Q2 FY27 operating update: NSV growth expected in early-thirties, Mamaearth high-teens

Voluntary Q2 FY27 operating update (Sept 30, 2026).

Tue 6 Oct 2026

NSV YoY growth expectation

early-thirties

Mamaearth YoY growth expectation

high-teens

Younger brands YoY growth expectation

around mid-forties

Quarterly operating update for Q2 FY27

Honasa Consumer Limited has shared a voluntary update on operating performance for the quarter ended September 30, 2026. This is a summary of how the business is expected to have performed, not the financial results. The detailed Information Update will follow after the Board approves the Q2 FY27 financial results.

Growth expected in the quarter

• NSV, which the update defines as net sales value after returns, taxes, discounts and cancellation, is expected to grow in early-thirties year-on-year.
• Mamaearth, the largest brand, is expected to deliver high-teens YoY growth in NSV, supported by rising brand affinity and a widening offline footprint.
• The younger brands are expected to accelerate their YoY NSV growth to around mid-forties. The update lists these as The Derma Co., Aqualogica, BBlunt, Dr. Sheth's, Staze, Lumineve and Reginald Men.
• Growth is presented on a like-for-like basis. The base period revenue (Q2 FY26) is also adjusted for the change in settlement by the Flipkart group, which affects revenue recognition for marketplace sellers like the company. Reported and like-for-like growth are therefore aligned.

Where the growth is expected from

• Offline continues to lead, with both General Trade and Modern Trade expected to post strong growth, backed by deeper direct distribution in General Trade and sharper execution at the point of sale.
• Online is expected to see continued growth momentum during the quarter.

Profitability

• The company says it continues to deliver on its goal of EBITDA margin improvement and expects the business to deliver an early double-digit operating margin profile in Q2 FY27 as well, with strong YoY gains in the quarter.

What to keep in mind

• The update is provisional and subject to limited review by the statutory auditors of the company.
• It is being issued as a voluntary disclosure and does not constitute financial results or earnings guidance.
• The company states that some statements may be forward-looking and that actual results may differ materially from those expressed or implied.
• All growth figures are presented on a year-on-year percentage basis for Q2 FY27.

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