Brainbees Solutions Limited · NSE:FIRSTCRY
Brainbees Solutions — Q2 and H1 FY26 Earnings Presentation
46 slides from Brainbees Solutions's earnings presentation, Nov 14, 2025
Slide 1: Exchange filing cover letter
FC/SE/2025-26/60 November 14, 2025 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C – 1, Block G, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Mumbai-400051 Mumbai-400001 Symbol: FIRSTCRY Scrip Code: 544226 Sub : Investor Presentation of Brainbees
Slide 2: Q2 and H1 FY26 Earnings Presentation
Q2 and H1 FY26 Earnings Presentation NOVEMEBER 14, 2025
Slide 3: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by Brainbees Solutions Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any
Slide 4: A baby's first cry is a special moment for parents
A baby’s first cry is a special moment for parents At FirstCry, we aim to make this and all such moments of the parenting journey filled with joy and happiness 3
Slide 5: Table of Contents
Table of Contents 1. H1 & Q2’FY26 Performance Highlights 2. Segmental Performance 3. Financial Summary 4. Business Overview 5. Supplementary Information 4
Slide 6: H1 & Q2'FY26 Performance Highlights
H1 & Q2’FY26 Performance Highlights • 3 5
Slide 7: Key highlights for Q2 and H1'FY26
Key highlights for Q2 and H1’FY26 Consolidated Business • PBT positive (adjusted for ESOP cost) in Q2 and H1’FY26 • Adjusted EBITDA(1) increased by 51% in Q2’FY26, led by improvement across for all business segments • Continues to Free Cash Flow(2) Positive Segmental Updates • India Multichannel o D
Slide 8: Strong focus on improving profitability across all segments
Strong focus on improving profitability across all segments 51% YoY growth in Adjusted EBITDA(1) for the consolidated business(2) in Q2FY26 Adjusted EBITDA(1) (INR Mn) India Multi-Channel International Q2FY25 Q2FY26 14% 1,254 1,104 (189) (394) 52% Q2FY25 Q2FY26 Globalbees Others 23% 104 55% 29 85 19
Slide 9: Q2'FY26 Snapshot for Consolidated Business
Q2’FY26 Snapshot for Consolidated Business 11.0 Mn INR 28,192 Mn INR 20,991 Mn Annual Unique Transacting GMV (1,3) Revenue from Operations(4) Customers(1,2) + 11% vs Sep 2024 + 11% vs Q2’FY25 + 10% vs Q2’FY25 INR 1,208 Mn INR 1,254 Mn INR 716 Mn Consolidated Adjusted India Multi-Channel Adjusted Cas
Slide 10: Segmental Performance
Segmental Performance • 3
Slide 11: India Multi-Channel Business
India Multi-Channel Business Growing user base with increasing orders and GMV Orders (Mn) Key Highlights 7% • Sequential improvement in YoY growth rate for GMV in both 19.8 online and offline channels, despite deferring of consumer 18.5 demand due to implementation of new gen GST reforms 8% 10.2 • I
Slide 12: India Multi-Channel Business: Adjusted EBITDA margin expansion
India Multi-Channel Business Witnessed continuous expansion of Adjusted EBITDA margins Revenue (INR Mn) Adjusted EBITDA(1) (INR Mn) 37.3% 37.0% 37.0% 37.4% 8.6% 9.1% 8.5% 8.9% 8% 26,177 13% 2,321 24,306 2,058 8% 13,811 14% 1,254 12,804 1,104 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 %
Slide 13: India Multi-Channel Business: Key Business Updates & Initiatives
India Multi-Channel Business Key Business Updates & Initiatives New generation GST Faster delivery Addressing footfalls in reforms initiative the offline channel Aiming to roll out a realigned Around 1/3rd of the Expanded from 4 cities product portfolio to cater to portfolio(1) transitioned to to 13
Slide 14: International Business: Replicating omnichannel playbook in Middle East
International Business Replicating omnichannel playbook in Middle East Opened ‘FirstCry’ branded COCO store in Riyadh, KSA in Aug’25 Off to a very promising start 13
Slide 15: International Business
International Business Continuous growth across all key metrics Orders (Mn) Key Highlights 8% 1.0 We delivered yet another quarter of sustainable growth in both 0.9 UAE and KSA by: 9% • Optimizing topline mix which yields a superior GMV to 0.5 0.5 revenue conversion and superior margins • Acquiring
Slide 16: International Business: Consistently driving sustainable growth
International Business Consistently driving sustainable business growth Revenue(1) (INR Mn) Adjusted EBITDA(1,2) (INR Mn) 23.3% 26.3% 23.6% 25.6% (19%) (8%) (18%) (9%) Q2FY25 Q2FY26 H1FY25 H1FY26 13% 4,430 3,918 (189) 13% 2,357 (404) 2,081 (394) 52% (698) 42% Q2FY25 Q2FY26 H1FY25 H1FY26 % Gross Marg
Slide 17: International Business: Continuous reduction in losses
International Business Witnessing continuous reduction in losses Adjusted EBITDA(1,2) (%) FY23 FY24 FY25 H1FY26 (9%) (16%) 720 Bps (19%) (25%) 831 Bps Bps Improvement Notes: 1. Numbers represent consolidated metrics of International business comprising UAE and KSA 16 2. Adjusted for share-based comp
Slide 18: Globalbees
Globalbees Continued strong growth momentum Key Highlights • ‘Core Categories’(1) witnessed 30%+ revenue growth and delivered 5%+ Adjusted EBITDA(2) (post corporate expenses) in H1’FY26 • Overall growth & margins weighed down by the impact of rationalization of ‘Other Brands’(3); our endeavor is to
Slide 19: Globalbees: Strong focus on profitability profile
Globalbees Strong focus on profitability profile Adjusted EBITDA(1) (%) 5%+ 1% 1.6% 0% FY23 FY24 FY25 H1FY26 (5%) Globalbees Core Categories(2) of Globalbees Notes: 1. Adjusted EBITDA is post corporate expenses; Adjusted for share-based compensation expenses and salaries and wages accounted as per P
Slide 20: Financial Summary
Financial Summary • 6 19
Slide 21: Combination of Scale, Growth and continuously improving Profitability
Combination of Scale, Growth and continuously improving Profitability Consolidated Revenue(1) (INR Mn) Consolidated Adjusted EBITDA(2) (INR Mn) 37.3% 36.7% 37.5% 37.6% 4.2% 5.8% 4.3% 5.4% 11% 39,616 38% 2,135 35,570 1,545 51% 1,208 10% 20,991 19,049 801 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY
Slide 22: Business Overview
Business Overview
Slide 23: FirstCry Platform: Highly scalable core capabilities
FirstCry Platform: Highly scalable core capabilities driving sustainable growth across all segments Full-Stack Full-Stack Monetization Capabilities Parenting Needs Capabilities Monetization Platform Platform
Slide 24: Largest multi-channel retailer for Mothers', Babies' and Kids' products in India
Largest multi-channel retailer for Mothers’, Babies’ and Kids’ products in India 78% 22% GMV(1) from online GMV(1) from offline India multi-channel retail India multi-channel retail 10.5 Mn 1,198 Annual Unique Modern Stores(4) Transacting Customer(2) incl. FOFO & COCO 159 Mn 551 FirstCry mobile app
Slide 25: Personalized shopping experiences with customized homepages
Personalized shopping experiences with customized homepages Personalization based on age and gender Personalization based on different festivals Home page for parent of Home page for parent of Driving regional personalization: Home pages across different regions 6 months old girl 10 years old boy du
Slide 26: Addressing Babies' and Kids' needs across age groups
Addressing Babies’ and Kids’ needs across age groups through a wide assortment of products Category wise share 1.9 Mn+ SKUs(1) offered from 7,800+ brands(1) across our platforms of India GMV (%) Illustrative list of categories offered for different age groups 100% Trending fashion Feeding Toddler fa
Slide 27: Customers consistently transact more on our platform
Customers consistently transact more on our platform GMV Cohorts for Year 0 Till Year 4 Till Year 8 Till Year 12 Acquisition Year India Multi-channel business Year 0 to Year 4 (5 years) Year 0 to Year 8 (9 years) Year 0 to Year 12 (13 years) Fiscal 2013 1.0x 3.4x 5.5x 7.9x Fiscal 2017 1.0x 3.7x 6.3x
Slide 28: Highly curated Home Brand portfolio driving growth
Highly curated Home Brand portfolio driving growth & aiding margin expansion Our Key Home Brands Share of Home Brands in India Multichannel GMV ~1.5x CAGR of India > 55% Multichannel GMV Offering a curated assortment of high quality products 37% especially in the industry with fragmented supply
Slide 29: BabyHug: Largest Mothers', Babies', and Kids' products brand
BabyHug: Largest Mothers’, Babies’, and Kids’ products brand Available online and modern stores #1 Largest Mothers’, Babies’, and Kids’ products brand in the Asia Pacific region (exc. China) in terms of product assortment(1) #1 India’s largest multi-category Mothers’, Babies’, and Kids’ products bra
Slide 30: Combining the platform strength of commerce and community
Combining the unique platform strength of commerce and community Commerce and parenting community are housed in the same mobile application driving customer acquisition and retention 29
Slide 31: India's largest and most engaged parenting community
We operate India’s largest and most engaged parenting community Baby Due Date Teething Calculator Baby Name Guide Tool Growth Memories Tracker Vaccine Milestones Tracker Diet Plans Q&A Parenting Discussion GPT Groups Personalized Contests and notifications Quizzes FirstCry Transmedia Premier Content
Slide 32: Long standing partnership with hospitals driving new user acquisition
Long standing partnership with hospitals driving new user acquisition Wide reach with hospitals and brand partners Unique market entry strategy Hospitals and Maternity 13,000+ Clinics(1) PAN India Expanding the coverage reach beyond existing channels Multi-Year Yielding Highest RoI for third 2.5 Mn+
Slide 33: KSA and UAE offer favourable demographics and large market opportunity
KSA and UAE offer favourable demographics and a large market opportunity India International Markets KSA UAE Birth rate (per 000s for CY22) 16.3 17.0 9.9 Spend per child on Childcare products 9,280 – 9,350 61,000 – 71,000 160,000 – 170,000 in FY24 (INR) Childcare products market size in FY29 (INR Bn
Slide 34: Replicating our successful playbook in International markets
Replicating our successful playbook in International markets Went live in UAE in Oct’19 Went live in KSA in Aug’22 Currently operating as Online Platform in both UAE and KSA 3.8 times(1) International segment AOV as compared to India Multi-Channel AOV Source: RedSeer report titled “Childcare Market
Slide 35: Multiple levers to drive margin expansion in International business
Multiple levers in play to drive margin expansion in International business Evolution of Gross Margin for India Multichannel and International Business segments India Started 24.0% 36.6% Multichannel in FY11 in FY18 in FY25 Business Year 1 Year 7 Year 14 Multiple margin expansion levers, including b
Slide 36: Globalbees: Scaling D2C brands profitably
Globalbees: Scaling D2C brands profitably Select brands across categories Home Improvement Home Appliances & Utilities Active, Lifestyle & Health & Personal Accessories Care Witnessing organic growth since September 2022(1) Note: 35 1. Globalbees made last brand acquisition in September 2022
Slide 37: Globalbees: Strong organic growth across all categories
Globalbees Strong organic growth across all categories Category wise mix of revenue Details for FY25 Core Other Categories(1) Brands(2) 14% 8% Investments(3) 15,903 228 30% 12% (INR Mn) 33% 12% INR 12,093 Mn INR 15,777 Mn Adjusted FY24 Revenue 17% FY25 Revenue Brand EBITDA %(4) 7.5% (31%) 13% 30% 30
Slide 38: Supplementary Information
Supplementary Information 37
Slide 39: Summary Consolidated Profit & Loss Statement
Summary Consolidated Profit & Loss Statement INR Million(1) FY24 FY25 H1FY25 H1FY26 Q2FY25 Q2FY26 Revenue from Operations 64,809 76,596 35,570 39,616 19,049 20,991 Material Costs 41,632 47,986 22,230 24,740 11,939 13,289 Gross Profit 23,177 28,610 13,340 14,877 7,110 7,701 Gross Profit Margin % 35.8
Slide 40: Summary Segment Disclosures
Summary Segment Disclosures INR Million FY24 FY25 H1FY25 H1FY26 Q2FY25 Q2FY26 India Multi-Channel Revenue from Operations 45,795 52,785 24,306 26,177 12,804 13,811 Adjusted EBITDA(1) 4,040 4,997 2,058 2,321 1,104 1,254 Adjusted EBITDA margin (%) 8.8% 9.5% 8.5% 8.9% 8.6% 9.1% Segment Results 1,666 2,
Slide 41: Adjusted EBITDA to Profit / Loss after Tax Reconciliation
Adjusted EBITDA to Profit / Loss after Tax Reconciliation INR Million(1) FY24 FY25 H1FY25 H1FY26 Q2FY25 Q2FY26 Loss after Tax (3,215) (2,648) (1,385) (1,170) (629) (505) Add : Tax Expenses 0 328 172 95 113 93 Add : Finance Costs 1,154 785 801 405 398 1,583 Add : Depreciation and Amortisation Expense
Slide 42: Reconciliation of Profit / Loss after Tax to Cash Profit after Tax
Reconciliation of Profit / Loss after Tax to Cash Profit after Tax INR Million FY25 H1FY25 H1FY26 Q2FY25 Q2FY26 Loss after Tax (3,215) (1,385) (1,170) (629) (505) Deferred Tax expense 438 53 69 34 2 Loss before Deferred Tax Expense (3,653) (1,439) (1,240) (663) (508) Ind AS 116 Cost (Rent amortisati
Slide 43: Other Operating Metrics (1/2)
Other Operating Metrics (1/2) Particulars (#s as of end of the period) FY24 FY25 H1FY25 H1FY26 Number of brands (1) 7,580 8,019 7,906 7,803 Number of SKUs (MM) (2) 1.65 1.82 1.82 1.95 Number of warehouses and stockists (3) 80 83 80 84 Modern Stores 1,063 1,156 1,124 1,199 FOFO Stores 628 629 626 647
Slide 44: Other Operating Metrics (2/2)
Other Operating Metrics (2/2) Particulars FY24 FY25 Q2 FY25 Q2 FY26 GMV(1) from Online (INR Mn) 73,700 86,363 20,486 23,072 GMV(1) from Offline (INR Mn) 17,511 19,490 4,800 5,120 GMV(1) from Existing Customers (INR Mn) 65,878 79,259 20,805 23,540 GMV(1) from New Customers (INR Mn) 25,333 26,594 4,48
Slide 45: Summary estimate of share based compensation expense
Summary estimate of share based compensation expense Expected ESOP Charges INR Mn Q1 Q2 Q3 Q4 Total FY 2026 596 586 660 660 2,502 Commentary FY 2027 298 298 298 298 1,194 • The table illustrates expected ESOP cost for granted options(4) FY 2028 157 157 157 157 628 • Actual charges might be different
Slide 46: Glossary
Glossary Term Definition FirstCry Modern Stores Includes FirstCry-owned multi-brand stores, franchisee stores, and exclusive home brand stores Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modern s
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