Brainbees Solutions Limited (FirstCry) announced key corporate developments following its Board of Directors meeting held on February 13, 2026. The board approved the company's unaudited financial results for the quarter and nine months ended December 31, 2025, and implemented significant changes to its board composition.

Financial Results Approval

The Board of Directors approved the unaudited financial results (standalone and consolidated) for the quarter and nine months ended December 31, 2025, as recommended by the Audit Committee. The results were prepared in accordance with applicable regulations and reviewed by the company's statutory auditors, M/s. Walker Chandiok & Co. LLP.

Board Composition Changes

The company announced significant changes to its board structure involving the Mahindra & Mahindra Limited nominee position. Mr. Puneet Renjhen resigned from his position as Non-Executive Director, while Ms. Saloni Jain Rana was appointed as his replacement.

Director Resignation

Mr. Puneet Renjhen (DIN: 09498488) tendered his resignation from the position of Non-Executive Director effective February 13, 2026. The resignation was attributed to the recasting of board nomination by Mahindra & Mahindra Limited.

New Director Appointment

Ms. Saloni Jain Rana (DIN: 11489732) was appointed as Non-Executive Additional Director (Nominee of Mahindra & Mahindra Limited) effective February 13, 2026. Her appointment was approved by the Board following recommendations from the Nomination & Remuneration Committee.

Professional Background

Ms. Saloni Jain Rana brings extensive experience to the board, currently serving as Vice President in Partnerships and Alliances at Mahindra and Mahindra Limited. Her responsibilities include driving projects for acquisitions, joint ventures, partnerships, and synergies across various Mahindra Group businesses.

Prior to joining the Mahindra group, she worked at Avendus Capital as Senior Director in the Investment Banking team. Her professional experience spans 17 years in investment banking, where she advised leading companies and private equity funds on:

• Mergers and acquisitions
• Equity fund raises
• Capital market transactions across multiple sectors

Ms. Saloni holds a post-graduate management degree from Indian Institute of Management Indore and a Bachelor of Engineering degree from V.J.T.I Mumbai. The company confirmed that she is not related to any existing director and is not debarred from holding office by any regulatory authority.

Meeting Details

The Board meeting commenced at 03:30 P.M. (IST) and concluded at 04:27 P.M. (IST) on February 13, 2026. All decisions were made in compliance with Regulations 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approved information will be hosted on the company's investor relations website at https://www.firstcry.com/investor-relations .

Brainbees Solutions Limited has filed its monitoring agency report for the quarter ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer. The report, prepared by ICRA Limited as the monitoring agency, confirms that the company's fund deployment remains aligned with the stated objectives of the IPO.

IPO Proceeds Utilization Overview

During Q3 FY26, the company utilized INR 111.362 crore from its IPO proceeds, bringing the cumulative utilization to INR 839.317 crore. The total IPO proceeds being monitored amount to INR 1,666.000 crore, leaving INR 826.683 crore unutilized as of December 31, 2025.

Key Areas of Fund Deployment

The company's major expenditure during Q3 FY26 was concentrated across several strategic initiatives:

Sales and Marketing Initiatives received the highest allocation with INR 31.492 crore spent during the quarter, bringing total utilization in this category to INR 164.780 crore out of the allocated INR 200.000 crore.

Investment in Digital Age Subsidiary saw significant activity with INR 18.437 crore deployed during the quarter. This includes INR 5.065 crore for setting up new modern stores under the FirstCry brand and INR 13.372 crore for lease payments of existing stores.

Lease Payments for Company Stores accounted for INR 13.679 crore in Q3 FY26, with total utilization reaching INR 50.576 crore against the allocated INR 93.100 crore.

Investment of Unutilized Proceeds

The company has strategically invested its unutilized funds across various fixed deposits and bank accounts:

The total market value of these investments, including accumulated interest of INR 22.002 crore, stands at INR 926.394 crore as of December 31, 2025.

General Corporate Purpose Utilization

Under the General Corporate Purpose category, the company spent INR 36.977 crore during Q3 FY26, primarily on:

• Office and warehouse rent: INR 15.729 crore
• Payment to Facebook India: INR 21.250 crore
• Other operational expenses

Total utilization under this category has reached INR 254.061 crore out of the allocated INR 518.735 crore.

Project Timeline and Compliance

ICRA Limited's monitoring report confirms that all projects remain on schedule for completion between FY25-FY27 as originally planned. The monitoring agency found no deviations from the objects of the issue, with all utilization proceeding as per the disclosures in the offer document.

The company's systematic approach to fund deployment, combined with prudent investment of unutilized proceeds in fixed deposits earning competitive returns, demonstrates disciplined capital management while maintaining flexibility for future strategic initiatives.