Honasa Consumer Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 731.19 Cr (+35.89% YoY) and PAT growth of +86.35% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 731.19 Cr (+35.89% YoY) |
| PAT (Q2) | Rs. 73.10 Cr (+86.35% YoY) |
| EBITDA margin | 12.74% (+389 bps YoY) |
| EPS (Q2) | Rs. 2.24 (+85.12% YoY) |
Honasa delivered 35.89% YoY revenue growth and 389 bps YoY EBITDA margin expansion to 12.74%, meeting both its early-thirties LFL growth guide and early double-digit margin guide, with PAT up 86.35% YoY. The sequential margin dip and working-capital swing to +5.5 days are inventory-timing and seasonality items per the source, while the net-cash balance sheet and Rs.88.14 Cr H1 FCF support the asset-light model. Watch items are the mild gross-margin pressure (-56 bps YoY) and the unexplained ~320 bps QoQ tax-rate step-up.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue vs guided path | "in line to ahead of the guided path" | +35.89% YoY vs early-thirties guide | Played out |
| Margins | "compress sequentially off Q1's print"; guide "early double-digit" | 12.74% vs 14.58% Q1 — compression, guide held | Played out |
| Crude hits gross margin | "the pressure lands this quarter, not next" | Gross-margin proxy −56 bps YoY, +24 bps QoQ — mild; absorbed by leverage | Played out |
| Reported vs LFL convergence | "reported and LFL growth should finally match" | Reported +35.9% consistent with the guide; no LFL figure published | Partially |
| RSM recovery status | call question, no update found | Filing addresses the legal position only; no recovery recognized | Partially addressed in filing |
| UVG ~30% | watch | Not in the filing | Not observable |
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| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Q2 NSV growth early-thirties % YoY (LFL) | October 6, 2026 provisional business update | Revenue from operations +35.89% YoY reported (reported/LFL bases converge this quarter per management) | Met |
| Q2 EBITDA margin "early double-digit" | October 6, 2026 provisional business update | 12.74% (P&L-derived, reported revenue) | Met |
| FY27 revenue to exceed the high-teens CAGR agenda | Q1 FY27 earnings call | H1 FY27 +31.22% YoY | On Track |
| EBITDA margin +100–150 bps annually (toward 15% in five years; +500 bps over five years) | Q3 FY26, Q1 FY27 and Q4 FY26 earnings calls | +389 bps YoY in Q2 (12.74% vs 8.85%) — ahead | On Track |
| "Early double-digit EBITDA margin" in Q2 despite seasonality | Q1 FY27 call / Oct 6 update | 12.74% delivered vs 8.85% year-ago; sequential dip −184 bps as flagged | Confirmed |
| Reported and like-to-like growth converge from Q2 FY27 (Flipkart base clean) | Q1 FY27 call | Reported +35.89% YoY is consistent with the "early-thirties LFL" guide; no separate LFL figure published in the filing — directionally consistent | Too Early |
| Growth is share-led, "not one-off factors like GST" | prior earnings calls | H1 PAT +102.8% YoY on +31.2% revenue; no one-time items in the quarter — for the quarter's composition | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.