# Groww (Billionbrains Garage Ventures Limited) — Q2 FY2027 Agent Datapack

**Quarter ended:** 30 September 2026 | **Results and shareholders' letter dated:** 14 October 2026 | **NSE/BSE:** GROWW / 544603 | **Financial reporting:** Ind AS; consolidated Q2 FY27 results unaudited and subject to limited review | **Company status:** Listed on NSE and BSE on 12 November 2025

> **Scope and source hierarchy:** This datapack covers only what `Q2 FY27 KPI Handbook.xlsx`, `Q2 FY27 Financial Results.pdf` and `Q2 FY27 Shareholders' Letter.pdf` contain. All P&L, balance sheet, cash flow and EPS figures come from **`Q2 FY27 Financial Results.pdf`**. All KPI values and quarterly history come from **`Q2 FY27 KPI Handbook.xlsx`**. Market shares, revenue mix, the expense walk, the cash walk, MF SIP Inflows and management commentary come from **`Q2 FY27 Shareholders' Letter.pdf`**. Where the letter rounds a value that the handbook gives precisely, tables use the handbook value. EBITDA, EBITDA margin, PAT margin, cost ratios, Contribution Margin (%) and all growth rates are calculated from unrounded source values. All ₹ figures are in crore (Cr) unless stated.

**Reference convention:** “Financial results” refers to `Q2 FY27 Financial Results.pdf`, “handbook” to `Q2 FY27 KPI Handbook.xlsx`, and “letter” to `Q2 FY27 Shareholders' Letter.pdf`. PDF page numbers count from the first page of the file, including covers. The letter's printed page labels are shown separately where cited. Financial-results note references refer to the consolidated notes on PDF page 10. Workbook references use the exact worksheet names.

---

## 1. Headline Summary

**Sources:** `Q2 FY27 Financial Results.pdf`, PDF page 7 (consolidated P&L and EPS); `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` and `Groww AMC KPIs` sheets; `Q2 FY27 Shareholders' Letter.pdf`, PDF pages 2–5 and 8 (printed pages 01–04 and 07) for rounded highlights, market shares and commentary.

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| Revenue from Operations | ₹1,501.53 Cr | 47.4% |
| Total Income | ₹1,540.54 Cr | 43.9% |
| EBITDA | ₹968.51 Cr | 60.4% |
| EBITDA Margin | 64.5% | +5.2 pp |
| PAT | ₹724.70 Cr | 53.8% |
| PAT Margin | 47.0% | +3.0 pp |
| Total Transacting Users | 2.40609 Cr | 26.6% |
| Total Customer Assets | ₹388,671.80 Cr (₹3.89 Lakh Cr) | 45.7% |

EBITDA is calculated from `Q2 FY27 Financial Results.pdf`, PDF page 7, as Profit for the period + total tax expense + finance costs + depreciation and amortisation + share of net loss of associate − other income. EBITDA margin = EBITDA ÷ Revenue from Operations. PAT margin = Profit for the period ÷ Total Income.

**H1 FY27 vs H1 FY26**

| Metric | H1 FY27 | H1 FY26 | YoY |
|---|---|---|---|
| Revenue from Operations | ₹3,002.95 Cr | ₹1,923.14 Cr | 56.1% |
| Total Income | ₹3,089.21 Cr | ₹2,019.27 Cr | 53.0% |
| EBITDA | ₹1,939.19 Cr | ₹1,087.26 Cr | 78.4% |
| PAT | ₹1,459.74 Cr | ₹849.69 Cr | 71.8% |

**Core takeaways**

- **Total Income grew 43.9% YoY in Q2 FY27.** Total Income was ₹1,540.54 Cr, up 43.9% YoY, and Revenue from Operations was ₹1,501.53 Cr, up 47.4% YoY. The letter (PDF pages 2 and 5; printed pages 01 and 04) rounds Total Income growth to 44%.
- **Profit and margins rose YoY.** PAT was ₹724.70 Cr, up 53.8% YoY (the letter, PDF pages 2 and 5, printed pages 01 and 04, cites 54%). PAT margin was 47.0%, +3.0 pp YoY. EBITDA was ₹968.51 Cr at a 64.5% margin.
- **Expenses grew more slowly than income.** Consolidated total expenses rose 28.5% YoY to ₹555.93 Cr, against Total Income growth of 43.9%.
- **User and asset growth continued.** Total Transacting Users reached 2.40609 Cr (26.6% YoY) and Total Customer Assets reached ₹3.89 Lakh Cr (45.7% YoY). The letter (PDF page 5; printed page 04, Q1) says Groww added 11 lakh new transacting users (NTUs) in the quarter, propelled by primary market activity, and that 42 lakh users applied for equity IPOs via Groww, a 22% share of total allotments.
- **Product mix shifted.** The letter (PDF pages 5–6; printed pages 04–05, Q1–Q3) reports higher contribution from MTF and Commodity Derivatives. Equity Derivatives' share of Total Income fell from 56.9% to 44.8% YoY, which management attributes to market adjustments to the Closing Auction System (CAS). Management said it expects this to recover once the recommendations in SEBI's consultation paper take effect.
- **Newer businesses scaled.** Wealth Assets crossed ₹10,000 Cr (₹10,789.66 Cr per the handbook, `Operational KPIs` sheet). Groww AMC AUM grew 145.2% YoY to ₹7,179.02 Cr (handbook, `Groww AMC KPIs` sheet; letter, PDF pages 5 and 8, printed pages 04 and 07).
- **Market shares rose in all four products shown in the letter** (PDF page 4; printed page 03). Retail market share moved to 14.8% in MF SIP Inflows (13.1% a year earlier), 15.4% in Stocks (12.9%), 11.0% in Equity Derivatives (8.6%) and 2.7% in Margin Trading Facility (1.6%).

---

## 2. Platform Scale and Engagement

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet for values and `Glossary` sheet for definitions; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 5 (printed page 04, Q1) for additional disclosures.

| Metric | Q2 FY27 | YoY | Measurement basis |
| --- | --- | --- | --- |
| Total Transacting Users | 2.40609 Cr | 26.6% | Cumulative count of new transacting users at period end; not de-duplicated across the Groww, W and Fisdom platforms |
| Active Users | 1.81545 Cr | 22.3% | Users who transacted in the last three months or held assets above ₹0 on the last day of the period; subset of Total Transacting Users |
| Quarterly Transacting Users | 1.27010 Cr | 17.9% | Users who transacted in the last three months; subset of Active Users |
| Total Customer Assets | ₹388,671.80 Cr | 45.7% | Demat assets + Mutual Fund, AIF, Fixed Deposit and PMS holdings + customer funds on the platforms, valued on the last day of the period |
| Broking Orders | 51.73050 Cr | 24.4% | Total orders executed in Stocks and Derivatives during the quarter |

**Additional disclosures** (letter, PDF page 5; printed page 04, Q1)

- **NTUs added in the quarter:** about 11 lakh, which the letter links to primary market activity.
- **Equity IPO applicants via Groww:** 42 lakh users applied for equity IPOs through Groww in the quarter.
- **Share of total IPO allotments:** Groww's share was 22%.
- User-level metrics are not de-duplicated across the Groww, W and Fisdom platforms (handbook, `Operational KPIs` and `Glossary` sheets, footnote 3).

---

## 3. Platform Economics and Operating Leverage

All figures in this section exclude Groww AMC (`Q2 FY27 KPI Handbook.xlsx`, `Financial KPIs` sheet). Rounded unit economics are also shown in `Q2 FY27 Shareholders' Letter.pdf`, PDF page 3 (printed page 02).

| Metric | Q2 FY27 | YoY change | Q2 FY26 | Q1 FY27 |
| --- | --- | --- | --- | --- |
| Revenue from Operations | ₹1,497.40 Cr | 47.2% | ₹1,016.95 Cr | ₹1,497.63 Cr |
| Cost to Serve | ₹206.48 Cr | 66.6% | ₹123.95 Cr | ₹165.60 Cr |
| Contribution Margin | ₹1,290.92 Cr | 44.6% | ₹893.00 Cr | ₹1,332.03 Cr |
| Contribution Margin (%) | 86.2% | (1.6) pp | 87.8% | 88.9% |
| Cost to Grow | ₹105.30 Cr | (14.5)% | ₹123.12 Cr | ₹147.41 Cr |
| Cost to Operate | ₹202.34 Cr | 37.1% | ₹147.55 Cr | ₹197.02 Cr |
| EBITDA | ₹983.28 Cr | 58.0% | ₹622.33 Cr | ₹987.60 Cr |
| EBITDA Margin | 65.7% | +4.5 pp | 61.2% | 65.9% |

**Cost structure as a percentage of platform revenue**

| Metric (% of platform Revenue from Operations) | Q2 FY27 | Q2 FY26 | Q1 FY27 |
|---|---|---|---|
| Cost to Serve | 13.8% | 12.2% | 11.1% |
| Cost to Grow | 7.0% | 12.1% | 9.8% |
| Cost to Operate | 13.5% | 14.5% | 13.2% |
| EBITDA | 65.7% | 61.2% | 65.9% |

**Interpretation.** Cost to Serve was ₹206.48 Cr, up ₹82.53 Cr YoY, and rose to 13.8% of revenue from 12.2% a year earlier. Cost to Grow was ₹105.30 Cr, down ₹17.82 Cr YoY, and fell to 7.0% of revenue from 12.1%. Cost to Operate was ₹202.34 Cr, up ₹54.79 Cr YoY, but lower as a share of revenue (13.5% vs 14.5%). Platform EBITDA was ₹983.28 Cr, a 65.7% margin.

**Expense walk QoQ** (letter, PDF page 6; printed page 05, Q4 chart; total expenses = Cost to Serve + Cost to Grow + Cost to Operate, excluding Groww AMC)

| Walk item | ₹ value | Cost bucket |
|---|---|---|
| Q1 FY27 expenses | ₹510 Cr | — |
| Higher trading days (higher tech costs) | +₹15 Cr | Cost to Serve |
| One-time client reimbursements | +₹13 Cr | Cost to Serve |
| AI-related increase | +₹13 Cr | Cost to Serve |
| CSR expenses | +₹5 Cr | Cost to Operate |
| No IPL spends in Q2 | (₹42 Cr) | Cost to Grow |
| Q2 FY27 expenses | ₹514 Cr | — |

The handbook's `Financial KPIs` sheet's three cost lines sum to ₹510.03 Cr in Q1 FY27 and ₹514.12 Cr in Q2 FY27, consistent with the letter's ₹510 Cr and ₹514 Cr (PDF page 6; printed page 05).

- **Drivers (letter, PDF page 7; printed page 06, Q4 and footnote):** The letter attributes the Cost to Serve increase to higher tech costs, largely from more trading days; one-time reimbursements to clients for abnormal trades (stemming from an operational issue at a third-party Market Infrastructure Institution); and inflation in compute costs due to AI and other factors. It adds that quarters with more trading days typically carry higher Cost to Serve.
- **Run-rate view (letter, PDF page 7; printed page 06, Q4):** Management said it expects the inflation-driven costs to remain part of the operational baseline run rate.
- **CSR (letter, PDF page 7; printed page 06, Q4):** Cost to Operate included ₹5 Cr of CSR expenses in Q2 FY27, and management expects a further ~₹28 Cr in H2 FY27.

---

## 4. Product Market Position

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet for Stocks ADTO, Equity Derivatives Premium ADTO and MTF Book; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 4 (printed page 03) for MF SIP Inflows and all market shares.

| Product | Operating metric | Q2 FY27 value | YoY | Q2 FY27 market share | Q2 FY26 market share |
|---|---|---|---|---|---|
| Mutual Funds | MF SIP Inflows (letter) | ₹14,347 Cr | 27.5% | 14.8% | 13.1% |
| Stocks | Stocks ADTO | ₹14,429.97 Cr | 42.5% | 15.4% | 12.9% |
| Equity Derivatives | Premium ADTO | ₹12,322.43 Cr | 28.7% | 11.0% | 8.6% |
| Margin Trading Facility | MTF Book | ₹4,351.40 Cr | 160.8% | 2.7% | 1.6% |

Market shares are from the letter's PDF page 4 (printed page 03) chart. Stocks and Equity Derivatives shares are labelled "Retail Market Share" in the letter; MF SIP Inflows and MTF are labelled "Market Share". MF SIP Inflows are ₹14,347 Cr in Q2 FY27 and ₹11,254 Cr in Q2 FY26 per the letter (not in the handbook).

---

## 5. Total Income Mix by Product

**Source:** `Q2 FY27 Shareholders' Letter.pdf`, PDF page 5 (printed page 04, Q2 chart and classification footnote) and PDF page 6 (printed page 05, Q2 commentary).

| Income source | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | YoY change (pp) |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Derivatives | 56.9% | 53.5% | 54.8% | 51.9% | 44.8% | (12.2) pp |
| Stocks | 17.8% | 16.5% | 15.6% | 16.1% | 17.4% | (0.4) pp |
| Commodity Derivatives | 0.2% | 3.5% | 4.5% | 4.9% | 6.2% | +6.0 pp |
| MTF | 4.7% | 5.6% | 6.9% | 8.0% | 10.1% | +5.5 pp |
| Float | 7.4% | 7.0% | 7.9% | 8.4% | 8.4% | +1.0 pp |
| PL + LAS | 6.2% | 5.9% | 5.2% | 5.5% | 5.9% | (0.3) pp |
| Other Operating Income | 1.9% | 4.3% | 3.3% | 2.1% | 4.8% | +2.9 pp |
| Other Income | 4.9% | 3.6% | 2.0% | 3.1% | 2.5% | (2.4) pp |

Values are read from the letter's revenue-mix chart (PDF page 5; printed page 04, % of Total Income) and may not sum to exactly 100.0% because of rounding. YoY changes for Equity Derivatives ((12.2) pp), MTF (+5.5 pp) and Commodity Derivatives (+6.0 pp) are as stated in the letter's text (PDF page 5, printed page 04, Q1 for Equity Derivatives; PDF page 6, printed page 05, Q2 for MTF and Commodity Derivatives). The letter does not state YoY changes for the other lines, so those are calculated from the chart values.

- **Classification footnote (letter, PDF page 5; printed page 04):** The company changed its revenue classification to better reflect its evolving business. Treasury is now shown under Other Income, IPO and BSDA revenue moved from Stocks revenue into Other Operating Income, and delayed payment charges moved from Other Operating Income into Float.
- **Share gains and losses (letter, PDF page 6; printed page 05, Q2):** MTF (+5.5pp YoY), Commodity Derivatives (+6.0pp YoY) and Other Operating Income (which the letter links to strong primary market activity) gained share, while Equity Derivatives activity was softer. Stocks' contribution also decreased marginally YoY.
- **Stocks revenue split (letter, PDF page 6; printed page 05, Q2):** Brokerage is 70–75% of Stocks revenue. Other revenue is 25–30% and includes DP (depository participant) charges, DDPI, pledge charges and autosquareoff.
- **Management expectation (letter, PDF page 6; printed page 05, Q2):** Management called this quarter's quantum outsized but said it expects products that are not yet fully penetrated, such as MTF and Commodity Derivatives, to grow faster, increasing their contribution in coming quarters.

---

## 6. Product Deep Dives

### 6.1 Mutual Funds

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet for values and scope; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 4 (printed page 03) for SIP inflows and market share, and PDF page 8 (printed page 07, Q6) for platform offerings.

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| MF Active Users | 1.04469 Cr | 17.4% |
| MF Assets | ₹205,905.30 Cr | 46.0% |
| MF SIP Inflows (letter) | ₹14,347 Cr | 27.5% |

- **SIP market share (letter, PDF page 4; printed page 03):** Market share in MF SIP Inflows was 14.8% in Q2 FY27, against 13.1% in Q2 FY26. MF SIP Inflows were ₹14,347 Cr versus ₹11,254 Cr a year earlier.
- **Scope of the KPIs (handbook):** Mutual Funds KPIs exclude MF Prime and Fisdom (handbook, `Operational KPIs` and `Glossary` sheets, footnote 4).
- **Platform offering (letter, PDF page 8; printed page 07, Q6):** MF Prime is offered on the Groww platform. Mutual Funds are offered on the W platform and, supported by bank partners, on Fisdom (see 6.6).

### 6.2 Stocks and Equity Derivatives

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 4 (printed page 03) for market shares and PDF page 6 (printed page 05, Q3) for CAS commentary.

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| Stocks Active Users | 1.26586 Cr | 18.8% |
| Stocks ADTO | ₹14,429.97 Cr | 42.5% |
| Stocks' Assets | ₹160,508.62 Cr | 36.5% |
| Equity Derivatives Active Users | 0.15827 Cr | 12.3% |
| Equity Derivatives Premium ADTO | ₹12,322.43 Cr | 28.7% |

- **Market shares (letter, PDF page 4; printed page 03):** Retail market share in Stocks ADTO rose to 15.4% from 12.9%. Retail market share in Equity Derivatives Premium ADTO rose to 11.0% from 8.6%.
- **Trading days:** The quarter had 65 trading days, against 64 in Q2 FY26 (handbook, `Operational KPIs` sheet, `# of Trading Days (in the reported period)` row).
- **Closing Auction System (letter, PDF page 6; printed page 05, Q3):** SEBI introduced CAS for F&O eligible stocks effective 3 August 2026, replacing the earlier Volume-Weighted Average Price (VWAP) method with a 20-minute closing auction from 3:15 PM to 3:35 PM. During the initial adoption phase, the letter says a disparity emerged between the 3:15 PM reference price (the 3:00–3:15 PM VWAP) and the equilibrium price published from 3:20 PM, which led to a decline in volumes across the industry.
- **Equity Derivatives revenue (letter, PDF page 6; printed page 05, Q3):** Revenue declined 14.3% QoQ. The letter attributes the bulk of the decline to CAS and says it was in line with the industry decline.
- **SEBI consultation paper (letter, PDF page 6; printed page 05, Q3):** The paper proposes delinking derivatives settlement from CAS closing prices. Management said that, if implemented, this should help normalise trading activity.

### 6.3 Commodity Derivatives

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 5 (printed page 04, revenue-mix chart) and PDF page 6 (printed page 05, Q2 commentary).

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| Commodity Derivatives Active Users | 0.05050 Cr | nm |
| Commodity Derivatives Notional ADTO | ₹283,581.87 Cr | nm |

**Commodity Derivatives Active Users (thousands)**

| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Commodity Derivatives Active Users (k) | 26.9 | 255.5 | 392.9 | 435.0 | 505.0 |

YoY is `nm` because Q2 FY26 is a launch-quarter base (26.9k users).

- **Income contribution (letter, PDF pages 5–6; printed pages 04–05):** Commodity Derivatives' share of Total Income was 6.2% in Q2 FY27 against 0.2% in Q2 FY26 (+6.0pp YoY).
- **Outlook (letter, PDF page 6; printed page 05, Q2):** Management expects products not yet fully penetrated, including Commodity Derivatives, to grow faster and contribute more to Total Income in coming quarters.

### 6.4 Margin Trading Facility

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 4 (printed page 03) for market share, PDF page 5 (printed page 04) for income mix, and PDF page 7 (printed page 06, Q5) for cash deployment; `Q2 FY27 Financial Results.pdf`, PDF page 10, consolidated note 4, for IPO proceeds utilisation.

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| MTF Active Users | 0.01449 Cr | 85.3% |
| MTF Book | ₹4,351.40 Cr | 160.8% |

- **Book growth:** MTF Book grew 160.8% YoY, from ₹1,668.30 Cr to ₹4,351.40 Cr.
- **Market share (letter, PDF page 4; printed page 03):** MTF market share was 2.7% in Q2 FY27 against 1.6% in Q2 FY26.
- **Income contribution (letter, PDF page 5; printed page 04, Q2 chart):** MTF's share of Total Income was 10.1%, against 4.7% in Q2 FY26.
- **Funding (letter, PDF page 7, printed page 06, Q5; financial results, PDF page 10, consolidated note 4):** The letter says Groww continued to deploy cash into its MTF, PL and LAS books (₹1,915 Cr in H1 FY27). Financial-results consolidated note 4 shows ₹167.50 Cr of net IPO proceeds invested in Groww Invest Tech Private Limited to fund its MTF business.

### 6.5 Consumer Credit

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet for values and `Glossary` sheet for definitions; `Q2 FY27 Financial Results.pdf`, PDF page 10, consolidated note 4, for GCS capital funding.

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| **Secured loans** |  |  |
| Disbursement by Partners (secured) | ₹13.33 Cr | (70.1)% |
| GCS Secured Loan Book | ₹412.35 Cr | 597.4% |
| **Unsecured loans** |  |  |
| Disbursement by Partners (unsecured) | ₹333.24 Cr | 40.9% |
| GCS Unsecured Loan Book | ₹1,377.15 Cr | 15.9% |
| **Total** |  |  |
| Total GCS Loan Book (secured + unsecured) | ₹1,789.50 Cr | 43.4% |
| Secured share of GCS Loan Book | 23.0% | +18.3 pp |

- **Definitions (handbook, `Glossary` sheet):** Disbursement by Partners is the amount of loans disbursed by external partners through Groww's platforms in the period. GCS Loan Books are loans outstanding on the Groww Creditserv (GCS) book, net of expected credit loss (ECL), on the last day of the period.
- **Loan book mix:** The secured book was 23.0% of the total GCS loan book at Q2 FY27, against 4.7% at Q2 FY26. Total and secured-share figures are calculated from the handbook's `Operational KPIs` sheet values.
- **Capital (financial results, PDF page 10, consolidated note 4):** ₹205.00 Cr of net IPO proceeds was invested in GCS, an NBFC, to augment its capital base.

### 6.6 Wealth

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 5 (printed page 04, Q1) for the scale milestone and PDF page 8 (printed page 07, Q6) for integration and platform offerings.

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| Wealth Assets | ₹10,789.66 Cr | n.a. |
| Wealth Users | 0.06071 Cr | n.a. |

Wealth history in the handbook's `Operational KPIs` sheet starts in Q4 FY26, so YoY is `n.a.`.

- **Fisdom integration (letter, PDF page 8; printed page 07, Q6):** The Fisdom integration was completed in the quarter, which the letter says enables Wealth offerings across multiple platforms. The letter states that this consolidation is reflected in the Unit Economics and the KPI Handbook.
- **Groww platform products (letter, PDF page 8; printed page 07, Q6):** Bonds and MF Prime.
- **W platform products (letter, PDF page 8; printed page 07, Q6):** Mutual Funds, Insurance, AIF, PMS and in-house MF PMS, supported by wealth partners.
- **Fisdom platform products (letter, PDF page 8; printed page 07, Q6):** Mutual Funds, supported by bank partners. Management said it will continue to expand the product suite across all platforms.
- **Scale (letter, PDF page 5; printed page 04, Q1):** Wealth Assets crossed ₹10,000 Cr.

### 6.7 Groww AMC

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Groww AMC KPIs` sheet; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 8 (printed page 07, Q7); `Q2 FY27 Financial Results.pdf`, PDF page 10, consolidated note 7, for the SSGA transaction.

**Assets under management by quarter**

| Metric | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|
| AUM (₹ Cr) | 1,258.14 | 1,458.12 | 1,611.77 | 2,285.73 | 2,927.99 | 3,623.59 | 4,170.05 | 5,491.02 | 7,179.02 |

| Metric | Q2 FY27 | YoY |
| --- | --- | --- |
| AUM | ₹7,179.02 Cr | 145.2% |
| Active Users | 0.14918 Cr | 34.5% |
| Revenue from Operations | ₹4.13 Cr | 130.7% |
| Loss for the period | (₹8.29 Cr) | nm |

Loss for the period YoY is `nm` because the comparison base is also a loss (Q2 FY26: (₹16.77 Cr)).

- **AUM growth (letter, PDF page 8; printed page 07, Q7):** AUM grew 145% YoY from ₹2,928 Cr to ₹7,179 Cr.
- **Active-fund share (letter, PDF page 8; printed page 07, Q7):** The share of actively managed AUM rose from 47% to 57%.
- **Revenue (letter, PDF page 8; printed page 07, Q7):** Revenue grew 131% YoY in the quarter.
- **Loss for the period (letter, PDF page 8; printed page 07, Q7):** The bottom line was a loss of ₹8.3 Cr.
- **SSGA transaction (financial results, PDF page 10, consolidated note 7):** The Share Subscription and Share Purchase Agreement among the Company, Groww Asset Management Limited (Groww AMC) and State Street Global Advisors, Inc. (SSGA) was executed on 14 January 2026. The Competition Commission of India and SEBI approved it on 25 March 2026 and 1 June 2026. The transaction completed on **4 August 2026**. On completion, SSGA holds voting rights of **4.85%** and an economic interest of **22.94%** of the fully diluted share capital of Groww AMC.

---

## 7. Consolidated Financial Performance

**Source:** `Q2 FY27 Financial Results.pdf`, PDF page 7, `Statement of the unaudited consolidated financial results`. Governance and presentation notes are on PDF page 10, consolidated notes 1 and 9.

| Particulars (₹ Cr, except EPS) | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | H1 FY27 | H1 FY26 | YoY | FY26 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue from operations | 1,501.53 | 1,018.74 | 47.4% | 1,501.42 | 3,002.95 | 1,923.14 | 56.1% | 4,644.58 |
| Other income | 39.01 | 52.06 | (25.1)% | 47.25 | 86.26 | 96.13 | (10.3)% | 171.30 |
| **Total income** | **1,540.54** | **1,070.80** | **43.9%** | **1,548.67** | **3,089.21** | **2,019.27** | **53.0%** | **4,815.88** |
| Employee benefits expense | 168.89 | 123.76 | 36.5% | 182.00 | 350.89 | 260.39 | 34.8% | 590.83 |
| Finance costs | 4.71 | 11.03 | (57.3)% | 7.31 | 12.02 | 27.45 | (56.2)% | 45.94 |
| Depreciation and amortisation expense | 18.20 | 6.80 | 167.6% | 17.63 | 35.83 | 13.94 | 157.0% | 47.87 |
| Other expenses | 364.13 | 291.01 | 25.1% | 348.74 | 712.87 | 575.49 | 23.9% | 1,307.35 |
| **Total expenses** | **555.93** | **432.60** | **28.5%** | **555.68** | **1,111.61** | **877.27** | **26.7%** | **1,991.99** |
| **Profit before share of net loss of associate and tax** | **984.61** | **638.20** | **54.3%** | **992.99** | **1,977.60** | **1,142.00** | **73.2%** | **2,823.89** |
| Share of net loss of associate (equity method, net of tax) | (0.75) | (0.52) | nm | (0.72) | (1.47) | (1.15) | nm | (2.47) |
| **Profit before tax** | **983.86** | **637.68** | **54.3%** | **992.27** | **1,976.13** | **1,140.85** | **73.2%** | **2,821.42** |
| Current tax | 263.85 | 167.93 | 57.1% | 260.40 | 524.25 | 300.99 | 74.2% | 770.24 |
| Deferred tax credit | (4.69) | (1.59) | nm | (3.17) | (7.86) | (9.83) | nm | (31.83) |
| **Total tax expense** | **259.16** | **166.34** | **55.8%** | **257.23** | **516.39** | **291.16** | **77.4%** | **738.41** |
| **Profit for the period/year** | **724.70** | **471.34** | **53.8%** | **735.04** | **1,459.74** | **849.69** | **71.8%** | **2,083.01** |
| Profit attributable to shareholders of the Company | 725.65 | 471.34 | 54.0% | 735.04 | 1,460.69 | 849.69 | 71.9% | 2,083.01 |
| Profit attributable to non-controlling interests | (0.95) | - | nm | - | (0.95) | - | nm | - |
| Other comprehensive income/(loss), net of tax | (1.06) | 8.99 | nm | (0.04) | (1.10) | 7.70 | nm | 18.01 |
| **Total comprehensive income** | **723.64** | **480.33** | **50.7%** | **735.00** | **1,458.64** | **857.39** | **70.1%** | **2,101.02** |
| Basic EPS (₹, not annualised except FY26) | 1.17 | 0.79 | 48.1% | 1.19 | 2.36 | 1.46 | 61.6% | 3.47 |
| Diluted EPS (₹, not annualised except FY26) | 1.15 | 0.77 | 49.4% | 1.17 | 2.32 | 1.40 | 65.7% | 3.40 |

**Calculated non-GAAP measures** (from `Q2 FY27 Financial Results.pdf`, PDF page 7; ₹ Cr)

| Measure | Q2 FY27 | Q2 FY26 | Q1 FY27 | H1 FY27 | H1 FY26 | FY26 |
|---|---|---|---|---|---|---|
| EBITDA | 968.51 | 603.97 | 970.68 | 1,939.19 | 1,087.26 | 2,746.40 |
| EBITDA margin (% of Revenue from Operations) | 64.5% | 59.3% | 64.7% | 64.6% | 56.5% | 59.1% |
| PAT margin (% of Total Income) | 47.0% | 44.0% | 47.5% | 47.3% | 42.1% | 43.3% |

Growth `nm` marks a negative or nil comparison base or a sign change (share of associate loss, deferred tax credit, non-controlling interests and other comprehensive income). Per financial-results consolidated note 1 (PDF page 10), the Audit Committee reviewed and recommended, and the Board approved, the results on 14 October 2026, and the statutory auditors reviewed the consolidated results for the quarter and six months ended 30 September 2026 and issued an unqualified opinion. Per consolidated note 9 (PDF page 10), comparative figures were restated from INR million to INR crore from the quarter ended 30 June 2026, and any minor variances are due to rounding.

---

## 8. Consolidated Balance Sheet

**Source:** `Q2 FY27 Financial Results.pdf`, PDF page 8, `Statement of Consolidated Balance Sheet`. Debt-repayment commentary is from `Q2 FY27 Shareholders' Letter.pdf`, PDF page 7 (printed page 06, Q5).

| Particulars (₹ Cr) | 30 Sep 2026 | 31 Mar 2026 | Change |
|---|---|---|---|
| **ASSETS** |  |  |  |
| *Non-current assets* |  |  |  |
| Property, plant and equipment | 24.51 | 21.81 | 2.70 |
| Goodwill | 1,238.74 | 1,238.74 | - |
| Other intangible assets | 150.28 | 164.54 | (14.26) |
| Right of use assets | 54.34 | 66.65 | (12.31) |
| Financial assets: Investments | 2,307.05 | 1,899.50 | 407.55 |
| Financial assets: Loans | 840.64 | 737.11 | 103.53 |
| Financial assets: Other financial assets | 50.44 | 35.87 | 14.57 |
| Deferred tax assets (net) | 18.10 | 40.15 | (22.05) |
| **Total non-current assets** | **4,684.10** | **4,204.37** | **479.73** |
| *Current assets* |  |  |  |
| Financial assets: Investments | 1,088.48 | 738.09 | 350.39 |
| Financial assets: Trade receivables | 356.06 | 277.46 | 78.60 |
| Financial assets: Cash and cash equivalents | 265.35 | 1,165.47 | (900.12) |
| Financial assets: Bank balances other than cash and cash equivalents | 6,683.10 | 7,173.38 | (490.28) |
| Financial assets: Loans | 5,293.65 | 3,510.05 | 1,783.60 |
| Financial assets: Other financial assets | 1,294.58 | 1,359.64 | (65.06) |
| Current tax assets (net) | 16.38 | 11.56 | 4.82 |
| Other current assets | 110.31 | 100.91 | 9.40 |
| **Total current assets** | **15,107.91** | **14,336.56** | **771.35** |
| **Total assets** | **19,792.01** | **18,540.93** | **1,251.08** |
| **EQUITY AND LIABILITIES** |  |  |  |
| *Equity* |  |  |  |
| Equity share capital | 1,248.42 | 1,247.81 | 0.61 |
| Other equity | 10,319.59 | 8,403.55 | 1,916.04 |
| **Equity attributable to owners of the Company** | **11,568.01** | **9,651.36** | **1,916.65** |
| Non-controlling interests | 87.79 | - | 87.79 |
| **Total equity** | **11,655.80** | **9,651.36** | **2,004.44** |
| *Non-current liabilities* |  |  |  |
| Financial liabilities: Borrowings (other than debt securities) | - | 14.55 | (14.55) |
| Financial liabilities: Lease liabilities | 30.19 | 41.23 | (11.04) |
| Financial liabilities: Other financial liabilities | 95.96 | 19.35 | 76.61 |
| Provisions | 18.98 | 18.13 | 0.85 |
| Deferred tax liabilities (net) | - | 30.29 | (30.29) |
| **Total non-current liabilities** | **145.13** | **123.55** | **21.58** |
| *Current liabilities* |  |  |  |
| Financial liabilities: Debt securities | 11.63 | 131.39 | (119.76) |
| Financial liabilities: Borrowings (other than debt securities) | 9.37 | 78.07 | (68.70) |
| Financial liabilities: Lease liabilities | 25.85 | 26.98 | (1.13) |
| Trade payables: dues of micro enterprises and small enterprises | 1.57 | 2.65 | (1.08) |
| Trade payables: dues of creditors other than micro enterprises and small enterprises | 7,605.65 | 8,054.68 | (449.03) |
| Financial liabilities: Other financial liabilities | 94.23 | 166.36 | (72.13) |
| Other current liabilities | 139.22 | 274.66 | (135.44) |
| Provisions | 8.16 | 8.45 | (0.29) |
| Current tax liabilities (net) | 95.40 | 22.78 | 72.62 |
| **Total current liabilities** | **7,991.08** | **8,766.02** | **(774.94)** |
| **Total liabilities** | **8,136.21** | **8,889.57** | **(753.36)** |
| **Total equity and liabilities** | **19,792.01** | **18,540.93** | **1,251.08** |

- **Loans:** Current loans rose from ₹3,510.05 Cr to ₹5,293.65 Cr (+₹1,783.60 Cr) and non-current loans from ₹737.11 Cr to ₹840.64 Cr (+₹103.53 Cr). Total loans were ₹6,134.29 Cr against ₹4,247.16 Cr (+₹1,887.13 Cr).
- **Cash and bank balances:** Cash and cash equivalents fell from ₹1,165.47 Cr to ₹265.35 Cr (−₹900.12 Cr). Bank balances other than cash and cash equivalents fell from ₹7,173.38 Cr to ₹6,683.10 Cr (−₹490.28 Cr).
- **Investments:** Non-current investments rose ₹407.55 Cr to ₹2,307.05 Cr and current investments rose ₹350.39 Cr to ₹1,088.48 Cr.
- **Trade payables:** Total trade payables fell from ₹8,057.33 Cr to ₹7,607.22 Cr (−₹450.11 Cr).
- **Equity and non-controlling interests:** Total equity rose from ₹9,651.36 Cr to ₹11,655.80 Cr (+₹2,004.44 Cr). Other equity rose ₹1,916.04 Cr to ₹10,319.59 Cr. Non-controlling interests were ₹87.79 Cr at 30 September 2026 against nil at 31 March 2026.
- **Borrowings and debt securities:** Debt securities and borrowings together fell from ₹224.01 Cr to ₹21.00 Cr (−₹203.01 Cr); non-current borrowings went to nil and debt securities fell from ₹131.39 Cr to ₹11.63 Cr. The letter (PDF page 7; printed page 06, Q5) cites ₹203 Cr of debt repayment in H1 FY27.

---

## 9. Consolidated Cash Flow (H1)

**Source:** `Q2 FY27 Financial Results.pdf`, PDF page 9, `Statement of Consolidated Cash Flows`. The separate cash walk is from `Q2 FY27 Shareholders' Letter.pdf`, PDF page 7 (printed page 06, Q5).

| Particulars (₹ Cr) | H1 FY27 | H1 FY26 |
|---|---|---|
| Net cash used in operating activities (A) | (827.73) | (152.76) |
| Net cash used in investing activities (B) | (44.65) | (1,308.04) |
| Net cash generated from/(used in) financing activities (C) | (27.75) | 1,301.39 |
| Currency translation conversion adjustment (D) | 0.01 | - |
| **Net decrease in cash and cash equivalents (A+B+C+D)** | **(900.12)** | **(159.41)** |
| Cash and cash equivalents at beginning of the period | 1,165.47 | 361.11 |
| **Cash and cash equivalents at end of the period** | **265.35** | **201.70** |

**Main line items by activity**

| Activity | Line item (₹ Cr) | H1 FY27 | H1 FY26 |
|---|---|---|---|
| Operating | Profit before share of net loss of associate and tax | 1,977.60 | 1,142.00 |
| Operating | Operating cash flows before working capital changes | 2,012.28 | 1,176.95 |
| Operating | (Increase) in trade receivables | (85.72) | (22.93) |
| Operating | (Increase)/decrease in loans | (1,915.32) | (1,271.58) |
| Operating | Increase/(decrease) in trade payables | (450.12) | 643.75 |
| Operating | Increase/(decrease) in other current liabilities | (135.44) | 471.28 |
| Operating | Cash generated from/(used in) operations | (359.68) | 128.29 |
| Operating | Taxes paid, net of refund | (468.05) | (281.05) |
| Investing | Investment in Government securities | (425.00) | (250.00) |
| Investing | Investment in commercial paper | (299.51) | - |
| Investing | Redemption of commercial paper | 49.63 | - |
| Investing | Proceeds from sale of shares | 381.35 | - |
| Investing | Investment in non convertible debentures | - | (850.00) |
| Investing | Redemption of non convertible debentures | - | 395.00 |
| Investing | Purchase consideration paid on acquisition of subsidiaries, net of cash acquired | - | (955.75) |
| Investing | Deposit placed with bank and financial institutions | (63.13) | (13.34) |
| Investing | Proceeds from bank and financial institutions deposits | 316.61 | 217.98 |
| Investing | Interest received | 61.49 | 18.20 |
| Financing | Proceeds from issue of equity shares | 0.61 | 1,718.66 |
| Financing | Proceeds from issue of shares to non controlling interest holders | 198.68 | - |
| Financing | Repayment of borrowings and debt securities | (201.54) | (266.49) |
| Financing | Payment towards repurchase of employee stock options | - | (119.86) |
| Financing | Interest on borrowings and overdraft facilities | (9.19) | (21.48) |
| Financing | Payment of principal portion of lease liabilities | (13.23) | (8.52) |

**Cash walk** (letter, PDF page 7; printed page 06, Q5 chart; H1 FY27)

| Walk item | ₹ value |
|---|---|
| Opening cash as of H1 FY27 | ₹3,893 Cr |
| Operating Cash | +₹1,568 Cr |
| MTF, PL and LAS | (₹1,915 Cr) |
| Debt Repayment | (₹203 Cr) |
| Capex and Change in WC | (₹74 Cr) |
| SSGA Investment | +₹580 Cr |
| **Closing Cash** | **₹3,849 Cr** |

**Letter footnote (PDF page 7; printed page 06, below the cash-flow walk):** The cash balance includes Fixed Deposits, Investments in MFs, and Investment in Securities including Government Securities and NCDs.

---

## 10. Historical KPI Time Series

Values are from `Q2 FY27 KPI Handbook.xlsx`; minor differences can arise from rounding. Quarters run oldest to newest (left to right). `n.a.` = blank in the handbook. Worksheet references for each series are given below.

### 10.1 Platform KPIs

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet, `Platform KPIs` block.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Transacting Users | Cr | 1.49063 | 1.63472 | 1.73061 | 1.80683 | 1.90045 | 2.09197 | 2.21614 | 2.29348 | 2.40609 |
| Active Users | Cr | 1.23986 | 1.34427 | 1.39396 | 1.43792 | 1.48442 | 1.62947 | 1.70418 | 1.72749 | 1.81545 |
| Quarterly Transacting Users | Cr | 1.04532 | 1.07419 | 1.00694 | 1.01667 | 1.07728 | 1.19404 | 1.23130 | 1.17917 | 1.27010 |
| Total Customer Assets | ₹ Cr | 200,020.69 | 214,931.82 | 216,811.58 | 260,656.94 | 266,812.27 | 308,585.46 | 304,093.94 | 368,973.81 | 388,671.80 |
| Broking Orders | Cr | 53.23940 | 45.42094 | 35.77146 | 37.85570 | 41.57070 | 47.41940 | 58.73902 | 56.01558 | 51.73050 |

### 10.2 Mutual Funds

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet, `Mutual Funds` block.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| MF Active Users | Cr | 0.70491 | 0.78782 | 0.83704 | 0.87431 | 0.88972 | 0.94866 | 1.00149 | 1.01581 | 1.04469 |
| MF Assets | ₹ Cr | 97,380.24 | 108,051.02 | 113,016.34 | 139,543.96 | 141,072.68 | 160,832.64 | 156,989.65 | 191,275.24 | 205,905.30 |

### 10.3 Stocks and Derivatives

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet, `Stocks`, `Equity Derivatives` and `Commodity Derivatives` blocks.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Stocks Active Users | Cr | 0.91924 | 0.98686 | 1.00678 | 1.02831 | 1.06543 | 1.15566 | 1.19609 | 1.19720 | 1.26586 |
| Stocks ADTO | ₹ Cr | 10,124.60 | 9,394.19 | 8,961.46 | 10,673.99 | 10,129.39 | 11,331.03 | 13,791.30 | 15,800.64 | 14,429.97 |
| Stocks' Assets | ₹ Cr | 96,580.52 | 101,682.72 | 97,639.55 | 113,997.41 | 117,561.10 | 127,692.91 | 126,906.56 | 155,713.14 | 160,508.62 |
| Equity Derivatives Active Users | Cr | 0.19411 | 0.17702 | 0.13971 | 0.14038 | 0.14094 | 0.14828 | 0.17010 | 0.15900 | 0.15827 |
| Equity Derivatives Premium ADTO | ₹ Cr | 7,915.77 | 7,918.84 | 7,887.12 | 9,276.73 | 9,573.54 | 11,483.79 | 16,493.26 | 15,660.95 | 12,322.43 |
| Commodity Derivatives Active Users | Cr | n.a. | n.a. | n.a. | n.a. | 0.00269 | 0.02555 | 0.03929 | 0.04350 | 0.05050 |
| Commodity Derivatives Notional ADTO | ₹ Cr | n.a. | n.a. | n.a. | n.a. | 4,860.18 | 103,171.28 | 96,095.68 | 243,059.70 | 283,581.87 |

### 10.4 Credit and MTF

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet, `Secured Loans`, `Unsecured Loans` and `Stocks` blocks; trading days are from the `# of Trading Days (in the reported period)` row in the same sheet.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Secured: Disbursement by Partners | ₹ Cr | 0.00 | 0.00 | 8.60 | 76.42 | 44.58 | 24.17 | 15.05 | 12.49 | 13.33 |
| GCS Secured Loan Book | ₹ Cr | 0.00 | 0.00 | 0.00 | 11.00 | 59.13 | 154.70 | 202.98 | 310.51 | 412.35 |
| Unsecured: Disbursement by Partners | ₹ Cr | 458.33 | 393.77 | 213.87 | 239.54 | 236.50 | 324.50 | 373.94 | 359.06 | 333.24 |
| GCS Unsecured Loan Book | ₹ Cr | 1,152.99 | 1,222.25 | 1,088.81 | 1,099.31 | 1,188.52 | 1,215.18 | 1,229.92 | 1,303.95 | 1,377.15 |
| MTF Active Users | Cr | 0.00197 | 0.00257 | 0.00367 | 0.00551 | 0.00782 | 0.01099 | 0.01302 | 0.01339 | 0.01449 |
| MTF Book | ₹ Cr | 389.04 | 542.38 | 601.89 | 1,035.77 | 1,668.30 | 2,307.37 | 2,814.26 | 3,774.78 | 4,351.40 |

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Trading days in reported period | (#) | 64 | 62 | 62 | 61 | 64 | 62 | 60 | 60 | 65 |

### 10.5 Wealth

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Operational KPIs` sheet, `Wealth` block.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Wealth Assets | ₹ Cr | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 8,356.10 | 9,766.98 | 10,789.66 |
| Wealth Users | Cr | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 0.03719 | 0.04214 | 0.06071 |

### 10.6 Groww AMC

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Groww AMC KPIs` sheet.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| AUM | ₹ Cr | 1,258.14 | 1,458.12 | 1,611.77 | 2,285.73 | 2,927.99 | 3,623.59 | 4,170.05 | 5,491.02 | 7,179.02 |
| Active Users | Cr | 0.06822 | 0.08712 | 0.09734 | 0.10345 | 0.11092 | 0.11779 | 0.13300 | 0.13809 | 0.14918 |
| Revenue from Operations | ₹ Cr | (0.09) | 1.03 | 1.56 | 0.58 | 1.79 | 3.07 | 2.20 | 3.79 | 4.13 |
| Loss for the period | ₹ Cr | (13.55) | (19.90) | (12.56) | (11.40) | (16.77) | (11.80) | (21.97) | (7.03) | (8.29) |

### 10.7 Platform financial KPIs (excluding Groww AMC)

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Financial KPIs` sheet.

| Metric | Unit | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹ Cr | 1,125.48 | 973.51 | 799.45 | 903.83 | 1,016.95 | 1,213.00 | 1,503.17 | 1,497.63 | 1,497.40 |
| Cost to Serve | ₹ Cr | 166.30 | 128.57 | 147.61 | 131.67 | 123.95 | 159.61 | 168.34 | 165.60 | 206.48 |
| Contribution Margin | ₹ Cr | 959.18 | 844.95 | 651.84 | 772.15 | 893.00 | 1,053.39 | 1,334.83 | 1,332.03 | 1,290.92 |
| Contribution Margin (%) | % | 85.2% | 86.8% | 81.5% | 85.4% | 87.8% | 86.8% | 88.8% | 88.9% | 86.2% |
| Cost to Grow | ₹ Cr | 94.34 | 88.88 | 96.90 | 107.82 | 123.12 | 124.36 | 124.71 | 147.41 | 105.30 |
| Cost to Operate | ₹ Cr | 296.75 | (280.95) | 150.38 | 165.54 | 147.55 | 194.52 | 250.02 | 197.02 | 202.34 |
| EBITDA | ₹ Cr | 568.09 | 1,037.02 | 404.55 | 498.79 | 622.33 | 734.51 | 960.10 | 987.60 | 983.28 |
| EBITDA Margin | % | 50.5% | 106.5% | 50.6% | 55.2% | 61.2% | 60.6% | 63.9% | 65.9% | 65.7% |

Contribution Margin (%) and EBITDA Margin are recalculated from the ₹ values (Contribution Margin ÷ Revenue from Operations; EBITDA ÷ Revenue from Operations) rather than taken from the handbook's `Financial KPIs` sheet's pre-rounded percentage cells. **Source-data note:** the handbook's `Financial KPIs` sheet reports a negative Cost to Operate and an EBITDA margin above 100% in Q3 FY25; these are reproduced as disclosed.

---

## 11. Investor Q&A — Management Commentary

**Source:** `Q2 FY27 Shareholders' Letter.pdf`, PDF pages 5–8 (printed pages 04–07, `Investors' Top Of Mind`). Individual question references are given below.

**Q1. Key developments in Q2 FY27** (letter, PDF page 5; printed page 04, Q1)\
Total Income grew 44% YoY, with Total Transacting Users up 27% and Total Customer Assets up 46%. Groww added 11 lakh NTUs, which the letter links to primary market activity, and 42 lakh users applied for equity IPOs via Groww, a 22% share of total allotments. Equity Derivatives' share of Total Income fell 12.2pp YoY on market adjustments to CAS, and management said it expects a recovery once SEBI's consultation-paper recommendations take effect. Consolidated expenses rose 29% YoY against 54% higher PAT (PAT margin 47%, +3.0pp YoY); Wealth Assets crossed ₹10,000 Cr and AMC AUM grew 145% YoY to ₹7,179 Cr.

**Q2. Revenue contribution from each product** (letter, PDF pages 5–6; printed pages 04–05, Q2)\
MTF (+5.5pp YoY), Commodity Derivatives (+6.0pp YoY) and Other Operating Income (helped by strong primary activity) gained share of Total Income, while Equity Derivatives was softer and Stocks slipped marginally. Stocks revenue is 70–75% brokerage and 25–30% other items such as DP, DDPI, pledge charges and autosquareoff. Management called the quarter's quantum outsized but expects less-penetrated products, such as MTF and Commodity Derivatives, to grow faster and contribute more in coming quarters. The letter also notes a revised revenue classification (Treasury moved to Other Income; IPO and BSDA revenue moved into Other Operating Income; delayed payment charges moved into Float).

**Q3. Impact of the Closing Auction System (CAS) on the business** (letter, PDF page 6; printed page 05, Q3)\
SEBI introduced CAS for F&O eligible stocks from 3 August 2026, replacing the VWAP method with a 20-minute closing auction (3:15 PM to 3:35 PM). A gap between the 3:15 PM reference price and the equilibrium price published from 3:20 PM led to lower volumes across the industry. Equity Derivatives revenue fell 14.3% QoQ, mostly attributed to CAS and in line with the industry. SEBI's consultation paper proposes delinking derivatives settlement from CAS closing prices, which management said should help normalise activity.

**Q4. Cause of the expense increase and run-rate expectation** (letter, PDF pages 6–7; printed pages 05–06, Q4)\
Platform expenses rose from ₹510 Cr to ₹514 Cr QoQ. Cost to Serve rose by ₹15 Cr from higher trading days, ₹13 Cr from one-time client reimbursements for abnormal trades and ₹13 Cr from AI-related compute inflation; Cost to Operate rose ₹5 Cr on CSR, and Cost to Grow fell ₹42 Cr because there were no IPL spends in Q2. Management expects the inflation-driven costs to stay in the baseline run rate and expects a further ~₹28 Cr of CSR expense in H2 FY27.

**Q5. Investing in the operating business** (letter, PDF page 7; printed page 06, Q5)\
Groww received ₹580 Cr from SSGA in the quarter while deploying ₹1,915 Cr into its MTF, PL and LAS books and repaying ₹203 Cr of debt. The cash walk shows operating cash of ₹1,568 Cr and capex and working-capital change of ₹74 Cr. The cash balance moved from ₹3,893 Cr at the start of H1 FY27 to ₹3,849 Cr at the end.

**Q6. Update on Wealth offerings** (letter, PDF page 8; printed page 07, Q6)\
The Fisdom integration was completed in the quarter, enabling Wealth offerings across multiple platforms, and the consolidation is reflected in the Unit Economics and KPI Handbook. Groww offers Bonds and MF Prime. W offers Mutual Funds, Insurance, AIF, PMS and in-house MF PMS through wealth partners. Fisdom offers Mutual Funds through bank partners, and management plans to widen the product suite across platforms.

**Q7. Groww AMC performance** (letter, PDF page 8; printed page 07, Q7)\
Groww AMC's AUM grew 145% YoY from ₹2,928 Cr to ₹7,179 Cr, and the actively managed share of AUM rose from 47% to 57%. AMC revenue grew 131% YoY, and the AMC recorded a loss of ₹8.3 Cr for the quarter.

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## 12. IPO Proceeds, Corporate Actions and Governance

**Source:** `Q2 FY27 Financial Results.pdf`, PDF page 10, `Notes to unaudited consolidated financial results`. All note numbers in this section refer to the consolidated notes on that page.

**IPO and proceeds utilisation**

- **Offer structure (financial results, PDF page 10, consolidated note 4):** The IPO comprised 663,230,051 equity shares (66,32,30,051 as stated), of ₹2 face value each, at an issue price of ₹100 per share. It was made up of a fresh issue of 106,000,000 shares (10,60,00,000) and an offer for sale of 557,230,051 shares (55,72,30,051). The shares listed on NSE and BSE on 12 November 2025.
- **Proceeds (financial results, PDF page 10, consolidated note 4):** The fresh issue raised a gross ₹1,060.00 Cr (106,000,000 shares × ₹100, equal to the net amount plus expenses). IPO expenses were ₹44.02 Cr, leaving net proceeds of ₹1,015.98 Cr.

| Object (₹ Cr) | Prospectus allocation | Utilised to 30 Sep 2026 | Unutilised |
|---|---|---|---|
| Expenditure towards cloud infrastructure | 152.50 | 152.50 | - |
| Brand building and performance marketing activities | 225.00 | 225.00 | - |
| Investment in Groww Creditserv Technology Private Limited (GCS), an NBFC, to augment its capital base | 205.00 | 205.00 | - |
| Investment in Groww Invest Tech Private Limited to fund its MTF business | 167.50 | 167.50 | - |
| Funding inorganic growth through unidentified acquisitions and general corporate purposes | 265.98 | 264.99 | 0.99 |
| **Total** | **1,015.98** | **1,014.99** | **0.99** |

**Other corporate and governance items** (financial results, PDF page 10, consolidated notes)

- **ESOP share transfers (financial results, PDF page 10, consolidated note 3):** The Groww Employee Welfare Trust transferred 6,942,862 equity shares of ₹2 each (69,42,862 as stated) during Q2 FY27 on the exercise of stock options under the Billionbrains Garage Ventures Limited Employee Stock Option Scheme 2024.
- **SSGA investment in Groww AMC (financial results, PDF page 10, consolidated note 7):** The transaction completed on 4 August 2026. SSGA holds voting rights of 4.85% and an economic interest of 22.94% of the fully diluted share capital of Groww AMC.
- **Finwizard (Fisdom) acquisition (financial results, PDF page 10, consolidated note 6):** On 16 May 2025 the Company signed an agreement to acquire 100% of Finwizard Technology Private Limited. Approvals were obtained by 9 September 2025 and the full consideration of ₹961.05 Cr was paid by 3 October 2025. The purchase price allocation is below.

| Particulars | Amount (₹ Cr) |
|---|---|
| Customer Relationships - High networth individuals | 62.83 |
| Customer Relationships - Retail and Broking | 36.61 |
| Brand | 23.38 |
| Other intangible assets | 12.39 |
| Deferred tax on intangible assets | (33.87) |
| Net liabilities acquired | (60.34) |
| Goodwill | 920.05 |
| **Purchase consideration** | **961.05** |

- **Composite Scheme of Arrangement (financial results, PDF page 10, consolidated note 8):** The Board noted on 14 October 2026 that the boards of certain wholly-owned or step-down subsidiaries approved a Composite Scheme of Arrangement under Sections 230 to 232 of the Companies Act, 2013. The Scheme demerges identified business undertakings of Finwizard Technology Private Limited (FTPL) into Groww Wealth Tech Private Limited (GWTPL) and Fisdom Broking Private Limited (FBPL, formerly Groww Insurance Broking Private Limited). It also amalgamates Finwizard Technology Services Private Limited (FTSPL) and Finwizard Securities Private Limited (FSPL) into FTPL. The **appointed date is 1 April 2027**. It requires approvals from shareholders and creditors (as applicable), the National Company Law Tribunal (NCLT), Bengaluru, and other regulatory and statutory authorities. Because all companies involved are wholly-owned or step-down subsidiaries, the Scheme has no impact on the Company's shareholding, control or economic interest, and no effect is reflected in the consolidated results.
- **Segments (financial results, PDF page 10, consolidated note 5):** The Group has one reportable operating segment, financial services sold mainly through a web and app based technology platform, and one geographic segment, within India.

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## 13. KPI and Financial Metric Definitions

### 13.1 Platform and product KPIs

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Glossary` sheet, `Groww Operational KPIs` block.

| KPI | Definition |
|---|---|
| Total Transacting Users | Total Transacting Users is the sum total of new transacting users acquired as of the end of the reporting period whereby a 'New Transacting User' (“NTU”) is a user who has (i) deposited or invested ₹1,000 or more and has undertaken a transaction, or (ii) has taken a loan for the first time. |
| Active Users | An Active User is defined as a user who has transacted in the last three months or has total assets greater than ₹0 as on the last day of the reporting period. Active Users are a subset of Total Transacting Users defined above. |
| Quarterly Transacting Users | A Quarterly Transacting User is a user who has transacted in the last three months. Quarterly Transacting Users are a subset of Active Users defined above. |
| Total Customer Assets | Total Customer Assets are defined as the sum of the (a) value of assets held by users in demat accounts across our platforms, (b) value of Mutual Funds, Alternative Investment Funds, Fixed Deposits, and Portfolio Management Services holdings of users invested through our platforms, and (c) value of customer funds held by users on our platforms. The value of assets reported is as on the last day of the reporting period. |
| Broking Orders | Total number of orders executed in Stocks and Derivatives during the reporting period. |
| MF Active Users | Users who have qualified as "New Transacting User" and have either transacted in Mutual Funds in the last three months of the reporting period or have value of their Mutual Funds' holdings invested greater than ₹0 as on the last day of the reporting period. |
| MF Assets | Refers to the value of Mutual Funds' holdings as on the last day of the reporting period, of all users who have invested through our platforms. |
| Stocks Active Users | Unique users who have qualified as "New Transacting User" and have either transacted in Stocks, ETFs, IPO, or MTF products through our platforms in the last three months of the reporting period, or have value of Stocks held in their demat account at Groww more than ₹0 as on the last day of the reporting period. |
| MTF Active Users | Defined as unique users have an outstanding funded book as on the last day of the reporting period. |
| Stocks ADTO | Defined as cumulative turnover in Stocks through our platforms during the period divided by the total number of trading days in the reporting period. |
| Stocks' Assets | The value of assets held by all users in demat accounts on our platforms as on the last day of the reporting period. |
| MTF Book | Refers to the MTF outstanding (funded) book on our platforms as on the last day of the reporting period. |
| Equity Derivatives Active Users | Unique users who have qualified as "New Transacting User" and have transacted in Equity Derivatives through our platforms in the last three months of the reporting period |
| Equity Derivatives Premium ADTO | Defined as cumulative turnover in Equity Derivatives (that is the notional turnover for futures and premium turnover for options) through our platforms during the reporting period divided by the total number of trading days in the reporting period. |
| Commodity Derivatives Active Users | Unique users who have qualified as "New Transacting User" and have transacted in Commodity Derivatives through our platforms in the last three months of the reporting period. |
| Commodity Derivatives Notional ADTO | Defined as cumulative turnover in Commodity Derivatives (that is the notional turnover for futures and options) through our platforms during the reporting period divided by the total number of trading days in the reporting period. |
| Disbursement by Partners (Secured Loans) | Total amount of secured loans disbursed by our partners (external) through our platforms during the reporting period. |
| GCS Secured Loan Book | Refers to the secured loans outstanding (net of ECL) on GCS' book as on the last day of the reporting period. |
| Disbursement by Partners (Unsecured Loans) | Total amount of unsecured loans disbursed by our partners (external) through our platforms during the reporting period. |
| GCS Unsecured Loan Book | Refers to the unsecured loans outstanding (net of ECL) on GCS' book as on the last day of the reporting period. |
| Wealth Assets | Wealth Assets are defined as the sum of the (a) value of Bonds, Market-linked Debentures, and other securities distributed by us and held in demat accounts across our platforms, (b) value of MF Prime holdings, MF Assets held on Fisdom, Alternative Investment Funds, Fixed Deposits, and Portfolio Management Services holdings of users invested through our platforms. The value of assets reported is as on the last day of the reporting period. Wealth Assets are a subset of Total Customer Assets defined above. |
| Wealth Users | A Wealth User is defined as a user who has transacted through our platforms in Bonds, Market-linked Debentures, other securities, MF Prime, MF on Fisdom, Alternative Investment Funds, Fixed Deposits, or Portfolio Management Services in the last three months or has total assets greater than ₹0 in the aforementioned products as on the last day of the reporting period. Wealth Users are a subset of Active Users defined above. |

**Footnotes (handbook, `Glossary` sheet; also disclosed in the `Operational KPIs` sheet)**

1. 'Stocks' includes Equities, ETFs, Rights Entitlements, Preference Shares, InvITs, REITs, Warrants, Pass Through Certificates.
2. KPIs here are exclusive of Fisdom's Stocks and Equity Derivatives products, since they have been discontinued.
3. "Our platforms" here refer to the Groww app, the Fisdom app, and the W app. User-level metrics are not de-duplicated across the three platforms.
4. 'Mutual Funds' KPIs exclude MF Prime and Fisdom.

### 13.2 Financial metrics

**Source:** `Q2 FY27 KPI Handbook.xlsx`, `Glossary` sheet, `Financial KPIs` block. The letter's definitions of Total Income, EBITDA, EBITDA Margin, PAT and PAT Margin are in `Q2 FY27 Shareholders' Letter.pdf`, PDF page 9 (printed page 08, `Glossary`).

| Metric | Definition |
|---|---|
| Revenue from Operations | Revenue from Operations |
| Cost to Serve | Summation of (a) Software, server and technology costs and (b) Transaction and other related charges. |
| Contribution Margin | Contribution Margin is defined as Revenue from Operations minus Software, server and technology expenses and Transaction and other related charges. This does not include attributable employee benefits expense and certain other expenses. |
| Contribution Margin (%) | Refers to Contribution Margin, as a percentage of Revenue from Operations. |
| Cost to Grow | Marketing and business promotion expenses. |
| Cost to Operate | Total expenses excluding (a) finance costs, (b) depreciation and amortisation expense, (c) marketing and business promotion expenses, (d) software, server and technology expenses and (e) Transaction and other related charges. |
| EBITDA | EBITDA is defined as profit for the period/year plus (i) Total tax expense, (ii) Finance costs, (iii) Depreciation and amortisation expense, and (iv) Share of net loss of associate accounted for using equity method (net of tax) less Other income. |
| EBITDA Margin | Refers to EBITDA, as a percentage of Revenue from Operations |
| Profit / (Loss) for the period | Profit/(loss) for the period/year |

KPI may apply to Billionbrains Garage Ventures Ltd. / Groww platform / Groww AMC, as specified in relevant section.

### 13.3 Groww AMC KPIs

**Sources:** `Q2 FY27 KPI Handbook.xlsx`, `Glossary` sheet, `Groww AMC KPIs` block, for AUM and Active Users; `Q2 FY27 Shareholders' Letter.pdf`, PDF page 9 (printed page 08, `Glossary`) for Groww AMC Active AUM.

| KPI | Definition |
|---|---|
| Assets under Management | Assets under management of Groww AMC as on the last day of the reporting period. |
| Active Users | Active users are users with assets invested in Groww AMC greater than ₹0 at the end of the period. |
| Groww AMC Active AUM (letter glossary) | Assets under management in Active funds, with the latter being defined as those funds in which the Fund Manager takes an active role in making investment decisions, dynamically choosing to buy, hold, or sell underlying securities and selecting specific stocks. |

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## 14. Source and Review Notes

- **Primary statutory source:** `Q2 FY27 Financial Results.pdf` supplies the consolidated P&L and EPS on PDF page 7 (Q2 FY27, Q1 FY27, Q2 FY26, H1 FY27, H1 FY26, FY26), balance sheet on PDF page 8, cash flow statement on PDF page 9 and consolidated notes on PDF page 10, including IPO proceeds utilisation (note 4), the Finwizard purchase price allocation (note 6), the SSGA transaction (note 7) and the Composite Scheme of Arrangement (note 8). The consolidated limited-review report is on PDF pages 3–6. EBITDA and the margins in Sections 1 and 7 are calculated from the consolidated P&L on PDF page 7.
- **Primary KPI source:** `Q2 FY27 KPI Handbook.xlsx` supplies the `Operational KPIs`, platform `Financial KPIs` (excluding Groww AMC), `Groww AMC KPIs`, `Summary P&L` and `Glossary` sheets, with nine quarters of history in the KPI sheets.
- **Primary management source:** `Q2 FY27 Shareholders' Letter.pdf` supplies consolidated highlights (PDF page 2; printed page 01), unit economics (PDF page 3; printed page 02), market shares and MF SIP Inflows (PDF page 4; printed page 03), Total Income mix and IPO participation disclosures (PDF page 5; printed page 04), the expense walk (PDF page 6; printed page 05), the cash walk (PDF page 7; printed page 06), Wealth and AMC updates (PDF page 8; printed page 07), and management commentary across PDF pages 5–8 (printed pages 04–07). Chart values were read from the rendered page images.
- **Rounding:** The letter rounds headline values (for example ₹14,430 Cr Stocks ADTO on PDF page 4, printed page 03, and 44% Total Income growth on PDF pages 2 and 5, printed pages 01 and 04); detailed tables use the more precise handbook or financial-results values. The handbook's `Summary P&L` sheet differs from the consolidated P&L on PDF page 7 of `Q2 FY27 Financial Results.pdf` by ₹0.01–0.02 Cr on a few lines (for example other income of ₹39.02 Cr against ₹39.01 Cr); this datapack uses `Q2 FY27 Financial Results.pdf`.
- **Non-GAAP measures:** EBITDA, Platform EBITDA, Contribution Margin and related margins are company-defined non-GAAP measures and should be read with the Ind AS statements. Definitions are in the handbook's `Glossary` sheet and the letter's `Glossary` (PDF page 9; printed page 08); the letter's `Use of non-GAAP Measures` disclosure is on PDF page 10 (printed page 09).
- **Forward-looking statements:** Management commentary is subject to the risks and qualifications in the letter's `Disclaimer` (PDF page 10; printed page 09), including regulatory changes, strategy execution, technology, market risks and general economic conditions. Past performance is not necessarily indicative of future results.