Billionbrains Garage Ventures (GROWW) Q2 25/26 earnings summary

Executive summary

• Focus remains on building a customer-centric, tech-led investing and wealth platform, with ongoing product expansion and customer engagement as top priorities.

• Wealth management and new product launches, including commodities and PMS, are key growth areas for the next 2-3 years.

• Integration of the Fisdom acquisition is underway, with its revenue and product suite expected to contribute more over time.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 were approved and reviewed, with an unmodified opinion from statutory auditors.

• The company completed its IPO post-quarter, listing on NSE and BSE on 12 November 2025.

Financial highlights

• Consolidated revenue from operations for Q2 FY26 was INR 10,187.42 million, up from INR 9,043.98 million in Q1 FY26; H1 FY26 revenue was INR 19,231.40 million.

• Consolidated net profit for Q2 FY26 was INR 4,713.39 million, compared to INR 3,783.67 million in Q1 FY26; H1 FY26 net profit was INR 8,497.13 million.

• Revenue split: approximately 70% from derivatives and 30% from cash segments.

• Personal loan book size at INR 1,140 crore and LAS book at INR 60 crore as of H1 FY26.

• AMC revenue for the quarter was INR 17.99 million, currently an insignificant portion.

Outlook and guidance

• Customer acquisition cost (CAC) expected to remain stable year-over-year, with variations driven by market conditions and acquisition pace.

• Lending book, especially MTF, is expected to grow significantly, targeting double-digit market share over three years.

• Wealth management and product diversification (commodities, PMS, insurance) will drive future revenue mix.

• Derivatives' share of total income expected to decline as cash, commodities, and wealth products grow.

• The company operates as a single segment focused on financial services via web and app platforms, with all operations within India.