Ferns N Petals plans 2028 IPO, targets 350 stores by FY28

Ferns N Petals, the omnichannel gifting and flowers retailer, plans to list by the end of 2028 and is targeting around 25 percent annual revenue growth until then. The company reported Rs 1,085 crore in FY26 revenue, up 25 percent year on year.

Management is guiding to roughly Rs 1,400 crore in FY27 and Rs 2,200 crore to Rs 2,400 crore by the time it goes public. Core earnings margin was 2.5 percent in FY26, and the company expects 5 to 6 percent this fiscal. Store count is around 280 today, with a target of 350 by FY28, built on company-owned stores in metros and a franchise-led model in smaller towns.

The business is not India-only. It operates in India, the UAE, Singapore, Saudi Arabia and Qatar, with India contributing about 55 percent of revenue. Malaysia and further Gulf markets are on the expansion list. Lighthouse is the key institutional investor, and the company has raised about $27 million to date. Related ventures include Udman Hotels and FNP Weddings and Events.

Why it matters

IPO proceeds are earmarked for expansion and for acquiring brands in the gifting space, which puts Ferns N Petals on the buy side of a fragmented category. For smaller gifting and personalised-product brands, that is a live exit path rather than a theoretical one.

The margin line is the one to watch. Moving from 2.5 percent to 5 or 6 percent core margin while adding about 70 stores and holding 25 percent growth is a demanding operating ask. Brands and suppliers selling into FNP should expect annual terms and margin negotiations to tighten as the listing window gets closer.