India, Feb. 23 -- FirstCry went on a tumble soon after its Q3 results. Shares declined for four consecutive sessions, hitting a fresh 52-week low of Rs.207.05 on Thursday. And while the stock rebounded to close the week at Rs.219.60, this is still 47% lower than last February.

Is this a sign that FirstCry's moat and its competitive edge in the kidswear and mother care segment have worn off?

The quarter wasn't disastrous. But it left investors uneasy. And in public markets, uncertainty can hurt more than bad news.

By going from kidswear and baby care to the parenting journey and building a strong offline retail presence, Firstcry achieved scale, but is the weather changing for such vertical marketplaces?

When we look at the Q3 performa...