Billionbrains Garage Ventures (Groww) runs one of India's largest retail investing platforms spanning stocks, derivatives, mutual funds, MTF lending and commodities, and its results come against a quarter when the Sensex fell about 4.9% even as the company kept adding active clients. The print will speak to whether MTF and commodity momentum offset softer equity-broking turnover, and how margins hold up after the ICRA rating upgrade lowered its cost of funds.
| Results date | October 14, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,549 Cr (Total Income, Q1 FY27) |
| Previous quarter PAT | Rs. 735 Cr (Q1 FY27) |
| Market cap | Rs. 120,829.47 Cr |
| CMP | Rs. 192.6 |
The Board is scheduled to meet on Oct 14, 2026 to approve Q2/H1 FY27 unaudited results for the period ended Sep 30, 2026. The trading window has been closed from Oct 1 until 48 hours after the results.
The Q2 FY27 earnings call is scheduled for Oct 14, 2026 at 4:00 PM IST. Pre-registration is required, and the transcript will be posted on Groww's website.
The quarter is a test of whether Groww's newer-product engine — MTF, commodities and mutual funds — can offset a softer equity-broking backdrop after the Sensex declined about 4.9% in Q2 FY27, its sharpest Q2 fall in over a decade. User momentum stayed strong: the company added roughly 3.94 lakh net NSE active clients over the quarter (about 70,000 in July, 2.23 lakh in August and 1,01,000 in September), taking its NSE market share from 28.88% in June to 29.16% in September, while accounting for about 48% of the industry's net active-client additions. Its live IR page as of October 5, 2026 reported 23.5 Mn transacting users, customer assets of Rs. 3.65 trillion and an MTF net book of Rs. 4,406 crore, all sequentially higher than Q1's Rs. 3.6 trillion in customer assets. On costs, the ICRA upgrade to AA (Stable) on July 30, 2026 should lower borrowing costs for the MTF/LAS book, while the absence of IPL-scale marketing — Q1 CAC was Rs. 1,900 per NTU on IPL spend — and the full-quarter effect of April appraisal increments pull margins in opposite directions. Management has also guided that cash yields should improve by "a percentage or two each quarter" as MTF penetration rises, having already reported about 5% YoY improvement in Q1. The upcoming call is expected to cover MTF book and yield progression, the revenue mix shift, and updates on early-stage businesses like Fisdom and Groww AMC.
Guidance tracking: Fisdom and Groww AMC: Progress against previously stated goals for the newer businesses.
MTF book, yields and market share: The lending book is the fastest-growing P&L line and carries a pending regulatory review.
Revenue mix and customer assets: Management expects equity derivatives' share of income to fall below 50% over time.
Customer acquisition economics and risk controls: Q1 acquisition costs were inflated by event marketing and activity was restrained by tighter limits.
Ownership disclosures and promoter encumbrance: A series of pre-IPO investor exits and a pledge release during the quarter.
The CFO declined to project the total lending book but said MTF could take at least three years to reach a "double digit" market share. He also expects the overall MTF market to expand alongside the company's growth.
When asked about competitors offering MTF at 7.99, management said its own pricing was 14.95%. It characterised MTF as generally a second product used by customers.
Management attributed the Q1 FY27 CAC of Rs. 1,900 per NTU to substantial IPL marketing spending over almost two months. It said CAC without that spend would have been significantly lower.
Management said significant revenue improvement had not yet appeared and described Fisdom as being in a gestation stage. Fisdom and AMC revenue together was less than 2% of consolidated revenue in Q1 FY27, and the unit is projected to reach profitability by FY28.
Q1 FY27 consolidated Total Income was Rs. 1,549 Cr, up 63% year-on-year, with PAT of Rs. 735 Cr, up 94% YoY. Growth was attributed to newer-product penetration and operating leverage, with MTF growing 264.4% YoY and SIP inflows up 32% YoY versus 16% for the industry.