Billionbrains Garage Ventures Ltd. (Groww) – Q2 FY26 Performance Review

Executive Summary Billionbrains Garage Ventures Ltd. (Groww) has released its maiden quarterly results post-listing, signaling a robust recovery in operational momentum. Despite a consolidation in year-on-year (YoY) top-line revenue, the company demonstrated significant operating leverage, resulting in expanded margins and a 25% sequential jump in profitability. Management indicates the business has reached a strategic "inflection point," supported by rising market share in October. Key Financial Highlights Net Profit (PAT): Reported at ₹471.3 crore, up 12% YoY and 24.6% QoQ (vs. ₹378 crore in June). Profitability was bolstered by a 50% increase in other income to ₹52 crore. Revenue: Operations generated ₹1,018.7 crore. While this reflects a 9.5% YoY decline, the company achieved a 12.7% sequential recovery from the June quarter. EBITDA & Margins: EBITDA grew 9.7% YoY to ₹603.3 crore. Operational efficiency drove EBITDA margins to 59.3%, a significant expansion from 48.9% YoY and 53.4% sequentially. Operational Efficiency & Strategic Outlook Groww has prioritized cost discipline, achieving a 9% reduction in employee costs. Management addressed concerns regarding active clients, clarifying that NSE data is a lagging metric; internal data shows an uptick in market share to 26.6% in October (up from 25.6% in Q2).