FinLite

Billionbrains Garage Ventures Ltd

NSE: GROWW · Stockbroking & Allied · Q2FY27 · standalone figures · Report generated 24 Oct 2026
Price (24 Oct 2026)
🏦 FINANCIAL COMPANY — Industry/sector "Stockbroking & Allied | Financial Services" is a financial business (sub-type amc wealth brokerage); Framework C applies.AMC / wealth / brokerage
🟨 WATCH
WATCH — revenue 5.2%, ROE trend not assessed (insufficient history); the BUY row does not fully match. Credibility UNRATED (0 delivered, 0 missed, 0 partial — nothing scored yet): verdict held.
FY26 Revenue Growth
FY26 PAT Growth
EBITDA Margin
FY25:
ROE FY26
P/B
MCAP (locked)
as of 24 Oct 2026

📊 Market Share — Subject vs Peers

CompanySales Growth (FY)PAT Growth (FY)EBITDA Margin (FY)EBITDA Margin Change vs Prior FY (pp)PAT Margin (FY)ROESales Growth (Latest Q YoY)PAT Growth (Latest Q YoY)Management Guidance (latest concall)vs Billionbrains
🏆 Billionbrains Garage Ventures Ltd ContractingNo numeric guidance on the latest call—
Angel One Ltd ContractingNo guidance given (or no concall transcript filed)Billionbrains growing PAT 31.2pp faster; ↑ pulling away
Motilal Oswal Financial Services Ltd ContractingNo guidance given (or no concall transcript filed)Billionbrains growing PAT 34.5pp faster; ↑ pulling away
360 ONE WAM Ltd ExpandingNo guidance given (or no concall transcript filed)Peer growing PAT 3.2pp faster; ↑ pulling away
Nuvama Wealth Management Ltd StableNo guidance given (or no concall transcript filed)Billionbrains growing PAT 3.7pp faster; ↑ pulling away
Prudent Corporate Advisory Services Ltd StableNo guidance given (or no concall transcript filed)Peer growing PAT 4.3pp faster; ↑ pulling away
Peer list source: Tijori Finance competitor list. Peer figures come from each peer's own exchange filings; guidance is quoted from each company's latest earnings call. Peer PAT growth excludes one-off gains and losses (exceptional items, discontinued operations); hover a figure for the calculation.

📋 5-Step Financial Checklist (C1–C5)

1 of 5 steps passed
⚠ CAUTION
AUM / revenue growth vs peersHOLDING
Revenue grew 5.2% (a non-lending business: AUM growth is what drives revenue). Peers: Angel One Ltd -1.9%, Motilal Oswal Financial Services Ltd 11.4%, 360 ONE WAM Ltd 32.4%, Nuvama Wealth Management Ltd 11.4%, Prudent Corporate Advisory Services Ltd 19.4%.
Revenue growth (latest FY): Angel One Ltd revenue growth: Motilal Oswal Financial Services Ltd revenue growth: 360 ONE WAM Ltd revenue growth: Nuvama Wealth Management Ltd revenue growth: Prudent Corporate Advisory Services Ltd revenue growth:
N/A
Asset qualityNOT APPLICABLE
A non-lending financial has no loan book, so gross / net NPAs do not apply.
N/A
Margin quality (NIM)NOT APPLICABLE
Net interest margin applies to lenders only.
NOT ASSESSED
ROE directionINSUFFICIENT HISTORY
Fewer than two complete financial years — ROE trend cannot be read.
✓ PASS
Management commentary tonePOSITIVE
Management expresses confidence in demand growth, product expansion, and improving margins, citing strong uptick in bonds and MTF penetration.
“US stocks and obviously if it works, we'll figure out if there is a demand for other geographies, accordingly we'll kind of take it forward from there.” “bonds, we already launched last quarter and we are seeing very strong uptick there and we will we are very kind of confident and happy about how it is progressing.” “commodities where we achieved like more than 28% market share, the retail market share in terms of notional ADTO.” “cash yields are improving. So, we've been seeing that on a year-on-year basis I think cash yields has improved by roughly 5% and we expect that to kind of keep increasing every quarter a percentage or two as the penetration of MTF keep on increasing.” “So MTF I think is growing slightly better than what we were expecting partially due to the markets and we think we can keep on continuing the growth on MTF the way it has been happening from last like year or two.” “So, cash yields are improving. So, we've been seeing that on a year-on-year basis I think cash yields has improved by roughly 5% and we expect that to kind of keep increasing every quarter a percentage or two as the penetration of MTF keep on increasing.”

💰 Valuation Panel

Current P/B
Forward P/B 1Y
Forward P/B 2Y
ROE vs P/B: P/B 13.62x

📊 Financial Statement Analysis — FY22 to FY26 (5-Year Deep Dive)

⚠ MIXED
3 pass, 2 caution, 0 fail, 3 not assessed (data gap). Caution: FSA-5 Revenue & Profit Growth (DECELERATING); FSA-8 Margin Sustainability (63.3% COMPRESSING).
FSA-1
Balance Sheet Strength
– DATA GAP
FSA-2
Leverage Ratios
✓ NET CASH
FSA-3
Cash Flow Quality
– DATA GAP
FSA-4
Self-Funded Growth
✓ YES FY26
FSA-5
Revenue & Profit Growth
⚠ DECELERATING
FSA-6
Earnings Quality CFO/PAT
✓ EXCEPTIONAL 109%
FSA-7
Profitability ROE/ROCE
– DATA GAP
FSA-8
Margin Sustainability
⚠ 63.3% COMPRESSING

FSA-1 · Balance Sheet Strength

YearEquityBorrowingsNet D/EWC DaysCWIP / Net BlockGoodwill / Equity
FY22
FY23
FY24
FY25
FY26
FSA-1 verdict: – DATA GAP. Equity, net D/E and working-capital days are missing for the last two years. FY26 equity: FY26 net D/E: FY26 working capital days:

FSA-2 · Leverage & Interest Coverage

YearNet D/ECFO / EBITDAInterest Coverage
FY22
FY23
FY24
FY25
FY26
Angel One Ltd (FY26)
Motilal Oswal Financial Services Ltd (FY26)
360 ONE WAM Ltd (FY26)
Nuvama Wealth Management Ltd (FY26)
Prudent Corporate Advisory Services Ltd (FY26)
FSA-2 verdict: ✓ NET CASH. Net debt / equity -0.09x — net cash. FY25 net D/E: FY26 net D/E: FY26 interest coverage:

FSA-3 + FSA-4 · Cash Flow Quality & Self-Funded Growth

YearCFOCFICFFCapexFCFFCF Margin
FY22
FY23
FY24
FY25
FY26
FSA-3 verdict: – DATA GAP. Fewer than two years of operating cash flow. FY26 CFO:
FSA-4 verdict: ✓ YES FY26. FY26 free cash flow ₹1,769.54 Cr: operating cash covered capex. FY26 FCF (CFO − capex):
Data table: Cash flow history FY22 to FY26: CFO, CFI, FCF
SeriesFY22FY23FY24FY25FY26
CFO (₹ Cr)
CFI (₹ Cr)
FCF (₹ Cr)

FSA-5 · Revenue & Profit Growth

YearRevenueRev GrowthEBITDAEBITDA GrowthPATPAT Growth
FY22
FY23
FY24
FY25
FY26
Angel One Ltd (FY26)
Motilal Oswal Financial Services Ltd (FY26)
360 ONE WAM Ltd (FY26)
Nuvama Wealth Management Ltd (FY26)
Prudent Corporate Advisory Services Ltd (FY26)
2-Year CAGRRevenueEBITDAPAT
Billionbrains Garage Ventures Ltd
Angel One Ltd
Motilal Oswal Financial Services Ltd
360 ONE WAM Ltd
Nuvama Wealth Management Ltd
Prudent Corporate Advisory Services Ltd
FSA-5 verdict: ⚠ DECELERATING. Revenue growth 37.7% → 5.2%; PAT growth 9.2%. FY26 revenue growth: FY26 PAT growth: FY25 revenue growth:

FSA-6 · Earnings Quality — CFO vs PAT

YearPATCFOCFO / PAT
FY22
FY23
FY24
FY25
FY26
FSA-6 verdict: ✓ EXCEPTIONAL 109%. CFO/PAT 109%: the company collected more cash than its reported profit. FY26 CFO/PAT:
Data table: CFO vs PAT FY22 to FY26
SeriesFY22FY23FY24FY25FY26
PAT (₹ Cr)
CFO (₹ Cr)

FSA-7 · Profitability (ROE / ROCE) with DuPont

YearROEROCEPAT MarginAsset TurnoverEquity Multiplier
FY22
FY23
FY24
FY25
FY26
Angel One Ltd (FY26)
Motilal Oswal Financial Services Ltd (FY26)
360 ONE WAM Ltd (FY26)
Nuvama Wealth Management Ltd (FY26)
Prudent Corporate Advisory Services Ltd (FY26)
FSA-7 verdict: – DATA GAP. ROE or ROCE is missing. ROE: ROCE:

FSA-8 · Margin Sustainability

YearEBITDA MarginPAT Margin
FY22
FY23
FY24
FY25
FY26
Angel One Ltd (FY26)
Motilal Oswal Financial Services Ltd (FY26)
360 ONE WAM Ltd (FY26)
Nuvama Wealth Management Ltd (FY26)
Prudent Corporate Advisory Services Ltd (FY26)
CompanyEBITDA Margin (prior FY)EBITDA Margin (latest FY)Change (pp)TrendMargin guidance (latest concall)
Billionbrains Garage Ventures Ltd FY25 FY26ContractingNo margin guidance
Angel One Ltd FY25 FY26ContractingNo margin guidance
Motilal Oswal Financial Services Ltd FY25 FY26ContractingNo margin guidance
360 ONE WAM Ltd FY25 FY26ExpandingNo margin guidance
Nuvama Wealth Management Ltd FY25 FY26StableNo margin guidance
Prudent Corporate Advisory Services Ltd FY25 FY26StableNo margin guidance
FSA-8 verdict: ⚠ 63.3% COMPRESSING. EBITDA margin 69% → 63.3% (-5.8pp). Latest quarter Q2FY27: 64.9%. FY26 EBITDA margin: FY25 EBITDA margin: Q2FY27 EBITDA margin:

🔬 Marcellus 3-Level Forensic Accounting Check

⚠ FORENSIC CAUTION — 1 flag
Level 1: 0 flags, 6 data gaps. Level 2: 1 flag (Related-party transactions: Monitor). Level 3: 1 corroborating, 0 to investigate.

Level 1 · Quantitative Ratio Checks

L1-1
CFO/PAT (FY26)
✓ 109% — Exceptional
L1-2
CFO/EBITDA (FY26)
✓ 92% — Above threshold
L1-3
CFO multi-year volatility
– Data gap — at least 3 years of operating cash flow
L1-4
Yield on cash
– Data gap — other income and two years of cash balances
L1-5
Goodwill / net worth
✓ Negligible
L1-6
R&D: capitalised?
– Data gap — the annual report's R&D accounting
L1-7
CWIP / net block
✓ 0% — Clean
L1-8
FCF / revenue
✓ +57.8% FY26
L1-9
DuPont (ROE drivers)
– Data gap — PAT margin, asset turnover and equity multiplier for two years
L1-10
Auditor changes
– Data gap — the annual report's auditor details
L1-11
Adverse auditor comment
✓ Clean FY26 report
L1-12
Contingent liabilities / net worth
– Data gap — Annual Report
L1-1 CFO/PAT (FY26): Cash from operations is 109% of PAT — cash earnings exceed reported profit. CFO/PAT: L1-2 CFO/EBITDA (FY26): CFO/EBITDA 92% vs the 70% threshold. CFO/EBITDA: L1-3 CFO multi-year volatility: Not assessed: at least 3 years of operating cash flow is not available. L1-4 Yield on cash: Not assessed: other income and two years of cash balances is not available. L1-5 Goodwill / net worth: Goodwill is 0% of net worth. Goodwill / equity: L1-6 R&D: capitalised?: Not assessed: the annual report's R&D accounting is not available. L1-7 CWIP / net block: Capital work in progress is 0% of the net block. CWIP / net block: L1-8 FCF / revenue: Free cash flow is 57.8% of revenue. FCF margin: L1-9 DuPont (ROE drivers): Not assessed: PAT margin, asset turnover and equity multiplier for two years is not available. L1-10 Auditor changes: Not assessed: the annual report's auditor details is not available. L1-11 Adverse auditor comment: Audit opinion: unmodified. L1-12 Contingent liabilities / net worth: Contingent liabilities are not available from the annual report.

Level 2 · Corporate Governance Checks

✓ PASS
Auditor opinionClean
Auditor issued an unmodified opinion, confirming financial statements are fairly presented.
“In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.”
⚠ CAUTION
Related-party transactionsMonitor
Significant platform charges (₹29,572 Cr) to a wholly-owned subsidiary warrant monitoring.
“The Company has provided a platform to GIT for its broking business. The Company has received the payment of ₹ 29,572.01 million towards the usage of platform charges.”

Level 3 · Primary Data Corroboration

✓ Corroborates
Statutory auditCorroborates
Clean audit opinion provides independent validation of financials.
“In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, and its profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.”

🎯 Management Guidance Execution Tracker

2 quarters' transcripts not found on NSE (2 of the last 4 used). The tracker and credibility score use only Q2FY27, Q1FY27.
QuarterManagement Commitment (Verbatim)MetricTargetActualStatus
Q1FY27“we expect that the penetration can increase as well as the ticket size can also expand further” MTF penetration and ticket sizeincrease and expandNot yet due (Q4FY27)● IN PROGRESS
Q1FY27“we think we can keep on continuing the growth on MTF the way it has been happening from last like year or two” MTF growthcontinue growthNot yet due (Q4FY27)● IN PROGRESS
Q1FY27“cash yields has improved by roughly 5% and we expect that to kind of keep increasing every quarter a percentage or two as the penetration of MTF keep on increasing” cash yieldsincrease every quarter a percentage or twoNot yet due (Q4FY27)● IN PROGRESS
Q2FY27“we are able to add like INR600 crores, INR700 crores on a quarterly basis” MTF bookINR600-700 crores quarterlyNot yet due (quarterly)● IN PROGRESS
Q2FY27“we spend between INR400 crores to INR500 crores a year” cost to growINR400-500 crores annuallyNot yet due (annually)● IN PROGRESS
⬜ UNRATED — no scoreable commitments — Score:
0 delivered, 0 missed, 0 partial — nothing scored yetScore = (delivered + 0.5 × partial) ÷ (delivered + missed + partial); 5 still in progress (not scored).Verdict impact: UNRATED — no commitment from the tracked concalls could be scored yet, so there is no execution record. Guidance is used as stated and the verdict is not adjusted for credibility. Only 2 of the last 4 concall transcripts were found on NSE; the tracker uses those 2.
Management red flags: CFO / PAT ratio — Data gap; Debt trend vs sales — Data gap; Related-party transactions — RPTs DISCLOSED — VERIFY; Fraud / criminal cases — NOT ASSESSED

🔍 What To Track

#Management Said (Verbatim)Pass ConditionBy WhenTier
1“we are able to add like INR600 crores, INR700 crores on a quarterly basis” MTF book: MTF book ≤ ₹650 Crquarterly🟠 IMPORTANT
2“we spend between INR400 crores to INR500 crores a year” cost to grow: cost to grow ≥ ₹450 Crannually🟢 NICE TO HAVE
Management has no scored execution record yet. These are the first checkpoints. At the next concall, check items 1 and 2 first. If both pass, the thesis is intact. If either misses, re-run the full analysis.

⚠️ Risk Register

MED
AUM / revenue growth vs peers: HOLDING. Revenue grew 5.2% (a non-lending business: AUM growth is what drives revenue). Peers: Angel One Ltd -1.9%, Motilal Oswal Financial Services Ltd 11.4%, 360 ONE WAM Ltd 32.4%, Nuvama Wealth Management Ltd 11.4%, Prudent Corporate Advisory Services Ltd 19.4%.
MED
Related-party transactions: RPTs DISCLOSED — VERIFY. 1 related-party transaction in the FY26 annual report totalling ₹29,572.01 Cr — 966.7% of FY26 revenue: Groww Invest Tech Private Limited (Revenue from operations - Platform charges). Check whether they are large or growing.“The Company has provided a platform to GIT for its broking business. The Company has received the payment of ₹ 29,572.01 million towards the usage of platform charges.”
MED
Related-party transactions: Monitor. Significant platform charges (₹29,572 Cr) to a wholly-owned subsidiary warrant monitoring.“The Company has provided a platform to GIT for its broking business. The Company has received the payment of ₹ 29,572.01 million towards the usage of platform charges.”
LOW
Revenue & Profit Growth: DECELERATING. Revenue growth 37.7% → 5.2%; PAT growth 9.2%.
LOW
Margin Sustainability: 63.3% COMPRESSING. EBITDA margin 69% → 63.3% (-5.8pp). Latest quarter Q2FY27: 64.9%.

⚡ One Actionable Takeaway

WATCH: at the next concall check items 1 and 2 first — "we are able to add like INR600 crores, INR700 crores on a quarterly basis" (MTF book ≤ ₹650 Cr) and "we spend between INR400 crores to INR500 crores a year" (cost to grow ≥ ₹450 Cr); if both pass the thesis is intact, if either misses re-run the analysis.

🕳️ Data Gaps

These inputs were not found in the company's exchange filings, so the sections that need them say so instead of estimating:
  • 2 quarters' transcripts not found on NSE (2 of the last 4 used)
  • Only 2 of 5 Q4 audited results filings available; annual history covers FY22–FY26
  • Only 5 of 8 recent quarters of results available
  • Only 2 of 4 recent earnings call transcripts available
Sources — every figure links to the filing it came from. Price snapshot 24 Oct 2026. Ruleset stockiq-rules-1; extraction extract-7. Framework: Masoom's Investment Checklist + Marcellus Forensic Accounting.
StockIQ applies a published investment framework to company filings. It is not investment advice and not a recommendation by a SEBI-registered research analyst. Verify every figure against the linked filing before acting.