New Delhi, Oct. 8 -- Domestic brokerage firm HDFC Securities, in its latest report, has maintained its 'Buy' rating on Honasa Consumer, the parent company of Mamaearth, with a target price of Rs.550.

The brokerage highlighted the company's efforts to sustain strong growth across both Mamaearth and The Derma Co., with annual recurring revenue (ARR) for both brands now above Rs.10 billion, despite operating in a competitive landscape.

Alongside these two established brands, Honasa has built a portfolio of emerging brands and expanded into newer personal care categories. The brokerage pointed out that Mamaearth and The Derma Co. are now scaling faster across offline channels, where the company has adopted a differentiated approach by lever...