Brainbees Solutions Limited — Investor Presentation 2026

Feb 13, 2026

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FC/SE/2025-26/85

February 13, 2026

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 February 10, 2026, bearing reference no. FC/SE/2025-26/83

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 Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended December 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

Mandar Digitally signed by Mandar Chintaman Chintaman Joshi Joshi Date: 2026.02.13 17:36:59 +05'30' Mandar Joshi Company Secretary & Compliance Officer

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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Q3 and 9M’FY26 Earnings Presentation

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FEBRUARY 13, 2026
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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.

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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. Q3 and 9M’FY26 Performance Highlights

2. Segmental Performance

3. Financial Summary

4. Business Overview

5. Supplementary Information

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• 3

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Q3 and 9M’FY26 Performance Highlights

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Key highlights for Q3 and 9M’FY26

Consolidated Business

PAT positive

(adjusted for ESOP cost) in Q3’FY26

25% YoY increase Adjusted EBITDA[(1)] for 9M’FY26

Free Cash Flow[(2)] Positive for 9M’FY26

Segmental Updates

• India Multichannel:

• Witnessed sequential improvement in YoY growth rate for revenue , despite relatively muted consumer sentiment

• With our current initiatives, we believe that structurally the growth rate for both online & offline channels will be much superior in FY27

• Continues to be PAT and Free Cash Flow[(2)] positive in 9M’FY26

• International business:

India Multichannel YoY Revenue Growth (%)

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~11%
~200bps
7.9 % 8.9 % Growth lost
7.5 %
on account of
supply chain
volatility
in a few
categories
Q1FY26 Q2FY26 Q3FY26
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• Witnessed elevated promotional activities led by two horizontal ecommerce players that entered these markets in 2024

• We continued focus on sustainable growth while reducing Adjusted EBITDA[(1)] losses by 25% YoY in Q3’FY26 and 36% in 9M’FY26

• Globalbees:

• Delivered another strong quarter of organic and profitable growth

• Core categories delivered 30% YoY growth in 9M FY26 with INR 698Mn Adjusted EBITDA[(1)] (post corporate expenses)

Notes:

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

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Q3’FY26 Snapshot for Consolidated Business

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11.3 Mn INR 34,247 Mn INR 24,236 Mn
Annual Unique Transacting GMV [(1,3)] Revenue from Operations [(4)]
Customers [(1,2)]
+ 10% vs Dec 2024 + 10% vs Q3’FY25 + 12% vs Q3’FY25
INR 1,638 Mn
INR 1,538 Mn INR 1,155 Mn
Consolidated Adjusted India Multi-Channel Adjusted Cash Profit After Tax [(6)]
EBITDA [(5)]
EBITDA [(4,5)]
6.3% Adjusted EBITDA Margin [(5)] 10.0% Adjusted EBITDA Margin [(5)] + 23% vs Q3’FY25
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Notes:

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

2. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from January 1, 2025 to December 31, 2025

3. 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;

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

5. Adjusted for share-based expenses

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

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9M’FY26 Snapshot for Consolidated Business

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11.3 Mn INR 87,590 Mn INR 63,853 Mn
Annual Unique Transacting GMV [(1,3)] Revenue from Operations [(4)]
Customers [(1,2)]
+ 10% vs Dec 2024 + 10% vs 9M’FY25 + 11% vs 9M’FY25
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INR 3,959 Mn
INR 3,673 Mn
India Multi-Channel Adjusted
Consolidated Adjusted
EBITDA [(5)]
EBITDA [(4,5)]
5.8% Adjusted EBITDA Margin [(5)] 9.3% Adjusted EBITDA Margin [(5)]
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INR 2,397 Mn
Cash Profit After Tax [(6)]
+ 72% vs 9M’FY25
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Notes:

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

2. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from January 1, 2025 to December 31, 2025

3. 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;

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

5. Adjusted for share-based expenses

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

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Segmental Performance

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India Multi-Channel Business Growing user base with increasing orders and GMV

Key updates

• Sequential improvement in YoY growth rate for revenue , despite relatively muted consumer sentiment in Q3

• Diapering category witnessed heightened competitive intensity during the quarter which led to pressure on growth & margins

• Our non-diapering portfolio, contributing ~85% of the GMV remains robust and continues to perform well

• We also witnessed supply chain volatilities in a few select categories, which impacted overall growth by ~200bps in Q3’FY26

Orders (Mn)

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8%
31.9
29.6
9%
12.2
11.1
Q3FY25 Q3FY26 9MFY25 9MFY26
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Annual Unique Transacting Customers[(1)] (Mn)

GMV[(3)] (INR Mn)

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11%
10% 10.8 73,301
9.8 66,152
11%
28,406
25,668
(2) (2)
Q3FY25 Q3FY26
Q3FY25 Q3FY26 9MFY25 9MFY26
Notes: % YoY Growth
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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.

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

3. 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 Q3 and 9MFY26 Update

Revenue (INR Mn)

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36.2% 34.8% 36.7% 36.4%
8% 42,635
39,411
9%
16,458
15,106
Q3FY25 Q3FY26 9MFY25 9MFY26
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Adjusted EBITDA[(1)] (INR Mn)

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11.2% 10.0% 9.5% 9.3%
6% 3,959
3,746
1,688
1,638
Q3FY25 Q3FY26 9MFY25 9MFY26
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%
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% Adjusted EBITDA %

% YoY Growth

Gross Margin %

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Note:

1. Adjusted for share-based compensation expenses

India Multi-Channel Business Key Business Updates & Initiatives

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RocketBees Addressing footfalls in
the offline channel
Faster delivery initiative
Aiming to roll out a realigned
Expanded from 13 cities product portfolio to cater to
to 22 cities a broader audience by
H1’FY27
Witnessing 20%+ We anticipate further
increase in footfalls &
improvement in TAT, resulting
conversion
in better growth & customer
experience Pilot under way for Qwik in select
pin-codes across 3 cities
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With above initiatives, we believe that the growth rate for both online & offline channels will be structurally much superior in FY27

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International Business Q3 and 9MFY26 Update

Orders (Mn)

Key Highlights

• Q3FY26 witnessed elevated promotional activities led by two horizontal ecommerce players that entered these markets in 2024

• We consciously stayed away from participating in this trend as our focus has been on sustainable growth with improvement in margins

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7% 1.6
1.5
5%
0.6
0.5
Q3FY25 Q3FY26 9MFY25 9MFY26
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Annual Unique Transacting Customers[(1)] (Mn)

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8% 0.5
0.5
(2) (2)
Q3FY25 Q3FY26
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GMV[(3)] (INR Mn)

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5% 14,289
13,546
5%
5,841
5,572
Q3FY25 Q3FY26 9MFY25 9MFY26
% YoY Growth
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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 December 31, 2024 represents the unique transacting customers for trailing twelve months i.e. from January 1, 2024 to December 31, 2024 and for three months ended December 31, 2025 represents the unique transacting customers for trailing twelve months i.e., from January 1, 2025 to December 31, 2025

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 Consistently driving sustainable business growth

Revenue[(1)] (INR Mn)

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23.0% 24.5% 23.4% 25.2%
11% 7,226
6,532
7% 2,796
2,614
Q3FY25 Q3FY26 9MFY25 9MFY26
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Adjusted EBITDA[(1,2)] (INR Mn)

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(15%) (11%) (17%) (10%)
(1,094) (36%)
(701)
(395) (25%)
(297)
Q3FY25 Q3FY26 9MFY25 9MFY26
% Gross Margin % % Adjusted EBITDA % % YoY Growth
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Notes:

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

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International Business Witnessing continuous reduction in losses

Adjusted EBITDA[(1,2)] (%)

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FY23 FY24 FY25 9MFY26
(10%)
(16%) 705 Bps
(19%)
(25%) 831 Bps
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Notes:

1. Adjusted for share-based compensation expenses

Bps Improvement

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

Globalbees

Core categories driving consistent and profitable growth

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Core Categories [(1)] Rationalization of
Performance for 9M FY26 Other Brands [(3)]
INR 14,174 Mn 30%  Other brands are the ones
Revenue YoY Growth witnessing relatively lower
revenue growth and are
incurring losses
 Our endeavor is to
INR 698 Mn 4.9%
complete the rationalization
Adjusted EBITDA [(2)] Adjusted EBITDA [(2) ] %
of these brands by Q1FY27
(post corporate expenses) (post corporate expenses)
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Notes:

1. Core Categories include Home improvement & Utilizes, Home Appliances, Health & Personal Care, Active, Lifestyle & Accessories 2. Adjusted for share-based compensation expenses

2. Other Brands include brands from Core Categories witnessing relatively lower revenue growth

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Globalbees Strong profitable growth

Revenue (INR Mn)

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47.3% 39.4% 46.1% 41.7%
22% 14,344
Gross margin decline
mainly driven by
rationalization of Other
brands and change in
settlement by Flipkart 11,793
group, which has
impacted the revenue
recognition
22% 5,150
4,223
Q3FY25 Q3FY26 9MFY25 9MFY26
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Adjusted EBITDA[(1)] (INR Mn)

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1.4% 2.9% 1.6% 2.0%
54% 294
191
147% 148
60
Q3FY25 Q3FY26 9MFY25 9MFY26
% Gross Margin % % Adjusted EBITDA % % YoY Growth
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Witnessing organic growth since September 2022[(2)]

Notes:

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1. Adjusted for share-based compensation expenses and salaries and wages accounted as per Para B55 of Ind-AS 103 2. Globalbees made last brand acquisition in September 2022

Globalbees Strong focus on profitability profile

Adjusted EBITDA[(1)] (%)

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4.9%
2.0%
1%
0%
FY23 FY24 FY25 9MFY26
(5%)
Globalbees Core Categories [(2)] of Globalbees
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Notes:

1. Core Categories include Home improvement & Utilizes, Home Appliances, Health & Personal Care, Active, Lifestyle & Accessories

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

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Financial Summary

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Consolidated Business Q3 and 9M’FY26 Update

Consolidated Revenue[(1)] (INR Mn)

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

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37.0% 34.8% 37.3% 36.5%
11% 63,853
57,293
12% 24,236
21,723
Q3FY25 Q3FY26 9MFY25 9MFY26
% Gross Margin % % YoY Growth
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6.4% 6.3% 5.1% 5.8%
25% 3,673
2,930
11% 1,538
1,385
Q3FY25 Q3FY26 9MFY25 9MFY26
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% Adjusted EBITDA %
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Notes:

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

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Business Overview

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FirstCry Platform: Highly scalable core capabilities driving sustainable growth across all segments

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Full-Stack Full-Stack
Monetization Capabilities Parenting Needs Capabilities Monetization
Platform Platform
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Largest multi-channel retailer for Mothers’, Babies’ and Kids’ products in India

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79% 21%
GMV [(1)] from online GMV [(1)] from offline
India multi-channel retail India multi-channel retail
10.8 Mn 1,202
Annual Unique Modern Stores [(4) ]
Transacting Customer [(2)] incl. FOFO & COCO
159 Mn 545
FirstCry mobile app FirstCry & BabyHug
downloads [(3)] COCO Stores [(4)]
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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 quarter ending December 31, 2025;

2. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from January 1, 2025 to December 31, 2025

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

4. As on December 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 (%)

1.9 Mn+ SKUs[(1)] offered from 7,833 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 December 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

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

4.3 times[(1)] International segment AOV as compared to India Multi-Channel AOV

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Note: 1. For quarter ending December 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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Globalbees: Scaling D2C brands profitably

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Select brands across categories

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

Note:

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1. Globalbees made last brand acquisition in September 2022

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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 Health & Personal Care
Active, Lifestyle & Accessories Other Brands [(2)]
Notes:
1. Core Categories include Home improvement & Utilizes, Home Appliances, Health & 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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Supplementary Information

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Summary Consolidated Profit & Loss Statement

Particulars(1) (INR Million) FY24 FY25 Revenue from Operations 64,809 76,596 Material Costs 41,632 47,986 Gross Profit 23,177 28,610 Gross Profit Margin % 35.8% 37.4% Direct Costs 5,879 6,909 Contribution Margin (pre Advertising & sales promotion expenses) % 26.7% 28.3% Advertising & sales promotion expenses (% of Revenue) 7.4% 8.4% Indirect Expense (% of Revenue) 7.6% 7.4% Adjusted EBITDA(2) 2,744 3,935 Adjusted EBITDA Margin % 4.2% 5.1% Profit/(Loss) before Tax (3,215) (2,320) Profit/(Loss) after Tax (3,215) (2,648)	9MFY25 9MFY26 57,293 63,853 35,922 40,545 21,371 23,308 37.3% 36.5% 5,223 5,748 28.2% 27.5% 8.6% 8.3% 7.2% 6.8% 2,930 3,673 5.1% 5.8% (1,144) (1,128) (1,385) (1,555)	Q3FY25 Q3FY26
		21,723 24,236
		13,692 15,805
		8,031 8,431
		37.0% 34.8%
		1,955 2,078
		28.0% 26.2%
		8.4% 8.1%
		6.5% 6.0%
		1,385 1,538
		6.4% 6.3%
		69 (52)
		(147) (384)

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

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Summary Segment Disclosures

ummary Segment Disclosures
INR Million FY24 FY25	9MFY25 9MFY26	Q3FY25 Q3FY26
India Multi-Channel
Revenue from Operations 45,795 52,785	39,411 42,635	15,106 16,458
Adjusted EBITDA(1) 4,040 4,997	3,747 3,959	1,689 1,638
Adjusted EBITDA margin(%) 8.8% 9.5%	9.5% 9.3%	11.2% 10.0%
Segment Results 1,666 2,333 Segment margin(%) (2) 3.6% 4.4%	1,799 1,914 4.6% 4.5%	1,008 932
		6.7% 5.7%
International
Revenue from Operations 7,537 8,586 Adjusted EBITDA(1) (1,396) (1,401) Adjusted EBITDA margin(%) (19%) (16%) Segment Results (1,554) (1,583) Segment margin(%) (2) (21%) (18%)	6,532 7,226 (1,094) (701) (17%) (10%) (1,228) (881) (19%) (12%)	2,614 2,796
		(395) (297)
		(15%) (11%)
		(443) (374)
		(17%) (13%)
Globalbees
Revenue from Operations 12,093 15,777	11,793 14,344	4,223 5,150
Adjusted EBITDA(1) 23 221	191 294	60 148
Adjusted EBITDA margin(%) 0.2% 1.4%	1.6% 2.0%	1.4% 2.9%
Segment Results (964) (791)	(556) (380)	(201) (65)
Segment margin(%) (2) (8%) (5%)	(5%) (3%)	(5%) (1%)
Others
Revenue from Operations 334 425	316 350	105 108
Adjusted EBITDA(1) 58 104	73 93	24 34
Adjusted EBITDA margin(%) 18% 24%	23% 27%	23% 31%
Segment Results 47 94	66 86	21 31
Segment margin (%) (2) 14% 22%	21% 25%	20% 29%

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

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Adjusted EBITDA to Profit / Loss after Tax Reconciliation

Particulars(1) (INR Million) FY24 FY25 Loss after Tax (3,215) (2,648) Add : Tax Expenses 0 328 Add : Finance Costs 1,154 1,583 Add : Depreciation and Amortisation Expense 3,709 4,046 Less : Other Income (942) (1,505) Add : Employee share based payment expense 1,781 1,542 Add : Exceptional items(2) (net) - 496 Add : Employment cost on account of business combination(3) 259 92 Adjusted EBITDA 2,744 3,935	9MFY25 9MFY26 (1,533) (1,555) 388 427 1,207 1,193 2,970 3,031 (1,020) (1,435) 719 1,750 128 262 70 - 2,930 3,673	Q3FY25 Q3FY26
		(147) (384)
		216 332
		422 392
		1,036 1,035
		(443) (568)
		283 568
		(5) 163
		23 -
		1,385 1,538

Notes:

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

2. Exceptional items include impact on account of retirement benefits (including new labour code), 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

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

INR Million FY25 Loss after Tax (3,215) Deferred Tax expense 438 Loss before Deferred Tax Expense (3,653) Ind AS 116 Cost (Rent amortisation and finance cost)(2) 2,201 Brand Amortisation(3) 1,087 ESOP Cost(3) 1,781 Depreciation on PPE(3) 1,169	9MFY25 9MFY26 (1,533) (1,555) 51 120 (1,482) (1,435) 1,856 2,031 792 655 719 1,750 882 958	Q3FY25 Q3FY26 (147) (384) 104 189 (43) (195) 666 716 272 211 283 568 307 331 (5) 163 23 - (562) (639) 941 1,155
Exceptional Item(4) -	128 262
Employment cost on account of business combination(3)(5) 259	70 -
Cash outflow for lease rentals (1,776) Cash Profit after Tax(1) 1,068	(1,568) (1,826) 1,397 2,397

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 impact on account of retirement benefits (including new labour code), 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

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Other Operating Metrics (1/2)

Other Operating Metrics (1/2)
Particulars(#s as of end of the period) FY24 FY25 Number of brands(1) 7,580 8,019 Number of SKUs (MM)(2) 1.65 1.82 Number of warehouses and stockists(3) 80 83 Modern Stores 1,063 1,156 FOFO Stores 628 629 BabyHug COCO Stores 284 296 FirstCry and other COCO Stores 151 231 Net Working Capital Days (4) 53 71 Inventory Days(5) 92 102	9MFY25 9MFY26
	8,023 7,833
	1.81 1.93
	83 84
	1,136 1,203
	628 657
	291 279
	217 267
	61 62
	97 85

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 275 for the nine months, and Working Capital Days = (Inventories + Trade Receivables – Trade Payables) divided by revenue from operations X 365 for the year

4. Inventory days is closing inventory as at the end of the respective period /Revenue from operations for the respective period X 275 for the nine months, and Inventory days is closing inventory as at the end of the respective period /Revenue from operations for the respective period X 365 for the year

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Other Operating Metrics (2/2)

Particulars FY24 FY25 GMV(1) from Online (INR Mn) 73,700 86,363 GMV(1) from Offline (INR Mn) 17,511 19,490 GMV(1) from Existing Customers (INR Mn) 65,878 79,259 GMV(1) from New Customers (INR Mn) 25,333 26,594 Average Order Value(2) – Consolidated (INR) 2,544 2,554 Average Order Value(2) – India Multi-Channel (INR) 2,226 2,229 Average Order Value(2) – International (INR) 8,582 9,197	Q3FY25 Q3FY26
	25,717 28,310
	5,523 5,937
	25,902 28,759
	5,338 5,488
	2,675 2,684
	2,306 2,332
	10,157 10,132

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

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Summary estimate of share based compensation expense

Expected ESOP Charges

INR Mn	Q1	Q2	Q3	Q4	Total
FY 2026	596	586	568	585	2,336
FY 2027	442	297	297	297	1,334
FY 2028	156	156	156	156	625

Fully Diluted Share Capitalisation

Particulars	(in Mn)	% of Shares Outstanding On a Fully Diluted Basis (1)
Basic Shares Outstanding as of December 31, 2025	522.0	98.0%
ESOPs of which
Time-based ESOPs (2)	0.6	0.1%
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 time-based 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 at the time of grant. The charge is front-ended with approximately 52% in Year 1, 27% Year 2, 15% in Year 3 and 6% in Year 4, from the grant date

• 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

2. Vesting period ranges from one to four years

3. Vesting of these ESOPs are linked to market capitalization

4. Includes all options granted till December 31, 2025

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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