Brainbees Solutions Limited — Investor Presentation 2025

May 26, 2025

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FC/SE/2025-26/12 May 26, 2025

National Stock Exchange of India Limited Exchange Plaza, C – 1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai-400051 Symbol: FIRSTCRY

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001 Scrip Code: 544226

Sub : Investor Presentation of Brainbees Solutions Limited (the ‘Company’)

Ref : Information under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) and our earlier intimation through our letter dated May 21, 2025, bearing reference no. FC/SE/2025-26/09

Dear Sir/Ma’am,

In accordance with Regulation 30 read with Schedule III of the Listing Regulations, please find enclosed a copy of ‘Investor Presentation’ in connection with the Standalone and Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2025.

The aforesaid information is being uploaded on the Company’s website at - https://www.firstcry.com/investor relations/

We request you to kindly take the aforesaid information on record.

Thanking you,

For Brainbees Solutions Limited

Neha Digitally signed by Neha Virendra Virendra Surana Surana Date: 2025.05.26 17:19:17 +05'30' Neha Surana Company Secretary & Compliance Officer ICSI Membership No.: A35205

Encl.: a/a

Brainbees Solutions Limited CIN: L51100PN2010PLC136340 Corporate/Registered Office :- Rajashree Business Park, Plot No. 114, Survey No. 338, Tadiwala Road, Nr. Sohrab Hall, Pune – 411001 Contact: +91-8482989157 Email Id :legal@firstcry.com Website : www.firstcry.com

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Earnings Presentation Quarter and Financial Year ended March 31, 2025

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MAY 26, 2025
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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 particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever. The information contained in this Presentation is a general background information of the Company. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation includes certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved. We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results. It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation.

2

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

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Table of Contents

1. FY25 and Q4FY25 Performance Highlights

2. India Multichannel Business

3. International Business

4. Globalbees

5. Others Segment

6. Financial Summary

7. Supplementary Information

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• 3

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FY25 and Q4FY25 Performance Highlights

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FY25: Performance Summary for Consolidated Business Strong growth momentum with improvement in profitability

INR 76,596 Mn Revenue from Operations

+ 18% vs FY24

INR 28,610 Mn Gross Margin

+ 23% vs FY24 | 159bps YoY expansion

INR 3,935 Mn Adjusted EBITDA[(1)]

+ 43% vs FY24 | 90bps YoY expansion

INR 2,090 Mn Cash Profit After tax[(2)]

+ 96% vs FY24

Management Remarks

• “ We are very happy to report that India Multi-channel business turned PAT and Free Cash Flow[(3)] positive in FY25. We remain very optimistic and will keep working hard to deliver on both growth and profitability expansion for all business segments ”

Notes:

1. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103 2. Adjusted for non-cash expenses and exceptional items. Refer page 41 for details

2. Free Cash Flow means Net cash generated in operating activities less acquisition of property, plant and equipment, intangible assets, leasehold land

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FY25: Business Segment Wise performance

	India Multi-Channel		International		Globalbees		Others
	INR 52,785 Mn		INR 8,586 Mn		INR 15,777 Mn		INR 425 Mn
	Revenue from Operations		Revenue from Operations		Revenue from Operations		Revenue from Operations
	+ 15% vs FY24		+ 14% vs FY24		+ 30% vs FY24		+ 27% vs FY24
	INR 19,301 Mn		INR 2,000 Mn		INR 7,346 Mn		INR 300 Mn
	Gross Margin		Gross Margin		Gross Margin		Gross Margin
	+ 20% vs FY24		+ 13% vs FY24		+ 36% vs FY24		+ 31% vs FY24
	149bps YoY expansion		28bps YoY decline		186bps YoY expansion		182bps YoY expansion
	INR 4,997 Mn		INR (1,401) Mn		INR 221 Mn		INR 104 Mn
	Adjusted EBITDA(1)		Adjusted EBITDA(1)		Adjusted EBITDA(1)		Adjusted EBITDA(1)
	+ 24% vs FY24		Similar to FY24		+ 856% vs FY24		+ 78% vs FY24
	64bps YoY expansion		221bps YoY expansion		121bps YoY expansion		692bps YoY expansion

Note:

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1. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

Q4’FY25 Snapshot Steady growth with improvement in profitability

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10.6 Mn INR 26,146 Mn INR 19,303 Mn
Annual Unique Transacting GMV [(1,2)] Revenue from Operations [(3)]
Customers [(1)]
+ 17% vs March 2024 + 14% vs Q4’FY24 + 16% vs Q4’FY24
INR 1,005 Mn INR 1,250 Mn INR 692 Mn
Consolidated Adjusted India Multi-Channel Adjusted Cash Profit After Tax [(5)]
EBITDA [(4)]
EBITDA [(4)]
+ 20% vs Q4’FY24 + 17% vs Q4’FY24 + 484% vs Q4’FY24
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Notes:

1. Numbers represent consolidated metrics of India multi-channel and International business

2. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns;

3. Numbers represent consolidated metrics of India multi-channel and International retail, Globalbees, Others and inter-company adjustments

4. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

5. Adjusted for non-cash expenses and exceptional items. Refer page 41 for details

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India Multichannel Segmental PerformanceBusiness

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Largest multi-channel retailer for Mothers’, Babies’ and Kids’ products in India

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78% 22%
GMV [(1)] from online GMV [(1)] from offline
India multi-channel retail [(2)] India multi-channel retail [(2)]
10.1 Mn 1,156
Annual Unique Modern Stores [(4) ]
Transacting Customer [(3)] incl. FOFO & COCO
159 Mn 527
FirstCry mobile app FirstCry & BabyHug
downloads [(4)] COCO Stores [(5)]
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38% of GMV generated by top 20 cities in FY25 is from cross channel customers (transacting both online & offline)

Notes:

1. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns for year ending March 31, 2025;

2. Excludes Others and Globalbees segment

3. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from April 1, 2024 to March 31, 2025

4. FirstCry India mobile application downloads till March 31, 2025

5. As on March 31, 2025

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Personalized shopping experiences with customized homepages

Personalization based on age and gender

Personalization based on different festivals

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Home page for parent of 6 months old girl

Home page for parent of 10 years old boy

Driving regional personalization: Home pages across different regions during the same time of the year

We run multiple personalized customer journeys on our mobile application

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Addressing Babies’ and Kids’ needs across age groups through a wide assortment of products

Category wise share of India GMV (%)

1.8 Mn SKUs[(1)] offered from 8,019 brands[(1)] across our platforms

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Illustrative list of categories offered for different age
100%
groups
Trending fashion
Feeding Toddler fashion
Apparel Book & school
Baby apparel supplies Baby & Kids Fashion
essentials Feeding Apparel Games (Apparel and Footwear)
Cots & nursery 52%
Maternity wear Diapers Footwear Footwear 1.3 Mn SKUs [(2)]
Toys
Maternity care Baby safety gear Bath
Strollers & cradles
Parenting
Baby health
books
Other categories
(Including Consumables,
Baby Gear & Nursery, Toys
48% and other categories)
0.3 Mn SKUs [(2)]
FY25
Expecting mothers 0 - 6M 6M - 24M 2 - 4 Years 4 - 6 Years 6 - 12 Years
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Expecting mothers
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Notes:

1. As on March 31, 2025; Numbers represent metrics for India multichannel segment

2. As on March 31, 2025; Numbers represent consolidated metrics for India multi-channel and International segments

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Customers consistently transact more on our platform

GMV Cohorts for India Multi-channel business

Fiscal 2013 Fiscal 2017 Fiscal 2021 Fiscal 2025

Average for all Cohorts (Fiscal 2011 to 2025)

Year 0 Till Year 4 Till Year 8 Till Year 12 Acquisition Year Year 0 to Year 4 (5 years) Year 0 to Year 8 (9 years) Year 0 to Year 12 (13 years)

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1.0x 3.4x 5.5x 7.9x
1.0x 3.7x 6.3x
1.0x 4.0x
1.0x
1.0x 3.8x 6.3x 8.6x
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Inference:

• Customers acquired in Fiscal 2013 generated an average GMV of ~INR 340 from Year 0 to Year 4 (i.e., from Fiscal 2013 to Fiscal 2017), for every INR 100 generated in Year 0 (the acquisition year, i.e. Fiscal 2013)

• Similarly, customers acquired in Fiscal 2017 generated an average GMV of ~INR 630 from Year 0 to Year 8 (i.e., from Fiscal 2017 to Fiscal 2025), for every INR 100 generated in Year 0 (the Acquisition Year, i.e., Fiscal 2017)

Benefit of recently launched 6-12 years product offering is yet to materially reflect in the cohorts

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Highly curated Home Brand portfolio driving growth & aiding margin expansion

Our Key Home Brands

Share of Home Brands in India Multichannel GMV

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~1.5x CAGR
of India > 55%
Multichannel GMV

37%

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 Offering a curated
assortment of high
quality products
especially in the
industry with
fragmented supply
 Home Brands drive
superior margins
than third party
brands
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FY20

FY25

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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 brand in terms of GMV[(1)]

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Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Note: 1. For FY24

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Combining the unique platform strength of commerce and community

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Commerce and parenting community are housed in the same mobile application driving customer acquisition and retention

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We operate India’s largest and most engaged parenting community

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Baby Due Date
Baby Name
Teething Calculator
Tool
Guide
Growth Memories
Tracker
Vaccine
Milestones
Tracker
Diet Plans Q & A
Parenting Discussion
GPT
Groups
Personalized Contests and
notifications Quizzes
FirstCry
Transmedia
Premier
Content Social network
League
for parents
Relevant & contextual Multiple pregnancy
knowledge and parenting tools
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Full spectrum of topics Diversified mix of user Lucid and simple layout
Panel of experts,
from pre-pregnancy to and expert generated for quick and easy
nutritionists, doctors
pregnancy to parenting content discovery
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Long standing partnership with hospitals driving new user acquisition

Wide reach with hospitals and brand partners

Unique market entry strategy

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Hospitals and Maternity
13,000+
Clinics [(1)]
PAN India Expanding the coverage
reach beyond existing channels
Multi-Year Yielding Highest RoI for third
Partnerships party brands
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2.5 Mn+ FirstCry branded Boxes delivered in FY25

Note:

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1. As on March 31, 2025

India Multi-Channel Business Crossed $1Bn GMV with 16% growth in orders in FY25

Annual Unique Transacting Customers[(1)] (Mn)

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17% 10.1
8.7
(2) (2)
Q4FY24 Q4FY25
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Orders (Mn)

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16%
39.5
34.1
14%
9.9
8.7
Q4FY24 Q4FY25 FY24 FY25
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GMV[(3)] (INR Mn)

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16% 88,090
75,827
14%
21,938
19,320
Q4FY24 Q4FY25 FY24 FY25
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Notes:

1. Numbers represented for India. India represents FirstCry Platform operated by the Company across the FirstCry website (www. firstcry.com), mobile application and FirstCry and BabyHug Modern stores, including those operated by Digital Age and franchisees.

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% YoY Growth
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1. Annual unique transacting customers reporting for three months ended March 31, 2024 represents the unique transacting customers for trailing twelve months i.e. from April 1, 2023 to March 31, 2024 and for three months ended March 31, 2025 represents the unique transacting customers for trailing twelve months i.e., from April 1, 2024 to March 31, 2025

2. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website (www.firstcry.com), mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product returns

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India Multi-Channel Business 15% revenue growth with 24% growth in profitability in FY25

Revenue[(1)] (INR Mn)

Adjusted EBITDA[(2)] (INR Mn)

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15% 52,785
45,795
12%
13,373
11,990
Q4FY24 Q4FY25 FY24 FY25
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8.9% 9.3% 8.8% 9.5%
24% 4,997
4,040
17%
1,250
1,064
Q4FY24 Q4FY25 FY24 FY25
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Notes:

% Adjusted EBITDA %

% YoY Growth

1. Numbers represent consolidated metrics of India Multi-channel business 2. Adjusted for share-based compensation expenses

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International Business

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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 5,150 – 5,450 640 – 680 240 – 280 market size in FY29 (INR Bn)

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024

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Replicating our successful playbook in International markets

Went live in UAE in Oct’19

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Went live in KSA in Aug’22

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Currently operating as Online Platform in both UAE and KSA

4.1 times[(1)] International segment AOV as compared to India AOV

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Note: 1. For Financial Year ending March 31, 2025

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Multiple levers in play to drive margin expansion in International business

Evolution of Gross Margin for India Multichannel and International Business segments

Started India Multichannel in FY11 Business

24.0% in FY18

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36.6%
in FY25
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Year 1
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Year 7
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Year 14
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Started International Business in FY20

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Year 1
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23.3%
in FY25
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Year 4
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• FirstCry is operational in UAE for ~5 years and in KSA for <3 years

Multiple margin expansion levers, including but not limited to:

• Increase in share of Home Brands in GMV;

• Increase in share of Kids & Babies Fashion in GMV

• Better Home Brand and Third Party margins due to economies of scale;

• Operational efficiencies

expanded gross margin for India multichannel business and the same levers are at play in International business as well

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International Business

FY25 growth impacted by elevated promotional activities by new Horizontal players

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Annual Unique Transacting Customers [(1)] (Mn) Orders (Mn)
8%
1.9
14% 0.5 1.8
8%
0.4 0.4 0.5
Q4FY24 Q4FY25 FY24 FY25
GMV [(3)] (INR Mn)
15%
17,763
15,384
16%
4,208
3,639
(2) (2)
Q4FY24 Q4FY25 Q4FY24 Q4FY25 FY24 FY25
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Notes:

1. Numbers represent consolidated metrics of International business comprising UAE and KSA

2. Annual unique transacting customers reporting for three months ended March 31, 2025 represents the unique transacting customers for trailing twelve months i.e. from April 1,2024 to March 31, 2025 and for three months ended March 31, 2024 represents the unique transacting customers for trailing twelve months i.e., from April 1, 2023 to March 31, 2024

3. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry websites (www.Firstcry.ae and www.Firstcry.sa) and mobile application and prior to product returns

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International Business ~$100Mn revenue in FY25 with improving margins

Revenue[(1)] (INR Mn)

Adjusted EBITDA[(2)] (INR Mn)

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14% 8,586
7,537
11%
2,054
1,847
Q4FY24 Q4FY25 FY24 FY25
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(14%) (15%) (19%) (16%)
(1,396) (1,401)
(307)
(256)
Q4FY24 Q4FY25 FY24 FY25
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Notes:

%

Adjusted EBITDA %

YoY Growth

%

1. Numbers represent consolidated metrics of International business comprising UAE and KSA 2. Adjusted for share-based compensation expenses

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Globalbees

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• 6 27

Globalbees: Scaling D2C brands profitably

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Select brands across categories

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Home Improvement
Home Appliances
& Utilities
Active, Lifestyle & Home & Personal Care
Accessories
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Witnessing organic growth since September 2022[(1)]

Note:

28

1. Globalbees made last brand acquisition in September 2022

Globalbees Strong growth momentum with high operational efficiency

Revenue (INR Mn)

Adjusted EBITDA[(1)] (INR Mn)

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(0.3%) 0.7% 0.2% 1.4%
30% 15,777
9.6x 221
12,093
33%
3,984
2,986
30
23
(9)
Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25
% Adjusted EBITDA % x YoY increase
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Note:

1. Adjusted for share-based compensation expenses and salaries and wages accounted as per Para B55 of Ind-AS 103

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Globalbees
Strong organic growth across all categories
Category wise mix of revenue
8%
14%
12%
30%
33%
12%
INR 12,093 Mn INR 15,777 Mn
FY24 Revenue FY25 Revenue
17%
13%
30%
30%
Home improvement & Utilities Home Appliances Home & Personal Care
Active, Lifestyle & Accessories Other Brands [(2)]
Notes:
1. Core Categories include Home improvement & Utilizes, Home Appliances, Home & Personal Care, Active, Lifestyle & Accessories
2. Other Brands include brands from Core Categories witnessing relatively lower revenue growth
3. Investments as on March 31, 2025
4. Adjusted for share-based compensation expenses and salaries and wages accounted as per Para B55 of Ind-AS 103
5. Corporate expenses are the expenses that can not be apportioned between Core Categories and Other Brands
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Globalbees

Strong organic growth across all categories

Details for FY25

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Core Other
Categories [(1)] Brands [(2)]
Investments [(3)]
15,903 228
(INR Mn)
Adjusted
7.5% (31%)
Brand EBITDA % [(4)]
Consol. Brand
4.5%
Adjusted EBITDA % [(4)]
Corporate
3.1%
Expenses % [(5)]
Adjusted EBITDA % [(4)] 1.4%
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Others Segment

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Strong growth in preschool partnerships across 160+ cities

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Preschools (at the end of period) Students enrolled
18,470
363
208
9,623
105 5,311
FY23 FY24 FY25 FY23 FY24 FY25
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Strong revenue and EBITDA growth

Adjusted EBITDA[[(1)]] (INR Mn)

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Revenue (INR Mn) Adjusted EBITDA [[(1)]] (INR Mn)
(13%) 18% 24%
425
104
334
58
230
FY23 FY24 FY25
(31)
FY23 FY24 FY25
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% Adjusted EBITDA %
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Note:

33

1. Adjusted for share-based compensation expenses

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Financial Summary

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Strong Performance across Business Segments

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18% YoY revenue growth for consolidated business [(1)] in FY25 vs FY24
India Multi-Channel Business International Business
8.8% 9.5% (19%) (16%)
15% 52,785 14% 8,586
7,537
45,795
FY24 FY25 FY24 FY25
Globalbees Others
0.2% 1.4% 18% 24%
30% 15,777 27% 425
12,093 334
FY24 FY25 FY24 FY25
% YoY Growth % Adjusted EBITDA % [(2)] All Values in INR Mn
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Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustments 2. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

Combination of Scale, Growth and continuously improving Profitability

Consolidated Revenue[(1)] (INR Mn)

Consolidated Adjusted EBITDA[(2)] (INR Mn)

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36.7% 37.5% 35.8% 37.4% 5.0% 5.2% 4.2% 5.1%
43% 3,935
18% 76,596
64,809
2,744
20%
16% 1,005
19,303
838
16,669
Q4FY24 Q4FY25 FY24 FY25 Q4FY24 Q4FY25 FY24 FY25
% Gross Margin % % YoY Growth % Adjusted EBITDA %
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Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustments

2. Adjusted for share-based compensation expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

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Supplementary Information

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Summary Consolidated Profit & Loss Statement

INR Million(1) FY23(3) FY24 FY25 Revenue from Operations 52,622 64,809 76,596 Material Costs 35,297 41,632 47,986 Gross Profit 17,325 23,177 28,610 Gross Profit Margin % 32.9% 35.8% 37.4% Direct Costs 4,911 5,879 6,909 Contribution Margin (pre Advertising & sales promotion expenses) % 23.6% 26.7% 28.3% Advertising & sales promotion expenses (% of Revenue) 7.9% 7.4% 8.4% Indirect Expense (% of Revenue) 7.0% 7.6% 7.4% Adjusted EBITDA(2) 772 2,744 3,935 Adjusted EBITDA Margin % 1.5% 4.2% 5.1% Profit/(Loss) before Tax (5,303) (3,215) (2,320) Profit/(Loss) after Tax (4,864) (3,215) (2,648)	Q4FY24 Q4FY25
	16,669 19,303
	10,550 12,063
	6,118 7,240
	36.7% 37.5%
	1,467 1,686
	27.9% 28.8%
	7.0% 8.1%
	8.0% 8.0%
	838 1,005
	5.0% 5.2%
	(518) (1,176)
	(433) (1,115)

Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustment;

2. Adjusted for share-based compensation expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

3. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

38

Summary Segment Disclosures

INR Million FY23(3) FY24 FY25	Q4FY24 Q4FY25 11,990 13,373 1,064 1,250 8.9% 9.3% 376 534 3.1% 4.0% 1,847 2,054 (256) (307) (14%) (15%) (300) (355) (16%) (17%) 2,986 3,984 (9) 30 (0.3%) 0.7% (257) (235) (9%) (6%) 99 109 16 31 16% 28% 12 28 12% 26%
India Multi-Channel
Revenue from Operations 39,105 45,795 52,785
Adjusted EBITDA(1) 2,435 4,040 4,997
Adjusted EBITDA margin(%) 6.2% 8.8% 9.5%
Segment Results 742 1,666 2,333 Segment margin(%) (2) 1.9% 3.6% 4.4%
International
Revenue from Operations 4,875 7,537 8,586 Adjusted EBITDA(1) (1,201) (1,396) (1,401) Adjusted EBITDA margin(%) (25%) (19%) (16%) Segment Results (1,329) (1,554) (1,583) Segment margin(%) (2) (27%) (21%) (18%)
Globalbees
Revenue from Operations 8,972 12,093 15,777 Adjusted EBITDA(1) (447) 23 221 Adjusted EBITDA margin(%) (5%) 0.2% 1.4% Segment Results (1,407) (964) (791) Segment margin(%) (2) (16%) (8%) (5%)
Others
Revenue from Operations 230 334 425 Adjusted EBITDA(1) (31) 58 104 Adjusted EBITDA margin(%) (13%) 18% 24% Segment Results (42) 47 94 Segment margin (%) (2) (18%) 14% 22%

Notes:

1. Adjusted EBITDA is calculated as the restated profit for the period or year plus tax expense, finance cost, depreciation and amortization expenses less other income, exceptional items income(net), plus employee share-based payment expenses, deal related cost, salaries and wages accounted as per Para B55 of Ind-AS 103

2. Segment Margin is calculated by dividing segment results with segment revenue from operations

3. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

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Adjusted EBITDA to Profit / Loss after Tax Reconciliation

INR Million(1) FY23(4) FY24 FY25	Q4 FY24 Q4 FY25
Loss after Tax (4,864) (3,215) (2,648)	(433) (1,115)
Add : Tax Expenses (440) (0) 328	(85) (60)
Add : Finance Costs 721 1,154 1,583	5 376
Add : Depreciation and Amortization Expense 2,963 3,709 4,046	1,027 1,075
Less : Other Income (988) (942) (1,505)	(182) (485)
Add : Employee share based payment expense 3,614 1,781 1,542	442 823
Add : Exceptional items(2) (net) (544) - 496	- 367
Add : Deal related cost 45 - -	- -
Add : Employment cost on account of business combination(3) 263 259 92	64 23
Adjusted EBITDA 772 2,744 3,935	838 1,005

Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustment;

2. Exceptional items include loss on account of impairment of intangible assets, inventory loss on account of fire in warehouses of the group and others. However, this is partially offset by gain on fair valuation of consideration payable to selling shareholders due to business combination

3. Globalbees salaries and wages accounted as per Para B55 of Ind-AS 103

4. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

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Reconciliation of Profit / Loss after Tax to Cash Profit after Tax

INR Million FY24 FY25 Loss after Tax (3,215) (2,648) Deferred Tax expense 438 23 Loss before Deferred Tax Expense (3,653) (2,671) Ind AS 116 Cost (Rent amortisation and finance cost)(2) 2,201 2,489 Brand Amortisation(3) 1,087 1,056 ESOP Cost(3) 1,781 1,542 Depreciation on PPE(3) 1,169 1,232 Exceptional Item(4) (net) - 496 Employment cost on account of business combination(3)(5) 259 92	Q4 FY24 Q4 FY25
	(433) (1,115)
	204 74
	(637) (1,189)
	489 633
	274 264
	442 823
	355 350
	- 367
	64 23
Interest on contractual Obligation(6) - -	(355) -
Cash outflow for lease rentals (1,776) (2,147) Cash Profit after Tax(1) 1,068 2,090	(513) (578)
	119 692

Notes:

1. Cash Profits After Tax is calculated as the restated profit for the period or year plus deferred tax expense, rent amortization and finance cost as per IND AS 116, brand amortization, ESOP Costs, Depreciation on PPE, exceptional items, Employment cost on account of business combination, interest on contractual obligations and less cash outflow for lease rentals

2. The Indian Accounting Standard 116, “Leases”, notified under Section 133 of the Companies Act 2013 read with Companies (Indian Accounting Standards) Rules, 2015 defines difference between amortizing rent recognized in books and actual cash rent paid

3. Brand Amortization, ESOP Costs, Depreciation on PPE and Employment cost on account of business combination are Non-cash expenses and hence reduced to arrive at Cash Profit after Tax

4. Exceptional items include loss on account of impairment of intangible assets, inventory loss on account of fire in warehouses of the group and others. However, this is partially offset by gain on fair valuation of consideration payable to selling shareholders due to business combination

5. Globalbees salaries and wages accounted as per Para B55 of Ind-AS 103

6. Interest on contractual obligation pertains to interest expenses recognized on the liability related to amount payable to selling shareholders for the remaining stake in subsidiaries

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Other Operating Metrics (1/2)

Particulars(#s as of end of the period)	FY23	FY24	FY25
Number of brands(1)	7,035	7,580	8,019
Number of SKUs (Mn)(2)	1.29	1.65	1.82
Number of warehouses and stockists(3)	79	80	83
Modern Stores	904	1,063	1,156
FOFO Stores	618	628	629
BabyHug COCO Stores	224	284	296
FirstCry and other COCO Stores	62	151	231
Net Working Capital Days (4)	50	53	71
Inventory Days(5)	83	92	102

Notes:

1. Number of active brands as on the date of respective period end listed across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age

2. Number of SKUs as on the date of respective period end across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age 3. Number of warehouses and stockists where our Company stores its inventory

3. Working Capital Days = (Inventories + Trade Receivables – Trade Payables) divided by revenue from operations X 365

4. Inventory days is closing inventory as at the end of the respective period /Revenue from operations for the respective period X 365

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Other Operating Metrics (2/2)

Particulars FY23 FY24 FY25 GMV(1) from Online (INR Mn) 58,126 73,700 86,363 GMV(1) from Offline (INR Mn) 14,450 17,511 19,490 GMV(1) from Existing Customers (INR Mn) 52,963 65,878 79,259 GMV(1) from New Customers (INR Mn) 19,613 25,333 26,594 Average Order Value(2) – Consolidated (INR) 2,342 2,544 2,554 Average Order Value(2) – India Multi-Channel (INR) 2,156 2,226 2,229 Average Order Value(2) – International (INR) 6,350 8,582 9,197	Q4 FY24 Q4 FY25
	18,529 21,477
	4,430 4,669
	18,990 21,931
	3,968 4,215
	2,516 2,525
	2,221 2,218
	8,482 9.041

Notes:

1. GMV refers to the monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product returns 2. Average Order Value refers to GMV divided by Orders considered for such GMV

43

Summary estimate of share based compensation expense

Expected ESOP Charges

INR Mn	Q1	Q2		Q3	Q4	Total
FY 2026	655	655		655	655	2,620
FY 2027	306	306		306	306	1,224
FY 2028	161	161		161	161	644
Fully Diluted Share Capitalisation
Particulars			(in Mn)		% of Shares Outstanding On a Fully Diluted Basis (1)
Basic Shares Outstanding as of March 31, 2025			521.3			97.9%
ESOPs of which
Time-based ESOPs (2)			1.3			0.2%
Performance-based ESOPs (3)			9.9			1.9%
Estimated Fully Diluted Share Capitalisation			532.5

• Commentary

• The table illustrates expected ESOP cost for granted options[(4)]

• Actual charges might be different based on incremental issuances as well as lapses. For any lapses of unvested ESOPs, normally on attrition, the cost of unvested ESOP recorded so far is reversed in that quarter

• For new ESOP grants, the total estimated charge would be the number of options granted times the fair value per share computed basis the fair value of the option, as per the valuation report. The charge is front-ended with approximately 52% in Year 1, 27% Year 2, 15% in Year 3 and 6% in Year 4

• Movements of share price after the date of the grant do not affect the ESOP charge for already granted ESOPs

Notes:

1. Including all outstanding ESOPs

1. Vesting period ranges from one to four years; Although the corporate action related to the allotment of shares (under ESOPs) approved on March 29, 2025, was processed after March 31, 2025, and therefore not reflected in the BENPOS as of March 31, 2025, the allotment was duly approved and effected on March 29, 2025. Accordingly, the shares allotted have been included in the basic shares outstanding as of March 31, 2025.

2. Vesting of these ESOPs are linked to market capitalization

3. Includes all options granted till March 31, 2025

44

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
Gross Merchandise Value (GMV)	application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product
	returns
	Unique customers identified by their email-id or mobile number who have placed at least one Order on the FirstCry
Annual Unique Transacting Customers (AUTC)	website, mobile application or FirstCry and BabyHug modern stores during the last 12 months ended as on
	measurement date
Orders	All orders placed on the FirstCry website, mobile application and modern stores, net of cancellations and prior to any returns.
Average Order Value (AOV)	GMV generated across the FirstCry website, mobile application and modern stores during a period divided by Orders underlying such GMV
	Adjusted Earnings before interest, tax, depreciation and amortization is calculated as the profit for the period or year
Adjusted EBITDA	plus tax expense, finance cost, depreciation and amortization expenses less other income, exceptional items income (net), plus Employee Share-Based Payment Expenses, Deal related cost, Salaries, wages, bonus and other allowances
	accounted as per para B55 of Ind AS 103
	GMV from users that made their first purchase on the FirstCry platform during any period except the preceding 12
GMV from existing customers	months period when calculated for a full financial year and except the precedent 3 months period when calculated for a quarter. Users are identified by their mobile number basis which duplication across website, mobile application
	and stores is removed
	GMV from users that made at least one purchase on the FirstCry platform for the first time during any period in
GMV from new customers	preceding 12 months period when calculated for a full financial year and during any period in preceding 3 months period when calculated for a quarter. Users are identified by their mobile number basis which duplication across
	website, mobile application and stores is removed

45