Financial Services · NSE: GROWW
Billionbrains Garage Ventures
Q2 FY27 earnings call · Guided by management
Call held 14 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹1,39,061Cr₹1.39L Cr
- P/E
- 51.6×
- 1Y return
- +68.78%
- From 52W high
- −2.7%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 1,502 | 1,019 | +47.4% | 1,501 | +0.0% |
| PBTProfit before tax | 985 | 638 | +54.3% | 993 | -0.8% |
| Net profit | 726 | 471 | +54.0% | 735 | -1.3% |
| EPS (₹) | 1.15 | 0.77 | +49.4% | 1.17 | -1.7% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
More figures from the call
“Today, I think that piece is slightly above 5%, and we obviously, as the book grows, that number will keep on going up.”
In short
- 01Management expects to keep adding about Rs 600-700 crore to the MTF book each quarter.
- 02Cost to Serve rose on AI and compute costs and a one-time hit of about Rs 10-13 crore from delayed files on an expiry day.
- 03Cost to Grow is expected at roughly Rs 400-500 crore a year, flexing with market conditions.
- 04Management expects SEBI's CAS options not to impact derivatives, with volumes normalising once applicable.
- 05Other operating income rose on about 30 IPOs in the quarter, and IPO and BSDA income was regrouped there.
- 06UPI MDR is not expected to change costs materially, but a high cap would need to be addressed.
- 07Loan against shares was launched in the last two quarters; US stocks is in early testing.
Segments
MTF: MTF expected to keep growing as company is underpenetrated
Ishan Bansal · Co · p. 5
MTF: MTF expected to keep growing as company is underpenetrated
“Obviously, we are still highly underpenetrated from a both customer as well as the market share perspective. We expect this to keep on growing for the foreseeable future.”
Wealth: MF Prime a small part of wealth AUM but likely the fastest-growing part
Ishan Bansal · Co · p. 8
Wealth: MF Prime a small part of wealth AUM but likely the fastest-growing part
“Because MF Prime is very small, I think you can assume that it's not a significant part of it yet. But obviously, that's probably the fastest-growing part at the same time.”
Broking: Broking market share expected to keep growing year-on-year despite quarterly swings
Ishan Bansal · Co · p. 9
Broking: Broking market share expected to keep growing year-on-year despite quarterly swings
“Because the volatility is still there on a quarterly basis, but if you look at on a Y-o-Y basis, the market share will keep on growing.”
Broking: Growing MTF share expected to raise cash turnover
Ishan Bansal · Co · p. 9
Broking: Growing MTF share expected to raise cash turnover
“And as our kind of more and more products come in, or more and more features also comes in, for example MTF is growing, as the MTF percentage goes up, the cash turnover will go up.”
915: 915 power-trader product not yet a significant contributor to trading volume
Ishan Bansal · Co · p. 11
915: 915 power-trader product not yet a significant contributor to trading volume
“Basically, the 915 is not a significant contributor to the trading volume today.”
Demand
Derivatives: Volumes expected to return to normal after CAS change; awaiting applicable date
Ishan Bansal · Co · p. 4
Derivatives: Volumes expected to return to normal after CAS change; awaiting applicable date
“Hence, our expectation is that it will go back to like normal in some ways. We are also waiting for the circular to understand the date from which this will be applicable.”
August was the lowest month for orders in the quarter
Ishan Bansal · Co · Q&A · p. 10
August was the lowest month for orders in the quarter
“I don't remember between July and September, which one was higher. But August was the lowest among 3 months.”
CAS removal not expected to raise volumes, only normalise the problem
Ishan Bansal · Co · p. 12
CAS removal not expected to raise volumes, only normalise the problem
“I'll take, I think, CAS one first then. It's easier. We don't expect it will go up.”
On pricing, company aims to give customers more value than it charges
Lalit Keshre · Co · p. 6
On pricing, company aims to give customers more value than it charges
“And from the pricing perspective, like, we believe that if you are giving more value to the customers than what we are charging, I think customers will be happy.”
Margins and costs
Cost to Grow fell as prior quarter's IPL branding cost did not recur
Ishan Bansal · Co · p. 3
Cost to Grow fell as prior quarter's IPL branding cost did not recur
“What happened, what you saw in last quarter, we did a branding event in IPL, and there was a cost attributed to that IPL piece, which didn't show up in this quarter's Cost to Grow.”
Cost to Serve rose partly on AI-related costs
Ishan Bansal · Co · p. 4
Cost to Serve rose partly on AI-related costs
“One reason was basically there is the AI-related cost that started coming now because we started focusing a lot on AI.”
Cost to operate flat quarter-on-quarter
Lalit Bhimani · Group Head · p. 5
Cost to operate flat quarter-on-quarter
“So, overall, our cost to operate has remained flat quarter-on-quarter.”
Employee cost dip called a short-term blip; structurally expected to go up
Lalit Bhimani · Group Head · p. 6
Employee cost dip called a short-term blip; structurally expected to go up
“So, there's a short-term blip, but structurally the cost is going to go up.”
Stocks: Cash brokerage priced at 10 basis points or Rs 20, whichever is lower
Ishan Bansal · Co · p. 10
Stocks: Cash brokerage priced at 10 basis points or Rs 20, whichever is lower
“In cash, it's a mix of order size as well as number of orders, because our pricing is mix of both. It is 10 basis points or INR20, whichever is lower.”
Debt and working capital
No change in float income approach
Lalit Bhimani · Group Head · p. 14
No change in float income approach
“No. Float income, there is no change, because you have to look at it from two perspective.”
Acquisitions and new business
US stocks: US stocks product in very early testing; customer feedback described as good
Lalit Keshre · Co · p. 7
US stocks: US stocks product in very early testing; customer feedback described as good
“As for the US stocks, it's kind of very, very early. Just kind of started testing the water. The feedback is really good from the customers.”
Wealth: Integration of acquired wealth company completed
Lalit Keshre · Co · p. 7
Wealth: Integration of acquired wealth company completed
“In the wealth side, one thing that we'll talk -- I think we spoke in our newsletter also, like the company that we acquired, now that integration has been done.”
Some products still being worked on; may be discussed in future calls
Lalit Keshre · Co · p. 7
Some products still being worked on; may be discussed in future calls
“And then there are some products that we are still kind of figuring out and working on, and we'll probably be in a position to talk about them in future calls.”
Lending: Loan against shares launched in the last two quarters
Lalit Bhimani · Group Head · p. 14
Lending: Loan against shares launched in the last two quarters
“On the lending side, the last two quarters we have, in fact, launched our loan against shares product. And the early two quarters, I think we have seen good traction in that.”
One-offs
One-time hit of about Rs 10-13 crore in Cost to Serve from delayed files on an expiry day
Ishan Bansal · Co · p. 4
One-time hit of about Rs 10-13 crore in Cost to Serve from delayed files on an expiry day
“The third piece was due to one-time. There was an issue that we faced because on a particular expiry day, the files got delayed. Because of that, there was a one-time hit of around INR10 crores to INR13 crore, which is also kind of part of Cost to Serve in this quarter.”
MTF: No one-off MTF cost this quarter
Ishan Bansal · Co · Q&A · p. 8
MTF: No one-off MTF cost this quarter
“So, obviously, there will be some cost of MTF into this, but there is no like one-off cost as such.”
Risks
Derivatives: SEBI's CAS options not expected to impact derivatives as a segment
Ishan Bansal · Co · p. 4
Derivatives: SEBI's CAS options not expected to impact derivatives as a segment
“CAS, if you look at the circular, both the options that SEBI has given, more or less are not going to impact derivatives as a segment because the closing of derivative segment will either be like 100% based on VWAP or will have a weighted average.”
MTF: Stock-level MTF underwriting run daily to add, reduce stocks or change haircuts
Ishan Bansal · Co · p. 5
MTF: Stock-level MTF underwriting run daily to add, reduce stocks or change haircuts
“There is like underwriting in some ways on a stock level that we try to run it on a daily basis and see if we want to kind of add a stock, reduce a stock, or change a haircut on them.”
MTF: MTF policy changes made after earlier quarter's event; benefits seen last quarter
Ishan Bansal · Co · p. 7
MTF: MTF policy changes made after earlier quarter's event; benefits seen last quarter
“I think there are like lot of policy-level changes that we implemented after what happened last to last quarter. And we have seen goodness coming in the last quarter as well.”
MTF: Some MTF stocks excluded or given haircuts above the regulatory requirement
Ishan Bansal · Co · p. 8
MTF: Some MTF stocks excluded or given haircuts above the regulatory requirement
“And in such stocks, we are more proactive now to exclude such stocks from -- either exclude such stocks from our MTF-approved list or actually have a much higher haircut compared to what the regulated required haircut.”
MTF: Haircut as high as 80% on some MTF stocks, funding only 20%
Ishan Bansal · Co · p. 8
MTF: Haircut as high as 80% on some MTF stocks, funding only 20%
“And we are actually sitting in some cases like 80% as haircut, which effectively means that we are only funding 20% in that case.”
Other
Wealth: Wealth management income reported in other operating income
Ishan Bansal · Co · Q&A · p. 8
Wealth: Wealth management income reported in other operating income
“It's in other operating income.”
Wealth: Fisdom users now included in active customers
Ishan Bansal · Co · p. 9
Wealth: Fisdom users now included in active customers
“But the Fisdom users are actually included now in active customers, and because of that probably that number is changing.”
Over 50% of customers use more than two products; over 5% use more than four
Ishan Bansal · Co · p. 13
Over 50% of customers use more than two products; over 5% use more than four
“So, I think, broadly, more than 50% of our customers are today using more than two products, and actually more than 5% are using more than four products today.”
Broking: QTU replaces broking transacting users as the reported metric
Ishan Bansal · Co · p. 14
Broking: QTU replaces broking transacting users as the reported metric
“I think QTU is more or less broking transacting users, so that's why we thought probably QTU is a better metric than looking at broking transacting users.”
IPO and BSDA income regrouped from stocks revenue into other income
Lalit Bimani · p. 16
IPO and BSDA income regrouped from stocks revenue into other income
“On other income, we have as of now regrouped the IPO income plus BSDA income, which were earlier part of stocks revenue.”
Sources
- Earnings call transcript, Q2 FY27 Filed 16 Oct 2026 · 16 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.