e-Commerce · Founded 2010 · www.firstcry.com · BSE 544226 · NSE FIRSTCRY · ISIN INE02RE01045
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Business
Brainbees Solutions Ltd., operating primarily under the brand FirstCry.com, is India's largest omnichannel platform for baby, kids, and maternity products. The company offers a wide range of products including apparel, footwear, toys, gear (strollers, car seats), nursery items, health & safety products, and personal care items for infants, toddlers, and expectant mothers. Its core business model involves selling these products directly to consumers through its e-commerce platform, mobile app, and a network of physical stores (both company-owned and franchised). The company makes money primarily through the sale of goods, including both third-party brands and its own private labels.
Revenue Mix
While specific revenue contribution percentages are not publicly disclosed, Brainbees Solutions Ltd.'s revenue streams are primarily derived from:
Online Retail: Sales through its e-commerce website (FirstCry.com) and mobile application. This forms the largest portion of its business.
Offline Retail: Sales through its extensive network of physical stores across India.
Private Labels: Sales of products under its own proprietary brands, which often offer higher margins.
Other Services: Potentially includes marketplace commissions for third-party sellers (if applicable) and advertising revenue.
Industry
Brainbees Solutions operates within the broader Indian e-commerce and retail sector, specifically targeting the baby, kids, and maternity product market. This industry is characterized by a mix of online specialized players, large horizontal e-commerce platforms (like Amazon India, Flipkart), and traditional brick-and-mortar stores. FirstCry holds a leading position as a specialized omnichannel retailer in this niche in India, known for its extensive product catalog, competitive pricing, and integrated online-to-offline experience. It differentiates itself by focusing solely on this specific demographic, offering a curated experience that general e-commerce players may not replicate.
MOAT
Brand Recognition: FirstCry has built strong brand awareness and trust among Indian parents and expectant mothers, making it a go-to destination for baby and kids products.
Omnichannel Presence: Its integrated online platform and vast network of physical stores provide convenience, product accessibility, and a seamless shopping experience, differentiating it from pure-play online or offline retailers. This also aids customer acquisition and retention.
Scale & Selection: As a market leader, FirstCry benefits from economies of scale in procurement, logistics, and marketing. It offers one of the widest selections of products in its category, attracting a broad customer base.
Data & Personalization: Accumulation of significant customer data allows for personalized recommendations and tailored marketing efforts, potentially increasing customer lifetime value.
Growth Drivers
Growing Indian Middle Class: Rising disposable incomes and increasing aspirations lead to higher spending on baby and kids products.
Increasing Digital Adoption: Continued growth in internet penetration, smartphone usage, and digital payments in India fuels e-commerce growth.
Urbanization & Nuclear Families: The trend towards nuclear families in urban areas often results in higher per-child spending.
Expansion into Tier 2/3 Cities: Untapped potential in smaller cities and towns, where FirstCry's omnichannel model can bridge gaps.
Growth of Private Labels: Expansion and success of its in-house brands can drive higher margins and capture more market share.
Premiumization Trend: Growing demand for premium and specialized baby products.
Risks
Intense Competition: Significant competition from large horizontal e-commerce players (Amazon, Flipkart) with deeper pockets, as well as new specialized entrants.
Profitability Challenges: Maintaining profitability in a competitive e-commerce landscape that often involves heavy discounts, high marketing spend, and logistics costs.
Inventory Management: Risks associated with managing a vast and diverse inventory, including obsolescence and demand fluctuations.
Supply Chain & Logistics: Operational complexities and costs associated with managing a pan-India supply chain, particularly for varied product types.
Regulatory Changes: Potential impact of evolving e-commerce and retail regulations in India.
Changing Consumer Preferences: The baby product market can be sensitive to fads and new safety standards, requiring constant product innovation and adaptation.
Management & Ownership
Brainbees Solutions Ltd. was founded by Supam Maheshwari, who serves as its CEO. The management team is generally considered experienced in the e-commerce and retail sectors. The company is backed by prominent institutional investors, including SoftBank, Premji Invest, Mahindra Retail, TPG, and NewQuest Capital Partners, indicating strong investor confidence. Prior to its anticipated IPO, ownership was concentrated among these institutional investors and the promoter group.
Outlook
FirstCry is well-positioned in a growing segment of the Indian retail market, driven by favorable demographics and increasing digital adoption. Its established brand, extensive product range, and omnichannel strategy provide a strong foundation for continued growth. The company has demonstrated success in building a leading specialized platform. However, the path to sustained profitability is critical given the intense competition from well-capitalized general e-commerce giants and the inherent costs of an omnichannel model. The ability to efficiently scale its operations, expand its private label portfolio, and maintain customer loyalty without excessive marketing spend will be key determinants of its long-term success amidst a highly competitive Indian e-commerce landscape.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1900 | 1667 | 1652 | 1905 | 2172 | 1930 | 1863 | 2099 | 2424 | 2163 |
| Other Income | 35 | 18 | 27 | 31 | 44 | 48 | 48 | 38 | 57 | 41 |
| Total Income | 1936 | 1685 | 1679 | 1936 | 2217 | 1979 | 1911 | 2137 | 2480 | 2203 |
| Total Expenditure | 1842 | 1634 | 1603 | 1848 | 2064 | 1914 | 1829 | 2037 | 2327 | 2093 |
| Operating Profit | 94 | 51 | 76 | 88 | 152 | 64 | 82 | 100 | 154 | 111 |
| Interest | 41 | 0 | 38 | 41 | 42 | 38 | 40 | 40 | 39 | 36 |
| Depreciation | 96 | 103 | 95 | 98 | 104 | 108 | 101 | 98 | 104 | 104 |
| Exceptional Income / Expenses | 0 | 0 | -12 | -1 | 0 | -37 | -6 | -3 | -16 | -24 |
| Profit Before Tax | -43 | -52 | -70 | -52 | 7 | -118 | -66 | -41 | -5 | -53 |
| Provision for Tax | 6 | -9 | 6 | 11 | 22 | -6 | 0 | 9 | 33 | -5 |
| Profit After Tax | -48 | -43 | -76 | -63 | -15 | -112 | -67 | -51 | -38 | -48 |
| Adjustments | 17 | -8 | 19 | 13 | 7 | 35 | 20 | 15 | 10 | 18 |
| Profit After Adjustments | -32 | -52 | -57 | -50 | -8 | -77 | -46 | -35 | -28 | -30 |
| Adjusted Earnings Per Share | -0.8 | -1.3 | -1.4 | -1 | -0.2 | -1.6 | -1 | -0.7 | -0.6 | -0.6 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 160 | 228 | 337 | 508 | 814 | 1603 | 2401 | 5633 | 6481 | 7660 | 8549 |
| Other Income | 13 | 12 | 18 | 27 | 83 | 137 | 116 | 99 | 94 | 150 | 184 |
| Total Income | 174 | 240 | 355 | 535 | 897 | 1740 | 2517 | 5731 | 6575 | 7810 | 8731 |
| Total Expenditure | 446 | 624 | 402 | 1450 | 1047 | 1561 | 2419 | 5950 | 6410 | 7430 | 8286 |
| Operating Profit | -272 | -384 | -47 | -915 | -150 | 179 | 97 | -219 | 165 | 380 | 447 |
| Interest | 2 | 2 | 1 | 0 | 4 | 14 | 38 | 72 | 115 | 158 | 155 |
| Depreciation | 4 | 7 | 7 | 18 | 38 | 70 | 111 | 294 | 371 | 405 | 407 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54 | 0 | -50 | -49 |
| Profit Before Tax | -278 | -393 | -55 | -933 | -191 | 98 | -51 | -530 | -322 | -232 | -165 |
| Provision for Tax | -0 | 0 | -0 | -1 | -1 | -118 | 28 | -44 | -0 | 33 | 37 |
| Profit After Tax | -278 | -393 | -55 | -933 | -191 | 216 | -79 | -486 | -322 | -265 | -204 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -1 | 7 | 45 | 47 | 73 | 63 |
| Profit After Adjustments | -278 | -393 | -55 | -933 | -191 | 215 | -72 | -441 | -274 | -191 | -139 |
| Adjusted Earnings Per Share | -54.3 | -125.3 | -17.4 | -38.4 | -6.1 | 6 | -1.8 | -10.8 | -6.7 | -4 | -2.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 18% | 47% | 57% | 0% |
| Operating Profit CAGR | 130% | 58% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -35% | NA% | NA% | NA% |
| ROE Average | -8% | -12% | -6% | -52% |
| ROCE Average | -2% | -7% | -3% | -42% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -657 | -1036 | -1087 | 1527 | 2417 | 3437 | 3528 | 3456 | 3171 | 4741 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 98 | 760 | 743 | 621 | 539 |
| Borrowings | 788 | 1657 | 1655 | 0 | 0 | 10 | 51 | 55 | 229 | 210 |
| Other Non-Current Liabilities | 1 | 5 | 6 | 5 | 85 | 19 | 835 | 1497 | 1742 | 1144 |
| Total Current Liabilities | 60 | 70 | 91 | 146 | 256 | 392 | 922 | 1212 | 1603 | 2087 |
| Total Liabilities | 193 | 696 | 665 | 1678 | 2758 | 3955 | 6097 | 6964 | 7366 | 8722 |
| Fixed Assets | 16 | 361 | 356 | 351 | 383 | 669 | 2213 | 3533 | 3868 | 3609 |
| Other Non-Current Assets | 30 | 155 | 24 | 568 | 625 | 163 | 172 | 421 | 410 | 563 |
| Total Current Assets | 146 | 180 | 286 | 758 | 1750 | 3123 | 3712 | 3010 | 3087 | 4549 |
| Total Assets | 193 | 696 | 665 | 1678 | 2758 | 3955 | 6097 | 6964 | 7366 | 8722 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 6 | 6 | 9 | 104 | 177 | 383 | 405 | 259 | 362 |
| Cash Flow from Operating Activities | -160 | -69 | -70 | -210 | -300 | -67 | -132 | -399 | -42 | -83 |
| Cash Flow from Investing Activities | 97 | -501 | 82 | -758 | -660 | -445 | -491 | 304 | 63 | -1438 |
| Cash Flow from Financing Activities | 69 | 570 | -9 | 1063 | 1033 | 718 | 644 | -51 | 81 | 1431 |
| Net Cash Inflow / Outflow | 6 | -0 | 3 | 95 | 73 | 206 | 22 | -146 | 102 | -91 |
| Closing Cash & Cash Equivalent | 6 | 6 | 9 | 104 | 177 | 383 | 405 | 259 | 362 | 271 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -54.3 | -125.26 | -17.38 | -38.38 | -6.13 | 6.01 | -1.77 | -10.83 | -6.73 | -3.97 |
| CEPS(Rs) | 0 | -123 | -15.2 | -37.64 | -4.92 | 8.01 | 0.79 | -4.71 | 1.21 | 2.9 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -129.69 | -334.75 | -351.96 | 61.48 | 75.78 | 93.34 | 83.95 | 73.26 | 61.88 | 84.17 |
| Core EBITDA Margin(%) | -177.81 | -173.16 | -19.33 | -185.52 | -28.56 | 2.43 | -0.71 | -5.54 | 1.06 | 2.94 |
| EBIT Margin(%) | -171.78 | -171.19 | -16.01 | -183.72 | -23.04 | 6.52 | -0.53 | -8 | -3.11 | -0.94 |
| Pre Tax Margin(%) | -173.31 | -172.18 | -16.25 | -183.75 | -23.52 | 5.71 | -2 | -9.25 | -4.86 | -2.97 |
| PAT Margin (%) | -173.26 | -172.21 | -16.18 | -183.65 | -23.44 | 12.53 | -3.07 | -8.48 | -4.86 | -3.38 |
| Cash Profit Margin (%) | -170.98 | -169.09 | -14.15 | -180.08 | -18.83 | 16.61 | 1.26 | -3.35 | 0.75 | 1.79 |
| ROA(%) | -144.2 | -88.49 | -8.01 | -79.59 | -8.6 | 6.43 | -1.57 | -7.44 | -4.49 | -3.29 |
| ROE(%) | 0 | 0 | 0 | -479.6 | -9.91 | 7.58 | -2.33 | -15.19 | -11.68 | -8.05 |
| ROCE(%) | -194.04 | -101.4 | -9 | -88.97 | -9.51 | 3.83 | -0.38 | -12.65 | -5.67 | -1.65 |
| Receivable days | 81.44 | 46.37 | 30.93 | 28.37 | 27.99 | 22.98 | 25.25 | 14.11 | 12.22 | 11.68 |
| Inventory Days | 107.88 | 86.01 | 78.92 | 98.77 | 108.21 | 86.33 | 107.05 | 72.14 | 80.36 | 87.7 |
| Payable days | 89.87 | 79.63 | 80.24 | 87.01 | 81.82 | 82.81 | 96.08 | 58.75 | 72.15 | 69.81 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.37 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 4.94 | 7.01 | 4.54 | -0.77 | -1.48 | -1.4 | -0.87 | -0.16 | -0.02 | 2.17 |
| EV/Core EBITDA(x) | -2.92 | -4.17 | -32.49 | 0.43 | 8.01 | -12.52 | -21.45 | 4.18 | -0.74 | 43.63 |
| Net Sales Growth(%) | 0 | 42.37 | 47.66 | 50.61 | 60.33 | 96.86 | 49.81 | 134.56 | 15.06 | 18.19 |
| EBIT Growth(%) | 0 | -41.88 | 86.19 | -1628.49 | 79.9 | 159.92 | -111.98 | -3305.76 | 55.03 | 64.27 |
| PAT Growth(%) | 0 | -41.51 | 86.13 | -1609.65 | 79.54 | 213.15 | -136.44 | -517.72 | 33.85 | 17.64 |
| EPS Growth(%) | 0 | -130.71 | 86.13 | -120.89 | 84.03 | 198.14 | -129.38 | -512.75 | 37.82 | 41.06 |
| Debt/Equity(x) | -1.2 | -1.58 | -1.5 | 0 | 0 | 0.01 | 0.03 | 0.06 | 0.18 | 0.14 |
| Current Ratio(x) | 2.43 | 2.56 | 3.13 | 5.2 | 6.83 | 7.98 | 4.02 | 2.48 | 1.93 | 2.18 |
| Quick Ratio(x) | 1.64 | 1.71 | 2.19 | 3.9 | 5.68 | 6.64 | 2.96 | 1.42 | 0.91 | 1.16 |
| Interest Cover(x) | -112.08 | -172.25 | -66.53 | -5780.63 | -47.89 | 7.99 | -0.36 | -6.41 | -1.79 | -0.47 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.03 |
| # | Mar 2022 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 8.78 | 9.33 | 7.65 | 6.74 | 4.93 | 3.88 | 3.52 |
| DII | 3.32 | 17.04 | 16.86 | 18.29 | 18.87 | 21.26 | 22.03 | 23.61 |
| Public | 96.68 | 74.18 | 73.8 | 74.06 | 74.39 | 73.81 | 74.09 | 72.87 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 4.56 | 4.84 | 3.98 | 3.52 | 2.57 | 2.03 | 1.84 |
| DII | 0.57 | 8.85 | 8.76 | 9.53 | 9.84 | 11.09 | 11.5 | 12.32 |
| Public | 16.74 | 38.51 | 38.32 | 38.59 | 38.82 | 38.52 | 38.68 | 38.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 17.32 | 51.92 | 51.92 | 52.1 | 52.18 | 52.19 | 52.2 | 52.21 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +18% | +47% | +57% | — |
| Operating Profit CAGR | +130% | +58% | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -35% | — | — | — |
| ROE Average | -8% | -12% | -6% | -52% |
| ROCE Average | -2% | -7% | -3% | -42% |
| # | Mar 2022 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 8.78 | 9.33 | 7.65 | 6.74 | 4.93 | 3.88 | 3.52 |
| DII | 3.32 | 17.04 | 16.86 | 18.29 | 18.87 | 21.26 | 22.03 | 23.61 |
| Public | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2022 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| FII | 0 | 4.56 | 4.84 | 3.98 | 3.52 | 2.57 | 2.03 | 1.84 |
| DII | 0.57 | 8.85 | 8.76 | 9.53 | 9.84 | 11.09 | 11.5 | 12.32 |
| Public | 17.32 | 51.92 | 51.92 | 52.1 | 52.18 | 52.19 | 52.2 | 52.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 17.32 | 51.92 | 51.92 | 52.1 | 52.18 | 52.19 | 52.2 | 52.21 |
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