FNP, formerly Ferns N Petals, is sharpening its IPO roadmap for late 2028 as it scales across India and overseas. The celebrations and gifting company crossed the Rs 1,000 crore revenue milestone in FY26 and is prioritising profitability while expanding product lines, quick commerce capabilities, and international operations.
Financial trajectory and IPO readiness
FNP has posted consistent topline growth over the past three years. Operating revenue rose from Rs 705 crore in FY24 to Rs 861.5 crore in FY25, a 22% increase, with total income at Rs 869 crore. The company narrowed its net loss by 8.3% to Rs 22 crore in FY25, aided by higher sales of flowers, cakes, gifts and allied products, alongside delivery fees, convenience charges and franchise royalties.
Management attributes the improvement to tighter supply chain controls, investments in central kitchens, and AI-led demand forecasting and logistics. In FY26, revenue is estimated between Rs 1,005 crore and Rs 1,085 crore, with EBITDA margins improving to about 2.5%–3%.
For FY27, FNP projects revenue of around Rs 1,400 crore and targets operating margins of 5%–6%, with a path toward net profitability. The company aims to build a Rs 2,200–2,400 crore business before listing and plans to deploy IPO proceeds for expansion and strategic acquisitions within the gifting and celebrations ecosystem. Its earlier listing trigger—Rs 1,500 crore in revenue and Rs 150 crore EBITDA—has been revised in favour of the 2028 timeline.
Quick commerce and retail network expansion
Quick commerce has emerged as a key growth engine as customers opt for faster deliveries. FNP has deepened integrations with leading rapid-delivery platforms and strengthened its in-house express service. Orders delivered within 45 minutes have boosted volumes by roughly 15%, while quick commerce revenue surged from about Rs 7–8 crore in FY24/FY25 to nearly Rs 65 crore in FY26.
The company expects this segment to contribute around Rs 125 crore in FY27 and sees a long-term potential share of 20%–25% of total revenue. To support the ramp-up, FNP plans to expand its metro dark stores from 21 to 40 over the next year and has reduced operating costs to improve unit economics.
FNP delivers to almost 99% of Indian pin codes, serving over two million customers annually. Alongside its digital footprint, it is widening its retail presence with a dual model: premium company-owned stores in metros and franchise outlets in Tier-2 and Tier-3 markets.
International footprint and brand evolution
International markets account for nearly 45% of FNP’s revenue, led by the UAE, with operations in Singapore, Qatar and Saudi Arabia. The company is eyeing further expansion into Malaysia, Kuwait, Bahrain and other Gulf markets. It expects overseas revenue to reach around Rs 500 crore by the end of FY26, with all international units profitable except the recently launched Saudi business.
Having followed a digital-first approach abroad, FNP now plans flagship stores in premium locations such as Dubai and Doha. The rebranding from Ferns N Petals to FNP reflects a broader product and service suite, positioning the company as a full-scale celebrations platform.
Category mix and adjacencies
Cakes have become a leading category, contributing nearly 40% of revenue. The premium gifting vertical, FNP Luxe, continues to scale with higher average order values. Beyond gifting, the company operates in weddings, hospitality and medical tourism through FNP Weddings and Events, Udman Hotels and Resorts, and MediJourney.
With improving margins, a growing quick commerce channel, and a larger international base, FNP is consolidating its position as it advances towards a planned public listing in 2028.
