FirstCry India Multi-Channel Q3 FY26 revenue reached Rs 1,646 crore (+9% YoY), with EBITDA margin expanding to 10.0%. The company achieved 12.2 million orders and 10.8 million customers. Cash PAT turned positive at Rs 1,155 crore for the consolidation. Non-diapering now represents 85% of GMV. RocketBees expanded to 22 cities with 20%+ TAT improvement, while Qwik pilot launched in 3 cities.
Q3 FY26 marked the first PAT-positive quarter for FirstCry adjusted for ESOP cost. Consolidated Cash PAT surged to Rs 1,155 crore (+23% YoY) with free cash flow positive for 9M FY26. India multi-channel Adjusted EBITDA stood at Rs 1,638 crore (10.0% margin) in Q3. The 9M consolidated EBITDA reached Rs 3,673 crore (5.8% margin), signaling the business has crossed the profitability inflection.
India revenue growth accelerated from 7.5% (Q1 FY26) to 8.9% (Q3 FY26) YoY. Supply chain disruptions cost approximately 200bps in margin. RocketBees rapid delivery expanded from 13 to 22 cities with 20%+ TAT improvement. Qwik pilot launched in 3 cities with <3 hours delivery. Non-diapering at 85% of GMV drives higher-margin mix, offsetting gross margin compression of 140bps to 34.8%.
Non-diapering categories now represent 85% of GMV, up from lower levels in prior years. These higher-margin categories are driving overall mix improvement and supporting margin expansion despite gross margin compression from channel mix changes.
Q3 gross margin declined to 34.8% from 36.2% YoY due to channel mix shift toward lower-margin categories and supply chain volatility. EBITDA margin held at 10.0%, down from 11.2%, indicating operating leverage from cost absorption on higher base.
RocketBees expanded from 13 to 22 cities with 20%+ TAT improvement, improving customer satisfaction. Qwik ultra-fast delivery pilot launched in 3 cities targeting <3 hours. Both initiatives position FirstCry for competitive advantage in last-mile logistics.
FirstCry's India multi-channel business delivered its first PAT-positive quarter (adjusted for ESOP) while revenue growth accelerated to 8.9% YoY. The 10% EBITDA margin and free cash flow positive 9M FY26 signal the business is past the profitability inflection. The challenge now is sustaining growth momentum while maintaining margin discipline amid supply chain volatility and competitive intensity in rapid delivery.
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