Honasa Consumer's shares surged 8.5% to Rs 222.10 on the BSE after reporting a Q3 net profit of Rs 26 crore, nearly unchanged from Rs 25.9 crore a year ago. ICICI Securities believes the market undervalues Honasa, assigning just 28% of its value to Mamaearth, with an EV/sales multiple of 1.1x versus peers trading above 5x.
