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ICICI Securities Initiates Coverage On Honasa With ‘BUY’ Rating, Sees 28% Upside

Inc42Inc42 · 1y ago
ICICI Securities Initiates Coverage On Honasa With ‘BUY’ Rating, Sees 28% Upside
Medial

ICICI Securities has initiated coverage on Honasa Consumer Ltd, the parent company of Mamaearth, with a ‘BUY’ rating and a price target of INR 550 per share. The brokerage believes that Honasa's agile and low-risk business model, along with its digital-first approach, positions it well in the beauty and personal care industry. Honasa's portfolio of brands, including Mamaearth, The Derma Co, and others, is expected to benefit from industry growth. While the report highlights challenges in scaling offline distribution and the limitations of a niche natural ingredient-oriented approach, Honasa's newer brands are experiencing strong growth. Shares of Honasa have surged since listing on the stock exchanges in November last year.

Related News

JM Financial initiates buy rating on TBO Tek; estimates Rs 465 Cr revenue in Q4 FY25

EntrackrEntrackr · 3m ago
JM Financial initiates buy rating on TBO Tek; estimates Rs 465 Cr revenue in Q4 FY25
Medial

JM Financial initiates buy rating on TBO Tek; estimates Rs 465 Cr revenue in Q4 FY25 JM Financial Institutional Securities has reiterated its Buy rating on TBO Tek, setting a target price of Rs 1,400. This implies a potential upside of 31.5% from the current market price of Rs 1,065 per share. According to JM Financial, TBO Tek’s revenue from operations will see a 25.8% year-on-year growth to Rs 464.5 crore in Q4 FY25, compared to Rs 369.1 crore in the same quarter the previous fiscal year (Q4 FY24). Revenue from hotel and package bookings is expected to contribute 78.7% of TBO’s total income, rising 34.6% year-on-year to Rs 365.9 crore in Q4 FY25 from Rs 271.8 crore in Q3 FY24. Meanwhile, income from air ticketing and other allied services is projected to add Rs 86.9 crore and Rs 11.6 crore, respectively, to the company’s topline. TBO’s gross profit margin is projected to rise to 70.3% in Q4 FY25, up from 68% in Q4 FY24. Moreover, its profit after tax is expected to see a modest year-on-year growth of 1.28%, reaching Rs 47.2 crore in Q4 FY25, compared to Rs 46.6 crore in the same quarter last year. On a sequential basis, the company is expected to end the previous fiscal year (FY25) with a revenue of Rs 1755.8 crore and a profit of Rs 214.5 crore. TBO Tek ended the day at Rs 1,065.5 on April 8, with a market capitalization of Rs 11,570 crore (approximately $1.36 billion). Notably, the stock had touched its 52-week low just a day earlier, on April 7, 2025.

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