In its financial results released on February 13, 2026, Brainbees Solutions, the parent company of the omnichannel retailer FirstCry, reported a sharp 153% year-on-year (YoY) increase in consolidated net loss, which widened to ₹38.4 crore for the quarter ended December 31, 2025.
While the company maintained steady top-line growth, the bottom line was heavily impacted by the aggressive expansion of its rapid-delivery vertical and heightened competitive pressure in the baby-care segment.
Q3 FY26 Financial Snapshot
Despite the widening loss, FirstCry saw a double-digit increase in its operating revenue, driven by strong performances in its India and D2C (GlobalBees) segments.
| Metric | Q3 FY26 | Q3 FY25 | Change (YoY) |
| Revenue from Operations | ₹2,424 Crore | ₹2,172 Crore | ↑ 11.6% |
| Net Loss | ₹38.4 Crore | ₹15.2 Crore | ↑ 153% |
| Adjusted EBITDA | ₹153.8 Crore | ₹138.6 Crore | ↑ 11% |
| EBITDA Margin | 6.3% | 6.4% | ↓ 10 bps |
| Consolidated GMV | ₹3,425 Crore | ₹3,113 Crore | ↑ 10% |
Key Drivers: Why Losses Spiked
- Rapid Delivery Expansion: A significant portion of the increased expenditure was attributed to RocketBees, FirstCry’s quick-delivery service. The company expanded this service from 13 cities to 22 cities during the quarter to counter the rise of quick-commerce platforms.
- Competitive Intensity: The company faced “heightened competitive intensity” in the diapering category, which led to increased discounting and promotional spending, putting pressure on gross margins.
- One-time Exceptional Items: The results included a one-time cost of ₹16.3 crore, primarily related to labour code compliance costs (₹13.95 crore) and asset write-offs.
- International Headwinds: In the UAE and KSA markets, FirstCry faced aggressive entry from two large horizontal e-commerce players, leading to elevated marketing spend to protect market share.
Segment Performance
- India Multi-channel: Revenue grew 9% YoY to ₹1,645.8 crore. The segment remains the company’s powerhouse, contributing 79% of total GMV.
- GlobalBees (D2C): This segment was a standout performer, with revenue jumping 22% YoY to ₹515 crore and its Adjusted EBITDA more than doubling to ₹14.8 crore.
- International Business: Reported a 7% revenue growth to ₹279.6 crore, with EBITDA losses narrowing by 25% YoY as the company focused on “sustainable growth.”
Market Reaction: A New Low
The stock market reacted poorly to the widening losses. On February 16, 2026, FirstCry (Brainbees Solutions) shares nosedived over 12%, hitting a record low of ₹236.80 on the NSE. The stock has faced persistent pressure since its August 2024 listing, with the current price sitting significantly below its IPO issue price of ₹465.
“There is a quick commerce frenzy, and we are strategically riding that. While new players face challenges in scaling unit economics in the specialized baby-care space, our RocketBees initiative is improving delivery times by 20% and enhancing customer loyalty.” — Supam Maheshwari, CEO, FirstCry.
