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Billionbrains Garage Ventures Ltd
NSE: GROWW Financial Services Cap Markets 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 100 Midcap 150
₹115,364 Cr
Market Cap
13.73
P/B
37.3%
ROCE
28.8%
ROE
0.03
D/E
63.5%
Fin. Margin
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Incorporated in 2017, Groww is a Bengaluru-based fintech company that provides retail investors direct-to-customer digital investment platform, providing multiple financial products and services.

✓ Strengths 3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.9%
! Concerns 3
  • Stock is trading at 12.0 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -0.43%
Key Ratios Snapshot
📊 Sector Averages
📈 Growth Pattern
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3-Statement Financial Model
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Strong beat: Revenue surged 87.9% YoY and EBITDA grew 141.8% YoY, driven by operating leverage and market share gains in MF and derivatives. quarter Investor Presentation One-Pager Mar 2026
Revenue
₹1,468 Cr
+87.9% YoY, +23.8% QoQ
EBITDA Margin
63.9%
EBITDA of ₹939 Cr / Revenue; expanded ~1000bps YoY
PAT
₹686 Cr
+122% YoY, margin 44.7% (+8.3pp YoY)
Total Transacting Users
21.6 Mn
+25% YoY, +6% QoQ
What Went Right
  • Revenue from operations grew 87.9% YoY to ₹1,468 Cr, with sequential acceleration (23.8% QoQ).
  • EBITDA jumped 141.8% YoY to ₹939 Cr; EBITDA margin expanded to ~63.9% from ~48.5% a year ago.
  • PAT margin reached 44.7% (+8.3pp YoY), supported by operating leverage across fixed cost base.
  • MF SIP inflows market share rose to 15.7% in Q4 FY26, up from 12.1% in Q4 FY25, driven by strong new SIP growth (61.5% YoY).
  • Active users grew 19.9% YoY to 16.7 Mn; product attach improved (Stocks 72%, MF 60%, Equity Derivatives 10%).
What to Watch
  • Total Customer Assets declined 1.1% QoQ to ₹3.0 Tn despite net inflows of ₹250 Bn, due to mark-to-market loss of ₹333 Bn.
  • Cost to Operate surged 66% YoY and 28% QoQ, driven by risk-related costs from market volatility and higher G&A (CSR & M&A expenses).
  • Growwmf reported a loss of ₹21.4 Cr in Q4 and remains sub-scale; management admits it needs 5-6x AUM growth to achieve profitability.
  • Fisdom contributed a loss of ₹10.2 Cr and is expected to be profitable only in FY28, straining near-term consolidated margins.
  • MTF book growth slowed to 22% QoQ (₹507 Cr), as industry MTF contracted 7% QoQ; market share is still only 0.9%.
Management Guidance
  • Fisdom is expected to be profitable in FY28.
  • Growwmf needs AUM to grow 5-6x over the next few years to reach profitability.
  • Indian capital markets penetration is still in single digits and has potential to grow 3-4x over the next decade.
Investor Lens
The thesis remains intact with strong top-line momentum and expanding margins, driven by operating leverage and market share gains in MF and derivatives. However, the 1.1% QoQ decline in customer assets (despite positive net inflows) highlights vulnerability to market corrections, and the surge in cost to operate (+66% YoY) signals that risk-related expenses are rising with volatility. The sub-scale asset management and credit businesses (Fisdom, Growwmf) are dragging on consolidated margins and will require sustained investment. Next quarter, watch for net inflow trends in a potentially softer market and whether cost-to-operate growth moderates. Key monitor: MTF market share progression and derivatives revenue concentration (now 54.6% of total income).
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Net Profit up 122% to ₹686 Cr
Revenue
Revenue rose 87.9% YoY to ₹1,505 Cr and 23.8% QoQ. This significant growth indicates a strong top-line performance. Revenue has more than doubled from the previous year.
Profitability
Net Profit increased 122.0% YoY to ₹686 Cr, with EPS at 1.09. Profitability has seen a substantial boost, driven by revenue growth and improved margins. PAT has more than doubled from the previous year.
Margins
OPM % expanded to 62% from 48% YoY, driven by strong revenue growth. The OPM % has seen a significant improvement, indicating better cost management and operational efficiency. QoQ, OPM % increased from 59%.
Balance Sheet
Borrowings stood at ₹292.0 Cr, with reserves at ₹8,404.0 Cr. The company's debt-to-equity ratio is 0.03, indicating a healthy balance sheet with minimal debt. Total assets were ₹18,541.0 Cr.
Key Risks
Dependence on revenue growth, interest expenses of ₹8.0 Cr, and potential margin compression are key risks. The company's high PE ratio of 64.8 may also be a concern. Any decline in revenue growth could impact profitability.
Outlook
The company's strong revenue growth and improving margins position it well for future growth. However, sustaining this growth momentum and managing costs will be crucial in maintaining profitability and investor confidence.
Generated by AI · Mar 2026 results · Not investment advice
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