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Billionbrains Garage Ventures Ltd
NSE: GROWW BSE: 544603 INE0HOQ01053 Financial Services Cap Markets 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 100 Midcap 150
₹25 Cr
Market Cap
0.00
P/B
37.3%
ROCE
28.8%
ROE
0.03
D/E
61.3%
Fin. Margin
+11.0%
% from 52W High
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📈 Price History
Ratio Health
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By Category
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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 4
  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.9%
! Concerns 2
  • Stock is trading at 13.1 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
Key Ratios Snapshot
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📈 Growth Pattern
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Strong quarter with revenue +63% YoY and PAT +94% YoY, driven by market share gains in newer products like MTF and Commodity Derivatives, though equity derivatives market share saw a QoQ dip due to tighter risk controls. quarter Investor Presentation One-Pager? Jun 2026
Revenue from Operations
₹1,473 Cr
+63% YoY (vs ₹904 Cr)
EBITDA Margin
65.9%
EBITDA ₹971 Cr; margin = EBITDA/Revenue
PAT
₹735 Cr
+94% YoY (vs ₹378 Cr); PAT margin 47.5%
Net NSE Active Clients added
115k
Industry declined ~257k; net additions despite subdued IPO/ETF activity
What Went Right
  • Total Income grew 63% YoY to ₹1,549 Cr, with PAT up 94% YoY to ₹735 Cr (margin expanded 7.6pp to 47.5%).
  • MTF book surged 264% YoY and Commodity Derivatives reached 28.6% retail market share (₹435k active users, +10.7% QoQ).
  • Added 115k net NSE active clients while the industry lost ~257k, demonstrating superior retention and product quality.
  • Groww AMC AUM jumped ~140% YoY to ₹5,491 Cr; secured credit book share increased from 13.5% to 18.5% QoQ.
  • Contribution margin improved to 67.8% (₹999 Cr) from 55.2% a year ago, driven by operating leverage.
What to Watch
  • Equity Derivatives ADTO market share fell QoQ to 15.1% (though still up 3.3pp YoY), partly due to tightened risk controls on MTF and intraday limits.
  • Net NSE active client addition of 115k was relatively low, impacted by weak IPO and ETF activity; NTU generation remains challenged in volatile markets.
  • Cost to Serve (₹158 Cr) and Cost to Grow (₹146 Cr) increased in absolute terms, though as a percentage of revenue they improved (10.7% and 9.9% respectively).
  • MTF book market share of 2.7% in Q1 FY27 is based on a revised denominator (NSE+BSE) vs 2.6% in Q4 FY26 on same basis, making sequential trends less favourable than previously reported.
Investor Lens
Groww’s thesis of scaling through product diversification and operating leverage remains intact, with total income growth of 63% YoY and PAT margin expansion to 47.5%. The revenue mix is shifting: newer products (MTF, Commodity, LAS) contributed ~28% of total income in Q1 FY27 vs ~19% a year ago, reducing reliance on equity derivatives. However, the QoQ drop in equity derivatives market share (to 15.1%) and modest net client additions (115k) signal headwinds from market volatility and deliberate risk tightening. The company’s ability to sustain high contribution margins (67.8%) while investing in AI and AMC scaling will be key. Next quarter watch: whether MTF and commodity market shares can accelerate, and if NTU recovers with improved capital market activity.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong YoY growth with 66% revenue surge, OPM expands to 65%
Revenue
Revenue grew 66% YoY to ₹1,501 Cr, but remained virtually flat QoQ with a marginal 0.3% dip, indicating a plateau after robust expansion.
Profitability
Net profit jumped 94.4% YoY and 7.1% QoQ to ₹735 Cr, driven by strong operational leverage. EPS stood at ₹1.17, lower than the year-ago ₹1.81 possibly due to equity dilution.
Margins
Operating profit margin improved sharply to 65% from 53% a year ago and 62% in the prior quarter, reflecting cost efficiencies and scale benefits.
Cash Flow
Cash flow data is not provided in the release. However, with PAT of ₹735 Cr and low debt, free cash generation is likely robust.
Balance Sheet
The company is virtually debt-free with a D/E ratio of 0.03. High ROCE of 37.3% and ROE of 28.8% indicate strong capital efficiency.
Key Risks
Revenue stagnation on a QoQ basis raises concerns about growth momentum. The PE of 55.6x appears stretched, leaving little room for earnings disappointments.
Outlook
Sustained margin expansion and low leverage provide a solid base. However, the flat sequential revenue warrants monitoring for demand sustenance in upcoming quarters.
Generated by AI · Jun 2026 results · Not investment advice
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