In , Billionbrains Garage Ventures Ltd (Finance - Capital Markets - Brokers) is outperforming Nifty 500 with +22.3% relative strength. Fundamentals: Weak. On a 9-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: MTF Revenue Share: 6%
Impact: ₹2 extra realization per order for every 3% MTF add
“And hence, every like 3% add in MTF will have another INR2 added to the revenue on the revenue side.”
What: State Street Investment: Strategic Partnership
“And this partnership will help us build that quicker. It'll help us build with a lot more credibility”
What: Wealth Management CAC: Almost zero
“So customer acquisition cost when it comes to Groww customers using these services becomes almost zero for us.”
What: Commodities Revenue: 4%
“So you started commodities back I think in September. And now it's 4% of the overall top line.”
What: Fixed Cost Growth: 10-20%
Impact: EBITDA margin expansion
“If revenue grows faster, we'll be able to deliver higher EBITDA in the future as well.”
What: Commodities revenue at 4% of base
“So we have already more than 1 lakh customers on the commodity side... we are at a 4% of our base”
Earnings deceleration risks from management commentary
Trigger: SEBI regulations on lot sizes and expiries impacted smaller traders.
Management view: Focusing on high-quality users who understand F&O; launched Groww Lite for reliability.
Monitor: regulatory
Trigger: Compliance with upcoming labor law changes.
Impact: PAT impact: ₹2.5 - ₹3 crores
Management view: Provisioning already taken based on current assumptions.
Monitor: labor
Trigger: Intensifying competition in HFT and F&O segments.
Management view: Launched Groww Lite to allow position squaring even during tech glitches.
Monitor: cyber
Key quotes from recent conference calls
“And the fair share is significantly higher than where we are today, probably like a double digit number on the market side [Previous MTF Market Share guidance]”
“And State Street being one of the world's largest brings a lot of global practices that helps us build the business in India. [Initiative: State Street AMC Partnership]”
“So customer acquisition cost when it comes to Groww customers using these services becomes almost zero for us. [Initiative: Wealth Management Integration]”
“lot of the customers who were doing smaller transactions actually stopped doing those transactions because number of expiries reduced [Risk (regulatory): MEDIUM]”
Headline numbers from the latest earnings call
Other Highlights
• Commodities revenue reached 4% of the overall top line within months of launch.
• Personal loan book size reached ₹1,140 crores as of H1 FY26.
• Active F&O user base stood at 1.47 million, with 80% acquired in 2024 or earlier.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
MTF Book Size
₹1,250 Cr
Why: Adding roughly ₹600 crores every quarter as momentum continues.
Active F&O Users
1.47 million
Why: Churn in low-quality users due to regulations, offset by high-quality user growth.
Personal Loan Book Size
₹1,140 Cr
Why: Growth in the credit business over the last 3 years.
Commodities Revenue Contribution
4%
Why: Successful launch and rapid adoption by over 1 lakh customers.
EBITDA Margin (Like-for-Like)
63%
Why: Revenue growth significantly outpacing variable costs.
Organic Customer Acquisition
80%
Why: Strong brand pull and word-of-mouth through the app.
MTF Yield
14.95%
Why: Standardized pricing for the MTF product.
LAS Book Size
₹60 Cr
Why: Early stage of the Loan Against Securities product.
Total Employees (Excl. Fisdom)
1,350
Why: Reduction of 20 employees quarter-on-quarter.
Broking Transacting to Active User Ratio
68%
Why: Increased activity due to gold/silver performance and IPOs.
Forward-looking targets from management for 2-3 years
OPM Guidance
10–20%
Fixed costs expected to grow at a controlled rate.
MTF book growth expected to continue at current momentum.
Guidance Changes
Dividend Policy: Not Given → No dividends in the near future
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +88% | +60% | Inflection Up |
| PAT (Net Profit) | +122% | +66% | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Billionbrains Garage Ventures Ltd's latest quarterly results (Mar 2026) show
Billionbrains Garage Ventures Ltd's profit is growing with an stable trend.
Billionbrains Garage Ventures Ltd's revenue growth trend is turning around (inflection up).
Billionbrains Garage Ventures Ltd's asset quality trend is insufficient_data.
Billionbrains Garage Ventures Ltd's long-term compounding rates
Billionbrains Garage Ventures Ltd's earnings growth is stable with positive momentum on a sequential basis.
Billionbrains Garage Ventures Ltd appears significantly overvalued based on our fair value analysis.
Billionbrains Garage Ventures Ltd's current PE ratio is 61.6x.
Billionbrains Garage Ventures Ltd's current PE is 61.6x.
Billionbrains Garage Ventures Ltd's price-to-book ratio is 13.3x.
Billionbrains Garage Ventures Ltd is rated Weak with a fundamental score of 33.5/100. This score is calculated from objective financial metrics
Billionbrains Garage Ventures Ltd has a debt-to-equity ratio of N/A.
Billionbrains Garage Ventures Ltd's return ratios over recent years
Billionbrains Garage Ventures Ltd's operating cash flow is negative (FY2026).
Billionbrains Garage Ventures Ltd currently does not pay a significant dividend (yield 0.00%).
Billionbrains Garage Ventures Ltd's shareholding pattern (Mar 2026)
Billionbrains Garage Ventures Ltd's promoter holding has decreased recently.
Billionbrains Garage Ventures Ltd has been outperforming Nifty 500 for 9 consecutive weeks, indicating consistent outperformance.
Billionbrains Garage Ventures Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Billionbrains Garage Ventures Ltd has 6 key growth catalysts identified from recent earnings analysis
Billionbrains Garage Ventures Ltd has 3 key risks worth monitoring
In Q3 FY26, Billionbrains Garage Ventures Ltd's management highlighted
Billionbrains Garage Ventures Ltd's management has provided the following forward guidance for 2-3 years
Billionbrains Garage Ventures Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Billionbrains Garage Ventures Ltd may be worth studying
Billionbrains Garage Ventures Ltd investment thesis summary:
Billionbrains Garage Ventures Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
