR. It is the #1 sunscreen brand in India per Euromonitor (CY2024).
The proposed acquisition of a 58% stake in Fluence Pharma was called off on August 25, 2026 due to non-fulfilment of SPA closing conditions. The company stated it remains committed to its nutraceutical strategy through its wholly-owned subsidiary Honasa Health Private Limited, incorporated July 7, 2026.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.