Billionbrains Garage Ventures (GROWW) Q2 25/26 earnings summary

Executive summary

• Focus remains on democratizing financial services in India, prioritizing customer experience and continuous product innovation, with over 10 products now on the platform and a strong roadmap for future launches.

• Wealth management and product diversification are key strategic priorities for the next 2-3 years, with a tech-led approach and ongoing integration of recent acquisitions.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved and reviewed, with an unmodified opinion from statutory auditors.

• The company completed its IPO post-quarter, listing on NSE and BSE on 12 November 2025.

Segment performance

• Revenue split is approximately 70% from derivatives and 30% from cash; derivatives' share is expected to decline as cash, MTF, and commodities grow.

• MTF (Margin Trading Facility) yields about 14.95%, with growth driven by customer experience rather than pricing; market share in MTF targeted to reach double digits over three years.

• LAS (Loan Against Securities) is in early stages, currently limited to mutual funds, with gradual scaling expected as features are added.

• Wealth management revenue (via Fisdom acquisition) currently contributes about 3% of total revenue, mainly from distribution income across mutual funds, PMS/AIF, insurance, and unlisted securities.

• Commodities business is seeing strong early adoption, with 20,000-30,000 daily transacting users, mostly first-time commodity investors.

Financial highlights

• Consolidated revenue from operations for Q2 FY26 was INR 10,187.42 million, up from INR 9,043.98 million in Q1 FY26; H1 FY26 revenue was INR 19,231.40 million.

• Consolidated net profit for Q2 FY26 was INR 4,713.39 million, compared to INR 3,783.67 million in Q1 FY26; H1 FY26 net profit was INR 8,497.13 million.

• Standalone revenue from operations for Q2 FY26 was INR 6,878.73 million, with net profit of INR 3,540.29 million.

• Personal loan book size as of H1FY26 is INR 1,140 crore; LAS book is INR 60 crore.

• AMC revenue for the quarter is INR 17.99 million, currently insignificant.

• Cost to serve declined quarter-on-quarter due to technology optimizations, despite higher transaction volumes.

• Revenue per order increased due to higher average ticket size, full impact of June pricing action, and changing business mix.

• MTF contributes 3-4% of cash EDTO, adding about INR 2 per order to realizations.