Brainbees Solutions Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Brainbees Solutions Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Brainbees Solutions (FirstCry) reported 13% consolidated revenue growth in Q1 FY27 with a 34% year-on-year reduction in consolidated loss after tax, driven by 17.7% growth in the India multi-channel business and 12% growth in the international business. Management said gross margin in the India multi-channel business declined year-on-year due to competitive intensity in diapering and rupee depreciation impacting manufacturing costs, and described plans to recover margin over the coming quarters. GlobalBees revenue was flattish due to a planned warehouse transition, while the pre-school segment grew 47% in revenue and 65% in adjusted EBITDA.
Numbers mentioned
Consolidated revenue growth: 13% (Q1 FY27)
p. 4
“Overall business has grown 13% year on year.”
Mr. Supam Maheshwari, page 4 of the filed PDF · View the filing
Consolidated loss after tax reduction: 34% (Q1 FY27 year-on-year)
p. 4
“we have also demonstrated 34% improvement year on year basis on a consolidated basis on loss reduction after tax”
Mr. Supam Maheshwari, page 4 of the filed PDF · View the filing
India multi-channel revenue growth: 17.7% (Q1 FY27)
p. 4
“we have demonstrated around 17.7% revenue growth rate, the strongest again in last seven quarters”
Mr. Supam Maheshwari, page 4 of the filed PDF · View the filing
International business revenue growth: 12% (Q1 FY27 year-on-year)
p. 5
“the revenue of international business grew by 12% year-on-year for Q1.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
International business adjusted EBITDA loss reduction: 22.3% (Q1 FY27 year-on-year)
p. 5
“adjusted EBITDA, adjusted EBITDA for ESOP Cost has reduced by 22.3% year-on-year basis in Q1 over Q1 - last year.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
GlobalBees adjusted EBITDA growth: 308% (Q1 FY27 year-on-year)
p. 5
“we have demonstrated a very significant improvement in growth of adjusted EBITDA by a factor of 308% from Q1 year-on-year basis.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
Consolidated AUTC growth: 10% to 11.8 million (Q1 FY27)
p. 5
“overall consolidated business AUTC grew by 10% to 11.8 million.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
Consolidated GMV growth: 12% to 2,807 crores (Q1 FY27)
p. 5
“And the GMV grew by 12% to 2,807 crores.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
Consolidated revenue: 2,106 crores, up 13% (Q1 FY27)
p. 5
“Overall revenue from operations grew by 13% to 2,106 crores.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
Consolidated adjusted EBITDA margin: 4.24% versus 4.98% (Q1 FY27 vs Q1 FY26)
p. 5
“consolidated EBITDA-adjusted EBITDA grew to 4.24% versus 4.98%.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
Consolidated gross margin: 36.5% versus 38.5% (Q1 FY27 vs Q1 FY26)
p. 5
“At 289.3 crores, consolidated gross margin likewise to 36.5 from 38.5.”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
RocketBees city coverage: 72 cities (Q1 FY27)
p. 6
“we have since expanded from 62 to 72 cities.”
Mr. Supam Maheshwari, page 6 of the filed PDF · View the filing
FC Qwik shipments: 125,000 in June, 12 cities (June 2026)
p. 6
“we have now expanded our Qwik from a, pilot to a solidifying sort of a growth strategy. And now we have taken in a full-fledged strategy to now 12 cities and delivered 1,25,000 shipments”
Mr. Supam Maheshwari, page 6 of the filed PDF · View the filing
Offline GMV growth: 15% (Q1 FY27)
p. 7
“we continue to deliver 15% GMV growth for our offline business in Q1 FY27.”
Mr. Supam Maheshwari, page 7 of the filed PDF · View the filing
India multi-channel revenue growth: 18% (Q1 FY27 year-on-year)
p. 8
“we have delivered a strong revenue growth of 18% year-on-year in Q1.”
Mr. Vivek Goel, page 8 of the filed PDF · View the filing
Gross margin moderation in Q4: 280 bps (Q4 FY26)
p. 8
“I'll take you to Q4, where the gross margin moderated by 280 bps, largely because of two reasons.”
Mr. Vivek Goel, page 8 of the filed PDF · View the filing
Gross margin recovered in Q1: 20 basis points (Q1 FY27)
p. 8
“While we recovered 20 basis points of this lost-gross margin in Q1”
Mr. Vivek Goel, page 8 of the filed PDF · View the filing
GlobalBees core categories growth: 2% (Q1 FY27)
p. 10
“Core categories of GlobalBees have grown by 2%.”
Mr. Anuj Jain, page 10 of the filed PDF · View the filing
GlobalBees adjusted EBITDA margin: 4.3% (Q1 FY27)
p. 10
“we posted a 4.3% adjusted EBITDA margin post-corporate expenses.”
Mr. Anuj Jain, page 10 of the filed PDF · View the filing
Pre-school segment net revenue growth: 47%, from 13 crore to 19 crore (Q1 FY27)
p. 10
“a 47% growth in the net revenue from 13 crore rupees to 19 crores”
Mr. Gautam Sharma, page 10 of the filed PDF · View the filing
Pre-school segment adjusted EBITDA growth: 65%, from 3 crore to 5 crore (Q1 FY27)
p. 10
“a 65% jump in our adjusted EBITDA from 3 crore rupeesto 5 crore rupees in Q1 FY27.”
Mr. Gautam Sharma, page 10 of the filed PDF · View the filing
India multi-channel EBITDA margin: 7.3% in Q4 vs 5.7% now (Q4 FY26 vs Q1 FY27)
p. 22
“this margins in Q4 for the India multi-channel business was about 7.3, now it is 5.7.”
Mr. Percy Panthaki, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Manufacturing raw material cost pass-through — fully recovered · by end of Q2 FY27
stated firmly by Mr. Vivek Goel
p. 8
“we have started passing the increase in crude linked raw material prices in manufacturing business to our customers and expect to fully recover it by the end of this quarter.”
Mr. Vivek Goel, page 8 of the filed PDF · View the filing
India multi-channel growth rate — elevated growth · subsequent quarters of FY27
stated as an aspiration by Mr. Supam Maheshwari
p. 16
“we continue to strongly believe that our growth rate will remain elevated in the multi-channel for the subsequent quarters for FY27.”
Mr. Supam Maheshwari, page 16 of the filed PDF · View the filing
FC Qwik share of shipments — 10% of overall shipment, 20% in specific pincodes
stated as an aspiration by Mr. Supam Maheshwari
p. 6
“We had an overall ambition of growing to 10% of our overall shipment onto the FC Qwik platform.”
Mr. Supam Maheshwari, page 6 of the filed PDF · View the filing
GlobalBees growth — bounce back · Q3 FY27
stated firmly by Mr. Anuj Jain
p. 10
“This is a temporary and planned transition that should be complete in Q2 and therefore we expect the growth to bounce back starting Q3.”
Mr. Anuj Jain, page 10 of the filed PDF · View the filing
India multi-channel gross margin recovery from diapering competition — 260 bps recovery · 4 to 6 quarters, visible from Q2
stated conditionally by Mr. Supam Maheshwari
p. 17
“we believe we will be recovering it, although there is a recovery of 20 bps only in Q1, we believe we will have a much faster recovery.”
Mr. Supam Maheshwari, page 17 of the filed PDF · View the filing
Store expansion — around 100 net new stores · this fiscal year
stated firmly by Mr. Supam Maheshwari
p. 29
“So we'll be able to add that for this fiscal year.”
Mr. Supam Maheshwari, page 29 of the filed PDF · View the filing
Pre-school count — not less than 1,000 preschools · next couple of years
stated as an aspiration by Mr. Supam Maheshwari
p. 20
“we believe over a period of time, we should not be looking for less than 1,000 preschools over the next couple of years.”
Mr. Supam Maheshwari, page 20 of the filed PDF · View the filing
Middle East business breakeven — EBITDA neutral
stated as an aspiration by Mr. Supam Maheshwari
p. 5
“Objective is to solve for becoming an EBITDA neutral business as soon as possible”
Mr. Supam Maheshwari, page 5 of the filed PDF · View the filing
India multi-channel EBITDA margin drop recovery — 280 bps reduction should further reduce dramatically · second half of the year
stated firmly by Mr. Supam Maheshwari
p. 22
“The 280 bps will further dramatically should reduce.This is what we will say. Yes.”
Mr. Supam Maheshwari, page 22 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said 20 bps of the 280 bps loss was recovered in Q1, with diapering competitive intensity easing and raw material cost pass-through expected to complete by end of Q2
Answered by Mr. Gautam Sharma
Asked by Jay Laddha: How much of the gross margin loss has been recovered in Q1 and what is guided for Q2
p. 13
“The two reasons which contributed to this loss of gross-margin was heightened competitive intensity in the diapering category, which has started easing out.”
Mr. Gautam Sharma, page 13 of the filed PDF · View the filing
Management declined to give a specific quarter for breakeven but pointed to improving input metrics like gross margin expansion and reducing losses
Answered by Mr. Abhinav Sharma
Asked by Jay Laddha: When will the international business break even and what is FY27 guidance
p. 13
“we would not want to avoid a specific quarter that we want to give out.”
Mr. Abhinav Sharma, page 13 of the filed PDF · View the filing
Management said growth would remain elevated due to RocketBees and FC Qwik initiatives and offline strategy, and margin would recover faster going forward
Answered by Mr. Supam Maheshwari
Asked by Aditya Kumar: Will India multi-channel growth continue at similar pace and when will lost margin be recovered
p. 16
“we continue to strongly believe that our growth rate will remain elevated in the multi-channel for the subsequent quarters for FY27.”
Mr. Supam Maheshwari, page 16 of the filed PDF · View the filing
Management said diapering has high consumer retention risk for private labels and that competitive intensity has started to ease, similar to a prior cycle in 2015-16
Answered by Mr. Vivek Goel
Asked by Ranodeep Sen: What is FirstCry's competitive advantage in the diapering category given aggressive competition from pharmacy and quick-commerce players
p. 18
“diapering is a complex category and the consumer retention on the product is very critical and that is where it is not easy for any brand like Apollo pharmacies or any other private label product to be able to have high retention rate”
Mr. Vivek Goel, page 18 of the filed PDF · View the filing
Management said it was too early to comment on M&A and the company would grow the pre-school business organically
Answered by Mr. Supam Maheshwari
Asked by Ranodeep Sen: Is there an M&A opportunity in the pre-school vertical
p. 20
“I won't be able to comment on the M&A, it's too early. I don't think we are looking at it yet.”
Mr. Supam Maheshwari, page 20 of the filed PDF · View the filing
Management broke down the 290 bps year-on-year EBITDA decline into 260 bps from gross margin loss and 30 bps from logistics costs offset partly by operating leverage
Answered by Mr. Gautam Sharma
Asked by Percy Panthaki: Is the sequential deterioration in India multi-channel EBITDA margin from Q4 to Q1 due to crude-linked inflation
p. 23
“the bridge of this 290 is, 260 coming from the gross margin reduction which we have started seeing from Q4 onwards.”
Mr. Gautam Sharma, page 23 of the filed PDF · View the filing
Management attributed the gap partly to GST 2.0 implementation reducing MRP and the blended nature of online, offline and manufacturing revenue
Answered by Mr. Gautam Sharma
Asked by Percy Panthaki: Why does India revenue growth of 18% differ from GMV growth of 12%
p. 24
“There was a GST 2.0 which got implemented in Q2, right. So, some minor impact is because of that also, which led to a reduction in the MRP.”
Mr. Gautam Sharma, page 24 of the filed PDF · View the filing
Management said the delta has increased due to diapering margin pressure but the company does not make losses in diapering and expects the delta to shrink as margins recover
Answered by Mr. Gautam Sharma
Asked by Harsh Gokal Gandhi: What is the profitability delta between diapering and non-diapering business and FirstCry's market share in diapering
p. 26
“we don't make losses in diapering business.”
Mr. Gautam Sharma, page 26 of the filed PDF · View the filing
Management pointed to RocketBees delivery coverage and turnaround time improvements, FC Qwik shipment growth, and offline assortment changes driving footfall and conversion
Answered by Mr. Supam Maheshwari
Asked by Archana Menon: What operational KPIs beyond revenue growth have improved in the offline business
p. 27
“delivery TAT of our customers under the RocketBees framework is 20% superior and with lesser RTOs and so on so forth.”
Mr. Supam Maheshwari, page 27 of the filed PDF · View the filing
Management said non-diapering consumables represent around 15% of GMV and continue to grow with healthy margins
Answered by Mr. Supam Maheswari
Asked by Archana Menon: What is the salience of non-diapering consumables in India revenue
p. 29
“It's around close to 15% of GMV is what we had mentioned even in our last quarter and yeah, that's 15%.”
Mr. Supam Maheswari, page 29 of the filed PDF · View the filing
Risks flagged
Heightened competitive intensity in the diapering category pressuring gross margins
p. 8
“Our diapering category continues to witness heightened competitive intensity during the quarter.”
Mr. Vivek Goel, page 8 of the filed PDF · View the filing
Rupee depreciation and increase in crude-linked raw material prices affecting manufacturing gross margins
p. 8
“the impact on gross margins in our manufacturing business because of rupee depreciation and increase in crude linked raw material prices.”
Mr. Vivek Goel, page 8 of the filed PDF · View the filing
Geopolitical disruptions in the Middle East affecting the international business environment
p. 9
“there are some geopolitical disruptions ongoing in the Middle East.”
Mr. Abhinav Sharma, page 9 of the filed PDF · View the filing
Planned warehouse and inventory transition in a core GlobalBees brand temporarily affecting growth
p. 10
“a key factor that affected the growth was a planned transition in one of our core brands.”
Mr. Anuj Jain, page 10 of the filed PDF · View the filing
Aggressive pricing by quick commerce and other players in the diapering category
p. 18
“the real, I would say, disproportionate pricing kind of a strategy happens on the established brands where other e-commerce players or quick commerce players try to attract consumers with very very aggressive pricing in for limited period of time.”
Mr. Vivek Goel, page 18 of the filed PDF · View the filing
Increased logistic costs from RocketBees and FC Qwik initiatives impacting EBITDA margin
p. 23
“The remaining 30 bps is basically a factor of, it's a combination of the increase in the logistic cost because of our logistic initiatives in RocketBees and FirstCry Qwik”
Mr. Gautam Sharma, page 23 of the filed PDF · View the filing
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