FNP, formerly Ferns N Petals, aims to file for an initial public offering by the end of 2028 after scaling its gifting and celebrations business across India and overseas. The company surpassed Rs 1,000 crore in revenue in FY26 and is now focused on improving margins while expanding its product range and distribution network.
Revenue momentum and profitability drive IPO timeline
FNP’s top line has grown steadily. Operating revenue rose from Rs 705 crore in FY24 to Rs 861.5 crore in FY25, with total income reaching Rs 869 crore. The company cut its net loss to about Rs 22 crore in FY25, down 8.3% year-on-year.
FY26 revenue is estimated between Rs 1,005 crore and Rs 1,085 crore, with EBITDA margin improving to roughly 2.5–3%. Management targets Rs 1,400 crore revenue in FY27 and an operating margin of 5–6%, with a roadmap to net profitability thereafter.
FNP had earlier set a higher IPO trigger—Rs 1,500 crore revenue and Rs 150 crore EBITDA—but now plans to enter the market by late 2028. IPO proceeds would be used to fund expansion and acquisitions in the gifting and celebrations space.
Quick commerce, stores and supply chain investments
Quick commerce has emerged as a major growth engine. Faster deliveries—many fulfilled within 45 minutes—have lifted order volumes by about 15%. Quick commerce revenue rose sharply from roughly Rs 7–8 crore in FY24/FY25 to nearly Rs 65 crore in FY26, with a FY27 target near Rs 125 crore.
To support rapid delivery, FNP will expand its metro dark store network from 21 to 40 locations and has trimmed operating costs in this segment. The company now reaches almost 99% of Indian pincodes and serves over two million customers annually.
Retail expansion will combine premium company-owned outlets in metros with franchise-led growth in Tier-2 and Tier-3 cities.
International growth and brand evolution
International markets contribute close to 45% of revenue, led by the UAE, Singapore, Qatar and Saudi Arabia. FNP expects overseas revenue of around Rs 500 crore by FY26-end and plans further Gulf expansion and physical flagship stores in Dubai and Doha.
The brand shortened its name to FNP to reflect a broader offering of more than 40,000 products. Cakes now account for nearly 40% of revenue, while premium gifting and services—such as weddings, hospitality and medical tourism—are driving higher average order values.
With stronger revenue, improving margins, expanded quick commerce operations and growing international scale, FNP is positioning itself for a public listing by 2028.