J.P. Morgan India FTM 12 Jun 26 India Pharma; Honasa Consumer Ltd; Hero MotoCorp and More

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J.P. Morgan India FTM 12 Jun 26 India Pharma; Honasa Consumer Ltd; Hero MotoCorp and More

Asia Pacific Equity Research

India First to Market 12 June 2026

Top Stories

India Pharma (Bansi Desai, CFA)

Domestic trends: Double-digit growth continues for IPM for the sixth consecutive month

This report looks at key trends for the India Pharma Market (IPM) and companies’ performance based on monthly IQVIA data.

Our India comparison matrix provides a quick snapshot of the domestic business for our covered companies.

Honasa Consumer Ltd (Latika Chopra, CFA) (HONASA IN, UW)

FY31 vision laid out; execution the key watch

Honasa’s Investor Day 2026 laid out an ambitious FY31 roadmap targeting Rs55bn+ revenue (>2x) and 15%+ EBITDA margin

(~500bps expansion), anchored to partition-led category depth across its house of brands — Mamaearth and The Derma Co

(TDC) at Rs37.5bn combined, Young Brands scaling to Rs15bn+, and Next Horizon categories at Rs2.5bn. Growth levers will

include foraying into more un-tapped BPC partitions (80+) and targeted channel expansion strategies (MT, GT, QC, e-

commerce, own-platform), while the margin bridge rests on operating leverage, richer channel and category mix, and channel-

spend efficiencies. Enabling pillars include an AI-led tech stack, faster and sharper innovation, a 300k+ direct GT reach build-

out (up from 120K+ now), and a shared-services supply chain across all seven brands. In our view, execution will be key to

watch against this aspiration, given a materially more competitive BPC landscape, faster innovation cycles, incumbents

building digital-first capabilities, and D2C peers competing for the same consumer occasions.

Hero MotoCorp (Amyn Pirani) (HMCL IN, OW)

Can Hero outpace segmental headwinds in FY27?

We hosted Mr.