Business Overview
Brainbees Solutions Limited (NSE: FIRSTCRY, BSE: 544226) operates a multi-channel platform for mothers, babies, and children, combining e-commerce, company-operated and franchise modern stores, a house-of-brands business (Globalbees), and education services. The group runs India’s multi-channel operations alongside online platforms in the UAE and the Kingdom of Saudi Arabia and owns home brands across multiple categories. FirstCry’s platform integrates commerce, content, community, and early-childhood education to drive repeat engagement from young families.
Financial Performance
For Q3 FY26 (quarter ended December 31, 2025), consolidated revenue from operations was ₹24,236 million. Consolidated adjusted EBITDA for the quarter was ₹1,538 million, implying an adjusted EBITDA margin of about 6.3%. The company reported a cash profit after tax of ₹1,155 million for the quarter. Annual unique transacting customers reached 11.3 million in the trailing twelve months. Gross merchandise value (GMV) for the quarter was ₹34,247 million.
For the nine months to December 31, 2025, consolidated revenue was ₹63,853 million and consolidated adjusted EBITDA was ₹3,673 million. For FY25, revenue from operations was ₹76,596 million, and adjusted EBITDA was ₹3,935 million.
Operating Metrics
India’s multi-channel revenue for Q3 was ₹16,458 million, with India’s multi-channel adjusted EBITDA of ₹1,638 million and a segment adjusted EBITDA margin near 10.0%. The company operated more than 1,100 modern stores, including company-operated and franchise formats. Annual unique transacting customers increased year over year, total orders rose, average order value expanded, and gross merchandise value improved versus Q3 FY25.
Key Developments
Management expanded faster-delivery initiatives (RocketBees) from 13 to 22 cities during the quarter. The company continued rationalization and margin optimization within Globalbees, with core categories contributing positively to adjusted EBITDA. Sixteen new stores were added during Q3, and the India multi-channel business returned to cash profit and free cash flow positivity on a year-to-date basis.
Risks and Constraints
Competitive intensity in diapering and other core categories affected pricing during the quarter. Supply chain volatility reduced growth by an estimated 200 basis points. International operations in the UAE and KSA experienced promotional intensity. Additional risks include discretionary spending trends, store roll-out execution, home-brand scaling, and regulatory factors in overseas markets.
Outlook / Guidance — what to watch for
Monitor trends in India’s multi-channel revenue, adjusted EBITDA margin progression, Globalbees profitability, faster delivery rollout, inventory discipline, and free cash flow generation. Management did not provide numerical forward guidance in the reviewed materials.
Performance Summary
Q3 FY26 consolidated revenue was ₹24,236 million, and consolidated adjusted EBITDA was ₹1,538 million. Cash profit after tax was ₹1,155 million. The India multi-channel segment delivered positive adjusted EBITDA and cash flow on a year-to-date basis. Key indicators remain category pricing trends, supply chain stability, and quarterly free cash flow conversion.