Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Brainbees Solutions Ltd.
NSE: FIRSTCRYConsumer CyclicalInternet Retail
- Last close
- ₹163.06
- Day change
- −₹3.78 (−2.27%)vs
- Market cap
- ₹8,639 crIndian rupees
- Research updated
- 1 report
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About Brainbees Solutions
Brainbees Solutions Ltd., more popularly known under its brand "FirstCry," is a prominent player in the e-commerce sector specializing in baby and children's products. The company serves as a comprehensive online marketplace, offering a vast array of items including clothing, toys, nursery furniture, and educational materials. FirstCry's primary function is to provide a diverse range of high-quality products to cater to the needs of young children and their parents. The platform's efficient supply chain and customer-centric services enable it to address consumer demands effectively, ensuring reliability and convenience in shopping. With a robust presence in the Indian market, Brainbees Solutions Ltd. has become synonymous with early childhood retail, significantly impacting the retail industry by setting benchmarks for product variety and e-commerce integration. Its substantial market influence has made it a critical player in the family and lifestyle segment, influencing purchasing trends and consumer preferences in the region.
- Sector
- Consumer Cyclical
- Industry
- Internet Retail
- Listing
- NSE: FIRSTCRY
- Chief executive
- Mr. Supam Satyanarayan Maheshwari
- Employees
- 3,296
- Headquarters
- Pune, India
- ISIN
- INE02RE01045
- Website
- firstcry.com
Public research · Report of
Business model & financial foundation
FirstCry (NSE: FIRSTCRY), Omnichannel childcare retail and digital consumer brands: revenue of ₹8,548 crore in FY26 (+11.6% on FY25), an EBITDA margin of 3.1%, net profit of ₹-140.2 crore and net cash of ₹807.8 crore.
- Revenue, FY26 (₹ crore)
- 8,548
- consolidated
- Revenue growth, FY26
- +11.6%
- on FY25
- EBITDA margin, FY26
- 3.1%
- EBITDA before other income, after ESOP / revenue
- Net profit, FY26 (₹ crore)
- -140.2
- to owners
- Return on equity, FY26
- -2.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -807.8
- Net debt excluding leases
- Market capitalisation (₹ crore)
- 8,250
- at the close of 13 Oct 2026
Company profile
FirstCry sells maternity, baby and kids products through online platforms and stores in India and UAE/Saudi Arabia. Own brands and manufacturing complement retail. Its controlled Globalbees subsidiary buys and scales consumer brands beyond childcare. Consolidated adjusted EBITDA excludes share-based compensation and is not equivalent to owner earnings.
| Item | Value |
|---|---|
| Legal name | Brainbees Solutions Limited |
| Exchange and ticker | NSE: FIRSTCRY; BSE: 544226 |
| ISIN | INE02RE01045 |
| CIN | L51100PN2010PLC136340 |
| Sector | Consumer Cyclical |
| Industry | Omnichannel childcare retail and digital consumer brands |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY23) |
| Market capitalisation | ₹8,250 crore (13 Oct 2026) |
| Shares outstanding | 48.39 crore shares (FY26) |
| Price | ₹169.2 (close, 13 Oct 2026) |
| 52-week range | ₹163.4 - ₹371.8 (to 13 Oct 2026) |
| Website | https://www.firstcry.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Globalbees Brands Private Limited | 53.26% | D2C consumer brand aggregator; direct ownership, 51.68% fully diluted |
| Digital Age Retail Private Limited | 99.99% | Indian FirstCry stores |
| Swara Baby Products Private Limited | 75.35% | Hygiene and diaper manufacturing; fully diluted holding |
| Firstcry Retail DWC-LLC | n.d. | UAE retail; wholly owned by Firstcry Management DWC-LLC, effective parent stake not retrieved |
| Firstcry Trading Company | n.d. | Saudi Arabian retail; wholly owned by Firstcry Management DWC-LLC, effective parent stake not retrieved |
Partial material-subsidiary list; FY26 report records 8 direct and 29 step-down subsidiaries. No identifiable promoter.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 4.01% | 3.52% | 3.61% | |
| Domestic institutions | 21.97% | 23.67% | 22.71% | |
| of which mutual funds | 14.36% | 15.42% | 14.94% | |
| Retail | 3.70% | 3.74% | 4.83% | |
| Other | 7.09% | 7.06% | 6.98% | 6.95% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Brainbees Solutions (NSE FIRSTCRY) is an inventory-led omnichannel mother/baby/kids retailer, with own brands/manufacturing, international retail in UAE/KSA, and the controlled Globalbees consumer-brand aggregator. India dominates revenue and adjusted operating profit; GCC loses money. Revenue/GMV is accounting/channel/product mix, NOT a marketplace take rate. No identifiable promoter: founder-CEO Supam is a public shareholder. Consolidated basis is necessary; parent-only sales include intragroup retail transfers.
Material holdings March26: Globalbees53.26% direct/51.68% diluted, Digital Age99.99%, Swara75.35% fully diluted. Three ownership bases are not interchangeable. Brand/seller minority options and full consolidation schedules remain incomplete.
| Segment | revenue, FY26 (₹ crore) | Share | adj ebitda, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India Multi-channel | 5,753 | 67.3% | 505.1 | 104.6% | 227.9 | 250.2% |
| International (UAE/KSA) | 947.4 | 11.1% | -90.7 | -18.8% | -116.7 | -128.1% |
| Globalbees | 1,894 | 22.2% | 55.9 | 11.6% | -31.8 | -34.9% |
| Others | 47.2 | 0.6% | 12.5 | 2.6% | 11.7 | 12.8% |
| Inter-segment eliminations | -94.3 | -1.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| FSN E-Commerce Ventures (NYKAA) | Beauty omnichannel specialist; closest category-led online/offline retail model |
| Trent (TRENT) | Own-brand apparel retail and physical store economics |
| Avenue Supermarts (DMART) | Inventory retail cash conversion benchmark |
| Go Fashion India (GOCOLORS) | Own-brand apparel stores and unit economics |
| Vedant Fashions (MANYAVAR) | Franchise/own-brand apparel economics |
| Swiggy (SWIGGY) | Loss-making digital consumer platform and convenience competition |
| Eternal (ETERNAL) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,598 | 5,262 | 6,481 | 7,660 | 8,548 |
| Cost of revenue (vendor classification) * | 2,407 | 3,530 | 4,166 | 4,802 | 5,458 |
| Other operating costs (vendor classification) * | 842.0 | 1,275 | 1,478 | 1,826 | 1,978 |
| EBITDA (vendor classification) * | 102.1 | -216.3 | 158.4 | 374.3 | 443.3 |
| EBIT * | -32.0 | -458.3 | -212.4 | -79.8 | -13.9 |
| Finance costs | 42.4 | 72.1 | 115.4 | 158.3 | 155.7 |
| Profit/(loss) before tax | -74.5 | -530.4 | -321.5 | -232.0 | -166.2 |
| Total tax expense (positive = expense) | 27.3 | -44.0 | -0.01 | 32.8 | 37.4 |
| Profit/(loss) for year | -101.7 | -486.4 | -321.5 | -264.8 | -203.7 |
| Diluted EPS (₹) | -1.83 | -8.50 | -6.20 | -4.11 | -2.90 |
| Other income | 94.2 | 150.5 | 184.3 | ||
| Materials consumed + purchases + inventory change | 4,163 | 4,799 | 5,452 | ||
| Employee benefits incl. share-based payment | 686.5 | 728.4 | 793.6 | ||
| Other expenses | 1,561 | 1,903 | 2,040 | ||
| Depreciation and amortisation | 370.9 | 404.6 | 407.2 | ||
| Exceptional items (negative = charge) | 0.00 | -49.6 | -50.0 | ||
| PAT attributable to owners | -274.3 | -191.5 | -140.2 | ||
| NCI share of profit/(loss), signed | -47.2 | -73.3 | -63.4 | ||
| EBITDA before other income, after ESOP | 70.5 | 230.0 | 262.4 | ||
| Employee benefits excluding ESOP | 508.4 | 574.2 | 570.0 | ||
| Basic EPS (₹) | -6.20 | -4.11 | -2.90 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 4,283 | 4,200 | 3,171 | 4,741 | 4,827 |
| Borrowings excluding leases | 458.1 | 899.1 | 462.7 | 553.3 | 594.7 |
| Cash equivalents + other bank balances | 431.5 | 259.4 | 673.8 | 1,706 | 1,403 |
| Trade receivables | 157.8 | 225.1 | 218.4 | 282.5 | 368.0 |
| Inventories | 1,007 | 1,286 | 1,629 | 2,130 | 1,994 |
| Trade payables MSME + other creditors | 642.1 | 737.9 | 907.9 | 927.7 | 1,023 |
| Net property, plant and equipment * | 621.0 | 6.75 | 14.6 | 16.3 | 21.0 |
| Capital work in progress * | 41.4 | 52.9 | 10.7 | 13.3 | 82.7 |
| Total assets * | 6,462 | 7,120 | 7,510 | 8,858 | 9,029 |
| Current + non-current lease liabilities | 959.8 | 1,017 | 999.2 | ||
| Current investments | 0.01 | 0.01 | 0.01 | ||
| Non-controlling interests | 620.7 | 538.8 | 528.8 | ||
| Net debt excluding leases | -211.1 | -1,152 | -807.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -395.5 | -168.6 | -42.1 | -83.4 | 365.1 |
| Free cash flow (vendor definition) * | -352.8 | -637.3 | -385.0 | -306.9 | 176.0 |
| Purchase of PPE and intangibles (negative) | -217.9 | -233.1 | -342.9 | -205.4 | -189.1 |
| Lease principal and interest cash payments | 218.9 | 254.6 | |||
| Lease principal payments | 118.6 | 151.1 | |||
| Lease interest payments | 100.3 | 103.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 51.92 | 51.92 | 51.92 | 46.59 | 48.39 |
| Employee share-based payment expense | 178.1 | 154.2 | 223.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,905 | 2,172 | 1,930 | 1,863 | 2,099 | 2,424 | 2,163 | 2,106 |
| Cost of revenue (vendor classification) * | 1,194 | 1,369 | 1,210 | 1,145 | 1,329 | 1,580 | 1,398 | 1,337 |
| Other operating costs (vendor classification) * | 488.9 | 517.9 | -976.9 | 481.7 | 504.5 | 548.9 | 504.5 | 526.9 |
| EBITDA (vendor classification) * | 88.0 | 152.2 | 58.2 | 81.5 | 100.4 | 153.8 | 110.9 | 106.6 |
| EBIT * | -11.0 | 49.1 | -86.1 | -26.0 | -1.51 | 34.0 | -17.0 | -6.17 |
| Finance costs | 40.5 | 42.2 | 37.6 | 40.3 | 39.8 | 39.2 | 36.4 | 36.6 |
| Profit/(loss) before tax | -51.6 | 6.90 | -117.6 | -66.3 | -41.3 | -5.20 | -53.5 | -42.8 |
| Total tax expense (positive = expense) | 11.3 | 21.6 | -6.00 | 0.20 | 9.30 | 33.2 | -5.20 | 1.20 |
| Profit/(loss) for period | -62.9 | -14.7 | -111.5 | -66.5 | -50.5 | -38.4 | -48.2 | -44.0 |
| Diluted EPS (₹) | -1.09 | -0.16 | -1.60 | -0.96 | n.r. | -0.59 | -0.63 | -0.64 |
| Material costs | 1,194 | 1,369 | 1,206 | 1,145 | 1,329 | 1,580 | 1,398 | 1,337 |
| Other income | 30.9 | 44.3 | 48.5 | 48.4 | 38.2 | 56.8 | 40.8 | 46.9 |
| Depreciation and amortisation | 98.0 | 103.6 | 107.5 | 101.1 | 98.5 | 103.5 | 104.1 | 94.3 |
| Exceptional items (negative = charge) | -1.00 | 0.50 | -36.7 | -6.50 | -3.40 | -16.3 | -23.8 | -18.4 |
| Employee benefits including ESOP | 165.1 | 177.3 | 229.3 | 202.7 | 203.5 | 197.3 | 190.1 | 182.8 |
| Other expenses | 488.9 | 517.9 | 478.8 | 481.7 | 504.5 | 548.9 | 504.5 | 526.9 |
| Operating EBITDA before other income, after ESOP | 57.0 | 107.9 | 15.9 | 33.1 | 62.2 | 97.0 | 70.1 | 59.7 |
| PAT attributable to owners | -50.2 | -7.79 | -76.7 | -46.4 | -35.1 | -28.4 | -30.3 | -31.2 |
| NCI share of profit/(loss), signed | -12.6 | -6.95 | -34.8 | -20.1 | -15.5 | -9.97 | -17.9 | -12.7 |
| Employee benefits excluding ESOP | 144.3 | 148.9 | 147.0 | 143.1 | 144.9 | 140.5 | 141.6 | 153.2 |
| Basic EPS (₹) | -1.09 | -0.16 | -1.60 | -0.96 | n.r. | -0.59 | -0.63 | -0.64 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 130.8% | 46.3% | 23.2% | 18.2% | 11.6% |
| EBITDA margin | 1.1% | 3.0% | 3.1% | ||
| Net margin | -4.2% | -2.5% | -1.6% | ||
| Return on equity | -7.4% | -4.8% | -2.9% | ||
| Return on capital employed | -0.8% | -9.3% | -4.9% | -1.8% | -0.3% |
| Return on assets | -3.7% | -2.3% | -1.6% | ||
| Net debt (₹ crore) | -211.1 | -1,152 | -807.8 | ||
| Net debt / EBITDA | -2.99x | -5.01x | -3.08x | ||
| Interest cover | -0.75x | -6.36x | -1.84x | -0.50x | -0.09x |
| Asset turnover | 0.68x | 0.77x | 0.89x | 0.94x | 0.96x |
| Receivable days | 16 | 16 | 12 | 13 | 16 |
| Inventory days (on revenue) | 102 | 89 | 92 | 102 | 85 |
| Payable days (on revenue) | 65 | 51 | 51 | 44 | 44 |
| Cash conversion | 0.15x | 0.44x | -2.60x | ||
| Capex intensity | 6.1% | 4.4% | 5.3% | 2.7% | 2.2% |
| Free cash flow (₹ crore) | -613.3 | -401.7 | -385.0 | -288.9 | 176.0 |
| EPS, diluted (₹) | -1.83 | -8.50 | -6.20 | -4.11 | -2.90 |
| Book value per share (₹) | 82.50 | 80.89 | 61.07 | 101.8 | 99.74 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA before other income, after ESOP / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA before other income, after ESOP.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Reports on Brainbees Solutions
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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