FIRSTCRY
Small CapBrainbees Solutions Limited
Consumer
Brainbees Solutions Limited (FirstCry) is India's largest multi-channel retailer for mothers', babies', and kids' products, operating online and offline. It also has an international e-commerce presence in UAE/KSA, a D2C brand aggregator (Globalbees), and a preschool segment.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 35/100Rev +12% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,163 Cr | +12.1% | -10.8% |
| EBITDA | ₹70 Cr | +337.5% | -27.8% |
| Operating margin | 3.0% | +200 bps | -100 bps |
| PAT | ₹-48 Cr | NDF | NDF |
| PAT margin | -2.2% | +358 bps | -61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FirstCry reports 12% YoY consolidated revenue growth to INR 85,479 Mn in FY26, with Adjusted EBITDA up 24% YoY to INR 4,860 Mn. Net losses improved by 23% YoY. India Multichannel business remains PAT and Free Cash Flow positive.
The company delivered solid consolidated revenue and Adjusted EBITDA growth in FY26, driven by strong performance in India Multichannel and Globalbees. International business losses reduced. However, competitive intensity in diapering and international markets warrants close monitoring.
Category wise share of India GMV (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
India Multichannel Business
India Multichannel business is PAT and Free Cash Flow positive in FY26, with GMV growing 11% YoY.
Globalbees Core Categories
Globalbees' core categories delivered 28% YoY growth in FY26 with INR 919 Mn Adjusted EBITDA (post corporate expenses).
Home Brands Portfolio
Share of Home Brands in India Multichannel GMV increased to >58% in FY26 from 37% in FY20, driving superior margins.
Preschool Partnerships
Number of preschools increased to 436 in FY26 from 363 in FY25, with student enrollments growing to 23,049 from 18,470.
Modern Stores Expansion
Total Modern Stores (incl. FOFO & COCO) increased to 1,189 as of March 31, 2026, from 1,156 in FY25.
RocketBees Delivery Initiative
Faster delivery initiative 'RocketBees' expanded from 22 cities to 62 cities, improving TAT and customer experience.
Favorable International Demographics
KSA and UAE offer favorable demographics with high birth rates and higher spend per child on childcare products compared to India.
Hospital Partnerships for User Acquisition
Long-standing partnerships with 13,500+ hospitals across India, delivering 2.4 Mn+ FirstCry branded boxes in FY26 for new user acquisition.
Competitive Intensity in Diapering
Diapering category in India continues to witness heightened competitive intensity, leading to pressure on growth and margins.
Elevated Promotional Activities in International Markets
International business continues to witness elevated promotional activities led by two horizontal e-commerce players that entered these markets in 2024.
Sustained Gross Margin Pressure
Consolidated gross margin declined YoY in FY26 and QoQ in Q4FY26. India Multichannel gross margin also declined QoQ in Q4FY26.
Impact of Globalbees Brand Rationalization
Globalbees is rationalizing 'Other brands' that have lower revenue growth and incur losses, with an endeavor to complete by Q1FY27.
Competitive Landscape
Heightened competitive intensity in India's diapering category and elevated promotional activities by horizontal e-commerce players in international markets could impact growth and profitability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual performance and long-term trends across segments. QoQ is relevant for India Multichannel's sequential revenue growth rate improvement and International business's loss reduction, indicating recent momentum.
Consolidated Revenue Growth
Consolidated Revenue from Operations increased 12% YoY to INR 85,479 Mn in FY26.
Consolidated Gross Margin
UNDER_STRESSConsolidated Gross Profit Margin was 36.2% in FY26, down from 37.4% in FY25. Q4FY26 Gross Margin was 35.4% vs 37.5% in Q4FY25.
India Multi-Channel GMV Growth
India Multi-Channel GMV grew 11% YoY to INR 97,833 Mn in FY26.
India Multi-Channel Orders Growth
India Multi-Channel Orders grew 9% YoY to 42.8 Mn in FY26.
India Multichannel Growth Outlook
Management believes that with current initiatives, the growth rate for both online & offline channels will be structurally much superior in FY27.
International Business Strategy
Management states they continue to focus on sustainable growth while reducing Adjusted EBITDA losses in the International business.
Globalbees Brand Rationalization Timeline
Management's endeavor is to complete the rationalization of Globalbees' 'Other brands' by Q1FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Multichannel YoY Quarterly Revenue Growth | 11.4% in Q4FY26 | Sustained sequential improvement and achievement of 'much superior' growth rate in FY27, as claimed by management. |
| International Adjusted EBITDA Losses | INR (907) Mn in FY26 (35% YoY reduction) | Continued reduction in losses and clear path towards profitability, especially given competitive pressures. |
| Globalbees Core Categories Adjusted EBITDA % | 4.9% in FY26 | Sustained profitable growth and margin expansion post the completion of brand rationalization by Q1FY27. |
| Consolidated Gross Margin | 36.2% in FY26 | Stabilization and improvement in gross margins, particularly in India Multichannel, given competitive pressures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -13.5% / mo · near 52W low
Technical chart
FIRSTCRYweekly · 3Y-61.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 37.
- SMA20 falling (~15.6% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 47% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 7/15 to the score.
- Cash flow contributes 2/10 to the score.
- Growth contributes 4/25 to the score.
Main drags
- Fair-value margin of safety is negative at -4941.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +8 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 48th percentile within Consumer. Main check: financial discipline is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Interest coverage is 1.7x.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 48th pctile, median 67 · Small: 54th pctile, median 65
44 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.3%.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Interest coverage is 1.7x.
- ▸ROCE is low at 0.6%.
- ▸ROE is low at -2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 154.00
- P/B
- 1.80
- EV/EBITDA
- 51.02
- Market Cap
- 11413.00Cr
Profitability
- ROE
- 1.20%
- ROCE
- 2.02%
- ROA
- 1.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- -24.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 1.92×
- Altman Z
- 7.94
- Book Value
- 122.00
Cash Flow
- FCF Yield
- 0.96%
- FCF Positive Y
- 2/5
- OCF
- 318.00 Cr
- EPS TTM
- 2.09
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.