GROWW
Mid CapBillionbrains Garage Ventures Limited
Financial Services
Billionbrains Garage Ventures Limited (GROWW) is an Indian financial services platform offering investment products like mutual funds, stocks, equity derivatives, commodity derivatives, MTF, and consumer credit. The company focuses on technology and user experience to drive user acquisition and retention.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +88% YoY · PAT +122% YoY · margin expansion · +24% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,505 Cr | +87.9% | +23.8% |
| EBITDA | ₹938 Cr | +141.8% | +30.3% |
| Operating margin | 62.0% | +1400 bps | +300 bps |
| PAT | ₹686 Cr | +122.0% | +25.4% |
| PAT margin | 45.6% | +700 bps | +60 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 saw strong consolidated financial growth with Total Income +81% YoY, EBITDA +142% YoY, and PAT +122% YoY. Operating leverage led to PAT margin expansion to 44.7%. Total Transacting Users grew 25% YoY, but Total Customer Assets declined 1.1% QoQ due to mark-to-market.
Groww delivered robust Q4 FY26 financial results, driven by strong user acquisition and increased activity across products, especially derivatives. Operating leverage is evident, expanding margins. While customer assets saw a QoQ MTM decline, net inflows remained positive. The company is deploying capital to scale its lending business and sees significant market share opportunity.
Total Income mix, by Products (% Share) Q4 FY26
Latest issuer-disclosed distribution across 7 reported categories.
New User Acquisition Momentum
Active Users grew 19.9% YoY and 4.7% QoQ, continuing momentum from Q3.
Product Attach Rate Improvement
Product attach improved across scaled products: 72% for Stocks, 60% for Mutual Funds, 10% for Equity Derivatives.
Increased Customer Activity
Customers’ activity on platform increased, driven by adoption of more products and more activity in existing products.
Scaling New Product Segments
MTF and commodities witnessed strong traction, with their share increasing meaningfully, driven by higher penetration and user adoption.
Market Volatility (Short-term)
High volatility driven by geopolitical tensions tends to increase user activity, particularly across products like derivatives and commodities.
Low Capital Market Penetration
Indian capital markets penetration is still in single digits, with potential to grow 3-4x over the next decade.
Market Volatility (Associated Costs)
Elevated activity due to volatility is accompanied by higher associated costs, primarily due to increased risk.
Sustained Market Underperformance
Medium-term sustained market underperformance impacts investor sentiment, moderating new user acquisition and customer asset inflows.
FII Selling
Continued selling by Foreign Institutional Investors (FIIs) can lead to market underperformance.
Market Volatility & Risk Management
Higher volatility in Q4 led to increased risk-related costs; company tightened risk management controls, systems, and processes.
Integration of Acquired Businesses
Fisdom (acquired Oct 2025) is in early stages of integration and scale, expected to be profitable in FY28.
Nascent Asset Management Business
Growwmf is sub-scale, needs 5-6x AUM growth to be profitable, expected over the next few years.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for financial services. YoY shows long-term growth and seasonal trends, while QoQ highlights sequential momentum in user activity, asset flows, and product scaling, especially for a fast-growing platform like Groww.
Total Transacting Users
21.6 Mn (+25% YoY, +6% QoQ)
Total Customer Assets
₹3.0 Tn (+36% YoY, -1% QoQ)
Active Users
16.7 Mn (+19.9% YoY, +4.7% QoQ)
Q4 Net Inflows
₹0.25 Tn
Operating Leverage & Margin Expansion
As revenue increases faster than largely fixed costs, the margins will keep expanding.
Credit Business Contribution Growth
Expect credit business contribution to PAT to grow over time as penetration scales and risk management strengthens.
Market Share Capture
The company believes it is well placed to capture a meaningful share of the incremental opportunity in Indian capital markets.
Profitability Timeline for Acquired/New Businesses
Fisdom expected profitable in FY28. Growwmf needs 5-6x AUM growth for profitability over next few years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Customer Assets | ₹3.0 Tn | Sustained net inflows and positive mark-to-market movements to drive asset growth. |
| MTF Book Growth | ₹5,069 Mn growth in Q4 (+22.0% QoQ) | Monitor MTF book growth relative to industry and market performance, especially in volatile environments. |
| Commodity Derivatives Active Users | 393k active users (+53.8% QoQ) | Track user adoption and industry momentum for continued scale-up in commodity derivatives. |
| Credit Business Contribution to PAT | 4.1% | Observe growth in credit penetration and its impact on consolidated PAT contribution. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +19.1% / mo
Technical chart
GROWWdaily · 5Y+48.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 falling (~11.1% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 74% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 17/20 to the score.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -78.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 27th percentile of the scored universe and 42nd percentile within Financial Services. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 9.6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 42nd pctile, median 62 · Mid: 16th pctile, median 76
16 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸ROCE is 37.3%.
Trust risks
- ▸Promoter holding fell 9.6%.
- ▸Operating cash flow is negative at ₹-21 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 57.20
- P/B
- 12.34
- EV/EBITDA
- 42.76
- Market Cap
- 119104.00Cr
Profitability
- ROE
- 28.80%
- ROCE
- 37.30%
- ROA
- 9.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 60.00%
- EPS 3Y
- 66.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 59.65×
- Altman Z
- 7.56
- Book Value
- 15.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -21.00 Cr
- EPS TTM
- 3.32
Shareholding
- Promoter Hold
- 27.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.