Yeah. So you want to complete the questions? Okay, we can address this particular point. You're talking about from some 8,000 number to some …

7,800. Yeah.

That point absolutely needs to be ignored because those brands don't even contribute, less than 0.5% of our revenue. So you can continue to ignore that. That's, we are rationalizing at our end to be able to manage our own curation in a much smarter way. Mr. Sachin Dixit Understood. I mean, largely for most marketplaces, one would be anticipating that the number of brands goes up rather than goes down. Mr. Supam Maheshwari No, Sachin, that's not a metric that really impacts us. So nothing to worry. It's completely to be ignored because that's not the brands that are contributing much. There are a lot of mompreneur brands and there are a lot of new brands that come and go, they completely get wiped out over a period of time in their own jour ney. A lot of entrepreneurs, young mompreneur as well. So we can't continue with th em once they can't give us the sort of customer experience of the products that we are requiring for. So we take those calls as well in terms of curation of the brands t hat we are catering to, for our customers. So, but these are long tail, I would say the far end of the long tail. So nothing to worry about at all.

No impact on revenue, Sachin

Yeah, no impact. Zero. Mr. Sachin Dixit Okay. On the second question , on our own supply chain initiative, right. I mean, obviously I think this question has come up earlier as well. You had XpressBees, which as far as media reports suggest is faltering. And now you are again doing a RocketBees. Do you, I mean, how certain are you that you really need to build this, right? I mean, as far as the broader e-commerce goes, one large layer, which is shipping like 2 billion shipments is probably doing insourcing, which makes sense probably a t that volume. But for your volume, how certain do you feel it is needed? And especially in the light that we have highlighted supply chain issues now for two quarters in a row. So we'll love some color there. Mr. Supam Maheshwari So Sachin, if you look back, last two quarters that we have talked about, third-party logistics is hugely dominated b y, their demand is dominated by players like Meesho and others. And the customer sensitivity of, and I wish to mention that there is no distinguished service for a player like us versus someone else. So, while we are very, very particular, the kind of customers that we are catering to is far more particular in metro, Tier I, Tier II or Tier III, wher eas players who are dominating the demand of some of these LSPs are Tier III plus. So the consistency of service doesn't exist there and our customers are suffering. So we have to take things, we waited for quite some time and I think I acknowledged in the last call as well that we were late. But I think we had to take things in our own control, in terms of being able to provide that kind of a service, which customers will love. And these are young moms, young parents who canno t wait beyond the promise that you are promising. And on top of it, with I would say, the feature of quick commerce and general commerce being so pervasive in today's world and today's Gen Z audience and so on, so forth, i t is very important from our futur e perspective as well, to build our supply chain, which you can tailor to your requirements rather than being dependent on the third party. It's not like in US where you have a FedEx being same day delivery or a one day delivery versus a three day delivery, you can decide as a customer, for a shipper like FedEx. In India, we don't have that kind of models. So we had to take things in control. And for any large e-commerce player like us, I would say logistics is a very, ver y integral part of our jour ney. Initially, Xpressbees was built like that. But I think they moved in their own direction , in terms of managing their own P&L and their own sort of a story. And likewise for Delhivery, likewise Shadowfax and so on and so forth. We believe we are in much better shape. We track metric s of performance of third party, we work with all of them still a nd we are scaling our own RocketBees as well. We are far superior in terms of customer experience. As I told in my presentation a few minutes back, we have a 20% superior delivery TAT compared to the third party logistics. That itself is critical for us to be able to provide that experience and it helps in reducing RTOs and so on and so forth, which I can talk a lot about it, but I will reserve my comment saying that it is important to build that architecture and it's an asset light model. It is at the same cost. Initially, there is a little bit of a bump up, but as you scale and you build your own network in cities, you are able to have the similar cost as a third party logistics. So it doesn't come at an incremental cost in a medium to long run. And on top of it, if you have your architecture, you can actually build an FC Qwik kind of a mo del, which otherwise you cannot. You can only dream and wait for the performance to be done by somebody else, whereas the core, if you look at any large player, everyone has their own fleet, everyone has their own model, to be able to deliver that kind of a service. And it had to happen, probably it happened now. We wish, we had anticipated it a couple of years back, but I think it was imminent that it happened. And now we feel more confident, having taken RocketBees to 28 cities and it will continue to grow week on week, fortnight on fortnight basis. And as I said, 45 to 50% of our shipment will be done by middle of the year, which will mean a lot improved customer experience, help us in growth of the same customer, who we are serving through RocketBees and on the same architecture be able to scale up our FC Qwik as well, which otherwise would have not been possible.

Just to clarify Sachin, you talked about the supply chain issues. So what we talked about as a supply chain issue is no t anywhere related to logistics, I am just clarifying that. Mr. Supam Maheshwari Yeah, those supply chain were related to sourcing led supply chain, not the forward looking supply chain, which is from our warehouse to end consumer. Mr. Vivek Goel So Sachin, just wanted to add on to what Supam was mentioning that we continue to work with all third party logistics and they are critical for our business. But while RocketBees also continue to give us more flexibility towards making sure that the consumer sentiment improves and solve for micro nuances of the consumers. Mr. Sachin Dixit Understood. Just my final question on the margin outlook for India business, if I can. So we have been generally trending, I mean, earlier we were doing 80 -90 basis point expansion, then we dropped to 50-60. This quarter, it looks like we have dropped margin. Is there any new outlook on how margin should look like on the India business? That's my last question. Thank you. Mr. Supam Maheshwari So Sachin, on a medium to long run, nothing changes. I think this correction that has happened is largely because of a certain heightened competition that we saw in one of our categories, which is diapering. We have seen this kind of events even in earlier years. These are irrat ional events that has happened. Obviously, we don't control these because it's been done by large players. I think once it improves, that improvement will come back sharply. But we can't anticipate the time. However, our structural improvement in gross margin across our 85% of the portfolio will continue to happen quarter on quarter, year on year basis. When we improve our category mix and improve our home brands mix. So that doesn't change at all. Hope that answers.

Yeah, that does. Thank you. Mr. Anish Arora Thank you, Sachin. The next question is from Ajay Agarwal. Ajay, please unmute yourself. Thanks. Hi, Supam, Gautam and team. Good set of results. I have three questions. I will take the first one on the India business. So how are you viewing the new players that have emerged in the baby and kids vertical, with one-hour delivery being a proposition? There are a couple of the players, I think, in the market, especially in the metro cities that have emerged in this segment. So this is my first question. Should I repeat all three and then you will take them or you want to take one by one?

No, no, we can go one by one. It helps to remain focused. So Ajay, I think, look, your point is fair, but I can just say that we have heard about two small venture funded companies. Look, these are early days. There is a frenzy of quick commerce and I think people are just riding on that bandwagon. They're operating out o f a single dark store in a few catchments of a city like NCR and Bangalore . And scaling this model to a level , where they attain scale, build a acquisition engine, ecosystem of a certain competitive game, or a unit economics, and on top of it, being able to build home brands, it will take them many, many number of years . And currently their unit economics is at a CM -2 level is so terrible that it will take, in our estimate, hundreds of millions of dollars for anyone to really take certain shape and size. S o in our opinion, in our assessment, it's very, very hard to replicate what has been built for players like us, by the new players that you are mentioning, especially in the quick commerce, baby and kid space. So good luck to them and good luck to being able to generate hundreds of millions of dollars in investment to be able to fund their growth and fixing their unit economics. Mr. Ajay Agarwal Thanks Supam, it makes sense. The other question is on International business. So when we will be able to turn EBITDA breakeven in the International business and by when can we expect the growth to bounce back to higher level?

Hi Ajay. So Ajay, good question, slightly longer answer. Stay with me. So Ajay, ea rly days and if you've seen the last few quarter results, especially the expansion of gross margins and a certain sort of a top line growth as well as reduction in losses, I think the path that we've chosen for ourselves here for the International business is ensuring tha t we grow, and while we grow, we are very, very focused on reducing our losses. First, that's the top most priority because we believe fundamentally that while the competition intensity is very high. W e saw that last quarter also. We must rem ain very absolutely focused on ensuring that we are not joining that bandwagon because retaining customers, acquiring the quality cus tomers is the top most priority. Especially in the ecosystem, which are inducing your CACs to be on the higher side or even the CPCs and CPMs to be very high, just because of the intensity, we have to remain focused. We are ensuring that our home brand mix in the business, what we are selling, the mix of home brands is improving, the mix of brands that are higher gross margin or higher repeat categories for us is improving. While we do that, our profitability path is very clear that we are not going to achieve a cert ain step function growth in top line or we are not going to commit t o a step function growth in topline, while having a steep drop in gross margin or steep drop in EBITDA. So the first priority is obviously improving or reducing our losses. Having said that, I think three and a half years into KSA and about just over five and a half in U AE, still early day s. We've seen the same frenzy in India, if you go back 10 years or 15 years in India, we've seen the horizontals play similar sort of a business game plan . While they expand the ecosystem for e-commerce in the baby and kids category for u s and for the larger ecosystem, w e ride the wave once we have our unit economics in a zone where we're very comfortable to press on the pedal to grow faster and also breakeven. So very early days to commit anything. But definitely India, I think, and Supam, you can corr ect me if I'm wrong, but India , I think, took about 10 years to achieve that s ort of a profitability or breakeven mark. One thing we know is we'll get there faster. It'll not take us 10 years.

Thanks Abhinav. Thanks for the detailed response. My last question will be on Globalbees. Anuj, good set of results in GB. I heard there was a mention of Flipkart impact of some growth in Q3. Can you help us understand how much did Flipkart impact growth in Q3? And again on Globalbees, any plans on listing of Globalbees? Can you share the tentative timelines or any sense on the same? Mr. Anuj Jain Yeah, Sure. So I would say that overall, with the readjusted model that Flipkart has, there has been an impact on the revenue level itself. And that has got depressed. Overall, our gross margin profile remains pretty, pretty consistent. And at a fundamental level, there's no material change in the margins of the core business. So really the impac t of Flipkart we've seen over the last couple of quarters has stabilized and in the coming year, I think we should be able to simply grow from there.

Ajay, the right way of looking at the Globalbees business is you look at the EBITDA growth rate. Which is around 1 50% increase year on year in Q3 and roughly 50% increase year on year in nine months. I think that's a metric that we should see.

Sure. Thanks for patient ly answering all the questions. Wish you all, best of luck. Thank you.

Thank you, Ajay. Mr. Anish Arora Thank you, Ajay. The next question is from Mr. Ranjit. Ranjit, please unmute yourself. Hi. Am I audible? Mr. Supam Maheshwari Yes

Yeah. Hi, this is Tejas from Avendus Spark. Hi Supam, Gautam. Supam, if you can just elaborate a bit our plan with RocketBees and Qwik, what exactly are we trying to solve here and what it will entail in terms of capital commitment and bandwidth commitment in coming period?

So, look, Ranjit, we have spoken about Rocket Bees initiative. RocketBees is a nomenclature that we have expressed first time on this call. But I think this initiative is almost a nine - month-old. We started somewhere around February, March, it's almost like 11, 12 months old now. So we've been speaking about a couple of quarter s in our earnings call. We faced a lot of challenges in late 2024 and in CY25, where customer experiences because of our delivery delays and painful experiences because of disruption in the last mile service provider sort of ecosystem, gave our customers a lot of pain. And we waited, we tried all kind of all players, but we could not really get the kind of output, the kind of experience that we would really desire to give to our customers. And with that sort of a landscape that this will not get fixed, because as I said, Indian logistics do not provide differentiated service as what you will find probably in developed nations like US, where you can have a shipper ship your order for a priority delivery versus a regular delivery. India doesn't have as sophisticated nuance at scale and at a cost that you would like it to be. And therefore, we had no choice left but to take this last mile service sort of a game in our hand. We built totally an asset light model. Total tech stack is being built by Firstcry. And on that, we have third party logistics, regional local players who are providing dedicated manpower , who are attached to fulfilling those shipment s or delivering those shipments to the last mile. Dedicatedly only our shipment, not mixing shipment with some other shipper. So with that, we have not only improved, I would say the delivery TAT by around 20% compared to the third party logistics provider for our end customer, but also improve a lot of other metrics in terms of RTOs, in terms of, other metrics that come around damages and so on and so forth, which essentially means superior sort of a customer retention, superior customer cohort. As more and more customers come under the area, under the curve of RB, we will be able to improve our growth with higher retention and higher LTV from those sort of customers. So it will pan out very beautifully for us. Also, I must say in the same breath, that it doesn't cost much extra compared to the third party LSPs cost. Initially for a few months, it is a bump up, but after that, once the city stabilizes onto a higher network of RB deliveries, the cost really comes down to the same third party logistics sort of service provider cost. So it is something that I wish we would have not faced this issue in the first place, but since we faced it, we had to build it. And having built it, there was also a strategic sort of an understanding with the undercurr ent of last couple of years, that couple of quarters, we are seeing how quick commerce has been rapidly changing the consumer behavior of getting products much faster. With RocketBee s sort of architecture, we are able to now control our destiny or control our customer experience for FC Qwik as a model as well. Otherwise, it becomes super difficult to just keep waiting for third party LSPs to really build a model for you and being able to scale up as quickly as you would wish to. That would have not happened. So it's just taking things in our control the way we did it in 2013. When we started Xpressbees, we had to take that in because at that time, there were no LSPs other than DTDC and BlueDart and so on and so forth. Historically, I don't want to go there and tell you the whole sort of a story. You may already know that. So we had to build what we built at that point in time. But we had to do another innovation again, once again, because of the disruption in the LSP ecosystem in the last couple of years, and therefore ended up building our own Rocket Bees, dedicatedly only working for Firstcry. So I hope I have answered this question unless you have any specific question on this particular point. Mr. Tejas Shah Yeah. Thanks, Supam. This was quite comprehensive. Just one follow up there, so when we look at a player like Nykaa. Now, two years back, they also called out that because of logistic issues and other challenges, they are not able to give, the customer experience was getting compromised, and especially they were getting into Nykaa Lux e also, s o they wanted it to be much more premium. Now they addressed it by investing in fulfillment centers closer to larger markets. And as the result shows now, they seem to have solved the problem and in a very good way. So just wanted to know this stencil that we are trying to use , or we are using now we are committed to, has it been used and hence it gives us confidence or we are the first to try it? Because to our naked eyes, Nykaa model also seems to be doing fine, which also had similar challenges as we had. Mr. Supam Maheshwari So I'll just tell you the broad difference between us and some other players that you are mentioning. Look, we are a mini- horizontal in some sense. We are shipping from a 10 gram diaper pin to a 30 kilogram toy car. So our supply chain, our logistics model is far, far different than half a kg of a shipment of a typical sort of a fashion or a beauty, BPC as a product category. So the supply chain is far, far different right from storage to a line-haul, mid -mile, first -mile and last -mile perspective. So I think it is very, very complex. So it cannot be compared with what you are mentioning in real terms. Therefore, while things may work out with others in a different way, same paintbrush cannot be applied onto our kind of a mini-horizontal, product mix, where the spectrum of the product in physical form or a volumetric form is far different than what the others are providing. So we had to build, what we therefore built. And as you will remember, we already have 85 warehouses, somewhere ar ound 83 or 85 warehouses, from a proximity standpoint. That network, we built it a fairly long period of time back. In fact, we were the pioneers of building a sort of dark store, when the dark store model as a name , nomenclature did not exist. We built our first so -called, today's dark store , in 2013, or 20 14, somewhere around that. So we have been fairly innovative in those terms. We enjoyed the fruits of that journey fairly early in our overall 15 -year journey. But I think things change, environment change s, service models change, consumer expectations change, and we had to re -innovate, reinvent ourselves. And that is where it led to building what we have built now. This will be long lasting. This will be very strong pillar of our growth going forward. In fact, in the cities that we are already delivering through RB, we see a very significantly higher growth than the cities that we do not have RB today. I hope that really gives you, and it's significantly different. So therefore, that gives us internal sort of a boost as well, that what we're doing is right, not just vanity metric, in terms of customer satisfaction, but also in terms of real growth, that we' ll be able to demonstrate once more and more customer experience RB and the RB network increases to many more cities. And we'll be able to demonstrate our India multichannel growth or online growth into a very different curve in FY27. We mentioned that in our presentation, and hopefully we'll conti nue to demo nstrate sequentially, not just FY27, but sequentially a superior growth in our India multichannel. We are super confident on that, on back of these initiatives, in fact.

In a way, this is a long term investment. It is a long term benefit that we are building for the consumers. So it is important from that window as well for us.

And just for last, if I m ay squeeze in a follow up there. What percentage of our revenue or client pool or customer pool will we be able to service with this initiative , by let's say in next two quarters and by the end of FY27? And you have said that witnessing 20% improvement in TAT, whereve r we have implemented this . So other than TA T, this customer experience shows up in which KPI? A nd how we should think of it translating into financials going ahead. That's all from my side.

So as I alluded, we are witnessing significant superior growth. So if you're talking about 8.9 or maybe 11, if you want to iron out the supply chain deficiencies , that we witnessed in quarter three, you can apply definitely a much superio r growth than that. We have in cities where we have RB, we're talking about mid -teens plus growth. So as we expand our RocketBees network to more and more cities, we should be able to expand that mid to late teens growth model in those cities as more and more customers really get area under the curve. So as I said, Rocketbees , by middle of the current calendar year, we should be abl e to touch 45 to 50% of our overall shipments. Mr. Tejas Shah Thanks and all the best for coming quarters.

Thank you, Tejas. Mr. Anish Arora Thank you, Tejas. Next question is from Vineet. Vineet, please unmute yourself. Mr. Vineet Hi. Thanks for the opportunity. So just a follow up on FC Qwik, I get your point around the third party logistics, but how would you view Q -commerce players as our competition who are delivering within say like 10 to 15 minutes, and what will be our value proposition if we are, if our delivery promise is two to three hours? So is it going to be the assortment depth or it will be largely pricing led?

So Vineet, if you think, let us go back into the shoes of a mom. Typically, our A UPT is fairly high compared to a quick commerce. A mother typically will put multiple number of units in a typical order. Number one. Number two, our assortment itself, we are talking about not just diapering or consumables, we are talking about entire fashion, footwear, and baby gear, nursery, toys, the entire product categories that we serve in a regular business, is also being served in the FC Qwik. So it's a very different experience. And today we are leveraging, on a pilot basis, in these three cities , on few pin codes, through our COCO stores and through our current sort of warehouse. Over a period of time, we will be leveraging close to around 1 ,200 of our COCO stores as we progress further. That will give us an ext remely high operating leverage, and as well as in certain pin codes, we will also be able to increase coverage of dark stores as well. So over a period of time, we believe that while 10 minutes is what we are not solving for . The young mother who is probably looking for a single item, we are not catering to that. And we have talked about there's not so much of an overlap between what quick commerce assortment is and what our assortment is. We're talking about a full assortment . Just to give you an example, in non -fashion assortment itself, we have 300,000 S KUs, just in no n-fashion assortment. So it's a very large assortment that we are talking about. And with that, we believe, the objective here is not to solve for 10 minutes or half an hour. It is to solve for that customer experience where they have a certainty that will come in a few hours with the full basket that they have ordered for. That is what we want to give assurance rather than and to catch on to that customer experience is what we want to solve for. And that will remain the bulk o f the customer experience that young mothers or young fathers would want to solve for. Look, majority of the products that we sell are our home brands, that we have already acknowledged in the past. So that is not available anywhere. And in particular , babies and kids space, there is a challenge on size and scale of brands, third party brands that are available. That essentially means that customer would come back, would shop with us, and will shop more and more with us, provided he gets a certainty on a quality of delivery experience , and through FC Qwik, we'll raise the bar. That's the objective that we have . We have already had a few weeks of FC Qwik already live. Of course, you can try it in few, these three cities and some pin codes. And the experience or the pilot, our results have been very superb for us. We just are ironing out the tech product and the overall supply chain, overall efficiency, and we'll continue to scale this up. Like we are giving you RB update, we hope to give you the FC Qwik update over next few quarters as we go along. So we remain super excited on these three initiatives that we've talked about today. Mr. Vineet Perfect. So I have a slightly structural question over our growth. While I appreciate our focus on profitability, but over say like last four to six quarters, our India multichannel growth has moderated significantly versus our own historical growth, say like pre listing. And we've also alluded to say sort of weaker consumer sentiments. But other multichannel platforms, say Nykaa, has grown significantly faster while expanding margins. So structurally beyond FC Qwik, what are the other levers that we are working on to reaccelerate growth back to say like mid teens or higher?

I thi nk with these initiative s itself. Look, there are always many projects and many initiatives that we undertake in our regular day to day and which we have not spoken about. But these were three large worth mentioning initiatives that we spoke about, which w ill really move the needle. We remain super confident about our mid to long term story of being able to deliver mid to late teens growth for our India multichannel. So we remain committed to that. In last three quarters itself, in my f irst slide itself I think we talk ed about the growth increasing, quarter on quarter , year on year basis and sequentially for last three quarters. And you will continuously see that happening over next few quarters. And I think structurally, with these three initiatives, we are destined to be able to see that and deliver that without any compromise. We don't see any challenge. We have to just execute on these initiatives hard , day in day out and ensure that we are retaining and delivering those results that you're all anticipating. So I think it should happen sooner than later. FY27 will be far superior than FY26. And I didn't mean to say back ended. I mean, sequentially quarter on quarter, you should be able to see a continuous increasing growth year on year. Mr. Vineet Perfect. That's it from my side. Wish the team , all the best. Thank you. Mr. Supam Maheshwari Thank you Mr. Anish Arora Thank you, Vineet. In the interest of time, we'll just take one last question. Arvind, please unmute yourself. Mr. Arvind Hey, Hi. Thank you for the opportunity. So Supam, like given the unique lifestyle of baby and kids product, how we are working to extend our customer engagement beyond early childhood and maximize lifetime value? Mr. Supam Maheshwari So, Arvind, we have a couple of initiatives, a couple of things that we have talked about a few times and maybe …

It’s in the supplementary slides. It is in the supplementary slides as well. We cater to products from minus nine months, when the mother is pregnant, even prior to that, we engage with the mother through our parenting platf orm, which is part of our First Cry app. From there, from that time, once before the mother conceives a child from that time itself, we have the product range up to 12 years of the age of the child. So, many years back, we had started the journey from minus nine months to three years, then we extended it to six years, then later extended from six years to 12 years. We have compartmentalized our app. If you look at our front end, a three-year-old mother or a six-month- old, I mean, three-year-old young one mother or a six-month young one's mother or a six -year-old kid's mother, will see a very different homepage as they progress, as the kids progress over age, over time.

Even based on the gender also, it's very personalized. Mr. Supam Maheshwari So it's hyper-personalized from both gender and age and being able to show the relevancy of the products and being able to therefore retain the lifetime value of the customer from almost up to a 15-16 years. Because there are almost 1.5 kids a family and therefore two, a couple of years of gap, two or three years of gap in between first and second child. Between almost 15 to 16 years of a lifetime value is what we are able to sort of map with driving engagement through the product journey that we have been able to build. Initially, the engagement is from parenting platform, which is a far superior engagement but over a period of time, it is more, I would say, through the products and the superiority of products and our home brand play and the curated play through partnership with our thousands of brands is how we are able to retain those customers and superior customer experience. So that's how we have been able to manage and intend to grow the lifetime value and the cohort and frequency of customers. Mr. Gautam Sharma In fact , in the supplementary slide, there's a slide on the revenue cohorts as well. You can refer to that slide in the presentation we have shared with the stock exchange.

Thank you, Arvind. That was the last question. I'll just hand it over back to the management for any concluding remarks.

Nothing Anish. Thank you everyone. Thank you for your time. We promise , we continue to deliver on what we have mentioned here. So you'll continue to see improvement in our India multichannel growth and overall growth of the consolidated business. Looking forward to seeing you in the next quarterly update. Thank you once again. Mr. Gautam Sharma Thank you, everyone. Mr. Anuj Jain Thank you. Thank you so much everyone.

Thank you E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio video recordings uploaded on the stock exchanges on 13th February 2026 will prevail.