Groww Q2 FY27 Results Analysis: PAT Surges 54%, EBITDA Margin Expands 521 bps

Billionbrains Garage Ventures Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,501.53 Cr (+47.39% YoY) and PAT growth of +53.75% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

GROWW delivered 47.4% YoY revenue growth and 53.8% PAT growth with EBITDA margin at 64.50%, up 521 bps YoY, meeting management's conditional margin-expansion guidance despite a ~5% equity market decline. Diversification into MTF (loan book +44.4% in six months), commodities, and MF revenues held revenue flat QoQ, while the ICRA upgrade to AA (Stable) and near-complete debt paydown cut finance costs 57.3% YoY. NSE market share rose to 29.16% and customer assets reached Rs.3.65 Tn, though risk controls on MTF/intraday limits are flagged as restraining equity-broking share growth.

Key Investment Insights

Key Positives

• Revenue grew 47.4% YoY to Rs.1,501.53 Cr and held flat QoQ despite the Sensex declining 4.9% in the quarter
• EBITDA of Rs.968.51 Cr grew 60.4% YoY with margin at 64.50%, up 521 bps from 59.29% in Q2FY26
• PAT grew 53.8% YoY to Rs.724.70 Cr; cost-to-income compressed 544 bps YoY to 37.02%
• Finance costs fell 57.3% YoY to Rs.4.71 Cr following the ICRA upgrade to AA (Stable)
• Loan book grew 44.4% in six months to Rs.6,134.29 Cr; MTF net book reached Rs.4,406 Cr as of Oct 5
• Employee cost fell 7.2% QoQ to Rs.168.89 Cr despite carrying the full-quarter April appraisal impact
• NSE active-client market share rose to 29.16% in September from 28.88%; customer assets at Rs.3.65 Tn
• IPO proceeds of Rs.1,015.98 Cr fully utilised with no deviation from stated objectives

Risk Factors

• Revenue was flat QoQ (+0.01%) with the equity market down ~4.9%, and risk controls on MTF/intraday limits are flagged as materialising and restraining market-share growth
• Other income fell 25.1% YoY and 17.4% QoQ to Rs.39.01 Cr
• PAT declined 1.4% QoQ to Rs.724.70 Cr
• Standalone revenue declined 3.8% QoQ, showing direct parent-level exposure to equity market volumes
• D&A rose 167.7% YoY to Rs.18.20 Cr on amortisation from the Rs.961.05 Cr Fisdom acquisition (Rs.920.05 Cr goodwill)