Brainbees Solutions Ltd(FIRSTCRY)

NSE: FIRSTCRYBSE: 544226

₹ 164.1-1.65%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,568 crWebsite: www.firstcry.comUpdated: 24 Oct 2026

About

Brainbees Solutions Ltd (FirstCry) is India's largest multi-channel retailing platform for mothers', babies', and kids' products by GMV, operating across online, offline, and international channels. In FY26, consolidated revenue was ₹8,547.94 Cr across three segments: India Multi-Channel (66.6%), Globalbees brand commerce (21.9%), and International/UAE+KSA (11.0%). The company also operates a preschool network (FirstCry Intellitots) and holds the position of largest specialist online mothers', babies', and kids' platform in the UAE by GMV.^[1][2][3]

Business segments

India Multi-Channel: 66.6% of FY26 consolidated revenue (₹5,753.34 Cr); multi-channel retail of mothers', babies', and kids' products across online and physical stores in India.^[1]
Globalbees: 21.9% of FY26 consolidated revenue (₹1,894.35 Cr); brand commerce platform building and scaling consumer brands, primarily in baby, kids, and adjacent categories.^[1]
International: 11.0% of FY26 consolidated revenue (₹947.42 Cr); online-first retail in UAE (since Oct 2019) and KSA (since Aug 2022), with the first COCO store in Riyadh opened Aug 2025.^[1][3][4]
Preschool (Others/Intellitots): small but fast-growing segment; revenue grew from ₹131 Mn to ₹193 Mn (+47% YoY) in Q1 FY27, with Adjusted EBITDA margin of 26%.^[5]

Products and brands

The India multi-channel platform offers over 1.6 million SKUs across thousands of brands spanning apparel, baby gear, nursery, personal care, toys, and more as of March 31, 2025.^[3]
Home (own) brands exceeded 58% of India Multi-Channel GMV in FY26, up from 37% in FY20, growing at ~1.5x the CAGR of total India MC GMV.^[6]
BabyHug is the largest multi-category mothers', babies', and kids' brand in India by GMV and the largest in Asia-Pacific (excluding China) by product assortment.^[3]
Home brand production leverages 800+ contract manufacturers across India and overseas; subsidiaries Swara Baby, Swara Hygiene, and Solis Hygiene manufacture diapering products.^[3]

Operations and store network

India modern store count stood at 1,188 as of Q1 FY27; the network comprised 1,190 stores at FY26 year-end vs 1,156 (629 FOFO, 527 COCO) at March 31, 2025.^[5][6][3]
India supply chain comprised 83 warehouses and stockists supporting 1,156 modern stores as of March 31, 2025.^[3]
The standalone entity operates 288 offices nationally (including 10 warehouses, 275 stores, and 3 offices) across 22 Indian states.^[3]
Preschool network: 436 active schools across 190+ cities with 23,049 students enrolled as of FY26 year-end; management targets 1,000+ preschools over the next couple of years.^[6][5]

Key operating numbers

Consolidated GMV: INR 116,434 Mn in FY26 (+10% vs FY25); India MC GMV INR 97,833 Mn (+11%); International GMV INR 18,602 Mn (+5%).^[6]
Consolidated GMV reached INR 28,072 Mn in Q1 FY27 (+12% YoY); India MC GMV INR 23,809 Mn (+12%); International GMV INR 4,263 Mn (+9%).^[5]
Annual Unique Transacting Customers (AUTC): 11.8 Mn in Q1 FY27 (+10% YoY) vs 11.03 Mn in FY26.^[5][6]
India MC orders: 10.7 Mn in Q1 FY27 (+12% YoY) vs 42.8 Mn for full-year FY26 (+8% vs FY25).^[5][6]
Average Order Value (consolidated): INR 2,517 in Q1 FY27; INR 2,594 in FY26. India MC AOV: INR 2,284 in FY26.^[5][6]
Consolidated Adjusted EBITDA margin: 4.24% in Q1 FY27 (vs 4.98% in Q1 FY26); 5.7% for full-year FY26 (+60 bps vs FY25).^[5][6]
Online channels contributed 78% of India MC GMV in FY25; 38% of GMV from top-20 cities came from cross-channel customers.^[3]

Customers and distribution reach

Primary customers: expecting mothers and parents with children up to 12 years; retailers of maternity, baby, and kids products; and franchise partners and institutions in education.^[3]
FirstCry India mobile apps downloaded more than 159 million times as of March 31, 2025; International app recorded 5.8 million downloads across UAE and KSA.^[3]
India delivery: same-day in more than 40 cities and next-day in more than 1,000 cities via third-party logistics as of FY25.^[3]
Exports contributed 3.43% of the standalone entity's total turnover in FY25.^[3]

Logistics initiatives

RocketBees (in-house last-mile delivery): expanded from 22 cities (Dec 2025) to 62 cities (Mar 2026) to 72 cities (Jun 2026), now covering more than 50% of total India online shipments in Q1 FY27.^[5][6][7]
RocketBees cities show mid-teens-plus GMV growth vs single-digit overall; delivery TAT improved ~20% in cities where it operates.^[7][5]
FC Qwik (3-hour/2-hour delivery): scaled from a 3-city pilot (Dec 2025) to 12 cities and ~125,000 shipments per month in June 2026 - more than doubling from ~60,000 in March 2026.^[5][7]

Expansion and store rollout

India offline COCO store net additions of ~90 - 100 targeted for FY27; FY28 expansion planned to be even higher.^[5]
Offline product portfolio was realigned from a width-to-depth strategy, fully scaled by Q1 FY27, contributing to 15% GMV growth in the offline channel in Q1 FY27.^[5]
International expansion: first COCO store opened in Riyadh, KSA in the third week of August 2025; operations in UAE and KSA had been online-only since launch.^[4][3]
Preschool network targets 1,000+ schools over the next couple of years via organic franchisee expansion, from 436 schools at FY26 year-end.^[5][6]

Recent developments

Q1 FY27: India MC revenue grew 17.7% YoY - the highest in seven quarters - continuing sequential acceleration from 7.5% in Q1 FY26 through 11.4% in Q4 FY26.^[5]
Q1 FY27: Globalbees completed rationalization of underperforming 'other brands'; core-category segment delivered Adjusted EBITDA growth of 308% YoY to a 3.9% margin.^[5]
Q1 FY27: International (UAE+KSA) Adjusted EBITDA losses reduced 22% in absolute terms YoY; loss margin improved 320 bps from -10% to -7%; gross margin expanded 280 bps.^[5]
Q1 FY27: India MC Adjusted EBITDA margin fell from 8.6% to 5.7% YoY (290 bps), driven by ~260 bps gross margin compression from diapering competitive intensity and crude-linked/rupee input cost headwinds.^[5]
FY26: Company achieved positive free cash flow on a consolidated basis; India MC business remained PAT and Free Cash Flow positive throughout FY26.^[6]
Aug 2025: Indian government GST reforms transitioned approximately one-third of FirstCry's India GMV portfolio to the 5% GST rate.^[4]

Market Cap

₹8,568 Cr

High / Low

₹368 / 159

Stock P/E

-68.7

Price / Book

1.8

Book Value

₹92

EPS

₹-2.7

No. of Shares

52.21 Cr

ROCE

0.6%

ROE

-2.9%

OPM

0.4%

Debt / Equity

0.12

Sales

₹8,548 Cr

Net Profit

₹-204 Cr

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