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Honasa Consumer share price surged more than 9 per cent in morning trade on the BSE on Thursday, November 13, a day after the company reported its Q2 results. Honasa Consumer shares opened at ₹298.35 against its previous close of ₹281.95 and surged 9.4 per cent to an intraday high of ₹308.55. Around 10 am, the mid-cap stock traded 5.71 per cent higher at ₹298.05.

Honasa Consumer, the parent of Mamaearth and The Derma Co, reported a profit of ₹39.23 crore for the July-September quarter, as against a loss of ₹18.57 crore in the same period a year ago. However, sequentially, profit dropped by 5 per cent from ₹41.32 crore posted in the June quarter of FY26.

The company's revenue rose by 16.5 per cent YoY growth to ₹538 crore, as against ₹461.8 crore in the same period last year. In the June quarter, revenue stood at ₹595.25 crore.

The company said Mamaearth’s growth is back on track.

"NielsenIQ data shows continued share gains for Mamaearth face cleansers (+123 bps), while shampoos held steady; the rice facewash entered the ₹100 crore ARR club after ubtan and vitamin C, reinforcing category depth," said the company.

Honasa Consumer's share price is on track to extend gains to its fourth consecutive session. On a monthly scale, the stock has gained nearly 5 per cent in November so far after a 1.4 per cent gain in October.

Honasa Consumer shares have gained 18 per cent this year so far, hitting a 52-week low of ₹190 on April 7 after a 52-week high of ₹378.90 on November 14 last year.

Brokerage firm JM Financial upgraded its rating from an "add" to a "buy" with a revised DCF-based target price of ₹330 from ₹325 earlier.

JM Financial said Honasa’s Q2FY26 earnings print was a tad better on the revenue front, but profitability was significantly ahead of expectations.

Mamaearth's primary sales were back in green, while young brands sustained momentum, growing at 20 per cent, said the brokerage firm.

"Initiatives around reviving growth in Mamaearth are showing promising results, and management commentary was optimistic in terms of accelerating growth to double-digits by Q4FY26E," said JM Financial.

"Further on profitability, the pace of margin expansion has been much ahead of our expectations for the past few quarters (led by improved mix and operating leverage), which should be sustained by improving growth in Mamaearth, scale up in premium brands and marketing efficiencies. Working capital remains negative. We raise our FY26-28E by 2-5 per cent. Given the recent correction in stock and improving outlook, we upgrade our rating from an add to a buy," said JM Financial.

According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, Honasa Consumer shares have been consolidating in a tight range between ₹310 and ₹270, indicating indecision among market participants.

Despite this sideways move, the MACD on the daily timeframe shows a bullish structure, suggesting an underlying positive bias.

"The confirmation of strength will only come once the stock delivers a decisive close above ₹310, which could trigger a breakout rally towards the ₹335– ₹340 levels. Until then, traders are advised to remain cautious and avoid aggressive long positions within the range," said Patel.

"On the downside, ₹270 acts as an important short-term support, and any breach below this level may invite mild profit booking or corrective pressure. Overall bias remains positive but conditional on a breakout above ₹310," Patel said.

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stories by Nishant Kumar

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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