FirstCry doubles down on private labels and Qwik as quick commerce erodes specialist moat
Brainbees stock is down ~70% from peak with market cap at ₹11,318 Cr as Blinkit, Zepto and Instamart chip away at the baby category. FY26 revenue grew 12% to ₹8,548 Cr with adjusted EBITDA up 24% to ₹486 Cr, but losses widened to ₹204 Cr as diaper discounting shaved 140 bps off gross margin.
What happened
FirstCry's stock has fallen ~70% from peak as quick commerce players like Blinkit, Zepto and Instamart erode its specialist moat in baby products. Management is
Key facts
- stock down ~70% from peak
- market cap ₹11,318 Cr
- FY26 revenue ₹8,548 Cr (+12% YoY)
- adjusted EBITDA ₹486 Cr (+24%)
- losses ₹204 Cr
- GMV ₹11,600 Cr
- 11 Mn customers
- 1,189 stores
- 13,500 hospital partnerships
- private labels 58% of GMV
- RocketBees 40% of shipments
- diapers shaved 140 bps off gross margin
- JM Financial TP ₹265
Why this matters
FirstCry's distressed valuation and Qwik logistics asset make it a compelling tuck-in for a horizontal quick commerce player seeking instant baby category depth and private label IP.
Also reported by
- Inc42 — Same time