Billionbrains Garage Ventures Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Billionbrains Garage Ventures Ltd filed with BSE on 24 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
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.
Numbers mentioned
Quarterly transacting derivatives customers: increased from ~14 lakh to ~17 lakh (Q4 FY26 vs previous quarter)
p. 6
“So roughly earlier we had around 14 lakh customers on a quarterly basis transacting this time we had around 17 lakh customers transacting.”
Ishan Bansal, page 6 of the filed PDF · View the filing
Employee headcount: around 1800
p. 7
“So today the head count is around 1800.”
Ishan Bansal, page 7 of the filed PDF · View the filing
AUM growth: 2.5x (one year)
p. 4
“Our AUM grew like 2.5x in one year and yes of course we became public so that was another milestone.”
Lalit Keshre, page 4 of the filed PDF · View the filing
Cost to grow (marketing spend): INR450 crores to INR500 crores (last year and this year)
p. 9
“if you look at between last year and this year we would have spent very similar to INR450 crores to INR500 crores is kind of spend”
Ishan Bansal, page 9 of the filed PDF · View the filing
F&O penetration: around 10% (current, vs ~18% before November)
p. 11
“The penetration of F&O is still in like 10% around range, which used to be like 18 odd percent before November.”
Ishan Bansal, page 11 of the filed PDF · View the filing
MTF share of cash ADTO: between 5% to 10% (Q4 FY26)
p. 12
“My guess is it is still between 5% to 10%.”
Ishan Bansal, page 12 of the filed PDF · View the filing
Open interest limit utilization on single script options: less than half of the limit (last quarter)
p. 17
“So on average we are like less than half of it on the limit side.”
Ishan Bansal, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Cost to operate (excluding risk-related costs) — Q1 FY27
stated firmly by Ishan Bansal
p. 12
“Going forward, with the exception of these risk related costs, I think you can assume that this will grow one in Q1.”
Ishan Bansal, page 12 of the filed PDF · View the filing
Cost to operate (excluding risk-related costs) — rest of FY27
stated firmly by Ishan Bansal
p. 12
“And after that, we expect it to be kind of more or less stable for the rest of the year.”
Ishan Bansal, page 12 of the filed PDF · View the filing
Margin expansion — next year
stated conditionally by Ishan Bansal
p. 14
“We keep on saying that if our revenue grows beyond let's say 15% then probably the margin will keep on expanding.”
Ishan Bansal, page 14 of the filed PDF · View the filing
Marketing spend in Q1 — Q1 FY27
stated firmly by Ishan Bansal
p. 14
“Q1 is generally slightly higher, but in last year I think we were conservative I think this year we'll probably do slightly more than the last year.”
Ishan Bansal, page 14 of the filed PDF · View the filing
Cost to serve as percentage of revenue
stated as an aspiration by Ishan Bansal
p. 8
“So as a percentage we expect that it to be kind of slightly lower, but obviously there will be absolute basis increases that keep on happening.”
Ishan Bansal, page 8 of the filed PDF · View the filing
Stock/MF advisory product launch
stated as an aspiration by Lalit Keshre
p. 11
“We will launch it when the timing is right, when we have the right solution and so on.”
Lalit Keshre, page 11 of the filed PDF · View the filing
Groww Prime extension to existing customers
stated as an aspiration by Lalit Keshre
p. 12
“we are optimistic about the creation of a product that our customers would love”
Lalit Keshre, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the increase was driven by both new customer initiatives like 915 and a broader increase in the number of transacting customers due to volatility.
Answered by Ishan Bansal
Asked by Sanketh Godha: What drove the sharp increase in equity options/derivatives market share this quarter?
p. 6
“The reason is there is a twofold reason.”
Ishan Bansal, page 6 of the filed PDF · View the filing
Management said they are waiting for regulatory clarity before building a scalable algo product.
Answered by Ishan Bansal
Asked by Sanketh Godha: What is the strategy on algo-based trading?
p. 7
“We believe the new regulations that are still kind of getting cleaned up over a period of time will give us more clarity and we will probably jump into this market once we have full clarity on the regulatory piece.”
Ishan Bansal, page 7 of the filed PDF · View the filing
Management said MTF is mostly used by existing customers substituting for intraday trading, not an acquisition product.
Answered by Ishan Bansal
Asked by Dipanjan Ghosh: Is MTF usage from new customers or existing customers who previously did intraday trading elsewhere?
p. 10
“It is mostly our existing customers are using MTF. Earlier they might be doing intra-day instead of MTF is one use case where customers now are holding on to their positions for longer is one big use case.”
Ishan Bansal, page 10 of the filed PDF · View the filing
Management attributed it to declining F&O penetration offset by rising contributions from MTF and commodities, not a resurgence in F&O trading.
Answered by Ishan Bansal
Asked by Dipanjan Ghosh: Why has platform ARPU returned to pre-November 2024 levels?
p. 11
“So it's a mix of the penetration of F&O going down, which led to actually the ARPU overall at a platform level going down.”
Ishan Bansal, page 11 of the filed PDF · View the filing
Management confirmed strong demand but said they would launch only when they have the right solution.
Answered by Lalit Keshre
Asked by Abhijit Sakhare: Is there customer demand for stock advisory/recommendation services among more mature customers?
p. 11
“It's been quite, it's probably one of the highest asked questions in our voice of customer.”
Lalit Keshre, page 11 of the filed PDF · View the filing
Management said they remain well below the limit and have not hit it in the last quarter.
Answered by Ishan Bansal
Asked by Gaurav Singhal: Is the company hitting open interest limits on single-script options products?
p. 17
“And in the last quarter we haven't hit that limit at all for any day or any script.”
Ishan Bansal, page 17 of the filed PDF · View the filing
Management said the new method better reflects potential market share and internal targeting rather than just current calculation conventions.
Answered by Ishan Bansal
Asked by Neeraj Toshniwal: Why did the company change its market share calculation methodology?
p. 14
“We think this is a better assessment of market share than what we were doing earlier and hence we have kind of moved to this.”
Ishan Bansal, page 14 of the filed PDF · View the filing
Risks flagged
FII outflows and macroeconomic factors including tariffs impacting market growth
p. 8
“we are wary of lot of the macro economic factors that are impacting the market including tariff and including like largely FIIs being negative from the market has also impacted significantly the way market would have growth otherwise”
Ishan Bansal, page 8 of the filed PDF · View the filing
Market volatility leading to negative balances and additional costs
p. 12
“there was a square-off related kind of, you can say negative balances that people went in, and which we kind of accounted for in adjusted in cost to operate”
Ishan Bansal, page 12 of the filed PDF · View the filing
Volatility from geopolitical events causing negative balances in MTF book
p. 12
“the second piece happened during the March time when Iran war started, and there was significant volatility in some of the stocks”
Ishan Bansal, page 12 of the filed PDF · View the filing
Uncertainty over regulatory changes affecting settlement cycle and interest income
p. 15
“What is the thinking of the regulators on reducing or increasing this time period which would obviously impact our interest income?”
Gaurav Singhal, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.