Analysts/Institutional Investor Meet/Con. Call Updates

August 19, 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 August 13, 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 August 13, 2026, on the unaudited standalone and consolidated financial results of the Company for the quarter ended June 30, 2026. This disclosure will also be hosted 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 Q1 FY27 Earnings Conference Call” August 13, 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. RAMANPREET SOHI – CHIEF FINANCIAL OFFICER – HONASA CONSUMER LIMITED MODERATOR: MS. POOJA KUBADIA – JM FINANCIAL Page 1 of 15 Honasa Consumer Limited August 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Honasa Consumer Limited Q1 FY27 Earnings Conference Call hosted by JM Financial. 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 touch-tone 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, ma’am. Pooja Kubadia: Hello. Good evening, everyone. Welcome to 1Q FY27 earnings conference call of Honasa Consumer Limited. Today on call, we have Mr. Varun Alagh, Co-Founder, Chairman, and CEO; Ms. Ghazal Alagh, Co-Founder and Chief Innovation Officer, and Mr. Ramanpreet Sohi, Chief Financial Officer. We will start the conference with prepared remarks from the management, after which we will open the floor for question and answers. Over to you, Mr. Varun. Varun Alagh: Hi. Hello, everyone. Welcome to the quarterly call for Honasa Consumer for quarter one FY27. We have our team, Raman, Ghazal, and IR team with us. I will take you through the performance update quickly, and then we will open the house for question and answers. Moving forward, Starting with the section, which is crystal gazing into the future of Indian beauty. This time the theme that we have captured is the theme of fragrances as a category. Fragrance is a very interesting category. Globally, as we speak, fragrance is the largest delta driver as a category in beauty and personal care. It is also one of the largest categories, and especially a category which has premiumized very effectively over the last couple of decades. Currently, if you look at India, it is one of the fastest-growing categories amongst beauty and personal care. In India the current penetration for fragrances is just 3% versus 11% globally, which is why if you look at, in terms of the BPC market share, in India it’s just 3% market share versus 11% for the U.S. by penetration. It’s also a category which is moving towards e-commerce. Seven years ago, one of the things which was being highlighted was that this category is very about experiences and hence might not move to e-commerce, but we have seen strong move towards e-commerce because of trial packs that have come in this category, as well as understanding of notes which have grown amongst consumers. If you look at Indian market also, we have seen a very strong transition from deodorants to fragrances. We believe over the next decade, this is going to be a very interesting category to participate in for BPC players, right, which is why in our five-year journey, we had talked about this being one of the categories that Honasa will be interested in unlocking as horizon two categories. Page 2 of 15 Honasa Consumer Limited August 13, 2026 Moving from the future to present, which is our financial snapshot for quarter one. We are glad to announce that this has been a great quarter for the organization. The team has done brilliantly well in delivering 32% growth with an EBITDA of almost INR110 crores and a PAT of INR90 crores. This has also been driven with volumes. 30.5% volume growth is what we have seen, and we continue to be negative working capital and generating almost INR83 crores of cash this quarter. It’s a quarter which has seen significant improvement in our EBITDA profile over the same quarter last year. As we have mentioned in the past, and we continue to hold, the two large buckets through which we see our business improving our EBITDA profile is the bucket of Advertisement & Promotion (A&P) spends, which improves with higher mix of profitable B2B channels, growth momentum of our core brands, as well as our younger brands becoming more profitable. While all of this happens, the absolute A&P spends still continue to grow, which is helping deliver strong growth for the company. So that model that we have talked about is clearly, consistently playing out for the company. The second bucket that we have talked about is operating leverage. As we scale, we also see Opex leverage coming in, and in this quarter, we have seen almost 300 basis points to 350 basis points, which is because of mix impact and 100-odd basis points because of operating leverage. There is also 50 basis points because of seasonality within this quarter for us. Q1 being summer quarter and some of our core categories being face wash and sunscreen, which are also high- margin categories. This quarter usually also is a relatively healthier quarter, so that also is circling there. Of course, thirdly, there is a non-recurring one-time opex benefit that we have seen within this quarter. But all in all, the commitment that we have made from a five-year perspective, which is that we will continue to expand EBITDA margin by 100 basis points to 150 basis points each year to get to that 15% EBITDA margin in five years is something that we are moving towards and is something that we stick to. Of course, by quarters it will vary. We have seen a good movement as we have grown in this quarter. This is a slide that we had showed in the past three quarters as well after the Flipkart settlement process came in. This is actually the last quarter we will be sharing this, because from next quarter onwards, the base of settlement will become clean, and then our reported growth and our like-to-like growth will actually become same then. Currently, there is a slight difference that you see which happens because of the settlement issue. We have explained this and, in the past, as well, we continue to see this. Next quarter onwards, it should get even. The healthy thing about us being able to deliver this growth on the back of the stated strategy. The stated strategy was that we will be sharply investing in a few focus categories. And those focus categories will help us drive strong growth. We have seen that. Page 3 of 15 Honasa Consumer Limited August 13, 2026 Focus categories actually have grown 35%+, and we have also seen growth coming across channels. Our e-commerce channels, 20%-plus growth. Our general trade and modern trade, all the work that we have put-in in redesigning our distribution system, the hiring of the right kind of GT teams has actually really helped us in terms of on-ground GT growth, which are now at [Showing first 8,000 characters — download PDF for full document]