HDFC Bank Limited
NSE: HDFCBANK
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Research updated
Billionbrains Garage Ventures Limited
NSE: GROWWFinancial ServicesCapital Markets
- Last close
- ₹192.39
- Day change
- −₹0.21 (−0.11%)vs
- Market cap
- ₹1.20 lakh crIndian rupees
- Research updated
- 1 report
About Billionbrains Garage Ventures
Billionbrains Garage Ventures Limited is a Bengaluru-based fintech company specializing in direct-to-customer digital investment services. Recognized as the parent entity of Groww, the platform has transformed retail investing in India by simplifying access to equities, mutual funds, derivatives, bonds, and margin trading through its robust web and app-based technology. Incorporated in 2018 and restructured as a public limited company in 2025, Billionbrains Garage Ventures Limited accelerated its growth after merging with Groww Inc., becoming one of the largest providers in digital wealth management. With a scalable, technology-first business model, the company has achieved exceptional market penetration: as of mid-2025, it managed over 37 million demat accounts and ₹2.6 lakh crore in assets under management, serving users across 98% of Indian pin codes. The firm’s rapid financial expansion is evidenced by consistent growth in revenue and profitability, driven by operating leverage and strong brand reach into tier-2 and tier-3 towns. Billionbrains Garage Ventures Limited plays a central role in India’s evolving financial services landscape, enabling widespread retail investor participation and contributing to increased digitization and democratization of investment opportunities.
- Sector
- Financial Services
- Industry
- Capital Markets
- Listing
- NSE: GROWW
- Chief executive
- Mr. Lalit Keshre
- Employees
- 448
- Headquarters
- Bengaluru, India
- ISIN
- INE0HOQ01053
- Website
- groww.in
Public research · Report of
Business model & financial foundation
Groww (NSE: GROWW), Capital markets - retail stockbroking, investing platform and wealth: revenue of ₹4,645 crore in FY26 (+19.0% on FY25), an EBITDA margin of 59.1%, net profit of ₹2,083 crore and net cash of ₹3,579 crore.
- Revenue, FY26 (₹ crore)
- 4,645
- consolidated
- Revenue growth, FY26
- +19.0%
- on FY25
- EBITDA margin, FY26
- 59.1%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 2,083
- to owners
- Return on equity, FY26
- 28.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,579
- Net debt (debt less cash and investments; ex client balances)
- Market capitalisation (₹ crore)
- 1,18,005
- at the close of 12 Oct 2026
Company profile
Groww is India's largest retail investing platform by NSE active clients (about 29% share, Sep 2026), offering stocks, F&O, commodities, mutual funds, margin trading facility (MTF), loans against securities and personal loans through a single app. Revenue is dominated by broking fees and float income on client balances, with MTF interest the fastest-growing stream; the AMC, credit and Fisdom wealth businesses are early. It listed on NSE and BSE in November 2025.
| Item | Value |
|---|---|
| Legal name | Billionbrains Garage Ventures Limited (formerly Billionbrains Garage Ventures Private Limited) |
| Exchange and ticker | NSE: GROWW; BSE: 544603 |
| ISIN | INE0HOQ01053 |
| CIN | L72900KA2018PLC109343 |
| Sector | Financial Services |
| Industry | Capital markets - retail stockbroking, investing platform and wealth |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹1,18,005 crore (12 Oct 2026) |
| Shares outstanding | 599.48 crore shares (FY26) |
| Price | ₹192.4 (close, 12 Oct 2026) |
| Website | https://groww.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Groww Invest Tech Private Limited | 100% | Stock broking, MF distribution, depository participant, margin trading facility |
| Groww Creditserv Technology Private Limited | 100% | NBFC: personal loans, loans against securities; parent gives corporate guarantee on its borrowings |
| Groww Asset Management Limited | 100% | Mutual fund AMC; State Street Global Advisors took 22.94% economic / 4.85% voting interest on 4 Aug 2026 (post FY26) |
| Groww Trustee Limited | 100% | Trustee to Groww Mutual Fund |
| Groww Pay Services Private Limited | 100% | Payments; online payment aggregator licence surrendered 6 Jan 2026 |
| Finwizard Technology Private Limited (Fisdom) | 100% | Wealth management and distribution; control acquired 29 Sep 2025, 100% on 3 Oct 2025, with three step-down subsidiaries |
| Groww IFSC Private Limited | 100% | GIFT City entity (US stocks), step-down of Groww Invest Tech |
| Groww Insurance Broking Private Limited | 100% | Insurance broking |
12 direct and 4 step-down subsidiaries, all 100% at 31 Mar 2026, per FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 27.81% | 27.38% | 27.14% | 27.13% |
| Promoter holding pledged | 0.21% | 1.30% | 1.31% | 1.25% |
| Foreign institutions | 3.13% | 2.51% | 6.89% | 10.90% |
| Domestic institutions | 4.92% | 5.92% | 10.08% | 12.73% |
| of which mutual funds | 4.24% | 5.25% | 8.69% | 10.72% |
| Retail | 5.81% | |||
| Other | 64.13% | 64.19% | 55.89% | 49.23% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Groww is a direct-to-consumer investing platform. Its listed holding company (BGV) runs the technology, and subsidiaries carry the regulated businesses:
- Groww Invest Tech (GIT): broking, margin trading facility (MTF), depository.
- Groww Creditserv: NBFC, personal loans and loans against securities (LAS).
- Groww AMC: asset management; State Street holds 22.94% since 4 Aug 2026.
- Fisdom: wealth, acquired Oct 2025.
- Groww IFSC.
Revenue from operations was 4,644.6 cr in FY26 and 1,501.4 cr in Q1FY27. In Q1FY27 the mix by share of total income was:
- equity derivatives (mostly options brokerage per order) 52%;
- stocks 16.4%;
- the rest from MTF interest, float on client funds, commodity derivatives, credit and wealth.
The cost base is largely fixed. In Q1FY27, on platform revenue:
- cost to serve (technology plus transaction charges) was about 10.7%;
- cost to grow (marketing) was 146 cr, 9.9%, with the IPL;
- cost to operate was 170 cr.
Operating leverage is therefore steep. Company-definition EBITDA margin rose from 53.4% in Q1FY26 to 64.7% in Q1FY27.
What Groww controls: product, pricing (MTF at 14.95% against rivals as low as 7.99%) and marketing. What it does not control: SEBI rules on derivatives and MTF, exchange charges, and market activity.
| Peer | Why the dossier compares them |
|---|---|
| Angel One (ANGELONE) | Closest listed discount broker; retail F&O-heavy, digital acquisition model |
| Motilal Oswal Financial Services (MOTILALOFS) | Retail broking plus MTF, wealth and AMC: the product set Groww is building |
| Nuvama Wealth Management (NUVAMA) | |
| Central Depository Services (India) (CDSL) | Capital-market infrastructure monetising the same retail demat growth |
| BSE (BSE) | Exchange whose earnings track the same retail derivatives volumes |
| HDFC Asset Management (HDFCAMC) | |
| 360 ONE WAM (360ONE) | Listed wealth manager; reference for Groww's wealth ambitions (W, Fisdom) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 2,609 | 3,902 | 4,645 |
| Cost of revenue (vendor classification) * | 315.2 | 935.2 | |
| Other operating costs (vendor classification) * | 1,214 | 692.5 | |
| EBITDA (vendor classification) * | 2,531 | 2,992 | |
| EBIT * | 2,506 | 2,865 | |
| Finance costs | 4.20 | 42.6 | 45.9 |
| Profit before tax | -618.5 | 2,464 | 2,821 |
| Total tax expense | 187.0 | 639.4 | 738.4 |
| Profit for the year | -805.5 | 1,824 | 2,083 |
| Diluted EPS (INR) | -1.30 | 3.19 | 3.40 |
| Other income | 186.7 | 159.9 | 171.3 |
| Employee benefits expense | 1,188 | 315.2 | 590.8 |
| Other expenses | 855.7 | 1,214 | 1,307 |
| EBITDA (company definition) | 565.6 | 2,372 | 2,746 |
| Depreciation and amortisation | 20.1 | 24.6 | 47.9 |
| Share of associate loss / other below-EBITDA items | 0.00 | -1.37 | -2.47 |
| Exceptional items | -1,346 | 0.00 | 0.00 |
| Non-controlling interests | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | -805.5 | 1,824 | 2,083 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity | 4,855 | 9,651 | |
| Borrowings incl. debt securities | 544.4 | 224.0 | |
| Cash and cash equivalents | 361.1 | 1,165 | |
| Trade receivables | 96.8 | 277.5 | |
| Trade payables * | 8,057 | ||
| Net property, plant and equipment * | 68.3 | ||
| Total assets * | 18,541 | ||
| Investments (current + non-current) | 1,907 | 2,638 | |
| Bank balances other than cash (largely client funds) | 3,895 | 7,173 | |
| Net debt (debt less cash and investments; ex client balances) | -1,724 | -3,579 | |
| MTF loan book (period end) | 601.9 | 2,814 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities | -962.2 | -20.6 | |
| Free cash flow (vendor definition) * | -32.7 | ||
| Purchase of PPE and CWIP | -16.5 | -12.1 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding * | 617.36 | 617.36 | 599.48 |
| Quarterly profit and loss (₹ crore) | Q1FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 974.5 | 801.0 | 904.4 | 1,019 | 1,216 | 1,505 | 1,501 | |
| Cost of revenue (vendor classification) * | -317.6 | 120.1 | 136.6 | 157.1 | 173.4 | 182.0 | ||
| Other operating costs (vendor classification) * | 277.2 | 292.7 | 284.5 | 338.5 | 393.3 | 348.7 | ||
| EBITDA (vendor classification) * | 1,044 | 436.3 | 526.7 | 764.8 | 968.2 | 1,017 | ||
| EBIT * | 1,038 | 429.6 | 519.6 | 755.4 | 943.7 | 999.6 | ||
| Finance costs | 16.2 | 15.9 | 16.4 | 11.0 | 10.5 | 8.00 | 7.31 | |
| Profit before tax | 1,022 | 413.7 | 503.2 | 637.7 | 744.9 | 935.7 | 992.3 | |
| Total tax expense | 264.5 | 104.6 | 124.8 | 166.3 | 197.9 | 249.3 | 257.2 | |
| Profit for the period | 757.1 | 309.1 | 378.4 | 471.4 | 546.9 | 686.4 | 735.0 | |
| Diluted EPS (INR) | 0.55 | 1.23 | 0.50 | 0.63 | n.r. | 0.87 | 1.09 | 1.17 |
| Other income | 29.9 | 48.6 | 44.1 | 52.0 | 45.0 | 30.2 | 47.3 | |
| Employee benefits expense | -317.6 | 120.1 | 136.6 | 123.8 | 157.1 | 173.4 | 182.0 | |
| Other expenses (tech, transaction, marketing, G&A) | 277.2 | 292.7 | 284.5 | 291.0 | 338.5 | 393.3 | 348.7 | |
| EBITDA (company definition: revenue less employee and other expenses) | 1,015 | 388.2 | 483.3 | 604.0 | 720.5 | 938.7 | 970.7 | |
| Depreciation and amortisation | 6.52 | 6.64 | 7.14 | 6.81 | 9.47 | 24.5 | 17.6 | |
| Share of net loss of associate / other below-EBITDA items | -0.58 | -0.54 | -0.63 | -0.48 | -0.70 | -0.66 | -0.72 | |
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Profit attributable to owners | 757.1 | 309.1 | 378.4 | 471.4 | 546.9 | 686.4 | 735.0 | |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 49.5% | 19.0% | |
| EBITDA margin | 21.7% | 60.8% | 59.1% |
| Net margin | -30.9% | 46.8% | 44.8% |
| Return on equity | 37.6% | 28.7% | |
| Return on capital employed | 46.4% | 37.5% | |
| Return on assets | 11.2% | ||
| Net debt (₹ crore) | -1,724 | -3,579 | |
| Net debt / EBITDA | -0.73x | -1.30x | |
| Interest cover | 58.9x | 62.4x | |
| Asset turnover | 0.25x | ||
| Receivable days | 9 | 22 | |
| Payable days (on revenue) | 633 | ||
| Cash conversion | -0.53x | -0.01x | |
| Capex intensity | 0.4% | 0.3% | |
| Free cash flow (₹ crore) | -978.7 | -32.7 | |
| EPS, diluted (₹) | -1.30 | 3.19 | 3.40 |
| Book value per share (₹) | 7.86 | 16.10 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (debt less cash and investments; ex client balances); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Billionbrains Garage Ventures
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