Billionbrains Garage Ventures (GROWW) Q3 25/26 earnings summary

Executive summary

• Asset management business partnership with State Street aims to accelerate growth, bring global practices, and expand product offerings for Indian and foreign investors; strategic investment agreement signed with State Street Global Advisors for Groww AMC, resulting in up to 23% dilution of Groww AMC's share capital.

• Wealth management integration is ongoing, with a focus on affluent customers and new product development; early days for differentiation and scale.

• Revenue and EPS increased quarter-over-quarter, while net profit rose sequentially but declined year-over-year due to a prior one-off reversal; consolidated revenue and net profit for Q3 FY26 were INR 12,160.72 million and INR 5,469.33 million, respectively.

• Completed an IPO in November 2025, listing on NSE and BSE, with a fresh issue and offer for sale totaling 663.2 million shares at INR 100 per share.

• Board approved further acquisition of shares in Groww Asset Management Limited (Groww AMC), a wholly owned subsidiary.

Financial highlights

• Revenue increased this quarter, with commodities contributing 4% to topline and MTF now at 6% of total revenue; consolidated revenue from operations for Q3 FY26 was INR 12,160.72 million, up from INR 9,745.35 million in Q3 FY25.

• EPS improved sequentially; net profit higher than last quarter but lower year-over-year due to a one-off reversal in the prior year; basic EPS for Q3 FY26 was 0.89 (consolidated) and 0.70 (standalone).

• EBITDA margin expanded to over 63% (excluding Fisdom), driven by revenue growth and a largely fixed cost base; consolidated EBITDA margin improved year-over-year.

• Standalone revenue for Q3 FY26 was INR 7,849.25 million, with net profit of INR 4,284.51 million.

• For the nine months ended December 31, 2025, consolidated revenue was INR 31,392.12 million and net profit was INR 13,966.46 million.

Outlook and guidance

• Asset management and wealth businesses are in early stages, with significant investments planned for scaling and capability building; acquisition of additional shares in Groww AMC is aimed at supporting working capital and growth opportunities.

• The company expects to complete the strategic transaction with State Street Global Advisors within six months, subject to regulatory approvals.

• MTF book expected to continue growing at a similar pace, with potential for acceleration if market broadens.

• No dividend planned in the near future as focus remains on reinvestment and growth.