Billionbrains Garage Ventures Ltd
Billionbrains Garage Ventures Ltd
Capital MarketsKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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29 extracted metrics + investor summaries across FY22–FY26.
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Technical Indicators
Key Insights
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%
Weaknesses
2- Stock is trading at 12.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 4d agoGroww (Billionbrains Garage Ventures) is India's largest stockbroker by active NSE clients with over 1.3 crore users and a 28.5% market share as of April 2026. The company trades at a PE of 49.5x on a market cap of ₹1,22,937 Cr, having delivered FY26 revenue of ₹4,645 Cr (up 19% YoY) and net profit of ₹2,083 Cr (up 14% YoY), while maintaining a near debt-free balance sheet.
- Market leadership with 1.3 Cr+ active NSE clients and 28.5% market share as of April 2026, capturing 45% of net new client additions over the past year
- Revenue compounded at 60% CAGR over 3 years, growing from ₹1,142 Cr in FY23 to ₹4,645 Cr in FY26
- Net profit compounded at 66% CAGR over 3 years, reaching ₹2,083 Cr in FY26 with a healthy 45% net margin
- Strong return on equity track record with 3-year average ROE of 34% and last year ROE of 29%
- Virtually debt-free balance sheet, reducing financial risk and providing flexibility for reinvestment
- Deep penetration into Tier-2/3 India with 84% of transacting users from outside top 6 cities, indicating a large untapped growth runway
- Operating profit margin of 57% in FY26, demonstrating strong operating leverage as the platform scales
- TTM sales growth of 38% and TTM profit growth of 31% indicate continued momentum beyond the 3-year CAGR period
- Stock trades at 12.5x price-to-book value, a steep premium that prices in significant future growth
- PE ratio of 49.5x is elevated for a capital markets business that is inherently cyclical and tied to market sentiment
- Zero dividend payout despite repeated profitability — all four years from FY23 to FY26 show 0% dividend payout
- Revenue growth decelerated sharply from 49% in FY25 to 19% in FY26, and profit growth slowed from robust levels to 14% YoY in FY26
- OPM declined from 58.4% in FY25 to 57% in FY26, suggesting early margin pressure as regulatory changes and competition intensify
- Business is heavily dependent on retail trading volumes which are cyclical — a prolonged market downturn could significantly impact revenue
- Regulatory risk from SEBI actions on derivatives trading, true-to-label charges, and potential future fee structure changes that could compress margins
- Company was incorporated only in 2017 with limited long-term operating history — 5-year and 10-year growth data are unavailable, making long-term consistency unproven
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- Derivatives revenue share declining Jul 15
Equity derivatives segment revenue share slipped to 52% in Q1 FY27 from 54.8% in the previous quarter, a 2.8 percentage point QoQ contraction.
- AI spend to compress margins Jul 15
Groww plans major AI investments but cautioned stakeholders not to expect significant margin improvements, signaling near-term cost pressure.
- SSGA completes Groww AMC investment Aug 4
State Street Global Advisors completed its investment in Groww AMC, holding 4.85% voting rights and 22.94% economic interest, validating the AMC business.
- 1.3M active clients, 29% share Jul 9
Groww reported 1.3 million active clients with a 29% market share, cementing its position as a leading player in India's retail broking ecosystem.
- MTF segment exceeds expectations Jul 15
Groww's Margin Trade Funding segment outperformed expectations and management expressed confidence in maintaining similar growth rates going forward.
- US stock trading approval received Jul 15
Groww obtained regulatory approval to offer U.S. stock trading on its platform; the feature is currently in testing phase with no specific launch date.
- 8th AGM on August 24 Jul 30
Groww scheduled its 8th Annual General Meeting for August 24, 2026, to be held via video conference with remote e-voting facilities.
- Q1FY26 results approved Jul 16
Board approved unaudited Q1FY26 financial results on July 15, 2026. No specific financial figures were disclosed in the filing.
- Earnings call held July 15 Jul 9
Billionbrains hosted an earnings call on July 15, 2026 at 02:30 PM IST to discuss Q1FY27 results with pre-registration required.
TL;DR: Groww is consolidating its dominance in Indian retail broking with 29% market share and 1.3M active clients, while securing a strategic investment from SSGA in its AMC arm. Key risks include declining derivatives revenue share and margin pressure from planned AI investments. The overall trajectory remains growth-oriented with new verticals (US stocks, MTF) providing diversification, though near-term profitability improvement looks limited.
Quarterly Results
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,125 | 975 | 801 | 904 | 1,019 | 1,216 | 1,505 | 1,501 |
| Expenses | 575 | -40 | 413 | 422 | 415 | 496 | 567 | 531 |
| Operating Profit | 550 | 1,014 | 388 | 483 | 603 | 720 | 938 | 970 |
| OPM % | 49% | 104% | 48% | 53% | 59% | 59% | 62% | 65% |
| Other Income | 35 | 30 | 49 | 44 | 52 | 45 | 30 | 47 |
| Interest | 9 | 16 | 16 | 16 | 11 | 10 | 8 | 7 |
| Depreciation | 6 | 7 | 7 | 7 | 7 | 9 | 24 | 18 |
| PBT | 570 | 1,022 | 414 | 503 | 638 | 745 | 936 | 992 |
| Tax % | 26% | 26% | 25% | 25% | 26% | 27% | 27% | 26% |
| Net Profit | 420 | 757 | 309 | 378 | 471 | 547 | 686 | 735 |
| EPS in Rs | 13.51 | 20.71 | 1.69 | 1.81 | 0.79 | 0.89 | 1.09 | 1.17 |
Profit & Loss
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| Sales | 427 | 1,142 | 2,794 | 4,061 | 4,645 | 5,242 |
| Expenses | 661 | 743 | 2,050 | 1,531 | 1,901 | 2,010 |
| Operating Profit | -233 | 399 | 743 | 2,530 | 2,744 | 3,231 |
| OPM % | -55% | 35% | 27% | 62% | 59% | 62% |
| Other Income | 0 | 119 | -1,337 | 0 | 171 | 174 |
| Interest | 0 | 2 | 4 | 43 | 46 | 37 |
| Depreciation | 3 | 12 | 20 | 25 | 48 | 58 |
| PBT | -236 | 504 | -618 | 2,464 | 2,821 | 3,310 |
| Tax % | 1% | 9% | 30% | 26% | 26% | — |
| Net Profit | -239 | 458 | -805 | 1,824 | 2,083 | 2,440 |
| EPS in Rs | -2,145 | 67.2 | -118 | 9.98 | 3.32 | 3.94 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.11 | 21 | 21 | 366 | 1,248 |
| Reserves | 2,706 | 3,252 | 2,478 | 4,446 | 8,404 |
| Borrowings | 0 | 75 | 91 | 610 | 292 |
| Other Liabilities | 1,291 | 1,460 | 5,428 | 4,654 | 8,567 |
| Total Liabilities | 3,997 | 4,808 | 8,018 | 10,076 | 18,511 |
| Fixed Assets | 286 | 321 | 396 | 402 | 1,492 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 280 | 1,252 | 1,448 | 1,907 | 2,638 |
| Other Assets | 3,431 | 3,235 | 6,174 | 7,768 | 14,381 |
| Total Assets | 3,997 | 4,808 | 8,018 | 10,076 | 18,511 |
Cash Flow
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | -349 | 548 | 885 | -962 | -21 |
| Investing | -1,512 | -363 | -910 | 140 | -1,351 |
| Financing | 1,874 | -5 | 4 | 876 | 2,175 |
| Net Cash Flow | 14 | 179 | -21 | 53 | 804 |
| Free Cash Flow | -357 | 537 | 878 | -979 | -33 |
| CFO/OP | 144 | 150 | 157 | 37 | 26 |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 12 | 12 | 9 | 9 | 22 |
| Cash Conversion Cycle | 12 | 12 | 9 | 9 | 22 |
| Working Capital Days | -961 | -2 | -434 | -162 | -257 |
| ROCE % | — | 16% | 24% | 63% | 37% |
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Company Information
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.[1]