FirstCry Listed Investor

Broad one-stop assortment of baby/kids products from national and international brands.

FirstCry frames its customer relationship as beginning in pregnancy and continuing through early childhood.

Content/community property extending engagement beyond transactions.

Actively expanding modern-store count (904 in FY23 to 1,169 by Q1 FY26) through both franchising (FOFO) and company-owned stores (COCO), while driving cross-channel shopping — 38% of top-20-city GMV in FY25 came from customers who transact both online and offline.

Running inventory and replenishment across 84 warehouses and stockists as SKU count nearly doubled (1.29Mn to 1.86Mn between FY23 and Q1FY26); Inventory Days rose from 83 (FY23) to 102 (FY25) and Net Working Capital Days from 50 to 71 over the same period — metrics the company tracks and discloses every quarter.

Management names growing Home Brands' share of GMV as one of several deliberate, ongoing margin-expansion activities, alongside shifting category mix toward Kids & Babies Fashion and capturing scale economies on both Home Brand and third-party sourcing.

Publishing editorial content and interactive tools (growth/vaccine/teething trackers, a due-date calculator, Q&A, discussion groups) spanning pre-pregnancy through parenting, combining a panel of experts, nutritionists and doctors with user-generated content inside the same app used for shopping.

FirstCry stores its inventory across a network of warehouses and stockists that grew from 79 (FY23) to 84 (Q1 FY26), underpinning an assortment of roughly 1.9 million SKUs from over 8,000 brands.

1,169 FirstCry/BabyHug modern stores as of Q1 FY26 — a mix of franchisee-owned franchisee-operated (633 FOFO) and company-owned company-operated (536 COCO) formats — giving the online business a physical retail footprint.

A combined shopping and parenting-content mobile app and website with 159 million cumulative downloads that serves personalized homepages based on the child's age/gender and on region/festival.

A curated portfolio of company-owned brands built to address a fragmented third-party supply market. Home Brands carry higher margins than third-party brands and grew from 37% to over 55% of India multi-channel GMV between FY20 and FY25.

Brand partners include Chicco, Graco, Johnson & Johnson, Huggies, Pampers, Mothercare, Fisher-Price, Lego, Disney, Barbie, among others.

The largest cost line by far. Consolidated cost of materials consumed was INR 7,317.78 Mn and purchases of stock-in-trade were INR 45,350.07 Mn for the year ended March 31, 2025 (up from INR 5,574.65 Mn and INR 38,898.87 Mn respectively in FY24), against INR 76,596.14 Mn revenue from operations.

Consolidated employee benefits expense was INR 5,741.92 Mn for FY25 (up from INR 5,084.21 Mn in FY24), made up mainly of salaries/wages/bonus (INR 5,338.20 Mn) plus provident-fund contributions and staff welfare; a further INR 1,542.46 Mn was recognised as employee share-based payment (ESOP) expense in FY25.

Within 'Other expenses' (INR 19,026.29 Mn in FY25), the two largest single lines were courier expenses at INR 6,444.49 Mn (FY24: INR 5,457.49 Mn) and advertising & sales promotion expenses at INR 6,471.00 Mn (FY24: INR 4,821.82 Mn) — together over two-thirds of that expense head.

Consolidated finance costs were INR 1,583.26 Mn in FY25, of which INR 1,003.44 Mn was interest on lease liabilities; depreciation and amortisation totalled INR 4,045.67 Mn, of which INR 1,757.78 Mn was amortisation of right-of-use assets — reflecting the leased-store/warehouse-heavy nature of the network.