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Latest filing: 2026-08-29 23:26
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30 announcements match the current filters (relevance ≥ 5).
FirstCry Seeks Shareholder Nod to Reallocate ₹574.7 Cr Unutilised IPO Proceeds and Extend to FY29
Brainbees Solutions (FirstCry) has issued a notice for its 16th AGM on September 22, 2026, seeking approval to alter the objects and extend the utilisation timeline of its IPO proceeds to FY 2028-29. Out of ₹1,601.74 Cr (₹16,017.35 Mn) net IPO proceeds, ₹574.69 Cr (₹5,746.92 Mn) remains unutilised as of July 31, 2026. The company proposes curtailing KSA expansion by ₹132.13 Cr and standalone BabyHug stores by ₹84.08 Cr, reallocating the funds toward FirstCry multi-brand stores, domestic warehouses, technology, and marketing.
Confidence: HIGH
What changedThe company has proposed a formal reallocation of ₹574.69 Cr in remaining IPO funds, shifting capex from KSA store expansion and BabyHug outlets to FirstCry omni-channel stores, Indian warehouses, marketing, and tech.
Why it mattersReflects a strategic pivot prioritizing domestic warehousing and omni-channel scale over capital-heavy physical expansion in Saudi Arabia, extending the deployment runway through FY29.
Total Net IPO Proceeds: ₹16,017.35 millionUnutilised IPO Proceeds (as of July 31, 2026): ₹5,746.92 millionUnutilised Proceeds vs Net Worth: ~9.1%KSA Capex Reduction: ₹1,321.29 millionRevised Utilisation Timeline: By FY 2028-29
📅 Short termNeutral; the filing is a procedural AGM intimation containing routine operational adjustments to long-term capital deployment.
📈 Long termReallocating capex to strengthen domestic logistics and technology should support margin efficiency, while scaled-back KSA physical retail reduces overseas capital risk.
⚠ Risk flags
- Delay in original capital deployment schedule necessitating a timeline extension to FY29
- Scaling down KSA retail footprint could indicate slower-than-expected international brick-and-mortar traction
Key Highlights
Unutilised IPO proceeds stood at ₹574.69 Cr (₹5,746.92 Mn) as of July 31, 2026, against total net proceeds of ₹1,601.74 Cr
Allocations for Saudi Arabia (KSA) expansion cut drastically by ₹132.13 Cr (₹1,321.29 Mn), reducing overall KSA allocation to ₹23.47 Cr
Digital Age subsidiary store expansion budget boosted by ₹84.08 Cr, while domestic warehouse budget raised by ₹42.13 Cr
Sales/marketing and tech/data science allocations increased by ₹45.00 Cr each to ₹245.00 Cr and ₹102.60 Cr respectively
AGM scheduled for September 22, 2026; voting cut-off date is September 15, 2026
👀 What to Watch
Track shareholder voting results on the special resolution and monitor subsequent quarterly updates on the deployment speed of unutilised IPO funds across domestic store and warehouse networks.
FirstCry Q1 FY27: Consolidated Revenue Up 13% YoY to ₹2,106 Cr; India Segment Up 17.7%
Brainbees Solutions (FirstCry) released its Q1 FY27 earnings call transcript highlighting a 13% YoY increase in consolidated revenue to ₹2,106 Cr and a 34% reduction in consolidated losses. The core India multi-channel business grew 17.7% YoY and remained PAT-positive, while International revenue grew 12% YoY with a 22.3% YoY reduction in adjusted EBITDA loss. The company expanded its RocketBees delivery network to 72 cities covering ~50% of online shipments and plans to add 90–100 net stores in FY27.
Confidence: HIGH
What changedSubmission of the detailed transcript of the Q1 FY27 earnings conference call held on August 13, 2026.
Why it mattersProvides detailed operational metrics including logistics efficiencies (TAT improved by 20%), store expansion roadmap, and margin trajectories across business verticals.
Consolidated Revenue (Q1 FY27): ₹2,106 CrConsolidated GMV (Q1 FY27): ₹2,807 CrConsolidated Cash Profit (Q1 FY27): ₹50.8 CrIndia Multi-Channel Revenue Growth: 17.7% YoYNet Store Additions Planned (FY27): 90 to 100
📅 Short termEarnings transcript provides positive color on stabilizing unit economics, narrowing consolidated losses, and accelerating growth in the core India business.
📈 Long termFirstCry is building scale moats via in-house logistics (RocketBees) and omnichannel footprint expansion, supporting its trajectory toward sustainable consolidated profitability.
⚠ Risk flags
- Ongoing consolidated net losses despite reduction
- Competitive pressure in quick commerce and personal care consumables
Key Highlights
Consolidated revenue from operations increased 13% YoY to ₹2,106 Cr, while GMV grew 12% YoY to ₹2,807 Cr.
India multi-channel revenue rose 17.7% YoY (strongest in 7 quarters) and remained PAT-positive.
Consolidated net loss after tax reduced by 34% YoY, delivering cash profit of ₹50.8 Cr (2.4% margin).
RocketBees faster delivery framework expanded to 72 cities, achieving the target of covering ~50% of total online volume.
Management plans to add 90–100 net new offline stores in FY27, with further acceleration expected in FY28.
👀 What to Watch
Track the execution of offline store additions (target of ~100 stores in FY27) and monitor the progression of International and GlobalBees segments toward consolidated EBITDA breakeven.
13% Revenue Growth in Q1 FY27; India Multichannel Revenue Up 17.7% YoY
Brainbees Solutions (FirstCry) reported Q1 FY27 consolidated revenue of ₹2,106.2 crore, a 13% YoY increase, representing its strongest growth in five quarters. The core India Multichannel segment saw revenue growth accelerate to 17.7% YoY and remained PAT positive. While the company is still loss-making at a consolidated level, losses after tax narrowed by 34% YoY, aided by a 308% jump in Globalbees' Adjusted EBITDA. Operational efficiency improved as the 'RocketBees' delivery network expanded to 72 cities, reducing turnaround times by 20%.
Confidence: HIGH
What changedThe company transitioned from single-digit to double-digit revenue growth in its core India business while significantly narrowing consolidated losses.
Why it mattersThe acceleration in revenue and narrowing losses suggest that the company is gaining operating leverage and benefiting from its expanded in-house logistics network.
Q1 FY27 Revenue: ₹2,106.2 CrRevenue vs TTM Revenue: 29.4%Consolidated Adjusted EBITDA: ₹89.3 CrAnnual Unique Transacting Customers: 11.8 MnOffline GMV Growth: 15% YoYExpected FY27 ESOP Charges: ₹118.4 Cr
📅 Short termThe stock may see positive sentiment as the revenue growth trajectory has improved and losses are narrowing faster than previous quarters.
📈 Long termStructural improvements in the delivery network and the achievement of India-level margins in the Middle East business within 4 years point toward a path to long-term profitability.
⚠ Risk flags
- Continued consolidated net losses
- High expected ESOP charges of ₹29.6 Cr per quarter in FY27
- Reliance on discretionary consumer spending in the parenting segment
Key Highlights
Consolidated revenue for Q1 FY27 reached ₹2,106.2 crore, up 13% YoY.
India Multichannel revenue growth accelerated significantly to 17.7% YoY compared to 7.5% in Q1 FY26.
Consolidated losses after tax improved by 34% YoY, supported by higher operating margins.
Globalbees segment delivered a 308% YoY growth in Adjusted EBITDA during the quarter.
RocketBees delivery initiative expanded from 62 to 72 cities, achieving a 20% improvement in turnaround time.
👀 What to Watch
Monitor the sustainability of the 17.7% growth rate in the India Multichannel segment and the progress of Globalbees' brand rationalization toward consolidated profitability.
13% Revenue Growth in Q1 FY27; India Multichannel Revenue Up 17.7% YoY
Brainbees Solutions (FirstCry) reported a 13% YoY increase in consolidated revenue to ₹2,106.2 cr for Q1 FY27. The core India Multichannel segment showed significant momentum with 17.7% YoY revenue growth, its strongest in seven quarters, and remained PAT positive. Consolidated losses after tax improved by 34% YoY, supported by a 308% YoY jump in Globalbees Adjusted EBITDA. The company also expanded its 'RocketBees' delivery network to 72 cities, achieving a ~20% improvement in turnaround times.
Confidence: HIGH
What changedFirstCry reported its Q1 FY27 performance, showing a sharp acceleration in domestic revenue growth and a substantial reduction in consolidated losses compared to the previous year.
Why it mattersThe results demonstrate operational leverage, where the profitable India core is beginning to offset losses in international and subsidiary segments, while logistics investments are improving customer experience.
Revenue from Operations (Q1 FY27): ₹2,106.2 crQ1 Revenue vs TTM Revenue: 29.4%Consolidated Adjusted EBITDA: ₹89.3 crIndia Multichannel Revenue Growth: 17.7% YoYAnnual Unique Transacting Customers: 11.8 mnExpected FY27 ESOP Charges: ₹118.4 cr
📅 Short termThe stock may see positive sentiment driven by the acceleration in domestic growth and the significant improvement in Globalbees' EBITDA margins.
📈 Long termStructural improvements in logistics (RocketBees) and the rationalization of non-core brands in Globalbees suggest a steady path toward consolidated net profitability over the coming quarters.
⚠ Risk flags
- Continued consolidated net losses
- High non-cash ESOP expenses impacting reported PAT
- Competitive pressure in the quick-commerce segment
Key Highlights
Consolidated revenue from operations reached ₹2,106.2 cr, a 13% YoY increase.
India Multichannel revenue growth accelerated to 17.7% YoY, up from 7.5% in the same quarter last year.
Consolidated losses after tax narrowed by 34% YoY, with Adjusted EBITDA at ₹89.3 cr.
Globalbees segment delivered a 308% YoY growth in Adjusted EBITDA during Q1 FY27.
Logistics initiative 'RocketBees' expanded from 62 to 72 cities, improving delivery TAT by ~20%.
👀 What to Watch
Monitor the sustainability of the 17.7% growth in the India Multichannel segment and the execution of the 'FirstCry Qwik' expansion across 12 cities. Investors should also track the impact of expected ₹1,184 mn ESOP charges for FY27 on reported profitability.
FirstCry Q1 Standalone Revenue Grows 15% to ₹678 Cr; Standalone Profit at ₹21.6 Cr
Brainbees Solutions (FirstCry) reported a standalone revenue of ₹678.4 Cr for Q1 FY27, marking a 14.9% growth over the ₹590.5 Cr reported in Q1 FY26. Standalone net profit saw a significant jump to ₹21.6 Cr compared to ₹3.1 Cr in the same period last year. However, the consolidated picture remains weighed down by subsidiaries, with 13 reviewed entities contributing a combined net loss of ₹21.04 Cr on revenues of ₹489.6 Cr. The company has scheduled its 16th Annual General Meeting for September 22, 2026.
Confidence: HIGH
What changedThe company reported its first quarter results for FY27, showing improved standalone margins and revenue growth, alongside scheduling its annual shareholder meeting.
Why it mattersThe improvement in standalone profitability suggests the core India business is scaling efficiently, though consolidated losses from subsidiaries continue to impact the overall bottom line.
Standalone Revenue (Q1 FY27): ₹678.43 CrStandalone PAT (Q1 FY27): ₹21.59 CrSubsidiary Revenue (13 entities): ₹489.57 CrSubsidiary Net Loss: ₹21.04 CrStandalone Revenue vs TTM Consolidated Revenue: ~9.5%
📅 Short termThe market is likely to view the standalone profit growth positively, though the consolidated loss from subsidiaries may temper enthusiasm.
📈 Long termThe long-term outlook depends on the company's ability to replicate standalone profitability across its international and Globalbees segments while maintaining 20%+ growth.
⚠ Risk flags
- Continued consolidated losses from subsidiaries
- High employee share-based payment expenses
- Reliance on third-party logistics for non-core cities
Key Highlights
Standalone revenue from operations increased 14.9% YoY to ₹678.43 Cr.
Standalone net profit for the quarter rose to ₹21.59 Cr from ₹3.07 Cr in Q1 FY26.
Employee share-based payment expenses remained a significant cost at ₹18.87 Cr for the quarter.
Audited subsidiaries (13 entities) reported a combined revenue of ₹489.57 Cr and a net loss of ₹21.04 Cr.
Standalone Earnings Per Share (EPS) improved to ₹0.414 from ₹0.059 YoY.
👀 What to Watch
Investors should monitor the transition of subsidiary performance (Globalbees and International) toward profitability to match the standalone core business. Watch for management commentary at the upcoming AGM on September 22 regarding the impact of GST reforms on demand.
₹1,000 Cr IPO Filed by FirstCry Subsidiary Swara Baby Products; ₹500 Cr OFS for Monetization
FirstCry's subsidiary, Swara Baby Products Limited, has filed a DRHP for a ₹1,000 crore IPO, comprising a ₹500 crore fresh issue and a ₹500 crore Offer for Sale (OFS). FirstCry, which currently holds a 76.59% stake, will participate in the OFS to partially monetize its investment while remaining the promoter. Swara Baby is a significant contributor, with FY26 revenue of ₹1,163.9 crore, representing approximately 16.2% of FirstCry's TTM consolidated revenue. The listing aims to provide Swara Baby with independent capital for its expansion into international markets and diverse hygiene categories.
Confidence: HIGH
What changedFirstCry is transitioning its manufacturing subsidiary, Swara Baby, from a wholly-funded unit to an independently listed entity with its own capital-raising capabilities.
Why it mattersThis move allows FirstCry to unlock the value of its profitable manufacturing arm, improve its own liquidity through the OFS, and reduce the parent company's future capital expenditure obligations for the subsidiary's international expansion.
Total IPO Size: ₹1,000 croreSubsidiary FY26 Revenue: ₹1,163.9 croreSubsidiary Revenue vs TTM Group Revenue: ~16.2%Subsidiary FY26 EBITDA: ₹192.77 croreFirstCry Current Stake: 76.59%
📅 Short termLikely positive sentiment as the market reacts to value unlocking and the potential for cash inflow to the parent company.
📈 Long termStructural positive as it creates an independent growth path for the hygiene manufacturing business while FirstCry focuses on its core retail and international expansion.
⚠ Risk flags
- IPO success is subject to market conditions
- Regulatory approval from SEBI is pending
- Potential dilution of control over a profitable subsidiary
Key Highlights
Total IPO size of ₹1,000 crore, consisting of ₹500 crore fresh issue and ₹500 crore OFS
Swara Baby reported FY26 revenue of ₹1,163.9 crore and EBITDA of ₹192.77 crore
FirstCry's revenue dependence from Swara Baby decreased from 27.03% in FY24 to 22.64% in FY26
FirstCry holds a 76.59% stake in the subsidiary, originally acquired starting with a ₹90.6 crore investment in 2020
Consolidated revenue contribution to FirstCry (post-intercompany adjustments) was ₹900.44 crore in FY26
👀 What to Watch
Monitor the SEBI approval timeline for the DRHP and the eventual valuation of the IPO, as the pricing will determine the exact capital gains and cash inflow for FirstCry from the OFS.
Rs 300 Cr OFS: FirstCry to divest stake in subsidiary Swara Baby Products via IPO
Brainbees Solutions (FirstCry) has approved a proposal to sell a portion of its stake in its subsidiary, Swara Baby Products Limited, through an Offer for Sale (OFS) in the latter's upcoming IPO. The divestment is valued at up to Rs 300 crore (Rs 3,000 million), which represents approximately 4.2% of FirstCry's TTM revenue. Swara Baby will remain a subsidiary of the company post-IPO. This move allows FirstCry to monetize its investment and potentially improve its cash position amidst a TTM net loss of Rs 126 crore.
Confidence: HIGH
What changedFirstCry has formally decided to partially exit its investment in its subsidiary Swara Baby Products through a public listing process.
Why it mattersThis is a significant value-unlocking event for FirstCry, providing liquidity that could be used to fund its organic growth strategy or offset existing losses.
OFS Value: Rs 3,000 millionOFS vs TTM Revenue: ~4.2%OFS vs Net Worth: ~4.7%TTM Net Profit: Rs -126 CrFace Value of Shares: Rs 2
📅 Short termThe news is likely to be viewed positively by the market as it indicates asset monetization and value discovery for a subsidiary.
📈 Long termThe long-term impact depends on the valuation achieved during the IPO and how FirstCry utilizes the Rs 300 crore proceeds to strengthen its core retail operations.
⚠ Risk flags
- IPO execution is subject to market conditions
- Regulatory approvals from SEBI and exchanges are pending
- Valuation risk if the subsidiary does not command expected market pricing
Key Highlights
Board approved participation in OFS for an amount up to Rs 3,000 million (Rs 300 cr)
The divestment involves equity shares of subsidiary Swara Baby Products Limited with a face value of Rs 2 each
The proposed OFS value of Rs 300 cr is equivalent to ~4.7% of FirstCry's current net worth of Rs 6,347 cr
Swara Baby Products will continue to be a subsidiary of Brainbees Solutions post-transaction
The final price and IPO details are yet to be determined by the competent body
👀 What to Watch
Monitor the filing of the Draft Red Herring Prospectus (DRHP) by Swara Baby Products to assess its valuation and the specific percentage of stake being diluted by FirstCry.
1.03 Cr shares under scrutiny as FirstCry ESOP Trust receives Income Tax reassessment notice
Brainbees Solutions' controlled ESOP Trust has received a notice from the Income Tax Department for reassessment of income for A.Y. 2022-23. The department is questioning the issuance of 1,03,62,254 shares to the trust at a face value of ₹5 per share rather than their fair market value. While no specific tax demand has been quantified yet, the department alleges that taxable income has escaped assessment. The company maintains it has a strong case and is evaluating legal remedies.
Confidence: HIGH
What changedThe Income Tax Department has formally initiated a reassessment of the ESOP Trust's tax filings for A.Y. 2022-23, specifically targeting the valuation of shares issued for employee grants.
Why it mattersIf the difference between the ₹5 face value and the fair market value is successfully taxed as income, it could result in a material tax liability and penalties, impacting the company's cash reserves and net worth (₹6,347 Cr).
Shares under scrutiny: 1,03,62,254 unitsFace value per share: ₹5Assessment Year: 2022-23Shares as % of total equity: ~2.2%
📅 Short termThe news may create short-term sentiment pressure as tax litigation introduces uncertainty, though the lack of a quantified demand limits immediate financial impact.
📈 Long termWhile ESOP-related tax disputes are common, a significant adverse ruling could impact long-term cash flows. However, such cases often undergo lengthy appeals processes.
⚠ Risk flags
- Tax litigation risk
- Potential for significant cash outflow if demand is upheld
- Regulatory scrutiny on ESOP structures
Key Highlights
Notice received under Section 148 of the Income Tax Act for Assessment Year 2022-23.
Reassessment involves 1,03,62,254 shares issued to the Brainbees ESOP Trust.
Shares were issued at a face value of ₹5 per share, which the IT Department is comparing against fair market value.
No financial demand order has been passed as of the date of the filing (July 1, 2026).
The shares under scrutiny represent approximately 2.2% of the company's total outstanding equity based on current market cap.
👀 What to Watch
Monitor for any subsequent 'Demand Order' from the IT Department which would quantify the potential tax liability and penalty. Investors should track if the company makes any financial provisions in upcoming quarterly results related to this dispute.
FirstCry FY26 Revenue Up 12% to ₹8,547 Cr; Achieves Consolidated Free Cash Flow Positivity
Brainbees Solutions (FirstCry) reported a 12% YoY revenue growth for FY26, reaching ₹8,547 Crores, and achieved consolidated free cash flow positivity for the full year. The company significantly narrowed its net losses, with a 57% reduction in Q4 and a 23% reduction for the full fiscal year. The India multi-channel business, which crossed $1 billion in GMV, remains PAT and cash flow positive despite competitive intensity in the diapering segment. Management expressed confidence in superior growth for FY27, driven by logistics initiatives like RocketBees and the 'Qwik' 3-hour delivery service.
Key Highlights
Consolidated revenue grew 12% YoY to ₹8,547 Crores, with adjusted EBITDA increasing 24% to ₹486 Crores.
India multi-channel business crossed $1 billion in GMV and maintained PAT and cash flow profitability.
GlobalBees segment delivered ₹92 Crores in adjusted EBITDA with 28% growth in core categories.
RocketBees logistics initiative expanded to 62 cities, now handling over 40% of online delivery volumes.
International business losses reduced by 35% YoY as the company focuses on sustainable growth and home brand expansion.
👀 What to Watch
Investors should focus on the company's successful transition toward consolidated profitability and its ability to maintain free cash flow. Key metrics to watch in upcoming quarters include gross margin recovery in the India segment and the scaling of the 'Qwik' delivery initiative to counter competition.
Firstcry to Invest AED 34 Million in Middle East Subsidiaries for Business Expansion
Brainbees Solutions (Firstcry) has approved a strategic investment of up to AED 34 million in its wholly-owned subsidiary, Firstcry Management DWC LLC. This capital, sourced from IPO proceeds, is specifically earmarked for expanding the company's footprint in Saudi Arabia (SAR 22 million) and the UAE. While the company reported a consolidated net loss for FY26, the statutory auditors have issued an unmodified opinion on the financial results. This move aligns with the company's stated objective of utilizing IPO funds for international growth.
Key Highlights
Board approved investment of up to AED 34 million in Firstcry Management DWC LLC.
Specific allocation of SAR 22 million for expansion in the Kingdom of Saudi Arabia (KSA).
Funding to be entirely drawn from the company's Initial Public Offer (IPO) proceeds.
Consolidated net loss for 28 subsidiaries reported at approximately ₹2,043.56 million for FY26.
Investment aimed at strengthening market presence in both the UAE and KSA retail sectors.
👀 What to Watch
Investors should monitor the revenue growth and path to profitability in the Middle East segment, as significant capital is being deployed there. The use of IPO proceeds for expansion is a planned move, but the consolidated losses require a cautious approach toward long-term margins.
FirstCry FY26 Revenue Rises 12% to ₹8,548 Cr; India Business Remains PAT and FCF Positive
Brainbees Solutions (FirstCry) reported a steady FY26 with consolidated revenue growing 12% YoY to ₹85,479 Mn and Adjusted EBITDA rising 24% to ₹4,860 Mn. The core India Multichannel business achieved profitability at the PAT level and remained Free Cash Flow positive, despite competitive pressures in the diapering segment. Globalbees showed strong momentum with 20% revenue growth and a 153% surge in Adjusted EBITDA. While international losses are narrowing, the company is focusing on sustainable growth and faster delivery through its RocketBees initiative.
Key Highlights
Consolidated FY26 Revenue grew 12% YoY to ₹85,479 Mn with Adjusted EBITDA at ₹4,860 Mn.
India Multichannel business remained PAT and Free Cash Flow positive for the full year FY26.
Globalbees segment delivered robust 20% revenue growth and 153% YoY increase in Adjusted EBITDA.
International business Adjusted EBITDA losses reduced by 35% YoY in FY26 despite high competition.
RocketBees delivery initiative expanded from 22 to 62 cities, improving turnaround time and customer experience.
👀 What to Watch
Investors should monitor the margin recovery in the India business as competitive intensity in the diapering segment stabilizes. The achievement of consolidated Free Cash Flow positive status is a significant milestone for the company's long-term valuation.
Firstcry Approves FY26 Results and AED 34 Million Investment for Middle East Expansion
Brainbees Solutions (Firstcry) has approved its audited financial results for FY26 along with a strategic investment of up to AED 34 million in its Middle East subsidiaries. The investment, funded via IPO proceeds, allocates SAR 22 million for Saudi Arabian operations and the remainder for UAE expansion. While the group's subsidiaries generated a substantial revenue of ₹29,227.08 million, they reported a consolidated net loss of ₹2,043.56 million for the fiscal year. This indicates a continued focus on aggressive international growth despite bottom-line pressures.
Key Highlights
Approved investment of up to AED 34 million in Firstcry Management DWC LLC using IPO proceeds.
Allocated SAR 22 million specifically for business expansion in the Kingdom of Saudi Arabia (KSA).
Subsidiaries reported total revenue of ₹29,227.08 million for the financial year ended March 31, 2026.
Recorded a consolidated net loss after tax of ₹2,043.56 million for the fiscal year 2026.
Statutory auditors issued an unmodified opinion on the standalone and consolidated financial results.
👀 What to Watch
Investors should closely monitor the company's execution in the Middle East market and its timeline for reaching break-even, given the significant losses reported alongside high revenue growth. The utilization of IPO proceeds for international scaling is a key strategic move that needs to translate into improved margins.
FirstCry Subsidiary Globalbees Increases Stake in Candes Technology to 92%
Brainbees Solutions (FirstCry) has announced that its material subsidiary, Globalbees Brands, acquired an additional 30% stake in Candes Technology Private Limited. This transaction increases Globalbees' total shareholding from 62% to 92% for a nominal cash consideration of INR 37,250. However, the target company is currently facing significant financial stress, with its turnover declining from INR 89.62 crore in FY23 to INR 38.23 crore in FY25. Additionally, Candes reported a net loss of INR 18.65 crore and a negative net worth of INR 20.66 crore for the latest financial year.
Key Highlights
Globalbees acquired a 30% additional stake in Candes Technology, increasing total ownership to 92%.
The acquisition was executed for a nominal cash consideration of INR 37,250.
Candes Technology's revenue has plummeted by approximately 57% over the last two years to INR 38.23 crore.
The target entity is loss-making with a PAT of INR -18.65 crore and a negative net worth of INR 20.66 crore in FY25.
The acquisition is part of a pre-existing Securities Subscription and Purchase Agreement dated March 31, 2022.
👀 What to Watch
Investors should exercise caution as the subsidiary is consolidating a loss-making entity with rapidly declining revenues. Monitor management's commentary on the turnaround strategy for the 'Candes' brand and its impact on consolidated margins.
FirstCry Tax Demand Slashed to ₹38.37 Lakh from ₹31.36 Cr After Rectification
Brainbees Solutions (FirstCry) has received a favorable rectification order from the Income Tax Department regarding a previous demand for Assessment Year 2022-23. The initial tax demand of ₹31.36 crore, based on an income addition of ₹93.58 crore, has been drastically reduced to just ₹38.37 lakh. This follows a successful application by the company for verification of records, resulting in a reduction of ₹30.98 crore in potential liability. The company still intends to appeal the remaining minor demand before the Income Tax Appellate Tribunal (ITAT).
Key Highlights
Income Tax demand for AY 2022-23 reduced from ₹31.36 crore to ₹38.37 lakh
Total income addition recomputed, leading to a reduction of ₹30.98 crore in tax liability
Recomputed total income for the period now stands at ₹52.54 lakh compared to the previous high addition
Company to pursue further legal remedy via ITAT for the remaining demand amount
👀 What to Watch
Investors should view this as a positive development that removes a significant contingent liability from the company's books. No immediate action is required as the remaining financial impact is immaterial.
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.
👀 What to Watch
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.
👀 What to Watch
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
👀 What to Watch
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.
👀 What to Watch
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.
👀 What to Watch
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%.
👀 What to Watch
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.
