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FirstCry Expands 'Qwik' 3-Hour Delivery to 3 Cities; Targets 60,000 Orders in March 2026
FirstCry (Brainbees Solutions) has scaled its 'Qwik' delivery service to Bengaluru, Pune, and Hyderabad, offering sub-3-hour delivery for baby and kids' products. The service leverages the company's network of 1,200+ stores and 84 warehouses, with an expected volume of 60,000 orders in March 2026. This initiative focuses on high-margin home brands, which already account for over 55% of the company's India multi-channel GMV. The company plans to further expand to Delhi NCR and reduce delivery times to 2 hours to strengthen its position in the quick commerce segment.
Key Highlights
Expansion of 'Qwik' 3-hour delivery service to Bengaluru, Pune, and Hyderabad.
Projected to deliver approximately 60,000 orders via the Qwik network in March 2026.
Leverages 1,200+ modern stores and 84 warehouses for asset-light fulfillment via RocketBees.
Home brands like BabyHug and PineKids contribute over 55% of India multi-channel GMV.
Future expansion planned for Delhi NCR, Ahmedabad, and Chennai with a target delivery time of 2 hours.
💼 Action for Investors
Investors should view this as a strategic move to capture the quick commerce market, which could drive higher order frequency and inventory turnover. Monitor the scalability of this model to other metros and its impact on overall GMV and margins given the high private-label mix.
FirstCry Q3 FY26: Consol PAT Positive (Adj. ESOP), 9M Adjusted EBITDA Up 25% YoY
Brainbees Solutions (FirstCry) reported a consolidated PAT positive quarter for Q3 FY26 when adjusted for ESOP costs, with 9M adjusted EBITDA growing 25% YoY. The India multichannel business showed sequential growth improvement to 8.9% in Q3, despite supply chain volatilities that impacted growth by 200 bps. International losses narrowed significantly by 36% in the nine-month period as the company avoided aggressive discounting. Globalbees remains a strong performer, delivering 30% YoY growth in core categories with an adjusted EBITDA of ₹69.8 crores.
Key Highlights
Consolidated adjusted EBITDA grew 25% YoY for 9M FY26, with the company remaining cash flow positive.
International EBITDA losses reduced by 36% YoY in 9M FY26, driven by a 180 bps expansion in gross margins.
Globalbees core categories achieved 30% YoY revenue growth, reaching ₹1,417.4 crores in 9M FY26.
In-house logistics 'RocketBees' expanded to 22 cities, resulting in a 20% improvement in delivery turnaround times.
Launched 'FirstCry Qwik' pilot in 3 cities (Pune, Bangalore, Hyderabad) offering 3-hour delivery across all categories.
💼 Action for Investors
Investors should focus on the successful narrowing of international losses and the scaling of the 'FirstCry Qwik' initiative as key drivers for future valuation. The company's transition toward a 'depth strategy' in 2026 suggests potential for further margin expansion and market share gains.
FirstCry Q3 FY26: Revenue up 10% to ₹2,424 Cr; 9M Cash PAT surges 72% to ₹240 Cr
Brainbees Solutions (FirstCry) reported a 10% YoY revenue growth to ₹2,424 crore in Q3 FY26, while consolidated adjusted EBITDA rose 12% to ₹154 crore. The India Multi-Channel segment maintained a 10% EBITDA margin despite supply chain volatility impacting growth by approximately 200bps. For the 9-month period, Cash PAT saw a robust 72% YoY increase to ₹240 crore. The company is focusing on sustainable growth in international markets, where losses narrowed by 25% this quarter.
Key Highlights
Consolidated Revenue for Q3 FY26 reached ₹2,424 crore, a 10% increase YoY
9M FY26 Cash Profit After Tax (PAT) grew significantly by 72% YoY to ₹240 crore
India Multi-Channel Adjusted EBITDA margin stood at 10.0% for Q3 FY26
International business EBITDA losses reduced by 25% YoY in Q3 FY26 to ₹29.7 crore
Globalbees achieved adjusted PAT positivity in Q3 FY26 with 30% growth in core categories
💼 Action for Investors
Investors should maintain a positive outlook as the company demonstrates a clear path to profitability in Globalbees and narrowing international losses. Monitor the execution of the 'RocketBees' initiative and product realignment which are expected to drive superior growth in FY27.
Firstcry (Brainbees) Approves Q3 FY26 Results and Announces Change in Nominee Director
Brainbees Solutions (Firstcry) held a board meeting on February 13, 2026, to approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. In addition to the financial review, the company announced a change in its board composition involving its strategic partner, Mahindra & Mahindra Limited. Mr. Puneet Renjhen resigned as a Nominee Director, and Ms. Saloni Jain Rana, a Vice President at Mahindra & Mahindra with 17 years of experience in M&A and investment banking, was appointed in his place. This transition is part of a routine recasting of board nominations by the Mahindra Group.
Key Highlights
Approved unaudited financial results for the quarter and nine months ended December 31, 2025.
Resignation of Mr. Puneet Renjhen as Non-Executive Director (Mahindra & Mahindra Nominee) effective February 13, 2026.
Appointment of Ms. Saloni Jain Rana as Additional Non-Executive Director (Mahindra & Mahindra Nominee).
Ms. Saloni Jain Rana brings 17 years of experience in investment banking and M&A, formerly with Avendus Capital.
The board meeting was conducted efficiently, concluding within 57 minutes.
💼 Action for Investors
Investors should focus on the detailed financial statements to assess revenue growth and path to profitability. The change in nominee director is a routine administrative update from a major shareholder and is not expected to impact company operations.
FirstCry Receives ₹31.36 Crore Income Tax Demand for AY 2022-23
Brainbees Solutions Limited (FirstCry) has received an assessment order and a tax demand notice of ₹31.36 crore from the Income Tax Department for Assessment Year 2022-23. The demand stems from a total addition of ₹93.58 crore to the company's taxable income, primarily driven by the disallowance of ESOP expenses and transfer pricing adjustments. The company has stated it has strong legal grounds to contest the demand and will be filing an appeal before the Income Tax Appellate Tribunal (ITAT). While the demand is quantifiable, the company does not expect a material impact on its core operations.
Key Highlights
Total tax demand raised by the Income Tax Department amounts to ₹31,36,30,330.
Income addition of ₹82.73 crore was made due to the disallowance of ESOP-related expenses.
Transfer pricing adjustments led to a further income addition of ₹10.85 crore.
Company plans to appeal to the ITAT, citing that ESOP expenses were allowed in AY 2015-16.
Total addition to the company's income for AY 2022-23 stands at ₹93,57,99,520.
💼 Action for Investors
Investors should monitor the outcome of the ITAT appeal as the ESOP expense disallowance is a significant portion of the demand. While tax disputes are common for large corporates, a final unfavorable ruling would impact the company's cash reserves.
FirstCry Subsidiary Swara Baby Completes 100% Acquisition of Solis Hygiene
Brainbees Solutions (FirstCry) has finalized the acquisition of Solis Hygiene through its subsidiary, Swara Baby Products. As part of this transaction, FirstCry's stake in Swara Baby has increased from 75.92% to 76.59%. The company exchanged its holding of 52,890 Series A1 shares in Solis Hygiene for 5,626,738 equity shares in Swara Baby. This internal restructuring consolidates Solis Hygiene as a step-down subsidiary, streamlining the group's baby care and hygiene portfolio.
Key Highlights
Swara Baby Products acquired 100% stake in Solis Hygiene by issuing 7,092,200 equity shares.
FirstCry's direct shareholding in Swara Baby increased from 75.92% to 76.59%.
FirstCry received 5,626,738 additional shares in Swara Baby in exchange for its Solis Hygiene holdings.
Solis Hygiene is now a wholly-owned subsidiary of Swara Baby and a step-down subsidiary of FirstCry.
The indirect control of FirstCry in Solis Hygiene now stands at 76.59%.
💼 Action for Investors
This is a strategic internal consolidation to streamline the corporate structure of FirstCry's subsidiaries. Investors should view this as a routine organizational cleanup with no immediate impact on the company's consolidated financials.
FirstCry Restructures Hygiene Vertical; Increases Stake in Swara Baby to 76.59%
Brainbees Solutions (FirstCry) has approved an intra-group restructuring to consolidate its hygiene business under one entity. The company is increasing its stake in Swara Baby Products from 75.92% to 76.59% by swapping its 79.34% direct holding in Solis Hygiene. Consequently, Swara Baby will now own 100% of Solis Hygiene, which becomes a step-down subsidiary. Separately, the company appointed Mr. Mandar Joshi as Company Secretary following the resignation of Ms. Neha Surana.
Key Highlights
FirstCry's stake in subsidiary Swara Baby Products increases to 76.59% via a share swap valued at ₹84.40 crore.
Swara Baby to acquire 100% of Solis Hygiene, consolidating the hygiene vertical under a single roof.
Solis Hygiene reported a turnover of ₹240.7 crore in FY25, contributing 3% to consolidated revenue.
Swara Baby Products reported a turnover of ₹545.14 crore for the financial year 2024-25.
Mr. Mandar Joshi appointed as Company Secretary and Compliance Officer effective December 27, 2025.
💼 Action for Investors
This is a routine internal restructuring aimed at operational efficiency and does not significantly change the company's fundamental value. Investors should monitor if this consolidation improves the reporting and margins of the hygiene segment in future quarters.
FirstCry Consolidates Hygiene Vertical; Increases Stake in Swara Baby to 76.59%
Brainbees Solutions (FirstCry) has approved an intra-group restructuring to consolidate its hygiene business under its subsidiary, Swara Baby Products. The company will increase its stake in Swara Baby from 75.92% to 76.59% through a share swap valued at INR 84.40 Crore. As part of this move, Solis Hygiene will become a 100% subsidiary of Swara Baby, streamlining the hygiene vertical's reporting and operations. Separately, the company appointed Mr. Mandar Joshi as the new Company Secretary following the resignation of Ms. Neha Surana.
Key Highlights
FirstCry's stake in Swara Baby Products to increase from 75.92% to 76.59% via a share swap.
Swara Baby to acquire 100% of Solis Hygiene, which contributed INR 240.7 Crore to FY25 turnover.
The cost of acquisition for the additional shares in Swara Baby is valued at INR 84.40 Crore.
Restructuring aims to bring the entire hygiene vertical under a single entity for better operational efficiency.
Mr. Mandar Joshi appointed as Company Secretary & Compliance Officer effective December 27, 2025.
💼 Action for Investors
This is an internal restructuring aimed at operational synergy and does not materially alter the consolidated financial position. Investors should monitor the hygiene segment's performance for improved margins following this consolidation.
FirstCry Restructures Hygiene Vertical; Increases Stake in Swara Baby to 76.59%
Brainbees Solutions (FirstCry) is consolidating its hygiene business by making Solis Hygiene a 100% subsidiary of Swara Baby Products. As part of this intra-group restructuring, FirstCry will swap its shares in Solis Hygiene for additional equity in Swara Baby, increasing its stake from 75.92% to 76.59%. Solis Hygiene, which contributed ₹240.7 crore to FY25 revenue, will now be a step-down subsidiary. Separately, the company has appointed Mandar Joshi as the new Company Secretary following the resignation of Neha Surana.
Key Highlights
FirstCry's stake in Swara Baby Products increases from 75.92% to 76.59% via a share swap.
Swara Baby to acquire 100% of Solis Hygiene to bring the hygiene vertical under a single entity.
Solis Hygiene reported a turnover of ₹240.73 crore and net worth of ₹84.82 crore in FY25.
The cost of acquisition for the additional stake in Swara Baby is valued at ₹84.40 crore.
Mandar Joshi appointed as Company Secretary and Compliance Officer effective December 27, 2025.
💼 Action for Investors
This is a structural cleanup to improve operational efficiency and reporting for the hygiene segment and does not materially change consolidated financials. Investors should focus on whether this consolidation leads to better cost management in the hygiene vertical.
FirstCry Consolidates Hygiene Vertical; Increases Stake in Swara Baby to 76.59% via Share Swap
Brainbees Solutions (FirstCry) has approved an intra-group restructuring to consolidate its hygiene vertical under its subsidiary, Swara Baby Products. FirstCry will transfer its stake in Solis Hygiene to Swara Baby in exchange for additional equity, increasing its holding in Swara Baby from 75.92% to 76.59%. Solis Hygiene, which reported a turnover of INR 240.73 Crore in FY25, will become a 100% step-down subsidiary. Additionally, the company appointed Mr. Mandar Joshi as the new Company Secretary and Compliance Officer effective December 27, 2025.
Key Highlights
FirstCry's stake in Swara Baby increases to 76.59% through a share swap valued at INR 84.40 Crore.
Swara Baby to acquire 100% of Solis Hygiene to bring the entire hygiene vertical under a single entity.
Solis Hygiene contributed INR 240.73 Crore (3%) to consolidated turnover in FY25.
Swara Baby reported a turnover of INR 545.14 Crore in FY25, down from INR 686.50 Crore in FY24.
Management change: Mr. Mandar Joshi replaces Ms. Neha Surana as Company Secretary and Compliance Officer.
💼 Action for Investors
Investors should view this as a positive move to streamline operations and improve financial reporting for the hygiene segment. Monitor the consolidated performance of Swara Baby to see if this vertical consolidation leads to better operational efficiencies.
FirstCry Consolidates Hygiene Vertical; Increases Swara Baby Stake to 76.59%
Brainbees Solutions (FirstCry) is undergoing an intra-group restructuring to consolidate its hygiene vertical under Swara Baby Products. The company will increase its stake in Swara Baby from 75.92% to 76.59% by swapping its holdings in Solis Hygiene, a transaction valued at ₹84.40 crore. Solis Hygiene, which contributed 3% to consolidated turnover in FY25, will become a 100% subsidiary of Swara Baby. Additionally, the company has appointed Mr. Mandar Joshi as the new Company Secretary and Compliance Officer.
Key Highlights
FirstCry's stake in Swara Baby Products to increase from 75.92% to 76.59% via share swap.
Solis Hygiene (FY25 turnover of ₹240.73 crore) to become a 100% subsidiary of Swara Baby.
The restructuring is valued at ₹84.40 crore and is expected to be completed by December 31, 2025.
Mr. Mandar Joshi appointed as Company Secretary & Compliance Officer effective December 27, 2025.
Solis Hygiene and Swara Baby combined represent a significant portion of the company's hygiene business vertical.
💼 Action for Investors
This is a routine internal reorganization aimed at operational efficiency and streamlined reporting. Investors should continue to monitor the performance of the hygiene segment as a consolidated unit in future quarters.
FirstCry Restructures Hygiene Vertical; Increases Swara Baby Stake to 76.59% for ₹84.4 Cr
Brainbees Solutions (FirstCry) is consolidating its hygiene vertical by making Solis Hygiene a 100% subsidiary of Swara Baby Products. FirstCry's direct stake in Swara Baby will increase from 75.92% to 76.59% through a share swap valued at ₹84.40 Crore. Solis Hygiene, which contributed ₹240.7 Crore to FY25 revenue, will now be a step-down subsidiary. The company also appointed Mr. Mandar Joshi as the new Company Secretary and Compliance Officer following the resignation of Ms. Neha Surana.
Key Highlights
FirstCry's stake in Swara Baby increases to 76.59% via acquisition of 56.26 lakh shares
Solis Hygiene (FY25 turnover: ₹240.7 Cr) to become a 100% subsidiary of Swara Baby
Total cost of acquisition for the additional stake in Swara Baby is ₹84.40 Crore via share swap
Restructuring aims to bring the entire hygiene vertical under a single entity for better reporting
Change in KMP: Mr. Mandar Joshi replaces Ms. Neha Surana as Company Secretary effective Dec 27, 2025
💼 Action for Investors
The restructuring is an internal move to streamline the hygiene business and should be viewed as operationally positive but financially neutral in the short term. Investors should monitor the performance of the hygiene vertical post-consolidation for efficiency gains.
FirstCry Subsidiary Swara Baby Completes 100% Acquisition of KA Hygiene
Brainbees Solutions (FirstCry) has announced that its subsidiary, Swara Baby Products Private Limited, has completed the 100% acquisition of K.A. Enterprises (Hygiene) Private Limited. The transaction was settled by Swara Baby issuing 38,49,572 equity shares to the sellers. As a result, FirstCry's stake in its subsidiary Swara Baby has been diluted from 87.29% to 75.92%. KA Hygiene is now a step-down subsidiary of FirstCry with an indirect control of 75.92%.
Key Highlights
Acquisition of 100% stake in K.A. Enterprises (Hygiene) Private Limited finalized.
Consideration paid via allotment of 38,49,572 equity shares of Swara Baby Products.
FirstCry's holding in Swara Baby adjusted from 87.29% to 75.92% post-transaction.
KA Hygiene becomes a wholly-owned subsidiary of Swara Baby and a step-down subsidiary of FirstCry.
💼 Action for Investors
Investors should view this as a strategic expansion in the hygiene segment, though they should monitor the impact of the 11.37% stake dilution in the subsidiary on consolidated earnings.
Firstcry Subsidiary Swara Baby to Acquire KA Hygiene for INR 57.74 Crore
Brainbees Solutions (Firstcry) has announced that its subsidiary, Swara Baby Products, will acquire a 100% stake in KA Hygiene for a consideration of INR 57.74 crore. The transaction is structured as a share swap, resulting in Firstcry's stake in Swara Baby diluting from 87.29% to 75.92%. KA Hygiene, which manufactures and trades hygiene products, reported a turnover of INR 84.01 crore and a profit after tax of INR 5.22 crore in FY25. This acquisition consolidates the group's manufacturing capabilities in the hygiene segment.
Key Highlights
Acquisition of 100% stake in KA Hygiene by Swara Baby Products for INR 57.74 crore
Target entity reported FY25 turnover of INR 84.01 crore and PAT of INR 5.22 crore
Firstcry's holding in Swara Baby to decrease from 87.29% to 75.92% post-share issuance
Transaction is a share swap involving the issuance of 38,49,572 equity shares of Swara Baby
Acquisition expected to be completed by December 31, 2025
💼 Action for Investors
Investors should monitor the integration of KA Hygiene into Swara Baby Products as it strengthens Firstcry's backward integration in the hygiene category. The acquisition is valued at approximately 11x FY25 PAT, which appears reasonable for a growing manufacturing business.
FirstCry's Globalbees Acquires Additional 6.49% Stake in HS Fitness
Brainbees Solutions Limited's material subsidiary, Globalbees Brands Private Limited, has acquired an additional 6.49% stake in HS Fitness Private Limited for ₹2.40 Crores. This increases Globalbees' shareholding in HS Fitness from 80% to 86.49%. HS Fitness, operating under the "REACH" brand, deals in fitness equipment and related services. The "REACH" brand, through all subsidiaries combined, generated a turnover of more than ₹17.5 Crores in FY 2024-25.
Key Highlights
Globalbees acquired an additional 6.49% stake in HS Fitness.
The acquisition cost was ₹2.40 Crores.
Globalbees' shareholding in HS Fitness increased from 80% to 86.49%.
HS Fitness' turnover in 2024-25 was ₹7.59 Crore.
Brand ‘Reach’ generated turnover of more than ₹17.5 Crores in the financial year 2024-25.
💼 Action for Investors
Investors should monitor the performance of the 'REACH' brand and its contribution to Globalbees' overall revenue. Keep an eye on future acquisitions and their impact on Brainbees Solutions Limited's growth strategy.