Brainbees Solutions Limited — Investor Presentation 2026

May 26, 2026

firstcry.com

FC/SE/2026-27/16

May 26, 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 letter dated May 20, 2026, bearing reference no. FC/SE/2026-27/14

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 Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and financial year ended March 31, 2026.

The aforesaid Investor Presentation 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
Chintama
n Joshi
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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firstcry.com

Earnings Presentation

Quarter and Financial Year ended March 31, 2026

MAY 26, 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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firstcry

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. FY26 and Q4FY26 Performance Highlights
2. India Multichannel Business
3. International Business
4. Globalbees
5. Others Segment
6. Financial Summary
7. Supplementary Information

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firstcry.com

FY26 and Q4FY26 Performance Highlights

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Key highlights for Q4 and FY26

firstery

Consolidated Business

Free Cash Flow Positive
For FY 26

12% YoY increase
Revenue for FY26

24% YoY increase
Adjusted EBITDA(1) for FY26

57% and 23% YoY drop
In Net losses for Q4 and FY26

Segmental Updates

• India Multichannel:
• Witnessed sequential improvement in YoY growth rate for revenue, despite heightened competitive intensity during the quarter.
• With our initiatives in offline channel, the GMV has grown in mid teens in Q4 FY26.
• 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 FY26

India Multichannel YoY Quarterly Revenue Growth (%)

• International business:
• Continue to witness elevated promotional activities led by two horizontal ecommerce players that entered these markets in 2024

• We continue to focus on sustainable growth while reducing Adjusted EBITDA(1) losses by 33% YoY in Q4'FY26 and 35% in FY26

• Globalbees:

• Delivered another strong quarter of organic and profitable growth
• Core categories delivered 28% YoY growth in FY26 with INR 919 Mn Adjusted EBITDA(1) (post corporate expenses)

Notes:

1. Adjusted for share-based compensation expenses.

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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7

FY26: Performance Summary for Consolidated Business

Investing in Long Term profitable growth

| INR 116,434 Mn
GMV (4.5)
+ 10% vs FY25 | INR 85,479Mn
Revenue from Operations
+ 12% vs FY25 |
| --- | --- |
| INR 4,860 Mn
Adjusted EBITDA(1)
+ 24% vs FY25 | INR 3,119 Mn
Cash Profit After tax(2)
+ 49% vs FY25 |

Management Remarks

"We are very happy to report that we continue to be PAT and Free Cash Flow(3) positive in India Multi-channel business in FY26 and Free Cash Flow(3) positive on a consolidated basis"

Notes:
1. Adjusted for share-based expenses.
2. Adjusted for non-cash expenses and exceptional items. Refer page 43 for details
3. Free Cash Flow means Net cash generated in operating activities less acquisition of property, plant and equipment, intangible assets, leasehold land
4. Numbers represent consolidated metrics of India multi-channel and International business
5. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application and FirstCry and BabyHug modem stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns

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FY26: Business Segment Wise performance

India Multi-Channel	International	Globalbees	Others
INR 57,533 Mn
Revenue from Operations
+ 9% vs FY25	INR 9,474 Mn
Revenue from Operations
+ 10% vs FY25	INR 18,943 Mn
Revenue from Operations
+ 20% vs FY25	INR 472 Mn
Revenue from Operations
+ 11% vs FY25
INR 20,490 Mn
Gross Margin
+ 6% vs FY25	INR 2,439 Mn
Gross Margin
+ 22% vs FY25
250bps YoY improvement	INR 8,026 Mn
Gross Margin
+ 9% vs FY25	INR 333 Mn
Gross Margin
+ 11% vs FY25
INR 5,051 Mn
Adjusted EBITDA^{(1)}
+ 1% vs FY25	INR (907) Mn
Adjusted EBITDA^{(1)}
- 35% vs FY25
670bps YoY improvement	INR 559 Mn
Adjusted EBITDA^{(1)}
+ 153% vs FY25
160bps YoY improvement	INR 125 Mn
Adjusted EBITDA^{(1)}
+ 21% vs FY25
220bps YoY improvement

Note:
1. Adjusted for share-based expenses.

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Q4'FY26 Snapshot
Steady growth with improvement in profitability

INR 28,814 Mn
GMV (1,2)
10% vs Q4'FY25

INR 21,627 Mn
Revenue from Operations(3)
12% vs Q4'FY25

INR 1,187 Mn
Consolidated Adjusted EBITDA(4)
18% vs Q4'FY25

INR 723 Mn
Cash Profit After Tax(5)
4% vs Q4'FY25

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.
5. Adjusted for non-cash expenses and exceptional items. Refer page 43 for details

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firstcry.com

India Multichannel Business

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firstcry

India Multi-Channel Business

Key Business Updates & Initiatives

RocketBees

Faster delivery initiative

Expanded from 22 cities to 62 cities

Witnessing improvement in TAT, resulting in better growth & customer experience

Qwik expansion in select pin-codes across 5 cities

Addressing footfalls in the offline channel*

Rolled out a realigned product portfolio to cater to a broader audience – to be completed by H1'FY27

Driving further increase in footfalls & conversion

• YoY GMV growth in Q4 for the offline business is 15%

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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India Multi-Channel Business

+$1Bn GMV with 11% growth in GMV in FY26

Key updates

• Witnessed sequential improvement in YoY growth rate for revenue, despite heightened competitive intensity during the quarter.
• Diapering category continue to witness 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

Orders (Mn)

Annual Unique Transacting Customers(1) (Mn)

GMV(3) (INR Mn)

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 Modem stores, including those operated by Digital Age and franchisees.
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, 2026 represents the unique transacting customers for trailing twelve months i.e., from April 1, 2025 to March 31, 2026
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 modem 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

Sequential improvement in revenue growth

Revenue(1) (INR Mn)

Adjusted EBITDA(2) (INR Mn)

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

%

Gross Margin %

%

Adjusted EBITDA %

%

YoY Growth

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firstcry.com

International Business

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KSA and UAE offer favourable demographics and a large market opportunity

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

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Replicating our successful playbook in International markets

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Went live in UAE in Oct'19

Went live in KSA in Aug'22

Largely operating as Online Platform in both UAE and KSA

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

Note: 1. For Financial Year ending March 31, 2026

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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

| India
Multichannel
Business | Started
in FY11 | 24.0%
in FY18 | 25.7%
in FY19 | 35.6%
in FY26 |
| --- | --- | --- | --- | --- |
| | Year 1 | Year 7 | Year 8 | Year 15 |
| International
Business | Started
in FY20 | 23.3%
in FY25 | 25.7%
in FY26 | 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 |
| | Year 1 | Year 4 | Year 5* | expanded gross margin for India multichannel
business and the same levers are at play in
International business as well |

• FirstCry is operational in UAE for ~6 years and in KSA for <4 years

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International Business

FY26 growth impacted by elevated promotional activities by Horizontal players

Key Highlights

• Continue to witness elevated promotional activities led by two horizontal ecommerce players that entered these markets in 2024
• We continue to focus on sustainable growth while reducing Adjusted EBITDA$^{(1)}$ losses by 33% YoY in Q4'FY26 and 35% in FY26

Orders (Mn)

Annual Unique Transacting Customers$^{(1)}$ (Mn)

GMV$^{(3)}$ (INR Mn)

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, 2026 represents the unique transacting customers for trailing twelve months i.e. from April 1,2025 to March 31, 2026 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
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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YoY Growth

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International Business

+$100Mn revenue in FY26 with improving margins

Revenue(1) (INR Mn)

Adjusted EBITDA(2) (INR Mn)

Notes:

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

2. Adjusted for share-based compensation expenses

%

Gross Margin %

%

Adjusted EBITDA %

%

YoY Growth

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International Business

Witnessing continuous reduction in losses

Adjusted EBITDA$^{(1,2)}$ (%)

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

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firstcry.com

Globalbees

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Globalbees: Scaling D2C brands profitably

Select brands across categories

Witnessing organic growth since September 2022(1)

Note:

1. Globalbees made last brand acquisition in September 2022

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Globalbees

Core categories driving consistent and profitable growth

| Core Categories^{(1)}
Performance for FY26 | |
| --- | --- |
| INR 18,768 Mn Revenue | 28% YoY Growth |
| INR 919 Mn Adjusted EBITDA^{(2)}
(post corporate expenses) | 4.9% Adjusted EBITDA^{(2)}
(post corporate expenses) |

Rationalization of Other Brands

• Other brands are the ones witnessing relatively lower revenue growth and are incurring losses
• Our endeavor is to complete the rationalization of these brands by Q1FY27

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

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Globalbees

Strong growth momentum with high operational efficiency

Revenue (INR Mn)

Adjusted EBITDA⁽¹⁾ (INR Mn)

Witnessing organic growth since September 2022⁽²⁾

Note:

1. Adjusted for share-based compensation expenses and salaries and wages accounted as per Para 855 of Ind-AS 103

2. Globalbees made last brand acquisition in September 2022

%

Gross Margin %

%

Adjusted EBITDA %

%

YoY Growth

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Globalbees

Strong focus on profitability profile

Notes:

1. Adjusted EBITDA is post corporate expenses and adjusted for ESOP cost;

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firstcry.com

Others Segment

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Strong growth in preschool partnerships across 190+ cities

Preschools (at the end of period)

Students enrolled

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Strong revenue and EBITDA growth

Revenue (INR Mn)

Adjusted EBITDA$^{(1)}$ (INR Mn)

Note:
1. Adjusted for share-based compensation expenses

Adjusted EBITDA %

28

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firstcry.com

Financial Summary

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Performance across Business Segments

12% YoY revenue growth for consolidated business(1) in FY26 vs FY25

India Multi-Channel Business

Globalbees

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 for FY 25 is also adjusted for salaries and wages accounted as per Para 855 of Ind-AS 103

International Business

Others

% YoY Growth

% Adjusted EBITDA % (2)

All Values in INR Mn

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Combination of Scale, Growth and continuously improving Profitability

Consolidated Revenue(1) (INR Mn)

% Gross Margin %
% YoY Growth

Consolidated Adjusted EBITDA(2) (INR Mn)

% Adjusted EBITDA %

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 for FY 25 is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

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firstcry.com

Supplementary Information

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

78%
GMV(1) from online
India multi-channel retail

11.03 Mn
Annual Unique
Transacting Customer(2)

193 Mn
FirstCry mobile app
downloads(3)

22%
GMV(1) from offline
India multi-channel retail

1,189
Modern Stores(4)
incl. FOFO & COCO

536
FirstCry & BabyHug
COCO Stores(4)

36% of GMV generated by top 50 cities in FY26 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, 2026;
2. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from April 1, 2025 to March 31, 2026
3. FirstCry India mobile application downloads till March 31, 2026
4. As on March 31, 2026

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firstcry

Personalized shopping experiences with customized homepages

Personalization based on age and gender

Home page for parent of 6 months old girl

Home page for parent of 10 years old boy

Personalization based on different festivals

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 range of assortment of products

2 Mn SKUs$^{(1)}$ offered from 7,800+ brands$^{(1)}$ across our platforms

Illustrative list of categories offered for different age groups

Category wise share of India GMV (%)

Baby & Kids Fashion
(Apparel and Footwear)
1.4 Mn SKUs$^{(2)}$

Other categories
(Including Consumables, Baby Gear & Nursery, Toys and other categories)
0.3 Mn SKUs$^{(2)}$

FY26

Notes:

1. As on March 31, 2026: Numbers represent consolidated metrics for India multi-channel and International segments
2. As on March 31, 2026: Numbers represent metrics for India multichannel segment

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firstcry

Customers consistently transact more on our platform

Transaction Cohorts for India Multi-channel business		Till Year 4 Year 0 to Year 4	Till Year 8 Year 0 to Year 8	Till Year 12 Year 0 to Year 12
Fiscal 2014	→	6.8	9.4	11.3
Fiscal 2018	→	7.8	11.5
Fiscal 2022	→	8.1
Average for all Cohorts (Fiscal 2011 to 2026)	→	8.0	10.5	10.8

Year of acquisition is considered as year zero

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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

BabyHug our oldest home brand is the Largest Mothers', Babies', and Kids' products brand in the Asia Pacific region (exc. China) in terms of product assortment and India's largest multi-category Mothers', Babies', and Kids' products brand in terms of GMV as per RedSeer report titled "Childcare Market in India" dated July 11, 2024

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firstcry

We operate India's largest and most engaged parenting community

Full spectrum of topics from pre-pregnancy to pregnancy to parenting

Diversified mix of user and expert generated content

Panel of experts, nutritionists, doctors

Lucid and simple layout for quick and easy discovery

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firstcry

Long standing partnership with hospitals driving new user acquisition

Wide reach with hospitals and brand partners

13,500+

Hospitals and Maternity Clinics(1)

PAN India reach

Expanding the coverage beyond existing channels

Multi-Year Partnerships

Yielding Highest RoI for our brand partners

Unique market entry strategy

2.4 Mn+

FirstCry branded Boxes delivered in FY26

Note:

1. As on March 31, 2026

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Summary of Consolidated Profit & Loss Statement

INR Million(1)	FY24	FY25	FY26	Q4FY25	Q4FY26
Revenue from Operations	64,809	76,596	85,479	19,303	21,627
Material Costs	41,632	47,986	54,524	12,063	13,980
Gross Profit	23,177	28,610	30,955	7,240	7,647
Gross Profit Margin %	35.8%	37.4%	36.2%	37.5%	35.4%
Direct Costs	5,879	6,909	7,671	1,686	1,922
Contribution Margin (pre Advertising & sales promotion expenses) %	26.7%	28.3%	27.2%	28.8%	26.5%
Advertising & sales promotion expenses (% of Revenue)	7.4%	8.4%	8.1%	8.1%	7.6%
Indirect Expense (% of Revenue)	7.6%	7.4%	6.8%	8.0%	6.8%
Adjusted EBITDA(2)	2,744	3,935	4,860	1,005	1,187
Adjusted EBITDA Margin %	4.2%	5.1%	5.7%	5.2%	5.5%
Profit/(Loss) before Tax	(3,215)	(2,320)	(1,662)	(1,176)	(535)
Profit/(Loss) after Tax	(3,215)	(2,648)	(2,037)	(1,115)	(482)

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 855 of Ind-AS 103

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Summary Segment Disclosures

INR Million	FY24	FY25	FY26	Q4FY25	Q4FY26
India Multi-Channel
Revenue from Operations	45,795	52,785	57,533	13,373	14,899
Adjusted EBITDA(1)	4,040	4,997	5,051	1,250	1,092
Adjusted EBITDA margin (%)	8.8%	9.5%	8.8%	9.3%	7.3%
Segment Results	1,666	2,333	2,279	534	365
Segment margin (%) (2)	3.6%	4.4%	4.0%	4.0%	2.5%
International
Revenue from Operations	7,537	8,586	9,474	2,054	2,248
Adjusted EBITDA(1)	(1,396)	(1,401)	(907)	(307)	(207)
Adjusted EBITDA margin (%)	(19%)	(16%)	(10%)	(15%)	(9%)
Segment Results	(1,554)	(1,583)	(1,167)	(355)	(286)
Segment margin (%) (2)	(21%)	(18%)	(12%)	(17%)	(13%)
Globalbees
Revenue from Operations	12,093	15,777	18,943	3,984	4,600
Adjusted EBITDA(1)	23	221	559	30	265
Adjusted EBITDA margin (%)	0.2%	1.4%	3.0%	0.7%	5.8%
Segment Results	(964)	(791)	(318)	(235)	62
Segment margin (%) (2)	(8%)	(5%)	(2%)	(6%)	1%
Others
Revenue from Operations	334	425	472	109	122
Adjusted EBITDA(1)	58	104	125	31	32
Adjusted EBITDA margin (%)	18%	24%	27%	28%	27%
Segment Results	47	94	117	28	30
Segment margin (%) (2)	14%	22%	25%	26%	25%

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).
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

INR Million(1)	FY24	FY25	FY26	Q4 FY25	Q4 FY26
Loss after Tax	(3,215)	(2,648)	(2,037)	(1,115)	(482)
Add : Tax Expenses	(0)	328	375	(60)	(52)
Add : Finance Costs	1,154	1,583	1,557	376	364
Add : Depreciation and Amortization Expense	3,709	4,046	4,072	1,075	1,041
Less : Other Income	(942)	(1,505)	(1,843)	(485)	(408)
Add : Employee share based payment expense	1,781	1,542	2,236	823	486
Add : Exceptional items(2) (net)	-	496	500	367	238
Add : Employment cost on account of business combination(3)	259	92	-	23	-
Adjusted EBITDA	2,744	3,935	4,860	1,005	1,187

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 855 of Ind-AS 103

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

INR Million	FY25	FY26	Q4 FY25	Q4 FY26
Loss after Tax	(2,648)	(2,037)	(1,115)	(482)
Deferred Tax expense	23	(5)	74	115
Loss before Deferred Tax Expense	(2,671)	(2,032)	(1,189)	(597)
Ind AS 116 Cost (Rent amortisation and finance cost)(2)	2,489	2,754	633	722
Brand Amortisation(3)	1,056	876	264	221
ESOP Cost(3)	1,542	2,236	823	486
Depreciation on PPE(3)	1,232	1,281	350	322
Exceptional Item(4) (net)	496	500	367	238
Employment cost on account of business combination(3)(5)	92	-	23	-
Interest on contractual Obligation(6)	-	-	-	-
Cash outflow for lease rentals	(2,147)	(2,496)	(578)	(669)
Cash Profit after Tax(1)	2,090	3,119	692	723

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 855 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)	FY24	FY25	FY26
Number of brands (1)	7,580	8,019	7,855
Number of SKUs (Mn) (2)	1.65	1.82	2.0
Number of warehouses and stockists (3)	80	83	84
Modern Stores	1,063	1,156	1,190
FOFO Stores	628	629	653
BabyHug COCO Stores	284	296	271
FirstCry and other COCO Stores	151	231	266
Net Working Capital Days (4)	53	71	57
Inventory Days (5)	92	102	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
4. Working Capital Days = (Inventories + Trade Receivables – Trade Payables) divided by revenue from operations X 365
5. 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	FY24	FY25	FY26	Q4 FY25	Q4 FY26
GMV^{(1)} from Online (INR Mn)	73,700	86,363	95,349	21,477	23,408
GMV^{(1)} from Offline (INR Mn)	17,511	19,490	21,086	4,669	5,405
GMV^{(1)} from Existing Customers (INR Mn)	65,878	79,259	89,273	21,931	24,184
GMV^{(1)} from New Customers (INR Mn)	25,333	26,594	27,161	4,215	4,630
Average Order Value^{(2)} – Consolidated (INR)	2,544	2,554	2,594	2,525	2,533
Average Order Value^{(2)} – India Multi-Channel (INR)	2,226	2,229	2,284	2,218	2,252
Average Order Value^{(2)} – International (INR)	8,582	9,197	9,067	9,041	8,868

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 2027	313	313	313	313	1,252
FY 2028	164	164	164	164	656
FY 2029	77	77	77	77	308

Fully Diluted Share Capitalisation

Particulars	(in Mn)	% of Shares Outstanding On a Fully Diluted Basis (1)
Basic Shares Outstanding as of March 31, 2026	522.05	98%
ESOPs of which
Time-based ESOPs (2)	0.55	0.1%
Performance-based ESOPs (3)	9.9	1.9%
Estimated Fully Diluted Share Capitalisation	532.50

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 March 31, 2026

• 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 first 12 months, 27% in 12-24 months, 15% in 24-36 months and 6% in 36-48 months.
• Movements of share price after the date of the grant do not affect the ESOP charge for already granted ESOPs

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Glossary

Term	Definition
FirstCry Modern Stores	Includes FirstCry-owned multi-brand stores, franchisee stores, and exclusive home brand stores
Gross Merchandise Value (GMV)	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
Annual Unique Transacting Customers (AUTC)	Unique customers identified by their email-id or mobile number who have placed at least one Order on the FirstCry 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 EBITDA	Adjusted Earnings before interest, tax, depreciation and amortization is calculated as the 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, wages, bonus and other allowances accounted as per para B55 of Ind AS 103
GMV from existing customers	GMV from users that made their first purchase on the FirstCry platform during any period except the preceding 12 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 new customers	GMV from users that made at least one purchase on the FirstCry platform for the first time during any period in 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

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