Billionbrains Garage Ventures Ltd — earnings calls

Groww's management discussed Q1 FY27 performance across brokerage, MTF, cash equities, and wealth management products, noting that MTF book growth remained strong while F&O activity showed volatility tied to geopolitical events. Management addressed rising customer acquisition costs due to IPL sponsorship spending, improving cash yields, and progress on new initiatives including US stock options via GIFT City, bonds, and the SSG-AMC partnership which received SEBI and CCI approval. Executives also discussed employee cost increases from the annual appraisal cycle, ESOP expenses, and ongoing product development in AI-driven wealth management.

Groww reported Q4 FY26 results as its third earnings call since listing, highlighting equity derivatives market share expansion from 9.1% to 10.6% quarter-on-quarter and continued growth in MTF and commodities products. Management discussed the Fisdom acquisition, the launch of wealth products W and Prime, and an AUM increase of roughly 2.5x over the past year. Executives also addressed cost trends, including a rise in employee costs and depreciation linked to Fisdom, and one-time risk-related costs tied to market volatility in February and March.