Brainbees Solutions Q4FY25: Home Brands Deliver, but Global Expansion Still Finding Its Feet

FirstCry (Brainbees Solutions) wrapped up Q4FY25 with healthy domestic momentum, even as international expansion and GlobalBees showed a more muted picture. The company remains committed to its homegrown brands and expects a meaningful earnings rebound in FY27.

Q4FY25 Highlights

Let’s break down the quarter:

• Revenue: ₹— crore, up 15.8% YoY, reflecting robust domestic demand.
• ATU (Annual Transacting Users) grew 16% in India and 25% internationally — a solid user acquisition story.
• India’s adjusted EBITDA margin expanded 47 bps YoY to 9.3%, indicating operational leverage in the core business.
• Home brands made up 55% of India’s multichannel revenue and grew faster than the broader FirstCry GMV.

Management’s Outlook

Management expects a sequential uptick in demand in the coming quarters. But they also acknowledge challenges:

• Earnings dip of 15.3% in FY26E
• Rebound of 101.7% growth expected in FY27E

So, while FY26 might be a transitional year, FY27 is shaping up to be a bounce-back year for the company.

Challenges to Watch

Despite strong domestic momentum, there are a few watchpoints:

• GlobalBees and international business revenue growth disappointed, weighing on near-term expansion.

• Management noted a moderation in GMV and revenue growth in Q4FY25, linked to slower business and store closures in FY25.

The stock is also expensively valued at 4616.6x P/E FY27E EPS, reflecting the market’s high expectations.

Disclaimer & Full Report

This feature is based on a synopsis of a research report issued by Kotak Neo. For the full story (and disclaimers), make sure to check out the original sources:

• Full Research Report
• Kotak Neo Research Disclaimer
• Research Hub