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

  •  2 min read
  •  1,015
  • 27 May 2025
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.

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 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.

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.

Metric Q4FY25 Highlights
Revenue Growth
15.8% YoY
ATU Growth (India)
16% YoY
ATU Growth (International)
25% YoY
Adjusted EBITDA Margin (India)
9.3% (+47 bps YoY)
Home Brands Share
55% of India multichannel revenue
FY26E Earnings Growth
↓ 15.3% expected
FY27E Earnings Growth
+101.7% expected
P/E (FY27E EPS)
4616.6x
Revised Fair Value
₹530 (down from ₹540)
Particular Details
CMP
₹375
Target Price
₹530
Rating
BUY

FirstCry’s domestic engine continues to hum along nicely, with home brands and user growth showing promise. The global story, however, is still in build mode, and valuations are rich. For now, the call remains BUY — with a focus on FY27’s expected earnings rebound.

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

Investments in securities market are subject to market risks, read all the related documents carefully before investing. This information is purely backed by KSL research analyst based on research recommendation. Kotak Securities Ltd has registration granted by SEBI, Enlistment as RA and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX), Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. Research Analyst INH000000586; BSE Enlistment No: 5035 for compliance T&C and disclaimers, Visit https://ddei5-0-ctp.trendmicro.com:443/wis/clicktime/v1/query?url=https%3a%2f%2fbit.ly%2flongdisc&umid=818E14E7-34FE-7906-906B-8F0B1C42A394&auth=d2c41a7df2e2ef1fca42bbbefb1c825d24cf1548-36f3d1caa4f5ef82b030dac05eca909befcec775,

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