Good evening, everyone. Welcome to Brainbees Solutions Limited Quarter Four and Year Ending FY 2026 Earnings Call. This is [Harsh Kabra], and I have with me Mr. Supam Maheshwari, Managing Director and CEO of the company, Mr. Gautam Sharma, Group Chief Financial Officer, Mr. Vivek Goel, Chief Business Officer of the company, Mr. Abhinav Sharma, Country Head of Middle East Business Operations, and Mr. Anuj Jain, CEO of GlobalBees. Kindly note that this call is meant for analysts and investors of the company. We wish to highlight that the call is being recorded, and by participating in this event, you consent to such recording, distribution, and publication. All participants have been muted as per the default mode, and participants will be unmuted once we open the Q&A forum for the members to ask questions after the presentation from the management concludes. We will be covering the presentation in the beginning of the call, and we will thereafter open for the Q&A forum. We would like to point out that some of the statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the investor presentation shared with you. With this, I request Mr. Supam Maheshwari to take it over. Good evening, everyone. Welcome to our last quarter presentation for FY 2026, ending March 31st, 2026. We'll be taking you through our performance for both the quarter as well as for the full fiscal year FY 2026. Can you please move forward? As usually you will see, we'll please continue. This is all what we will cover today. In FY 2026 performance, India will segment-wise. India multi-channel, international business, GlobalBees, and other segments, and overall financial summary and some supplementary information, which is already there in the presentation as attached, which has been available for everyone, both at NSE/ BSE, and our site as well. Now we'll straight dive into FY 2026 and Q4 performance. Key highlights for the Q4, as well as for FY 2026. Consol business, if we talk about, we continue to remain free cash flow positive for the entire FY 2026 for the consol business. Overall revenue increase has been 12% year-on-year for the FY 2026 over FY 2025, and overall 24% year-on-year increase in adjusted EBITDA, adjusted for ESOP cost for FY 2026. Overall, a very meaningful drop in net losses for both Q4 as well as for FY 2026, 57% and 23% year-on-year. From a segment perspective, all three segments, key segments. I'll go one by one. India multi-channel, a s we've been talking about for last few quarters, that our endeavor is to focus on growth, and make certain structural, I would say, key initiatives that we have undertaken in last few quarters, which have started to yield results. Sequentially, if you see year-on-year basis, every quarter, we have made improvement. On the right-hand side, you can see the growth. Quarter-wise, we have been able to demonstrate growth. In Q4, now w e are at 11.4% in Q4 growth. Despite competitive intensity, which continues to remain in the quarter. Our initiative, specifically in offline channel, that we had talked about last two quarters, that was expected to go live in Q4 in the SS26 has gone live and has also yielded and resulted in a mid-teens growth in the GMV for our offline channel in India multi-channel. That's a very good outcome of our initiative. Overall, we believe that with the current initiatives that we have taken across in the India multi-channel, we believe that this trajectory of sequential quarterly better growth will continue in FY 2027. FY 2027, we continue to believe that because of our initiatives, that we will have a better growth overall for FY 2027 than compared to the entire FY 2026. We happy to state that we continue to remain PAT and cash flow positive for our India multi-channel business for the entire FY 2026. In the International business, we continue to remain, seeing the elevated promotional pressures from the horizontal commerce players that we had talked about, which entered the market in late Q3 of FY 2025. We continue to remain super laser sharp focused on sustainable growth and has been able to reduce our adjusted EBITDA losses by 33% for the Q4 year-over-year basis and 35% for the entire FY 2026. It's been a very good progress on the international side as well because our goalpost is to build a business in a sustainable way and reduce our losses to zero as early as possible with a certain structural math, both in terms of gross margin improvement as well as through, obviously, home brand expansion and sales mix expansion. On the GlobalBees front, we had a very strong quarter on both organic side as well as profitable growth. We delivered 28% of core category year-on-year growth in FY 2026, with roughly around INR 92 crores of adjusted EBITDA, post-corporate expenses. We'll talk about in a little more detail as we go along. These were the highlights that we wanted to talk about. Moving further, you'll see Harsh, can you move on, please? Yeah. Performance for the consolidated business at a GMV level, we increased by 10% over FY 2025. Revenue overall grew by 12% to INR 8,547 crores. Adjusted EBITDA has increased by 24% on a consolidated basis, year-over-year to around INR 486 crores. Cash profit for the entire year on a consolidated basis has roughly reached around INR 312 crores, which is a 49% increase over the last fiscal year. Obviously happy to report that we continue to PAT and cash flow positive in India multi-channel business and also on a free cash flow positive on a consolidated basis. Business segment-wise detailed performance. In India multi-channel, for the full year, our revenue grew by 9%. International revenue grew by 10%, GlobalBees around 20%, and other segments, largely preschool, grew by 11%. Gross margin in India multi-channel, as you remember in our Q3 presentation as well, because of the heightened competitive intensity. We had close to 140 basis points of gross margin pressure that we saw in Q3, which has continued. A bit of other gross margin loss that we saw was largely because in our manufacturing part of our business, which is again very transitional because of the two factors, which is rupee depreciation as well as crude-linked raw material prices which has gone up. The good news would be that these are very transitional in nature. These will be passed on to the customers. The impact of the incremental gross margin loss apart from the Q3 will be regained back in Q2, as they are being passed to the customer in a regular BAU. In International, we saw a significant improvement in the gross margin expansion to 150 basis points, leading to 22% increase in gross margin. In GlobalBees, 9%, and others, 11%. Leading to adjusted EBITDA, for India multi-channel, around INR 505 crores. International improvement of 670 basis points with overall reduction of 35% year-on-year basis. GlobalBees, 160 basis points improvement and 153% improvement over FY 2025. Our preschool segment also saw 21% improvement overall from FY 2025 on the adjusted EBITDA. Moving further, Q4 snapshot. Our GMV grew by 10% for our consolidated business. Revenue from operation grew by 12%. Consolidated adjusted EBITDA grew by 18% to INR 118.7 crores. Cash profits grew by 4%, around INR 72.3 crores. Moving further, now we can go into our segment-wise performance. India multi-channel, which is our largest segment. We will talk about the key initiative updates that I'm sure all of you are eagerly waiting to hear on. Very happy to state that we have really worked hard on building our, and expanding our key initiatives. RocketBees, which was 13 cities in Q2 and 22 cities by end of Q3, and now by end of Q4, we have moved up to 62 cities. Overall percentage of our online delivery volumes, we're able to deliver 40% + by end of Q4 through our RocketBees initiative, which is obviously having a far better impact than some of our other shipping partners. Resulting into incremental growth as well as customer experiences in the cities and the pin codes that we are delivering for under the RocketBees. We will continue to expand this. We had promised that we will delivered to around close to 50 + cities and more than almost 45%- 50% of our volumes in our online business by middle of the year. We have been able to deliver it ahead of the curve, and we comfortably should cross that number by the next quarter end. On quick, again, happy to report that we had started a pilot phase. We have expanded the pilot phase. We are very clear that we will be going ahead with this strategy, no longer a pilot anymore now. It is doing extremely well. We have expanded to five cities over last few months. This initiative was started from 1st of December 2025. It's just been a few months. By end of March, we had crossed five cities. Here we are doing select catchments in the cities, and in the catchments that we are doing, we are already crossing 20% of our overall online orders under our quick initiative. Where we are able to deliver the customer in less than three hours. We expect over the full year of FY 2027, our quick deliveries over entire B2C shipments should cross roughly around 10% of our overall online business. This, we will continue to expand on recurring basis nonstop as we have been able to leverage our COCO stores, our warehouses, our stockist network, and few of the dark stores as well. This has been a very good experience. Customer experience has been superb here, and we continue to believe in the strategy. We believe that as we increase more cities, more catchments within the existing cities where we have opened, we will continue to get the love of our customers and be able to defend some of the categories that we had impact from some of our competitors, especially around diaper. We will continue to double down on our expansion of Qwik, and extremely happy that we really have executed well on our Qwik initiative. The third initiative that we talked about was addressing both footfall as well as the growth in the offline channel. We wanted to fix the product mix. We have launched in SS26 somewhere around March. The impact has been fairly solid. As you can see in the year-on-year GMV growth for Q4 in the offline business has been around 15%, which has grown substantially from Q1- Q2 and Q3 and Q4. All our three initiatives are delivering well. I have only one point to make, that while most of these initiatives are fairly new, if you look at Rocket Bees, it's just hardly a few quarters, and it takes time to build a mature city under Rocket Bees. The area under the curve or the number of shipments within a city that we can serve through a Rocket Bees, it takes time to build that network. The real impact of Rocket Bees, you will see as more and more customers get impacted and build their repeat cohorts and build their frequency while having great customer experience. Likewise, for the Qwik and the offline initiative has just started. You can be assured of that in FY 2027, the growth for the offline channel should continue to be as strong as what you have seen in the mid-teens in what you have seen in Q4. With all these three initiatives, we remain fairly, I would say, confident of the FY 2027 growth will be much superior than the FY 2026. This gives us the confidence and clarity of how we are actually being able to execute, and we'll be able to deliver that. Moving further, I would request Vivek to take India multi-channel progress. Vivek, over to you. Thank you, Supam. I'll take you through the progress of India multi-channel in this quarter as well as financial year 2026. Happy to report that in financial year 2026, we grew by 11% in terms of GMV in India multi-channel. For the first time, we crossed INR 1 billion in GMV for the India multi-channel business. Moving to some of the key updates. As Supam has already shared on some of these things, we witnessed sequential improvement in year-on-year growth rate for revenue, despite heightened competitive intensity during the last two quarters. Our diapering category continued to witness heightened competitive intensity during the quarter, which led to pressure on growth as well as margins. Whereas our non-diapering portfolio, which contributes to over 85% of our GMV, remains very robust and continues to perform well. Our annual unique transacting customers stand tall at 11 million. Our orders for Q4 FY 2026 grew by 10%, and GMV grew by 12%. Our GMV for FY 2026, as I already mentioned, grew by 11% year- on- year. Can we move to the next slide? As Supam has mentioned, even in India in the multi-channel business, we have continued to see sequential improvement in revenue growth. For Q4 FY 2026, we grew by 11% in terms of our revenue. For FY 2026 over FY 2025, we grew by 9%. However, as Supam has mentioned, that our gross margin has seen some further dip, largely in our manufacturing operations, which is because of rupee depreciation and increase in crude linked raw material prices because of geopolitical situation. If not for these volatilities, our gross margin in Q4 would have seen a similar drop, which was because of the competitive intensity in diapering as we saw in Q3 year- on- year. Further, if I would say, we have recovered almost 80 basis points of this loss in our EBITDA for Q4, owing to our operating leverage benefits. Now I'll pass it on to Abhinav for International updates. Abhinav, you're on mute. I'm sorry, I had to unmute myself, I forgot about that. Good evening, everyone. Thanks for joining the call. We'll go over the first few slides for our international business. For those of you who've joined for the first time, this call, we'll just go over certain metrics here. Very favorable sort of demographic and a market opportunity lies ahead of us in the international market. As you can see, the birthrates are slightly higher in K.S.A. as compared to India. The spends, as you can see, are substantially higher in both the markets, K.S.A. as well as in U.A.E. versus India. That's a large opportunity there. Obviously, the childcare market size forecasted is also significantly high, not as high as India, but significantly high for the international market. That's the market opportunity we have in front of us, and we'll speak more about it as we move along. Can you go to the next slide, please? In U.A.E., we've been live since October of 2019, and in K.S.A., we've been live since August of 2022. In both the markets, we are offering our customers the flexibility to either choose the language of their choice, English or Arabic. We have our app in both English and Arabic. Largely operating as an online platform in both the markets, U.A.E. and K.S.A. Our AOV as compared to the international segment as compared to the India business, is about 4x as high. Next slide, please. This is an important slide. This shows you the evolution of, or progression of gross margins for our international business segment versus in comparison to the India multi-channel. The reason is because we, as a business in the International segment, are about five years old. As you can see, we've clocked the same gross margins as India had clocked when it was eight years old. We are well on track in terms of gross margins improving year-on-year, quarter-on-quarter. You will see it in subsequent slides as well. Key important points here, the playbook that is being used and refined also for the international business, has been played out in India as well. Some of the levers, not all, but some of the levers that I want to highlight here for gross margin expansion are increase in the home brand share of top line. Within home brands, also the fashion share to the business. Improving our gross margins in both home brands as well as third-party margins. Third-party brands also are equally important because it's a consumer-facing business. Obviously, it is what the mom likes. If they like our home brand, which they do, plus if they want to choose anything from the non-home brand or the third-party brands, we offer that as well. Ensuring that the margins make sense on the third-party side as well, with the economies of scale that we see going forward. Obviously, as we grow, we will see, as in any business, operational efficiencies kick in. Gross margin improvement levers, couple of them I've just spoken about. These were the same levers in play in India as well in the progressive years that India saw in its business. Very comfortably stacked here in terms of the way forward and what we need to do to grow the business sustainably. Next slide, please. Some of the key highlights for FY 2026. We continued to witness promotional activities and heightened promotional activities by the horizontals that Supam spoke about in his first two slides. However, we continued on the path of sustainable growth as we have been over the last four quarters progressively. We've seen a reduction in EBITDA losses By 33% year-over-year for the quarter FY 2026 and 35% on a full year basis, FY 2026 versus FY 2025. AUTC increased by 7% in this quarter, Q4 FY 2026 versus same quarter last year. Orders grew by 6% year-over-year, FY 2026 versus FY 2025. Next slide, please. $100 million + in revenue in FY 2026, and we should see this growing progressively as we move along. The key highlights here, this quarter, we grew 9% over the same quarter last year. More importantly, 470 basis points margin expansion on the back of a 9% growth. For the full year, we had a 240 basis points margin expansion with a 10% growth. While we are growing sustainably, we also ensure that our gross margin expands and that you can see on the right-hand side, where our EBITDA losses for the same quarter last year were lower by 33% in absolute terms. As a percent of revenue, we went from 15%- 9%. For the full year, we reduced our losses from INR 140 crore- INR 90 crore, a reduction of 35%, and our losses now stand at 10% versus 16% in FY 2025. Next slide. As we've spoken earlier on multiple quarterly calls, our prime focus has been to not just grow the business but grow it sustainably. Not chasing top line at any cost, but growing top line, ensuring that we reduce our losses substantially. You can see the progression here from FY 2023- FY 2025, there has been a 830 basis points reduction in losses. Again, in FY 2026 over FY 2025 was a 674 basis points reduction, which as mentioned in the previous slide, which is 10% of our revenue versus 16% last year. Anuj, over to you, please. Anuj, you're on mute. We can't hear you. Okay. Sorry. We can hear you now. Now you can hear me? Okay. All right. I'll just give you an update on GlobalBees. We look at, first, let me just quickly take you through how GlobalBees is structured. We have essentially four broad categories that we look at, which is home utilities, home appliances, fashion and lifestyle, and beauty, personal care, health, and personal care. These are the four broad segments in which we operate. As you know, over the last year, it's been a very important point for GlobalBees, where we've been rationalizing our portfolio of brands to focus on the ones that we continue to drive growth as well as profitability. We can open the next slide. If I look at the overall performance for the year, when I look at specifically the four categories, we did a revenue of INR 1,876.8 crores, which was a 28% year-on-year growth and an INR 91.9 crore adjusted EBITDA post corporate expenses, which translates to a 4.9% of revenue. These four categories are the ones that we will continue to focus on in the long term. The rationalization of other brands are the ones that are witnessing lower revenue growth and have been incurring losses. We're almost at the tail end of the rationalization of these brands, and our endeavor is to complete this rationalization by this quarter end so that we're able to then move on to sustainable top-line growth and bottom-line growth as outlined in FY 2026. We can move to the next slide. If I compare our performance in terms of revenue and adjusted EBITDA, we look at revenue first. In the last quarter, we had a 15% growth quarter-on-quarter. This quarter to last FY 2025 Q4 and on a full year basis, we grew by 20% on a consolidated basis. The 20% is lower than the 27% of core brands purely because of the rationalization of brands, as I mentioned earlier. All of this growth that I'm mentioning is organic because the last acquisition that we made at GlobalBees was in September 2022. In terms of adjusted EBITDA, we have moved in Q4 FY 2026. We made an adjusted EBITDA post profit expenses of INR 226.5 crore, which is 5.8% of revenue, a 9x increase from the Q4 FY 2025 adjusted EBITDA post profit expenses, which was at 0.7%. We had a significantly healthy growth in our EBITDA. If I look at it on a full year basis also from FY 2025- FY 2026, we moved from 1.4%-3% at INR 56 odd crores of adjusted EBITDA post profit expenses, which is a 2.5x increase. We can move to the next slide. As you will observe, there has been a continuous trend of improvement in our bottom line over the years from FY 2023, where we were negative. Even in FY 2024, where we got EBITDA neutral. In FY 2026, we stand at a healthy 3% adjusted EBITDA post corporate expenses. This is also adjusted for ESOP cost. This 3% includes the rationalization of brands, but it's improving as we move along. That's the update that I had on GlobalBees. You can move to the next slide. Varun will take over the other segments. Thank you. Thanks, Anuj. This is our last segment, fourth segment, which is called As Others, represent the preschool business continuously growing from 0.8 preschools end of FY 2024 to more than double end of FY 2026. In terms of number of students enrolled, it's almost 3x in two years. Next slide, please. A healthy growth in revenue, 11% growth in revenue in FY 2026 over FY 2025, around 220 basis points improvement in EBITDA from 24% in FY 2025 to 27% in FY 2026. We talk about the console performance. While these numbers have been previously covered by Supam, Abhinav and Vivek. India multi-channel business, it's a 9% growth in 2026 over 2025, 8.8% adjusted EBITDA for FY 2026. This was 9.5% in FY 2025. This is largely because of, as Supam and Vivek mentioned, some pressure in gross margins, which is, A, on account of heightened competition in our diapering category, which represents 15% of our business. The second one is basically a dip in Q4 because largely in our manufacturing business because of rupee depreciation and the increase in the crude linked raw material prices. This dip, there is a lag in terms of recovery from the customers, lag of around one to two quarters. From Q2 onwards, the gross margin lost because of crude linked raw material prices and rupee depreciation should be covered. We will be recovering the lost margin. International business, Abhinav talked about despite of a 10% YoY growth in FY 2026, we managed to reduce our losses by almost INR 50 crores from a INR 140 crores loss in FY 2025. We reduced our losses to INR 90 crores in FY 2026. From 16%, it has come down to 10%. GlobalBees business continue to grow very well. While on a consolidated level, it's a 20% growth. If we talk about a clean slate, that is the growth in the core category, that is 28% and has delivered an EBITDA of 4.9%. As Anuj mentioned, the rationalization of the other brands should be over by Q1 FY 2027. We should see a complete organic growth of the core business starting Q2 and also the EBITDA, which is 4.9% in FY 2026. Others, which is preschool business, 27% EBITDA and 11% growth. Next slide. All those, the results of those four business segments, it basically gives us a 12% growth in Q4 on a YoY basis and a similar growth in FY 2026 over FY 2025. We can see a gross margin dip. Again, this is because of two reasons. One is the dip in the gross margin of India multi-channel business, which Supam, Vivek explained. I also explained the previous time. The second reason is a slight dip in the gross margin in the GlobalBees business. However, we maintained or we increased our EBITDA in Q4 and for the full year in GlobalBees business. Consol adjusted EBITDA, despite of a dip in gross margin, from 37.4%, we have come down to 36.2%. We still managed to increase our adjusted EBITDA on a consol basis, both at a Q4 level and also at the full year level. Boss, that's it. This ends our presentation. Previous slide. Those are supplementary slides. Just go back. Yeah. We're happy to take questions. Thank you, team. We will now move on to Q&A. I now request participants to raise their hands for asking questions. We will unmute you one by one and you'll have access to the mic. Please introduce yourself and name of the organization you represent. The participants are also requested to limit their questions to a maximum of two. For any follow-up questions, you may join the queue again. First question is from [Jinesh Modi]. Jinesh, please unmute yourself. Hi. [Jinesh Modi] this side. You've taken various initiatives to improve the delivery performance for your online business, like delivering to your own logistic network. What percentage of orders are delivered through these networks? What is the logistic cost increase in the Q4, and what is the expected increase in FY 2027? Jinesh, I think the percentage of orders that we were delivering by roughly around Q3 end were. 28%. Now we have crossed 40% + end of March 2026, and we will continue to increase it. Our goalpost was to reach close to 45%-50% by middle of the year. I think we believe we are ahead of the curve, and we should be able to deliver it before the next quarter ends. In terms of cost, there is a marginal front-loading of the cost that actually happens, both for Rocket Bees as well as for the Qwik, because it takes some certain time to reach to a little maturity within a city in terms of the number of shipments that we can do under Rocket Bees. Till then, you have to front-load. We will have some impact of 40 basis points-60 basis points from a few quarters. In a medium term, as the network matures, our cost will normalize to a regular cost structure that we had, and that excess cost will be nullified. That's how I hope I answered both your question in terms of what percentage of shipment as well as around the cost front. Okay. Yeah. Thanks. Thank you, Jinesh. The next question is from [Vishal Doshi]. Vishal, please unmute yourself. Hi, sir. Hello. Yes, Vishal. Sir, my question is, how is the store business in ME doing? You have only added 10 COCO stores in FY 2026. What is the plan for the store opening in financial year 2027? In fact, we have mentioned in our previous calls as well that because of the macros, we wanted to maintain capital efficiency, and that's the reason we kind of paused opening of company-owned stores in FY 2026. Given the initiatives that we have taken to improve the offline growth, Q4 numbers are a testimony to the improvement in growth, which is the growth is best in last seven quarters. We will double down on our approach to open company-owned stores in FY 2027. Hopefully, with a mix of COCO as well as COCO stores, we should be opening up 100 stores in this year. Yeah. Okay. Thank you, Vishal. The next question is from [Tejas Shah]. Tejas, please unmute yourself. Hello? Am I audible? Yes. Yeah. Yeah. Hi, Supam. Hi. Thanks for the opportunity. Just a quick question. Interventions that we have made on India multi-channel business. The areas or the pin codes that we are actually now fully deployed in terms of whatever interventions we had to make. What are the key operational and financial parameters that you are seeing, which gives us a lot of confidence that once we roll it out fully, it will actually bring back the momentum that we're missing for last one year? Sure. Tejas, while I and Vivek both can answer this question, but, Vivek, you can add, I'm going to maybe start. Look, Tejas, it's a fair question, both for Rocket Bees initiatives as well as for the Qwik initiatives, we have felt that there's a clear, superior customer experience that we are able to deliver, which is what we had originally planned with these initiatives. When I say it's a very tangible, incremental outcome. With that, we are also experiencing incremental growth in those catchments for Qwik, as well as in those cities where we have Rocket Bees has reached to a certain maturity in terms of the total number of shipments in that city. With that, we believe as we increase area under the curve, both for Rocket Bees as well as for the Qwik, and as it improves, this will give us with a lag effect, because it takes time to reach to a certain volume or a network, to a point where we have certain volume in the city. As we reach there, we will have a benefit of incremental growth being accrued to our overall online business. Vivek, you want to add anything or no? Yeah. Supam, as you rightly mentioned that we are seeing a lot of positive movement on the consumer experience matrices. From that window, very confident that as the network matures for Rocket Bees as well as it expands, we should see a good positive impact on our FY 2027 growth. Tejas, the key operating metrics that we see is basically, reduction in promised delivery TAT, actual delivery TAT, on-time delivery, which is probably the best in the industry. It's more than 92%. All these factors put together, as Supam mentioned, there could be a lag in terms of seeing a tangible growth in the online business. Yes, we have already started seeing good results in terms of service metrics. We strongly believe that FY 2027 online growth should be much superior compared to the growth that we have given in FY 2026. Sure. Gautam, this intervention that you spoke about on KPI, it will largely reflect in better AOV frequency or recruiting more users on the platform? It will be both. It will be improving the retentions as well as acquiring more number of customers. Perfect. Second, just if you can elaborate a bit, what exactly is the source of this gross margin pressure you touched upon a bit on certain categories, but is it more of a competitive pressure which is hurting us, or inflation, or a mix of everything playing out together? We talked about on the India multi-channel, there were two parts to it. We saw 140 basis points that we saw in Q3 that we explained. That has continued. It will take us a couple of quarters for the irrational discounts or irrational intensity to go away. We had seen this pressure in 2016, 2017 as well. Everything normalized, and lately a few more players in the quick-com who have joined, sort of, and again, the same intensity has been carried forward in the larger horizontal commerce players as well. We believe that it's probably a four to six quarters sort of a phenomena. It'll go away. That's on the 140 basis points that we're talking about that we spoke in Q3 that has continued for this quarter. The remainder part of the gross margin loss. In Q4. In Q4, in India multi-channel, it's very transitory, especially coming from our manufacturing and which is crude-linked input cost as well as rupee depreciation. As it gets passed to the customer, you will see it bumping back, fully recovered in Q2. It's just transitory in nature. In past it has happened, such a steep depreciation and such a steep increase in crude prices has not happened in the past. At least we haven't seen it. Since it will get recovered from the customer, from Q2 onwards, as Gautam mentioned, we'll be back on track. This part of the loss will be recovered in our Q2 profit numbers. Just to add, what will improve the gross margins going forward? A, the gross margin expansion levers, which is increase in home brand mix. There's a separate slide, in additional disclosures, which basically talks about the GMV mix of our home brands. Fashion mix increase, again, there's a separate slide, which basically clearly shows the increase in the fashion mix. Continuous negotiation of third-party brand margin. These factors will continue to play on, which will increase the gross margin going forward. The second factor which Supam talked about that the manufacturing business loss in gross margin will be recovered starting Q2. That will again add to the improvement in gross margin. Third one is the deep discounts, especially in the diapering category, which led to a 140 basis points reduction in the gross margin in Q3. We believe this should be probably next four to six quarter. That should also come back in the business. All these three factors will help us regain the gross margin probably starting from Q2, probably in the next four to five quarters. Perfect. Just one follow-up, if I may. This pressure on diapers from quick-commerce in terms of margins, is it coming from largely the unlisted players, or are you seeing any behavioral change once you get listed and you start chasing profitability, or the behavior is across same in terms of losing money or being aggressive on this category? No, it is not specific to any low cost. It is across the board. It is more of a platform phenomenon than a brand phenomenon. Tejas. To answer that question, we have seen it both in listed and unlisted platforms. That has led to a further price competition from the horizontals, which are unlisted as well. It is across from quick-commerce and horizontal, where there is a price competition which is resulting into this loss as of now. Which we, as Supam and Gautam mentioned, which seems to be quite irrational. Typically, this cycle takes a few quarters to subside, and that is what we expect as well here. Thanks. That's all from my side. Thanks, Tejas. The next question is from [Jayant Parasramka]. Jayant, please unmute yourself. Jayant, we can't hear you. We can come back to Jayant. Yeah. Thank you. [Abhinav Kashyap], next question will be from you. Can you please unmute yourself? Hi, Supam. I have a couple of questions. How is AI benefiting us? I wanted to understand that. Okay. Is that the only question? I thought there was Okay. Yeah. Okay. I think, look, AI has sort of multifaceted ways of improving, both from a revenue optimization, gross margin optimization, as well as improvement in productivity efficiencies. It has I would say multiple facets of improvement that one would see from a usage of AI. I can give examples, because otherwise it'll take a little longer for me to be able to explain every point across different facets. It is very fascinating to be able to come up with answers and able to get information processed, whether it is benefits that we can drive to save cost. Like for example, you can save your supply chain cost in terms of making a product live much faster than what you had otherwise were taking. That leads to an improvement in working capital. To improvement in how you will build URLs for your SEO, AEO, or GEO kind of models to be able to be more relevant, more effective, to improve conversions. There are n number of opportunities that we are utilizing within the company across different facets of running a business. To not just use it only in typical call center savings or automated voice bots, chatbots, email bots, but across the board, in different facets to be able to optimize our costs as well as efficiencies, productivities, as well as revenue optimization, and even to the extent of discounts or maybe the gross margin optimization. These are at various stages of evolution. Over a period of time, Some of you have already got the benefits. Some of the benefits will accrue over a period of time. Maybe we can take this question a little more offline if you have more interest, but that's a broad gist of it. There's too much excitement in the entire organization. What we all can do with AI. To sum up, we are working on cost efficiencies. We are working towards revenue expansion and margin expansion, as well as people efficiency. Every single aspect, I think AI has already entered the organization. Cool. What percentage of basis points or something we can expect as a benefit in the long run? Do you have any number? It's too early to comment on that, but I think that this is going to be a meaningful outcome. As we go along, it should definitely be a meaningful outcome. We'll be able to speak more in the subsequent quarters because this initiative has just started a couple of months back. It's premature for us to talk about the overall improvement that it'll do, but we remain very focused on the benefits that it will accrue. It's not small. It's going to be meaningful. Therefore, we'll reserve our comment on that. Maybe in the next quarterly update, we can probably share that number as well. One more question I had. We are trading at a pretty low valuation compared to our revenues. Is there any risk of someone trying to acquire us? Is there any chance of we are doing buybacks or something? Look, we haven't discussed this. I think we are focused right now on what we can execute to be able to deliver a far superior growth in FY 2027 with expansion in our adjusted EBITDA. That's what we are focused at. Rest of the stuff that you talked about, we haven't experienced that in the past, maybe. We haven't really thought through it yet as well. Yes, we have sufficient cash on the company, but we haven't discussed any of these buybacks and stuff like that. Far, in our internal discussions or even board discussions. Okay. Thank you. Thank you, Abhinav. In the interest of time, we'll just take one last question. The next question is from [Percy Panthaki]. Percy, please unmute yourself. Yeah. Hi. Just wanted to understand this offline channel. I think this quarter, the growth is higher than the overall India multi-channel growth, right? Just two questions from this. One is, what really has changed or what initiatives have you taken to revive the growth in the offline channel? Secondly, if that channel has really grown faster than 11%, which is your overall growth, that means the online channel has done a single digit growth. What is the reason why the online channel growth is so low, given that the overall category itself might be growing at 10% and organized share within that is increasing? Just wanted to understand the reason for this low growth. Yeah, sure. Percy, Supam talked about the initiative that we have taken in the offline business, and we are talking about this initiative since our last presentation. That's basically changing the product assortment from a width to a depth strategy. That has really played out very well for our offline business, especially the COCO business, and that has resulted in a significantly higher growth in our offline business, which is around 15% in Q4 on a year-over-year basis. In terms of online growth, Percy, it's not single digits. Online GMV growth is roughly 10.5% in Q4. It's around the same range for all the four quarters between hovering around 11%-12%. However, even the initiatives that we have taken around faster deliveries, both in terms of delivery through our Rocket Bees network and FirstCry Qwik, which we believe should be delivering at least 10% of our online orders by end of this year. We believe we should be able to deliver a much superior growth even for the online business in FY 2027 compared to the FY 2026 online growth. Both the channels online, offline, Supam talked about that the growth that we have delivered in Q4 should continue even for the rest of the part of FY 2027 and online should also deliver a much better growth. While the cost of logistics is front-loaded, the tangible results comes with a lag. Hopefully, in coming quarters, we should see a much superior growth in online business also. Percy, our mix hasn't changed for both offline, online. GMV mix hasn't changed what you see in FY 2026 over FY 2025. There's no material change in that. Believe with the lag effect, I think you should see a growth bumping back in online as well. Compounding effect of that, you should be able to see. That's why we are very confident FY 2027 India multi-channel GMV growth will be much superior than the FY 2026. Understood. Next question I had, again, India multi-channel business only. Given that there are the margin pressures which you said can continue for few quarters more, on a full year to full year basis, FY 2027 versus FY 2026, do you think that the INR crore EBITDA can have a double digit growth? Yes. If you look at it, are you talking about India multi-channel only, right? Yes. Yes, you will have it, Percy. It should. Effectively, we are saying the EBITDA, I would say the drop that we have seen because of manufacturing should be recovered fully by Q2, so we still have three quarters of that benefit. I don't think that effect will be there. Yes, the diapering effect may continue for the full year. Margin expansion from the 85% of our category should continue as well. The overall growth that we are anticipating will be superior. Also you'll get operating leverage also coming out. We still believe that we should be able to do a much superior sort of a growth, to answer your question. Both in terms of top line and plus bottom line. Right. One last question, if I can squeeze in. Just wanted to sort of understand on a benchmark basis what you are doing on delivery versus how the competition is doing the delivery. With Rocket Bees, I mean, own delivery, how would that compare to the structure of players like, let's say, Amazon, Nykaa, Flipkart, et cetera? Do they also do their own delivery, or are they completely outsourced the same way that you were, let's say, a year ago? Just wanted to understand, within the industry practice, where do you fall on the spectrum? Percy, I'll just answer in two points. One, I think you have to understand, the baby and kids business is fairly complex from a supply chain perspective, both from a warehousing perspective as well as from a first-mile, mid-mile, last-mile delivery standpoint, because we are dealing with a category where you have almost a 10 g diaper pin to a 30 kg toy car that has to be delivered. It's fairly complex to have that size of spectrum in terms of managing your supply chain from availability and very fragile products as well on top. Given that, nothing that we do, how we do, can be really compared with some third-party, either shipping companies or third-party commerce players, whether it is the names that you have mentioned. I won't really directly compare, but what we have built in Rocket Bees is a fairly asset-light model, and the technology is completely in-house. The entire technology stack that we have built is being used by dedicated partners that we have, regional, local. We manage the first-mile and the mid-mile, although on a totally asset-light, CapEx-light basis. The last-mile partners are actually delivering and giving us a superior way of delivering and giving the better customer experience than otherwise that we were being managed through third party in our prior context. I hope I've been able to answer. The landscape fully can't be compared, but at the same time, it is totally asset light. We are utilizing first-mile, mid-mile on our own, again, asset light, but dedicated partners who are only delivering our shipment, not mixed shipments of third party and not other brands and us. That's not the case. It's only dedicated first-mile deliveries that the last-mile partners make. This last-mile partner, would it be dedicated for all the other players also? Or is it something unique to our business model? Different players have different sort of models, Percy. I won't be able to say that. In few cities, people may have different models. In few cities, they may have a third-party model, where if you utilize their third-party player, they may aggregate shipments of different companies or different brands or different platforms. There are different models for different companies. There is no one model that every company follows. Understood. Are we planning at some point of time to go 100% Rocket Bees? Or we will sort of stabilize at a certain percentage and keep doing business of the certain percentage as per the old methodology? We will continue to improve the coverage of Rocket Bees. It will be very difficult to go to 100%. Got it. Okay. That's all from me. Thank you and all the best. Thanks, Percy. Thanks, Percy. We still have some time on hand. We'll take the next last question from [Jayant Parasramka]. Jayant, if you can unmute yourself. Hi, am I audible? Yes. Yeah. Hi, sir. Thanks for taking my question. Just a couple of questions on India multi-channel. I know the basic thought process behind Rocket Bees and Qwik was to, let's say, increase both customer satisfaction and from an ordering perspective, get back, let's say, some of the pains which customers had of delayed delivery. Just from your initial takeaways over the past two quarters, if you could share on places where you've implemented both Qwik and Rocket Bees, are you seeing higher transaction of orders versus places where Rocket Bees is not there? Is that giving you confidence heading into FY 2027? The second question is on your International business. Has there been some part of the International business also impacted by the Middle East, which is to the slow single digit revenue growth? Is that also leading, I know on the cost side, you have been working on getting the margins down to at least a breakeven? Just has that also impacted some movement towards breakeven on the international business? Jayant, I will let Abhinav take the second question, but the first question answer is, the same question was asked by Tejas. Answer is that we are seeing incremental growth in the cities as well as in the catchment that where we are serving both Rocket Bees and the Qwik. Therefore, we'll continue. We have clarity of what we are executing. We are watchful of the service metrics that Gautam also spoke about. We'll continue to improve on that and bring more area under the curve and build that incremental growth as we go along. That's an answer to your first question. Second question, I'll let Abhinav speak on the Middle East. Hi, Jayant. Your second question is related to the current evolving situation and how it impacts the business. Is that right? Right. Jayant, the situation, we all know what is happening. It has been a little bit of a moderation in consumer sentiment. I'm not going to say anything else about that. Yes, there has been, and there is some import complexities also is happening as we speak. Fundamentally, for our business and our goalpost, as we've shown in the last so many quarters now, our path is towards sustainable growth. We are continuously focusing on our top-line optimization and gross margin expansion. Our home brands are one of the most important levers to improve gross margins. This situation is beyond anyone's control, so to speak, but this is also an opportunity. The way I look at it or the way we look at it internally is also an opportunity, when we can optimize further on our processes within our discounting strategies, our marketing costs and reaching out to the right consumer, who will potentially give us a longer LTV that we desire. While we do all of this, also improve our home brand mix in the top line that we generate. This is a unique opportunity, but our focus is the same, growing and not chasing a top line at the expense of obviously reduced cost or very high marketing expense. While we hope that the situation ends sooner than later, but I think there are a lot of learnings for us, in terms of how we optimize and how we continue to on our path to sustainable growth. Sure. Just to conclude, we will continue to reduce our losses. What we did in FY 2026, we will continue to do the same thing in FY 2027 also. Sure. Fair enough. If I just may squeeze in one last question. Just on the relevance of the six to 12 years age, which you've extended your category. If you could just give us, in terms of how that is doing well in the past couple of quarters. That's more I'm just trying to understand from a retention of customer point of view, how is that shaping up? If you could just give some thoughts on that? Jayant, I'll probably take up that question. We are seeing a positive traction and we continue to see a positive traction in six to 12. That remains the fastest-growing part of our business when it comes to age group of children. As we continue, basis that, we continue to build our assortment, which is more conducive. Overall, it is good news on that front. At the same time, there's a slide in the supplementary slide, which shows our long-term cohorts being very strong. For a consumer who's been acquired 10 years back, continues to transact with us, there's a good segment of that consumer. All of that indicates towards a good positive future on the six to 12 segment for us. Sure. Thanks, and all the best. Thank you, Jayant. That was the last question. I'll just hand it over back to the management for any concluding remarks. No, thank you, everyone. Thank you for your time and. Thanks so much. Really appreciate it. Thank you. Thank you. Thank you.