Billionbrains Garage Ventures Limited (GROWW)
Mid CapFinancial Services stocks · Mid cap · NSE
Billionbrains Garage Ventures Limited (GROWW) is an Indian financial services platform offering direct Mutual Funds, Stocks, Equity Derivatives, Commodity Derivatives, Margin Trading Facility (MTF), Loans against Securities (LAS), and wealth advisory services.
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 mixed.
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 30 Jun 2026
Excellent · 90/100Rev +66% YoY · PAT +94% YoY · margin expansion · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 saw robust YoY growth in Total Income (+63%) and PAT (+94%), driven by new product penetration and operating leverage. QoQ growth was modest for income (+1%) and PAT (+7%).
GROWW demonstrated strong YoY financial growth and expanded market leadership in direct MFs and Commodity Derivatives. However, QoQ revenue growth slowed, and risk controls impacted Stocks/MTF market share, suggesting a potential trade-off between aggressive growth and prudent risk management.
Total Income mix, by Products (% Share) Q1 FY27
Latest issuer-disclosed distribution across 8 reported categories.
New Product Penetration
Continued penetration of newer products like MTF and Commodity Derivatives led to Total Income growth.
Operating Leverage
PAT increased 94.3% YoY as operating leverage played out across all cost buckets.
Direct MF Leadership
Remains the largest distribution platform for direct Mutual Funds in India with ₹1.9 lakh crore AUM.
Consumer Credit (LAS)
Loans against Securities (LAS) product anchored this quarter's growth, making up over a third of on-book disbursements.
Groww AMC Strategic Investment
Received SEBI and CCI approval for strategic investment by State Street Global Advisors into Groww AMC.
Industry-wide MF SIP Growth
Groww's SIP Inflows grew 32% YoY, double the industry’s 16%.
Commodity Derivatives Industry Momentum
Scale-up in commodities is a function of growth in user adoption and industry momentum.
Industry-wide Client Decline
Overall industry saw a net decline of approximately 257k NSE Active Clients in Q1 FY27.
Lower Capital Markets Activity
Low quarterly NTU addition driven by lower capital markets activity, particularly among IPOs and ETFs.
Market Volatility Impact
Increased market volatility in Q4 FY26 led to implementation of risk controls in Q1 FY27.
Risk Control Trade-off
Tightening of limits across MTF and Intraday somewhat restrained market share growth in Stocks and MTF.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is essential to assess overall growth trends and the impact of seasonal factors in financial services. QoQ comparison is critical for evaluating sequential momentum, the immediate effects of new product launches, and recent operational adjustments like risk controls.
Total Income
+63% YoY, +1% QoQ to ₹1,549 Cr in Q1 FY27.
PAT
+94% YoY, +7% QoQ to ₹735 Cr in Q1 FY27.
PAT Margin
47.5% in Q1 FY27, a YoY expansion of 7.6pp.
Total Transacting Users
2.2 Cr, +24% YoY, +4% QoQ.
Continued Operating Leverage
As a tech-driven organisation, management believes operating leverage from economies of scale will continue to play out as they grow.
AI Integration
Management believes AI will fundamentally reshape customer service and expects significant investments in AI without material impact on margins.
Revenue Diversification
Management expects the trend of revenue diversification away from Equity Derivatives to continue, offsetting volatility.
Groww AMC Strategy
Intends to capture whitespaces through differentiated mutual funds and ETFs, partnering with State Street Global Advisors for cross-border offerings.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NSE Active Clients | 115k net additions in Q1 FY27 | Continued net client additions despite industry slowdown and lower NTU additions. |
| Stocks ADTO Retail Market Share | 15.1% in Q1 FY27 (decreased QoQ) | Recovery or stabilization in market share following the implementation of risk controls. |
| Revenue Diversification | Increased contribution from MTF (+1.1pp QoQ) and Commodity Derivatives (+0.4pp QoQ) | Sustained shift in revenue mix away from concentration in Equity Derivatives. |
| Secured Credit Book Growth | 18.5% of total book, up from 13.5% last quarter | Continued growth in the share of the secured credit book and LAS disbursements. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -2.2% / mo · MACD −
Technical chart
GROWWdaily · 1Y · AUTO+24.1%Daily history is available from 2025-11-12; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.3% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 73% 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.
Relative Strength & Trend Stage
- Price is 3.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.0%.
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 49 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -77.4%.
- 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 52nd percentile of the scored universe and 67th percentile within Financial Services. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-21 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 67th pctile, median 62 · Mid: 29th pctile, median 76
18 documents have extracted text, 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%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.90
- P/B
- 12.60
- EV/EBITDA
- 37.09
- Market Cap
- 121708.00Cr
Profitability
- ROE
- 28.80%
- ROCE
- 37.30%
- ROA
- 13.18%
- 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
- 87.32×
- Altman Z
- 7.68
- Book Value
- 15.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -21.00 Cr
- EPS TTM
- 3.94
Shareholding
- Promoter Hold
- 27.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.