Transcript of Earnings Conference Call held on November 06, 2026, on the unaudited financial results for the quarter and half year ended September 30, 2026

November 10, 2026 Listing Department Listing Department National Stock Exchange of India Limited BSE Limited Symbol: HONASA Scrip Code: 544014 Sub.: Transcript of Earnings Conference Call held on November 06, 2026 Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed a copy of transcript of Earnings Conference Call held on November 06, 2026, on the unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026. This disclosure is also available on the Company's website viz. www.honasa.in. Kindly take the same on record. Thanking you, Yours truly, For Honasa Consumer Limited Gaurav Pandit Company Secretary and Compliance Officer Encl.: As above Honasa Consumer Limited Registered Office: Unit No - 404, 4th Floor, City Centre, Plot No 05, Sector-12, Dwarka, New Delhi - 110075 Corporate Office: 10th & 11th Floor, Capital Cyberscape, Sector-59, Gurugram, Haryana - 122102 Email: info@mamaearth.in; Phone: 011 - 44123544 | Website: www.honasa.in | CIN: L74999DL2016PLC306016 | “Honasa Consumer Limited Q2 FY2027 Earnings Conference Call” November 06, 2026 MANAGEMENT: MR. VARUN ALAGH – CO-FOUNDER – CHAIRMAN AND CHIEF EXECUTIVE OFFICER – HONASA CONSUMER LIMITED MS. GHAZAL ALAGH – CO-FOUNDER AND CHIEF INNOVATION OFFICER – HONASA CONSUMER LIMITED MR. RAMAN PREET SOHI – CHIEF FINANCIAL OFFICER – HONASA CONSUMER LIMITED MODERATOR: MS. POOJA KUBADIA – JM FINANCIAL Page 1 of 11 Honasa Consumer Limited November 06, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Honasa Consumer Limited Q2 FY2027 Earnings Conference Call hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Pooja Kubadia from JM Financial. Thank you, and over to you. Pooja Kubadia: Hello. Good evening, everybody, and welcome to the Q2 FY2027 Earnings Conference Call with Honasa Consumer Limited. From the management team, today we have Mr. Varun Alagh, Co-founder, Chairman, and CEO, Ms. Ghazal Alagh, Co-founder and Chief Innovation Officer, and Mr. Raman Preet Sohi, Chief Financial Officer. We will start the call with opening remarks from Mr. Varun and then proceed with the Q&A session. Over to you, Mr. Varun. Varun Alagh: Hi, thank you. Hi, good afternoon, everyone. Welcome to the quarterly call for Honasa Consumer. It has been a very good quarter for the company. I will take you through a few highlights, and then we will open the call for your questions, which we would love to answer. To start off, I think one of the sections that we have been talking about for the last 10 odd quarters has been the section of iBeauty. This quarter, I would like to bring your attention to the category of hair color. We find it to be a very interesting category because this is a category which is undergoing a transition. Hair color for the longest time in India has existed in the dye format. We have seen a very active transitioning, which is happening in this category to crème format, which is a longer-lasting, less damaging, more conditioning format that globally exists in place. In India, penetration of overall hair colors and plus dye segment is actually very low, compared to global, where it is 5% plus. We are also a relatively younger population, but that is where the penetration of this category in India is not just growing for the aging population, but what we are clearly seeing is the category is growing also on the back of non-black colors. Hence, a lot of styling colors is something that the category is shaping through. We also, as a company, see an angle where consumers are specifically looking for safer toxin-free colors, which in the long term gives opportunity to provide more natural toxin-free options within the category as well. Page 2 of 11 Honasa Consumer Limited November 06, 2026 Currently, as Honasa, we play in this category through BBlunt Hair Color, which is doing really well for us. In the future, we will keenly watch this category and see how we can further participate and take share of this category. This was more from educational purposes. I will move on to the quarterly results, which is our financial snapshot. Q2 FY2027 is the highest growth quarter since we have gone public in the last 12 quarters. Honasa has grown the net sales at 36%, while doubling our EBITDA and holding a solid 12.7% EBITDA profile. Even with the cost pressures of crude, we have been able to manage our gross margin profile at 70% by right kind of cost management as well as price increase measures that we have taken. Most of this growth that you see is driven by volume. Our UVG is at 31.3%, and very strong cash generation accompanies all of this growth. In terms of EBITDA improvement, as we have called out in the past and we continue to see that as per plan, the delta on EBITDA improvement is driven by two large components. One is A&P and mix efficiencies, where about 250-270 basis points delta has come over last year's same period. This has come on account of favorable mix towards more profitable channels like offline, QC, etcetera, that we continue to see happening as brands grow. Second is A&P efficiency. Be it in our bigger brands like Mamaearth and The Derma Co., as well as in our younger brands, we consistently see them becoming more effective in terms of the amount of A&P needed for growth. Operating leverage is where we have seen about 110-140 basis points EBITDA getting unlocked. This is something which we had planned for, and we continue to see shaping in our P&L. The other healthy news also is the quality of this growth. We had clearly talked about almost six to seven quarters back when we had started executing the focus category agenda, that there is a bit of mathematics at play here, that there are certain focus categories which at that point contributed to about 70% of our revenue, and they are going to grow faster, and the balance 30 is not. That math is clearly, as it is playing up, the quality of company's growth is also looking better. Now the focus categories contribute to 80% plus, and just focus categories themselves grew more than 40% for the organization. The strategy that we had deployed continues to pay off. Also the good thing that we see is if you look at the focus categories market, it is still INR50,000 crores in terms of size, and we are about 5% share within the focus categories market. So, a lot more headroom to grow just by focusing on focus categories and continuing to premiumize and gain share is what we can see happening over the next three to five years. We are gaining traction across channels. It is a fairly wide growth. E-commerce has grown by 20% and plus, general trade, modern trade, both have grown by 40% each. So, pretty healthy trajectory of growth, leading to the data that we have generated. Mamaearth continues its high teens growth trajectory in Q2 as well. Page 3 of 11 Honasa Consumer Limited November 06, 2026 All our efforts in terms of focusing on the right kind of media mix, focusing on the right kind of categories, as well as the product superiority, has actually paid off. We are seeing this growth translate into market share gains as well. 140 basis points gain in face wash, 50 basis points gain in shampoo, and these are the core categories where we measure through Nielsen. Consumer love continues to improve. We have also seen along with it our SAH, etcetera, going up. We know there is more potential to gain share as we improve distribution. Our younger brands accelerated to 45% plus Y-o-Y growth. All our younger brands a [Showing first 8,000 characters — download PDF for full document]