AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 Oct - CRISIL monitoring report for quarter ended September 30, 2026 shows IPO proceeds utilised as planned, with no deviations.
Source: Bse
Billionbrains Garage Ventures Limited (GROWW)
Mid CapFinancial Services stocks · Mid cap · NSE
Billionbrains Garage Ventures Limited (Groww) is an Indian financial services platform offering brokerage and wealth management products, including mutual funds, stocks, derivatives, and loans. The company focuses on customer experience and leverages technology like AI to enhance product offerings and operational efficiency.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result15 Jul, 11:32 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 -1.9% / mo · MACD +
Stock trend: 60
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GROWWD candles · FIT view-9.1%Latest close ₹198.08 on 2026-10-19
Daily history is available from 2025-11-12; the requested 1Y window is partially covered.
Bar
-1.4%
RSI
57
MACD hist
1.38
52W pos
75%
2026-10-19O ₹200.85H ₹202.95L ₹197.61C ₹198.08Vol 2.1Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GROWWNifty Financial ServicesNifty 500
- GROWW
- -2.6%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +2.9 pp
Chart stats
19 Oct 2026- From 52W high
- -12.8%
- 52W range position
- 75%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.71x
- Avg traded value
- ₹516 Cr
- 20D price channel
- ₹178 - ₹204
₹227.2
₹112 - ₹227.2
₹6.2
Latest completed session
20-session average
28.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE49
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +66.0% · PAT +94.4% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-80.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +66% YoY · PAT +94% YoY · margin expansion · operating leverage
Filed 15 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,501 Cr | +66.0% | -0.3% |
| EBITDA | ₹970 Cr | +100.8% | +3.4% |
| Operating margin | 65.0% | +1200 bps | +300 bps |
| PAT | ₹735 Cr | +94.4% | +7.1% |
| PAT margin | 49.0% | +716 bps | +339 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 46.10
- P/B
- 12.86
- EV/EBITDA
- 33.96
- Market Cap
- 124205.00Cr
Profitability
- ROE
- 28.80%
- ROCE
- 37.30%
- ROA
- 14.55%
- 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
- 116.00×
- Altman Z
- 7.77
- Book Value
- 15.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -21.00 Cr
- EPS TTM
- 4.31
Shareholding
- Promoter Hold
- 27.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 4,645+14.4% vs prev
Net Profit
₹ CrLatest: 2,693+47.6% vs prev
Return on Equity
%Latest: 27.9-26.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 57. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 13% off 52W high · 77% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
53
RS percentile
Stage 1 Base / Transition
1M return
+3.3%
3M return
-2.6%
6M return
-9.1%
1Y return
-
RS 1D
+1
RS 20D
-11
Sector rank
#9
Industry rank
-
Stage evidence
- Price is within 2.2% of the 30-week proxy.
- The 30-week proxy changed +2.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
unranked
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
232 observations
19 Oct 2026Value 163.11-0.36%
RS vs Nifty 500163
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 49 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth20/25
Quality18/20
Balance Sheet8/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
49
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
49/100 · legacy band FAIR VALUE
Positive drivers
- Quality contributes 18/20 to the score.
- Growth contributes 20/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -80.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
46.1
PB
12.9
EV/EBITDA
34.0
ROE
28.8%
ROCE
37.3%
FCF Yield
—
Debt/Equity
0.0
MoS
-80.2%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
49
Previous: 49
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-80.2%
Previous: -80.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹38.64
-412.6% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹109.9
-80.2% MoS
PEG
1.15
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IREDA
Mid
Indian Renewable Energy Development Agency Limited
Financial Services
match 54
41
15.5
15.6%
+40%
WATCHLIST
CHOICEIN
Large
Choice International Limited
Financial Services
match 47
43
72.0
16.1%
-176%
WATCHLIST
PRUDENT
Micro
Prudent Corporate Advisory Services Limited
Financial Services
match 47
53
51.6
28.6%
-103%
FAIR VALUE
THEINVEST
Small
The Investment Trust Of India Limited
Financial Services
match 46
50
14.4
4.0%
+45%
FAIR VALUE
HALDER
Small
Halder Venture Limited
Financial Services
match 46
50
10.1
17.3%
+61%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-19T08:12:14.398Z
Management commentary snapshot
Q2 FY27 saw Cost to Grow decline due to absence of IPL branding, while Cost to Serve rose from AI-related compute costs, higher trading days, and a one-time INR10-13 crore issue. MTF book showed volatility but is expected to grow.
Management is actively managing costs and investing in AI and new products like US stocks and MF Prime. While MTF book volatility is noted, policy changes are implemented to mitigate risks. Long-term market share growth is expected, but short-term fluctuations persist.
Growth engines
Margin Trade Funding (MTF) Book
Management expects the MTF book to keep growing for the foreseeable future, adding INR600-700 crores quarterly.
US Stocks Product
Product is in early testing, with good initial customer feedback. It is gradually becoming visible to more customers.
MF Prime
MF Prime is a very small part of the wealth-related AUM but is currently the fastest-growing segment.
Acquired Company Products
Integration of the acquired company is complete, and many of their products are becoming mainstream across multiple apps.
Tailwinds
SEBI's CAS Decision
Management expects SEBI's decision on CAS (Consolidated Account Statement) to normalize derivative volumes, as options given are not expected to impact the segment significantly.
Headwinds
Potential UPI MDR Implementation
Awaiting final outcome on UPI MDR. If the capping is very high (e.g., INR300), it could impact costs, though management expects it not to be material.
Risk radar
MTF Book Volatility
The MTF book experiences volatility due to stock price movements, circuit changes, and reclassification of securities.
Market Conditions Impacting Growth Spend
Cost to Grow spend is flexible; it may be reduced in a bad market and increased in a good market, impacting quarterly expenses.
Management accountability
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.
Analyst reading lens
Compare BOTH
QoQ is relevant for assessing immediate operational cost changes (Cost to Grow, Cost to Serve, employee costs) and sequential momentum in the MTF book. YoY is important for evaluating longer-term market share trends and overall business growth.
Sector KPIs management disclosed
Wealth-related AUM
Wealth-related AUM published for the first time. MF Prime is a small but fastest-growing part of this AUM.
Margin Trade Funding (MTF) Book
On average, adding INR600-700 crores quarterly. Expects this trend to continue due to underpenetration in customer and market share.
MTF Credit Cost
No one-off cost due to MTF in this quarter, attributed to policy-level changes and real-time execution to manage risk.
Products per Customer
More than 50% of customers are using more than two products, and over 5% are using more than four products today.
Management forward view
Customer-First Approach
Company believes in being paranoid about markets and focusing on the customer, aiming to provide more value than charged.
In-house AI Stack
Building an in-house AI stack to ship products faster, improve quality, enhance customer experience, and reduce per-token compute costs.
Long-term Market Share Convergence
Expects cash and F&O market share to converge with NSE active market share over the longer term as customers mature and products expand.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| MTF Book Growth | Adding INR600-700 crores quarterly on average. | Sustained growth trajectory and impact of policy changes on asset quality. |
| SEBI CAS Circular Impact | Awaiting final circular and applicability date. | Normalization of derivative volumes post-implementation and any unexpected market reactions. |
| Cost to Grow Spend | Average of INR125 crores per quarter in H1 FY27, with flexibility. | Quarterly spend in relation to market conditions and its effectiveness in customer acquisition. |
| US Stocks Product Launch | Currently in early testing phase, gradually visible to more customers. | Timeline for full launch and initial customer adoption rates and transaction volumes. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 66th percentile within Financial Services. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
21 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Financial Services: 66th pctile, median 62 · Mid: 26th pctile, median 76
Evidence depth
Financial-only
21 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
62
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸ROCE is 37.3%.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-21 Cr.
- ▸Only 1 years of positive FCF.
- ▸ROCE trend is -4%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Billionbrains Garage Ventures Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Oct - Newspaper publication for the unaudited financial results for the quarter and half year ended September 30, 2026 is annexed herewith.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Newspaper Publication regarding 8th Annual General Meeting and e-voting information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Newspaper Publication regarding 8th Annual General Meeting and e-voting information
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 30 Jul - ICRA upgraded Groww issuer rating from AA- Stable to AA Stable on July 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Pursuant to Regulation 30 and 47 of SEBI Listing Regulations, the copies of Newspaper Publication is attached herewith.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jul - Intimation of earning conference call for analysts and investors
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 1d - CRISIL report for Q1 FY27 shows IPO proceeds utilized as planned; no deviation reported.
Source: Bse
Investor presentationApr 2026
Apr 2026 · PPT
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.