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Billionbrains Garage Ventures Limited (GROWW)

₹200.85 +1.45% last close, 16 Oct

📊 NSE: GROWW 🏢 Stockbroking & Allied 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

Billionbrains Garage Ventures Limited reported Q2 FY27 results on 15 Oct 2026: net interest income ₹1,497 Cr (+48.5% year on year, +0.2% on the previous quarter), and net profit ₹725 Cr (+53.8% year on year).

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Net interest income	₹1,497	+48.5%	+0.2%
Operating profit	₹985	+54.3%	-0.8%
Net profit	₹725	+53.8%	-1.4%
EPS (₹)	1.17	+48.1%	-1.7%

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

GROWW delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 46.86% of the GROWW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.99%. That is close to its usual level.

46.86%Delivery, 16 Oct

53.99%Own 20-session average

1.6×Volume vs its average

₹200.85NSE close · +1.45%

Delivery in the last 5 sessions: 50.1% · 53.5% · 35.9% · 47.2% · 46.9%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Groww Q2 FY27 Earnings Call: MTF Book Adds ₹600-700 Cr/Qtr, ₹10-13 Cr One-Off Cost Hit

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 16 Oct 2026, 04:59 PM

Billionbrains Garage Ventures Limited (Groww) released the transcript for its Q2 FY27 earnings conference call held on October 14, 2026. Management highlighted steady expansion in its Margin Trading Facility (MTF) book, adding ₹600 Cr to ₹700 Cr on average every quarter, with MTF accounting for slightly above 5% of cash turnover. The company noted a one-time Cost to Serve impact of ₹10 Cr to ₹13 Cr due to delayed exchange files on an expiry day, alongside incremental compute and AI investments. Additionally, other operating income gained traction from roughly 30 IPO distributions during the quarter, while Cost to Grow normalized lower following the absence of prior quarter IPL brand spending.

MTF book continues to scale with average quarterly additions of ₹600 Cr to ₹700 Cr
MTF trades currently account for slightly above 5% of total cash turnover
Cost to Serve saw a one-time hit of ₹10 Cr to ₹13 Cr due to delayed files on an expiry day
Other operating income was boosted by distribution across approximately 30 IPOs during the quarter

💡 Track incoming SEBI circulars regarding CAS (Call Auction Session) implementation timelines and watch MTF book growth along with tech reliability metrics in upcoming quarterly filings.

Groww Applies for Reclassification of Promoter Group Entity to Public Category

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 Oct 2026, 05:05 PM

Billionbrains Garage Ventures Limited (Groww) announced that it has formally submitted an application to the stock exchanges (BSE and NSE) on October 14, 2026. The application seeks stock exchange no-objection/approval for the reclassification of certain entity/entities from the 'Promoter Group' category to the 'Public' category under Regulation 31A of SEBI LODR Regulations. This follows earlier company intimations made on October 12, 2026, and October 14, 2026. The specific identity and shareholding quantum of the entity seeking reclassification were not detailed in the filing extract.

Application submitted to stock exchanges on October 14, 2026
Filed under Regulation 30 and Regulation 31A of SEBI LODR Regulations, 2015
Seeks approval for reclassification from 'Promoter Group' to 'Public' category
Follows earlier corporate intimations dated October 12, 2026, and October 14, 2026

💡 Track subsequent exchange filings for the formal approval/no-objection letter from BSE/NSE, and monitor the updated shareholding pattern once the reclassification takes effect.

Groww Uploads Quarterly Key Performance Indicators (KPIs) for Q2 FY27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Oct 2026, 01:10 PM

Billionbrains Garage Ventures Limited (Groww) informed exchanges that its Key Performance Indicators (KPIs) for the quarter ended September 30, 2026, have been uploaded to its investor relations website. The disclosure is in accordance with SEBI ICDR and LODR regulations as outlined in its prospectus dated November 07, 2025. The filing itself does not include the underlying operational data points, which must be accessed via the company's portal.

KPI update applies to the quarter ended September 30, 2026
Disclosed pursuant to Prospectus dated November 07, 2025
Data published directly to the company's IR website (groww.in/investor-relations)
Filing made on October 14, 2026 under scrip code 544603 / GROWW

💡 Investors should review the specific KPI numbers published on the Groww investor relations website, focusing on active NSE client trajectories, MTF book size, and average order values ahead of full Q2 financial results.

Groww Q2 FY27 Total Income Rises 44% YoY to ₹1,541 Cr; PAT Jumps 54% to ₹725 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Oct 2026, 01:05 PM

Billionbrains Garage Ventures (Groww) released its Q2 FY27 shareholders' letter, reporting a 44% YoY increase in consolidated Total Income to ₹1,541 crore and a 54% YoY rise in PAT to ₹725 crore (PAT margin at 47%). Total customer assets rose 46% YoY to ₹3.9 lakh crore, supported by 2.4 crore transacting users. While Equity Derivatives revenue fell 14.3% QoQ following SEBI's Closing Auction System (CAS), non-broking segments expanded rapidly, with the MTF book scaling to ₹4,351 crore (up from ₹1,668 crore in Q2 FY26) and Groww AMC AUM surging 145% YoY to ₹7,179 crore.

Q2 FY27 consolidated Total Income grew 44% YoY to ₹1,541 crore; EBITDA rose 60% YoY to ₹969 crore.
PAT climbed 54% YoY to ₹725 crore, achieving a 47% PAT margin (+3.0pp YoY).
Margin Trading Facility (MTF) book expanded to ₹4,351 crore (2.7% market share) from ₹1,668 crore in Q2 FY26.
Equity Derivatives revenue fell 14.3% QoQ, driven by industry-wide disruptions following the launch of the Closing Auction System (CAS).
Completed Fisdom integration and received ₹580 crore strategic investment from State Street Global Advisors.

💡 Track SEBI's potential implementation of consultation paper recommendations to delink derivatives settlement from CAS closing prices, and monitor how rapidly MTF and wealth cross-selling scale relative to core broking.

Groww Approves Q2 FY27 Results, Promoter Reclassification, and Reports Zero IPO Fund Deviation

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Oct 2026, 12:50 PM

Billionbrains Garage Ventures Limited (Groww) held its board meeting on October 14, 2026, approving the unaudited financial results for the quarter and half-year ended September 30, 2026. The board also approved requests from certain promoter group members for reclassification into the 'Public' category, subject to stock exchange and regulatory clearances under Regulation 31A. Additionally, the company reported nil deviation in the utilization of its ₹1,060.00 crore IPO proceeds, with ₹1,054.15 crore already deployed across cloud infrastructure, marketing, and subsidiaries like Groww Creditserv and Groww Invest Tech.

Board approved reclassification requests of certain promoter group members to the 'Public' category under Regulation 31A
Nil deviation reported in utilization of ₹1,060.00 crore IPO fresh issue proceeds (₹1,054.15 crore deployed)
₹205.00 crore deployed into NBFC subsidiary Groww Creditserv and ₹167.50 crore into Groww Invest Tech for MTF business
During the quarter, 69,42,862 equity shares were transferred by Groww Employee Welfare Trust via ESOP exercise

💡 Track the detailed Q2 FY27 consolidated earnings tables once fully parsed and monitor stock exchange approvals regarding the promoter group reclassification.

Groww Approves Q2 FY27 Results, Promoter Reclassification, and Reports Zero IPO Fund Deviation

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Oct 2026, 12:48 PM

Board approved reclassification requests of certain promoter group members to the 'Public' category under Regulation 31A
Nil deviation reported in utilization of ₹1,060.00 crore IPO fresh issue proceeds (₹1,054.15 crore deployed)
₹205.00 crore deployed into NBFC subsidiary Groww Creditserv and ₹167.50 crore into Groww Invest Tech for MTF business
During the quarter, 69,42,862 equity shares were transferred by Groww Employee Welfare Trust via ESOP exercise

💡 Track the detailed Q2 FY27 consolidated earnings tables once fully parsed and monitor stock exchange approvals regarding the promoter group reclassification.

Groww Approves Q2 FY27 Results, Promoter Reclassification, and Reports Zero IPO Fund Deviation

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 14 Oct 2026, 12:46 PM

Board approved reclassification requests of certain promoter group members to the 'Public' category under Regulation 31A
Nil deviation reported in utilization of ₹1,060.00 crore IPO fresh issue proceeds (₹1,054.15 crore deployed)
₹205.00 crore deployed into NBFC subsidiary Groww Creditserv and ₹167.50 crore into Groww Invest Tech for MTF business
During the quarter, 69,42,862 equity shares were transferred by Groww Employee Welfare Trust via ESOP exercise

💡 Track the detailed Q2 FY27 consolidated earnings tables once fully parsed and monitor stock exchange approvals regarding the promoter group reclassification.

Groww Receives Reclassification Requests from 41 Promoter Group Entities Holding 0.19% Stake

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Oct 2026, 06:10 PM

Billionbrains Garage Ventures Limited (Groww) received requests on October 12, 2026, from 41 promoter group entities seeking reclassification to the 'Public' category under Regulation 31A of SEBI LODR. The entities collectively hold 1,21,89,962 equity shares, representing 0.19% of the paid-up share capital as of September 30, 2026. The major holders among the applicants are Rohit Parmar with 80,14,000 shares (0.13%) and Vikas Singh with 40,60,566 shares (0.06%), while most others hold nil shares. The reclassification requests will be placed before the Board of Directors and are subject to regulatory and stock exchange approvals.

41 promoter group entities applied for reclassification to the 'Public' category on October 12, 2026
Applicant entities hold a cumulative 1,21,89,962 shares, representing 0.19% of total paid-up equity
Rohit Parmar holds 80,14,000 shares (0.13%) and Vikas Singh holds 40,60,566 shares (0.06%), the two largest holdings in the group
29 out of the 41 requesting entities hold nil equity shares as of September 30, 2026

💡 Track the upcoming Board meeting decision and subsequent stock exchange approvals for the reclassification process.

Billionbrains Garage Ventures Submits Reg 74(5) Demat Compliance for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 02:41 PM

Billionbrains Garage Ventures Limited (GROWW) submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the quarter ended September 30, 2026, issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It confirms that share certificates received for dematerialisation were duly verified, cancelled, and substituted in depository records. This is a standard quarterly administrative filing with no financial or operational impact.

Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026
Company filing submitted to BSE and NSE on October 07, 2026

💡 No action is required as this is a recurring regulatory filing; investors should track upcoming Q2 financial results for operational performance.

Sequoia Capital Sells 1.55 Crore Shares of Billionbrains Garage Ventures (Groww)

🟡 NEUTRAL ⭐ 5/10

OTHER 📅 21 Sep 2026, 04:28 PM

Sequoia Capital Global Growth Fund III – U.S./India Annex Fund, L.P announced that it sold 1,55,34,152 equity shares of Billionbrains Garage Ventures Limited (Groww) through open-market transactions between May 12, 2026, and September 17, 2026. Prior to the disposal under consideration, the holding of shares carrying voting rights was 9,85,33,510 shares. The seller does not belong to the promoter or promoter group.

1,55,34,152 equity shares sold via open-market transactions
Disposal took place between May 12, 2026 and September 17, 2026
Holding prior to the transaction stood at 9,85,33,510 shares carrying voting rights
Seller does not belong to the promoter or promoter group

💡 Monitor upcoming quarterly shareholding patterns to assess remaining PE/VC overhang and secondary market supply.

Groww Grants 3,25,014 Stock Options Under Employee Stock Option Scheme 2024

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 08:17 PM

Billionbrains Garage Ventures Limited (Groww) has granted 3,25,014 stock options to eligible employees under its Employee Stock Option Scheme 2024 on September 08, 2026. Each option is convertible into one fully paid-up equity share with a face value of Rs. 2. The exercise price has been fixed at Rs. 2 per option. This grant is part of regular employee compensation and retention practices in compliance with SEBI SBEB regulations.

3,25,014 stock options granted on September 08, 2026
Each option convertible into 1 equity share of face value Rs. 2
Exercise price set at Rs. 2 per stock option
Issued under the Billionbrains Garage Ventures Limited Employee Stock Option Scheme 2024

💡 Track the cumulative equity dilution from ESOP exercises in future quarterly shareholding patterns and observe any employee benefit expense impact in subsequent financial results.

Groww Grants 392,613 Stock Options at Exercise Price of Rs 2 Under ESOP Scheme 2024

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 01:00 PM

Billionbrains Garage Ventures Limited (Groww) has announced the grant of 392,613 stock options to eligible employees on August 28, 2026, under its Employee Stock Option Scheme 2024. Each option is convertible into one equity share of face value Rs 2. The exercise price has been fixed at Rs 2 per option, in compliance with SEBI SBEB Regulations, 2021.

392,613 stock options granted to eligible employees on August 28, 2026.
Each option converts into 1 fully paid-up equity share of face value Rs 2.
Exercise price determined at Rs 2 per stock option.

💡 Track subsequent vesting milestones and the gradual dilution impact on total share capital in future shareholding disclosures.

Groww Shareholders Approve All AGM Resolutions Including Capital Clause Amendment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 10:17 PM

Billionbrains Garage Ventures Limited (Groww) concluded its 8th Annual General Meeting (AGM) on August 24, 2026, with all four ordinary and special resolutions approved by over 99.9% shareholder votes. Key approved items include the adoption of FY26 standalone and consolidated financial statements, the reappointment of director Mr. Neeraj Singh, and the appointment of secretarial auditors for 5 years. Shareholders also approved the reclassification of authorized share capital and amendment of the Memorandum of Association (MoA).

All 4 AGM resolutions passed with over 99.9% majority votes cast in favour
Adoption of FY26 financial statements approved with 4,656,282,591 votes in favour (99.99%)
Reclassification of authorized share capital and amendment of MoA capital clause approved with 99.99% votes
A total of 826,508 shareholders were on record as of the cut-off date August 17, 2026

💡 Track the upcoming quarterly financial results and regulatory filings for updates regarding business performance and operational scale across broking, MTF, and NBFC segments.

149,874 Stock Options Granted to Employees at Rs. 2 Exercise Price

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 08:32 PM

Billionbrains Garage Ventures Limited (Groww) has announced the grant of 149,874 stock options to eligible employees under its 2024 ESOP Scheme. Each option is convertible into one equity share of face value Rs. 2 at an exercise price of Rs. 2 per option. This is a routine administrative action aimed at employee retention and incentive alignment. The immediate impact on the company's total share capital is negligible given the volume of options granted.

Grant of 149,874 stock options to eligible employees on August 13, 2026
Exercise price fixed at Rs. 2 per option, matching the face value of the shares
Each option is convertible into one fully paid-up equity share of Rs. 2
Grant issued under the Billionbrains Garage Ventures Limited Employee Stock Option Scheme 2024

💡 Investors should monitor the total ESOP pool size in annual reports to assess the cumulative potential for equity dilution over time.

22.94% Economic Interest: State Street Completes Investment in Groww Asset Management

🟢 POSITIVE ⭐ 7/10

M&A 📅 04 Aug 2026, 04:29 PM

Billionbrains Garage Ventures (Groww) has successfully completed the strategic investment transaction with State Street Global Advisors (SSGA) in its subsidiary, Groww Asset Management Limited. Following the fulfillment of all regulatory approvals, SSGA now holds a 22.94% economic interest and 4.85% voting rights in the AMC on a fully diluted basis. This partnership, initially announced in January 2026, brings a global institutional leader into Groww's wealth management ecosystem. The deal is a significant milestone for Groww as it seeks to scale its mutual fund offerings beyond its core broking business.

State Street Global Advisors (SSGA) now holds a 22.94% economic interest in Groww AMC.
SSGA holds 4.85% voting rights in the subsidiary on a fully diluted share capital basis.
Transaction completion follows the initial execution of agreements dated January 14, 2026.
All conditions precedent and regulatory approvals were fulfilled as of August 04, 2026.
Groww reported a net profit of ₹546.93 cr in the Dec 2025 quarter prior to this deal closure.

💡 Watch for the launch of new investment products, particularly ETFs or passive funds, leveraging State Street's global expertise, and monitor AUM growth in the AMC subsidiary.

View All GROWW Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations declined 9% YoY in Q2 FY26. Product revenue mix shifted with Stocks increasing by 4pp, Margin Trading Facility (MTF) increasing by 4pp, and Interest-based income (led by LAS) increasing by 2pp, while Derivatives share decreased by 10pp. Revenue per broking order grew 10% YoY from INR 18.0 to INR 19.8.

Geographic Revenue Split

Not disclosed in available documents; however, the company operates as a pan-India digital platform with 11.9 million NSE active clients.

Profitability Margins

Profit After Tax (PAT) margin was 44% in Q2 FY26, showing a 4.1pp expansion QoQ. PAT grew 12% YoY, primarily aided by the reversal of a one-time long-term incentive provision of INR 159.3 Cr from previous quarters.

EBITDA Margin

The company utilizes Adjusted EBITDA Margin as a key metric, though the specific percentage for Q2 FY26 is not explicitly stated. Management notes that 90% of costs are indirect, allowing incremental revenue to flow directly to the bottom line, improving leverage as revenue outpaces costs.

Capital Expenditure

The group has deployed equity investments of over INR 1,700 Cr in subsidiaries as of March 2025, including INR 568.9 Cr in Groww Invest Tech (GIT), INR 678.2 Cr in Groww CreditServ (GCS), and INR 349.5 Cr in Groww Asset Management.

Credit Rating & Borrowing

ICRA maintains a positive outlook based on a healthy cash buffer of INR 3,016 Cr in unencumbered liquid funds and INR 1,016 Cr net proceeds from the IPO. Borrowing costs for MTF are managed against a lending yield of 14.95%.

⚙️ Operational Drivers

Raw Materials

As a digital platform, 'raw materials' consist of 'Cost to Serve' components: (a) Software, server, and technology costs and (b) Transaction and other related charges.

Key Suppliers

Not applicable; the company relies on technology infrastructure and exchange connectivity (NSE/BSE).

Capacity Expansion

Current capacity is defined by 11.9 million NSE active clients (down from 13.2 million peak). The MTF book capacity grew 61% QoQ to INR 1,668.3 Cr in Q2 FY26 from INR 1,035.8 Cr in Q1 FY26.

Raw Material Costs

Cost to Serve (technology and transaction charges) and Cost to Grow (marketing) are the primary drivers. Cost to Grow increased 23% YoY to INR 125.3 Cr in Q2 FY26 due to branding activities like KBC and Asia Cup.

Manufacturing Efficiency

Operational efficiency is driven by a software-platform model where 90% of costs are fixed/indirect, leading to high profitability as the user base scales.

Logistics & Distribution

Customer Acquisition Cost (CAC) for H1 FY26 was INR 1,374, a 72.6% increase from INR 796 in H1 FY25, reflecting higher discretionary branding spends.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through product diversification beyond broking: scaling the MTF book (currently 0.7% penetration), expanding the NBFC arm (Groww CreditServ) which saw 58% QoQ disbursement growth, and integrating Fisdom to add 3-4% to revenue through AIF, PMS, and insurance distribution.

Products & Services

Stock broking, Mutual Fund distribution, Futures & Options (F&O), Margin Trading Facility (MTF), Personal Loans, Loan Against Shares (LAS), Loan Against Mutual Funds (LAMF), Commodities, and Bonds.

Brand Portfolio

Groww, Groww Credit, Fisdom (Finwizard Technology).

New Products/Services

Launched Commodities, Bonds, and '915' product; Fisdom acquisition expected to contribute 3-4% to total revenue operations.

Market Expansion

Focusing on deepening penetration within the existing 11.9 million active client base for credit and wealth products.

Market Share & Ranking

Groww is India's largest investing platform by active NSE clients (11.9 million), despite a recent 9.8% decline in active users in line with industry trends.

Strategic Alliances

Acquisition of Finwizard Technology (Fisdom) completed in October 2025 to bolster wealth management and advisory services.

🌍 External Factors

Industry Trends

The industry is seeing a shift from F&O to cash/MTF due to regulatory tightening. Total NSE active users fell from 50.2 Mn to 45.3 Mn (9.7% decline) in 2025, reflecting a cooling period in retail participation.

Competitive Landscape

Intense competition from traditional brokers and other fintechs, particularly in MTF pricing where competitors offer rates as low as 7.99% compared to Groww's 14.95%.

Competitive Moat

Moat is built on a massive user base (11.9 Mn active) and a low-cost digital-first delivery model. Sustainability depends on successfully cross-selling credit and wealth products to reduce dependence on volatile F&O brokerage.

Macro Economic Sensitivity

Highly sensitive to capital market cycles; 90% of Net Operating Income is derived from retail broking, making revenue vulnerable to market volatility.

Consumer Behavior

Shift toward 'high-quality' users who place more orders; average order per user grew 10-20% despite a decline in total active user count.

Geopolitical Risks

Indirect impact through global market volatility affecting Indian capital market volumes and investor sentiment.

⚖️ Regulatory & Governance

Industry Regulations

Impacted by SEBI's 'true-to-label' circular which reduced F&O revenue per order, uniform exchange charges, and increased STT (Securities Transaction Tax) which impacts trading volumes.