Billionbrains Garage Ventures (GROWW) Q3 25/26 earnings summary

Executive summary

• Asset management business partnership with State Street aims to accelerate growth, bring global practices, and expand product offerings for Indian and foreign investors, with up to 23% dilution of Groww AMC's share capital.

• Wealth management integration is ongoing, targeting both existing and affluent customers, with synergies expected as integration completes.

• Approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

• Completed an IPO in November 2025, listing on NSE and BSE, with a fresh issue and offer for sale totaling 663.2 million shares at INR 100 per share.

• Board approved further acquisition of shares in Groww Asset Management Limited (Groww AMC), a wholly owned subsidiary.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was INR 12,160.72 million, up from INR 9,745.35 million in Q3 FY25.

• Consolidated net profit for Q3 FY26 was INR 5,469.33 million, compared to INR 4,713.39 million in Q3 FY25.

• Commodities now contribute 4% of topline, with over 100,000 customers in this segment.

• MTF (margin trading facility) contributes 6% to total revenue, with consistent quarterly growth of approximately INR 600 crores.

• EBITDA margin has expanded to over 63% (excluding Fisdom), driven by revenue growth and a largely fixed cost base.

Outlook and guidance

• The company expects to complete the strategic transaction with State Street Global Advisors within six months, subject to regulatory approvals.

• Asset management business is expected to scale with State Street partnership, focusing on AUM and user base growth, including passive and global products.

• Wealth management will continue to scale as integration progresses, with new products and services for HNIs and affluent customers.

• No dividend expected in the near future as the company remains in a high-growth investment phase.

• The acquisition of additional shares in Groww AMC is aimed at supporting working capital and growth opportunities.