# Groww (Billionbrains Garage Ventures Limited) — Q1 FY2027 AI Earnings Pack

**Quarter ended:** 30 June 2026 | **Financial results and shareholders' letter dated:** 15 July 2026 | **Shareholders’ letter:** Q1 FY27 | **Earnings call:** 15 July 2026 | **NSE/BSE:** GROWW / 544603 | **Financial reporting:** Ind AS; consolidated Q1 FY27 results unaudited and subject to limited review | **Company status:** Listed on NSE and BSE on 12 November 2025

> \*\*Scope and source hierarchy:\*\* Consolidated and standalone financial statement figures come from the statutory financial-results PDF. Historical KPIs and definitions come from the KPI Handbook. Management commentary, product revenue mix, market shares, net inflows, and the original investor Q\&A come from the shareholders’ letter. The earnings-call transcript is used for incremental management clarifications, rough operating data points, and forward-looking commentary. Where charts round values, detailed tables below use the more precise KPI Handbook or financial-statement value. Formal filed figures take precedence over approximate verbal disclosures.
>
> \*\*Source-control note:\*\* This audited version uses only the four attached source documents. YoY and QoQ changes, percentage-point movements, sums, conversions and bridges are arithmetic calculations from values disclosed in those documents. Statements from analyst questions in the call are identified where relevant and are not treated as independent company confirmation. Clearly labelled analytical read-throughs are internal interpretations based only on the four sources; they are not additional data or company guidance.

\---

## 1\. Headline Summary

|Metric|Q1 FY27|YoY|QoQ|
|-|-|-|-|
|Revenue from Operations|₹1,501.42 Cr|66.0%|(0.3)%|
|Total Income|₹1,548.67 Cr|63.3%|0.9%|
|EBITDA|₹970.68 Cr|100.9%|3.4%|
|EBITDA Margin|64.7%|+11.2 pp|+2.3 pp|
|PAT|₹735.04 Cr|94.3%|7.1%|
|PAT Margin|47.5%|+7.6 pp|+2.8 pp|
|Total Transacting Users|2.24 Cr|24.0%|3.5%|
|Total Customer Assets|₹359,558.51 Cr (₹3.60 Lakh Cr)|37.9%|21.6%|

### Core takeaways

* **Growth broadened beyond equity derivatives.** Management attributed the 63.3% YoY increase in total income to deeper penetration of newer products, particularly Margin Trading Facility (MTF) and Commodity Derivatives.
* **Operating leverage remained the central earnings driver.** Consolidated EBITDA more than doubled YoY, while PAT rose 94.3%. Platform EBITDA margin, excluding Fisdom and Groww AMC, expanded to 67.8% from 55.2% a year earlier.
* **Customer scale and assets increased.** Total Transacting Users reached 2.24 Cr, Active Users reached 1.6943 Cr, and Total Customer Assets reached ₹3.60 Lakh Cr. The company reported Q1 net inflows of approximately ₹23,000 Cr.
* **Market leadership strengthened across products.** Groww disclosed 14.1% MF SIP inflow share, 15.1% Stocks ADTO retail share, 11.0% Equity Derivatives Premium ADTO retail share, 28.6% Commodity Derivatives Notional ADTO retail share, and 2.7% MTF book share.
* **Risk controls restrained market-share expansion in Stocks and MTF.** Limits were tightened in MTF and intraday after Q4 volatility. Stocks ADTO retail market share declined QoQ to 15.1%, although it remained 3.3 percentage points higher YoY.
* **Product development remained active.** Management highlighted AI-led engineering leverage, the MF Prime advisory product, bonds, the “W” wealth advisory offering, Loans against Securities, and expansion at Groww AMC.

\---

## 2\. Platform Scale and Engagement

|Metric|Q1 FY27|YoY|QoQ|Measurement basis|
|-|-|-|-|-|
|Total Transacting Users|2.24000 Cr|24.0%|3.5%|Cumulative|
|Active Users|1.69430 Cr|17.8%|1.4%|End of period|
|Average Active Users|1.68253 Cr|18.8%|3.0%|Average of current and prior period-end active users|
|NSE Active Clients|1.30540 Cr|3.8%|0.9%|At least one NSE transaction in the prior 12 months|
|Total Customer Assets|₹359,558.51 Cr|37.9%|21.6%|End of period|
|MAUs|1.63100 Cr|15.1%|(0.2)%|Quarterly average|
|DAUs|0.77813 Cr|7.9%|(2.5)%|Trading-day average|

**Additional disclosures:**

* Groww added **115k net NSE Active Clients** in Q1 FY27, while management stated that the industry lost approximately **257k** net active clients.
* Q1 net inflows were reported at **₹23k Cr**. Net inflows are investments by users during the quarter less outflows measured at cost price.
* The lower NTU addition was attributed partly to reduced capital-markets activity, particularly in IPOs and ETFs; higher retention more than offset this pressure in NSE Active Clients.

\---

## 3\. Platform Economics and Operating Leverage

The platform financial metrics below **exclude Fisdom and Groww AMC**. They should not be mixed with consolidated revenue or EBITDA without using the bridge shown below.

|Metric|Q1 FY27|YoY change|QoQ change|Q1 FY26|Q4 FY26|
|-|-|-|-|-|-|
|Revenue from Operations|₹1,472.72 Cr|62.9%|0.3%|₹903.80 Cr|₹1,468.40 Cr|
|Cost to Serve|₹158.04 Cr|20.1%|0.9%|₹131.60 Cr|₹156.70 Cr|
|Contribution Margin|₹1,314.68 Cr|70.3%|0.2%|₹772.20 Cr|₹1,311.70 Cr|
|Contribution Margin (%)|89.3%|+3.8 pp|(0.1) pp|85.4%|89.3%|
|Cost to Grow|₹146.17 Cr|35.6%|16.7%|₹107.80 Cr|₹125.20 Cr|
|Cost to Operate|₹169.99 Cr|2.7%|(21.4)%|₹165.60 Cr|₹216.20 Cr|
|EBITDA|₹998.52 Cr|100.2%|2.9%|₹498.82 Cr|₹970.36 Cr|
|EBITDA Margin|67.8%|+12.6 pp|+1.7 pp|55.2%|66.1%|

### Cost structure as a percentage of platform revenue

|Metric|Q1 FY27|Q1 FY26|Q4 FY26|
|-|-|-|-|
|Cost to Serve|10.7%|14.6%|10.7%|
|Cost to Grow|9.9%|11.9%|8.5%|
|Cost to Operate|11.5%|18.3%|14.7%|
|EBITDA|67.8%|55.2%|66.1%|

**Interpretation:** Cost to Serve rose 20.1% YoY but fell from 14.6% to 10.7% of revenue. Cost to Operate rose only 2.7% YoY and fell from 18.3% to 11.5% of revenue. Cost to Grow increased 35.6% YoY and 16.7% QoQ, but remained below the prior-year revenue ratio. The combined effect lifted platform EBITDA margin by 12.6 percentage points YoY.

### Consolidated EBITDA to Platform EBITDA bridge

|Q1 FY27 bridge item|Value|
|-|-|
|Consolidated EBITDA|₹970.68 Cr|
|Add: Fisdom EBITDA adjustment|₹10.92 Cr|
|Add: Groww AMC EBITDA adjustment|₹16.92 Cr|
|**Platform EBITDA**|**₹998.52 Cr**|

The source bridge adds Fisdom and Groww AMC EBITDA adjustments of ₹27.84 Cr in aggregate to consolidated EBITDA to arrive at platform EBITDA.

\---

## 4\. Product Market Position

|Product|Operating metric|Q1 FY27 value|YoY|Q1 FY27 market share|Q1 FY26 market share|
|-|-|-|-|-|-|
|Mutual Funds|MF SIP Inflows|₹13,229.31 Cr|32.0%|14.1%|12.4%|
|Stocks|Stocks ADTO|₹15,800.64 Cr|48.0%|15.1%|11.8%|
|Equity Derivatives|Premium ADTO|₹15,660.95 Cr|68.8%|11.0%|7.2%|
|Commodity Derivatives|Notional ADTO|₹243,059.70 Cr|n.a. (not disclosed in Q1 FY26 KPI series)|28.6%|n.a.|
|Margin Trading Facility|MTF funded book|₹3,774.78 Cr|264.4%|2.7%|1.2%|

**Market-share methodology note:** The MTF market-share denominator is now the combined outstanding MTF books of NSE and BSE. On the revised basis, Q4 FY26 share would have been 2.6%, versus the previously stated 2.7% based on NSE only.

\---

## 5\. Total Income Mix by Product

|Income source|Q1 FY27 share|Q4 FY26 share|QoQ change|
|-|-|-|-|
|Equity Derivatives|52.0%|54.8%|(2.8) pp|
|Stocks|16.4%|16.4%|0.0 pp|
|Commodity Derivatives|4.9%|4.5%|+0.4 pp|
|Float|8.1%|7.6%|+0.5 pp|
|MTF|8.0%|6.9%|+1.1 pp|
|PL + LAS|5.5%|5.2%|+0.3 pp|
|Treasury|3.0%|2.0%|+1.0 pp|
|Others|2.1%|2.7%|(0.6) pp|

The disclosed Q1 FY27 shares sum to 100.0%. MTF and Commodity Derivatives increased their contribution by 1.1 pp and 0.4 pp QoQ, respectively, while Equity Derivatives declined by 2.8 pp. Management expects continued revenue diversification away from Equity Derivatives.

\---

## 6\. Product Deep Dives

### 6.1 Mutual Funds

|Metric|Q1 FY27|YoY|QoQ|
|-|-|-|-|
|MF Active Users|1.02030 Cr|16.7%|1.7%|
|MF Assets held on Groww|₹191,329.94 Cr|37.1%|21.9%|
|MF # of SIPs|5.64320 Cr|24.3%|0.4%|
|MF SIP Inflows|₹13,229.31 Cr|32.0%|1.6%|

* Management described Groww as India’s largest direct mutual-fund distribution platform, with approximately **₹1.9 Lakh Cr** of direct MF AUM.
* SIP inflows grew **32% YoY**, versus **16%** for the industry according to management, and market share rose to **14.1%** from **12.4%**.
* Groww launched **MF Prime**, an AI-powered mutual-fund advisory product for users seeking portfolio guidance, and continued to scale bonds and the “W” wealth advisory offering.

### 6.2 Broking, Stocks and Equity Derivatives

|Metric|Q1 FY27|YoY|QoQ|
|-|-|-|-|
|Broking Transacting Users|0.67020 Cr|9.6%|(13.1)%|
|Broking Orders|56.02270 Cr|48.0%|(4.6)%|
|Stocks Active Users|1.19720 Cr|16.4%|0.1%|
|Stocks ADTO|₹15,800.64 Cr|48.0%|14.6%|
|Stocks' Assets held on Groww|₹155,713.14 Cr|36.6%|22.7%|
|Equity Derivatives Active Users|0.15900 Cr|13.3%|(6.5)%|
|Equity Derivatives Premium ADTO|₹15,660.95 Cr|68.8%|(5.0)%|

* Stocks ADTO retail market share was **15.1%**, down sequentially after risk controls were tightened, but up **3.3 pp YoY**.
* Equity Derivatives Premium ADTO retail market share reached **11.0%**, versus **7.2%** in Q1 FY26.
* Broking Transacting Users and Equity Derivatives Active Users declined sequentially, while Stocks ADTO increased 14.6% QoQ and 48.0% YoY.

### 6.3 Commodity Derivatives

|Metric|Q1 FY27|YoY|QoQ|
|-|-|-|-|
|Commodity Derivatives Active Users|0.04350 Cr|n.a.|10.7%|
|Commodity Derivatives Notional ADTO|₹243,059.70 Cr|n.a.|152.9%|

* Commodity Derivatives Active Users reached **435k**, up 10.7% QoQ, equal to a **2.6% attach rate** within Active Users.
* Notional ADTO retail market share across MCX and NSE was **28.6%**.

|Quarter|Commodity Derivatives Active Users|
|-|-|
|Q2 FY26|27k|
|Q3 FY26|256k|
|Q4 FY26|393k|
|Q1 FY27|435k|

### 6.4 Margin Trading Facility

|Metric|Q1 FY27|YoY|QoQ|
|-|-|-|-|
|MTF Active Users|0.01339 Cr|143.0%|2.8%|
|MTF Book|₹3,774.78 Cr|264.4%|34.1%|

* The funded MTF book reached **₹3,774.78 Cr**, up 264.4% YoY and 34.1% QoQ.
* MTF market share was **2.7%** on the revised combined NSE+BSE denominator.
* Management stated that tighter MTF and intraday limits restrained some market-share growth after the volatility seen in Q4 FY26.

### 6.5 Consumer Credit

|Metric|Q1 FY27|YoY|QoQ|
|-|-|-|-|
|Disbursement by Partners|₹371.55 Cr|17.6%|(4.5)%|
|Disbursement by Groww CreditServ Technology|₹488.86 Cr|96.5%|26.1%|

* Loans against Securities (LAS) led growth in the on-book credit business and represented **35.0%** of GCS disbursements.
* Management stated that the credit book grew **11.8% during the quarter**. Secured loans represented **18.5%** of the book, up from **13.5%** in the prior quarter.
* GCS disbursements rose 26.1% QoQ to **₹488.86 Cr**. Partner disbursements were **₹371.55 Cr**, down 4.5% QoQ but up 17.6% YoY.

### 6.6 Groww AMC

|Quarter|Groww AMC AUM|
|-|-|
|Q1 FY26|₹2,286 Cr|
|Q2 FY26|₹2,928 Cr|
|Q3 FY26|₹3,624 Cr|
|Q4 FY26|₹4,170 Cr|
|Q1 FY27|₹5,491 Cr|

* Groww AMC AUM reached **₹5,491 Cr**, approximately 140% higher YoY and 31.7% higher QoQ.
* Groww intends to manufacture differentiated mutual funds and ETFs around identified customer demand and pursue cross-border offerings with State Street Global Advisors.
* The financial-results notes state that CCI approval was received on 25 March 2026 and SEBI approval on 1 June 2026 for State Street Global Advisors’ proposed investment in Groww AMC. Closing remains subject to the remaining conditions under the transaction documents.

### 6.7 AI and Product Development

* Management said AI is increasing engineering and product-shipping velocity.
* Use cases highlighted include zero-wait-time customer-query resolution, answering unique research queries, and improving product development productivity.
* The company expects to make significant AI investments but does **not** expect a material margin impact given its scale.

\---

## 7\. Consolidated Financial Performance

|Particulars (₹ Cr, except EPS)|Q1 FY27|Q1 FY26|YoY|Q4 FY26|QoQ|FY26|
|-|-|-|-|-|-|-|
|Revenue from Operations|1,501.42|904.40|66.0%|1,505.37|(0.3)%|4,644.58|
|Other income|47.25|44.07|7.2%|30.17|56.6%|171.30|
|Total income|1,548.67|948.47|63.3%|1,535.54|0.9%|4,815.88|
|Employee benefits expense|182.00|136.63|33.2%|173.40|5.0%|590.83|
|Finance costs|7.31|16.42|(55.5)%|8.00|(8.6)%|45.94|
|Depreciation and amortisation expense|17.63|7.14|146.9%|24.46|(27.9)%|47.87|
|Other expenses|348.74|284.48|22.6%|393.32|(11.3)%|1,307.35|
|Total expenses|555.68|444.67|25.0%|599.18|(7.3)%|1,991.99|
|Profit before share of net loss of associate and tax|992.99|503.80|97.1%|936.36|6.0%|2,823.89|
|Share of net loss of associate (net of tax)|(0.72)|(0.63)|nm|(0.66)|nm|(2.47)|
|Profit before tax|992.27|503.17|97.2%|935.70|6.0%|2,821.42|
|Current tax|260.40|133.06|95.7%|268.55|(3.0)%|770.24|
|Deferred tax credit|(3.17)|(8.24)|nm|(19.21)|nm|(31.83)|
|Total tax expense|257.23|124.82|106.1%|249.34|3.2%|738.41|
|Profit for the period / PAT|735.04|378.35|94.3%|686.36|7.1%|2,083.01|
|Other comprehensive income, net of tax|(0.04)|(1.29)|nm|10.32|nm|18.01|
|Total comprehensive income|735.00|377.06|94.9%|696.68|5.5%|2,101.02|
|Basic EPS (₹)|1.19|0.66|80.3%|1.11|7.2%|3.47|
|Diluted EPS (₹)|1.17|0.63|85.7%|1.09|7.3%|3.40|

**Financial-statement notes:** Q4 FY26 figures are balancing figures between the audited FY26 results and the published nine-month results. Q1 FY26 consolidated figures are based on audited consolidated financial statements. B S R \& Co. LLP issued an unmodified limited-review conclusion for Q1 FY27.

### EBITDA to PAT reconciliation

|Q1 FY27 item (₹ Cr)|Value|
|-|-|
|EBITDA|970.68|
|Less: share of net loss of associate (net of tax)|0.72|
|Less: total tax expense|257.23|
|Less: finance costs|7.31|
|Less: depreciation and amortisation|17.63|
|Add: other income|47.25|
|**Profit for the period / PAT**|**735.04**|

EBITDA is a non-GAAP measure defined by Groww as PAT plus tax, finance costs, depreciation and amortisation, and the share of associate loss, less other income.

\---

## 8\. Standalone Financial Snapshot

|Particulars (₹ Cr, except EPS)|Q1 FY27|Q1 FY26|YoY|Q4 FY26|QoQ|FY26|
|-|-|-|-|-|-|-|
|Revenue from Operations|953.48|623.45|52.9%|962.78|(1.0)%|3,059.03|
|Other income|100.21|41.33|142.5%|88.13|13.7%|273.73|
|Total income|1,053.69|664.78|58.5%|1,050.91|0.3%|3,332.76|
|Total expenses|310.02|272.58|13.7%|320.09|(3.1)%|1,151.56|
|Profit before tax|743.67|392.20|89.6%|730.82|1.8%|2,181.20|
|Profit for the period / PAT|555.14|305.92|81.5%|541.37|2.5%|1,629.77|
|Basic EPS (₹)|0.90|0.53|69.8%|0.88|2.3%|2.72|
|Diluted EPS (₹)|0.88|0.51|72.5%|0.86|2.3%|2.66|

The Q1 FY26 standalone comparatives were approved by the Board but were not reviewed by the statutory auditor. The financial-results note states that quarterly standalone reporting became applicable with effect from the quarter ended 30 September 2025 pursuant to Groww’s listing on 12 November 2025.

\---

## 9\. Historical KPI Time Series

Values below are from the KPI Handbook. Blank historical values are shown as `n.a.`. Comparative figures were restated from INR million to INR crore from Q1 FY27; minor differences can arise from rounding.

### 9.1 Platform KPIs

|Metric|Unit|Q2 FY25|Q3 FY25|Q4 FY25|Q1 FY26|Q2 FY26|Q3 FY26|Q4 FY26|Q1 FY27|
|-|-|-|-|-|-|-|-|-|-|
|Total Transacting Users|Cr|1.49063|1.63472|1.73061|1.80683|1.90045|2.04064|2.16373|2.24000|
|Active Users|Cr|1.23986|1.34427|1.39396|1.43792|1.48442|1.59629|1.67075|1.69430|
|Growth in Active Users|%|87.73%|78.54%|47.84%|33.44%|19.72%|18.75%|19.86%|17.83%|
|Average Active Users|Cr|1.15873|1.29206|1.36911|1.41594|1.46117|1.54035|1.63352|1.68253|
|NSE Active Clients|Cr|1.22503|1.31585|1.29212|1.25801|1.19100|1.21269|1.29391|1.30540|
|Growth in NSE Active Clients|%|84.81%|73.13%|35.46%|15.17%|(2.80)%|(7.84)%|0.14%|3.77%|
|Total Customer Assets|₹ Cr|200,020.69|214,931.82|216,811.58|260,656.94|266,812.27|299,114.23|295,775.91|359,558.51|
|MAUs|Cr|1.24780|1.35253|1.39688|1.41652|1.46977|1.55049|1.63388|1.63100|
|DAUs|Cr|0.74492|0.75590|0.72167|0.72106|0.71414|0.73995|0.79777|0.77813|

### 9.2 Mutual Funds

|Metric|Unit|Q2 FY25|Q3 FY25|Q4 FY25|Q1 FY26|Q2 FY26|Q3 FY26|Q4 FY26|Q1 FY27|
|-|-|-|-|-|-|-|-|-|-|
|MF Active Users|Cr|0.70491|0.78782|0.83704|0.87431|0.88972|0.94866|1.00347|1.02030|
|MF Assets held on Groww|₹ Cr|97,380.24|108,051.02|113,016.34|139,543.96|141,072.68|160,832.64|156,992.45|191,329.94|
|MF # of SIPs|Cr|3.84408|4.27357|4.38620|4.53900|4.95027|5.36401|5.62109|5.64320|
|MF SIP Inflows|₹ Cr|8,383.23|9,476.61|9,657.26|10,019.50|11,253.67|12,327.92|13,023.04|13,229.31|

### 9.3 Broking, Stocks and Derivatives

|Metric|Unit|Q2 FY25|Q3 FY25|Q4 FY25|Q1 FY26|Q2 FY26|Q3 FY26|Q4 FY26|Q1 FY27|
|-|-|-|-|-|-|-|-|-|-|
|Broking Transacting Users|Cr|0.82427|0.76420|0.63553|0.61171|0.65338|0.75922|0.77156|0.67020|
|Broking Orders|Cr|53.23047|45.41942|35.77268|37.85746|41.57640|47.41807|58.74259|56.02270|
|Stocks Active Users|Cr|0.91924|0.98686|1.00678|1.02831|1.06543|1.15566|1.19609|1.19720|
|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|
|Stocks' Assets held on Groww|₹ 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|
|Equity Derivatives Active Users|Cr|0.19411|0.17702|0.13971|0.14038|0.14094|0.14828|0.17010|0.15900|
|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|
|Commodity Derivatives Active Users|Cr|n.a.|n.a.|n.a.|n.a.|0.00269|0.02555|0.03929|0.04350|
|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|

### 9.4 Credit and MTF

|Metric|Unit|Q2 FY25|Q3 FY25|Q4 FY25|Q1 FY26|Q2 FY26|Q3 FY26|Q4 FY26|Q1 FY27|
|-|-|-|-|-|-|-|-|-|-|
|Disbursement by Partners|₹ Cr|458.33|393.77|222.47|315.96|281.08|348.67|388.99|371.55|
|Disbursement by Groww CreditServ Technology|₹ Cr|397.23|296.14|205.33|248.74|393.18|359.54|387.63|488.86|
|MTF Active Users|Cr|0.00197|0.00257|0.00367|0.00551|0.00782|0.01099|0.01302|0.01339|
|MTF Book|₹ Cr|389.03|542.38|601.89|1,035.77|1,668.30|2,307.37|2,814.26|3,774.78|

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

### 9.5 Financial KPI time series

|Metric|Unit|Q2 FY25|Q3 FY25|Q4 FY25|Q1 FY26|Q2 FY26|Q3 FY26|Q4 FY26|Q1 FY27|
|-|-|-|-|-|-|-|-|-|-|
|Total income|₹ Cr|1,160.00|1,004.40|849.60|948.47|1,070.80|1,261.10|1,535.50|1,548.67|
|EBITDA|₹ Cr|550.50|1,014.90|388.20|483.27|603.95|720.52|938.69|970.68|
|EBITDA Margin|%|48.92%|104.15%|48.46%|53.44%|59.29%|59.25%|62.36%|64.65%|
|Profit for the period|₹ Cr|420.20|757.10|309.10|378.35|471.30|546.90|686.40|735.04|
|Profit for the period Margin|%|36.22%|75.38%|36.38%|39.89%|44.01%|43.37%|44.70%|47.46%|
|Platform: Revenue from Operations|₹ Cr|1,125.50|973.50|799.40|903.80|1,016.90|1,184.30|1,468.40|1,472.72|
|Platform: Cost to Serve|₹ Cr|166.40|128.60|147.60|131.60|124.50|150.00|156.70|158.04|
|Platform: Contribution Margin|₹ Cr|959.10|844.90|651.90|772.20|892.40|1,034.40|1,311.70|1,314.68|
|Platform: Contribution Margin (%)|%|85.22%|86.79%|81.54%|85.44%|87.75%|87.34%|89.33%|89.27%|
|Platform: Cost to Grow|₹ Cr|94.30|88.90|96.90|107.80|122.60|123.70|125.20|146.17|
|Platform: Cost to Operate|₹ Cr|296.70|(281.00)|150.40|165.60|147.50|160.90|216.20|169.99|
|Platform: EBITDA|₹ Cr|568.05|1,037.00|404.52|498.82|622.32|749.80|970.36|998.52|
|Platform: EBITDA Margin|%|50.47%|106.52%|50.60%|55.19%|61.20%|63.31%|66.08%|67.80%|

> Source-data note: the KPI Handbook reports consolidated and platform EBITDA margins above 100% in Q3 FY25 and a negative Platform Cost to Operate in that quarter. These values are reproduced as disclosed and are not normalised in this datapack.

\---

## 10\. Investor Q\&A — Management Commentary

**Q1. Key developments in Q1 FY27**  
Total income rose 63.3% YoY and PAT rose 94.3%, driven by MTF, Commodity Derivatives, and operating leverage. Groww added 115k net NSE Active Clients despite an industry decline, retained leadership in direct mutual funds, expanded product shipping, scaled LAS and Groww AMC, and received regulatory approvals for State Street Global Advisors’ investment in Groww AMC.

**Q2. Revenue contribution from newer products**  
MTF increased to 8.0% of total income from 6.9% in Q4 FY26, and Commodity Derivatives increased to 4.9% from 4.5%. Equity Derivatives fell to 52.0% from 54.8%. Management expects diversification away from Equity Derivatives to continue.

**Q3. Why NSE Active Clients increased in a volatile market**  
Management attributed the 115k net addition to product quality, user experience, trust, and retention. These factors more than offset low NTU additions caused partly by weaker IPO and ETF activity.

**Q4. Impact of improved risk controls**  
Groww tightened MTF and intraday limits after Q4 FY26 volatility. Management said this restrained Stocks and MTF market-share growth, although Stocks ADTO grew 48.0% YoY and the MTF book grew 264.4% YoY.

**Q5. Commodity Derivatives ramp-up**  
Commodity Derivatives Active Users reached 435k, up 10.7% QoQ, with a 2.6% attach rate within Active Users. Notional ADTO retail market share across MCX and NSE was 28.6%.

**Q6. Evolution of the credit mix**  
LAS drove on-book growth. The credit book grew 11.8% during the quarter, the secured mix increased to 18.5% from 13.5%, GCS disbursements rose 26.1% QoQ, and LAS represented 35.0% of GCS disbursements.

**Q7. Groww AMC strategy and performance**  
Groww intends to address industry white spaces with differentiated mutual funds and ETFs and pursue cross-border offerings with State Street Global Advisors. Groww AMC AUM increased approximately 140% YoY to ₹5,491 Cr.

**Q8. AI philosophy**  
Management expects AI to reshape customer service and investing workflows. Current uses include customer support, research queries, and engineering productivity. The company plans significant investment but does not expect a material margin impact due to scale.

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## 11\. Earnings Call Key Takeaways - Incremental Management Commentary

> \*\*Source and treatment:\*\* Groww Q1 FY27 earnings conference call held on 15 July 2026. This section captures incremental clarifications and management views from the call rather than repeating the shareholders’ letter. Verbal figures described as approximate are labelled accordingly; filed financials and KPI Handbook figures remain the controlling source. Premises introduced by analysts are attributed to the analyst question unless management expressly confirmed them.

### 11.1 Strategic direction and product pipeline

* **The next phase is wealth management, not only transaction execution.** Management framed Groww's first decade as expanding access to investing and the next decade as building a broader wealth-management platform. MF Prime and “W” are intended to provide research-backed portfolio support, including investment selection, rebalancing and tax-related considerations.
* **Wealth is expected to be technology-led rather than relationship-manager-heavy.** Groww expects to use AI, software and selective human advisory support instead of replicating the headcount-heavy model of traditional wealth managers. Management did not provide a medium-term AUM or revenue target for the wealth business.
* **The product pipeline remains broad but products are at different maturity levels.** Management described Commodity Derivatives as relatively advanced in adoption and bonds as seeing strong uptake. W was being refined, W and MF Prime were still too early for quantitative commentary, and US stocks were in testing. Management also said another unnamed product was expected during Q2 FY27, without identifying it.
* **Management said the initial international offering would focus on US stocks.** The GIFT City route was part of the analyst’s question; management confirmed that licences had been obtained and the product was in testing. It said other geographies would be assessed based on demand and product performance. No firm launch date, pricing structure or user target was provided, although management indicated a launch was being worked on for the coming months.
* **The organisation uses parallel product pods.** Management said mature product teams become more efficient over time, allowing new products to be built largely with existing teams through a multi-threaded pod structure. This is central to its claim that product breadth need not drive a proportionate rise in headcount or cost.

### 11.2 Employee costs, headcount and operating expenses

* **Q1 employee-cost growth was mainly appraisal-led.** The increase was attributed primarily to the April appraisal cycle rather than a material increase in headcount.
* **Management does not expect a sharp long-term increase in organisation size.** This applies to both the core platform and the wealth business, despite ongoing product expansion.
* **ESOP expense represented approximately 10% of Q1 employee cost.** This was a rough management disclosure made during the call and was not separately presented in the statutory quarterly P\&L.
* **The sequential reduction in Cost to Operate reflected a Q4 base effect.** Management said Q4 FY26 included certain one-time risk costs. It expects the current cost run-rate to continue with modest inflationary increases over coming quarters.
* **No specific two-to-three-year earnings risk was identified on the call.** Management did not flag a particular cost or revenue line as a current structural risk, but also did not provide formal cost guidance.

### 11.3 MTF growth, yield and cash-equity monetisation

* **MTF adoption remains below management's perceived potential.** Groww is still resolving internal infrastructure-related issues and other product nuances. Management expects both penetration and average ticket size to rise further.
* **Growth has been stronger than initially expected, partly because of market conditions.** The reported MTF book rose by ₹960.52 Cr QoQ to ₹3,774.78 Cr, calculated from the KPI Handbook. Management cautioned that quarter-end market levels can distort end-period comparisons and described average book additions as approximately ₹600-700 Cr per quarter.
* **MTF active-user growth and book growth diverged during the quarter.** Q1 MTF Active Users increased 2.8% QoQ, while the funded book increased 34.1% QoQ. Management separately said ticket size could expand further as product adoption deepens.
* **MTF customer pricing is fixed at 14.95%.** Management said realised yield should be close to this level, with small differences caused by the use of average balances versus closing balances.
* **MTF book movements remain market-sensitive.** Management explained that quarter-end market levels can affect the reported funded book.

### 11.4 Derivatives, cash orders and regulatory sensitivity

* **Management views Q4 FY26 as an unusually high-volatility comparison base.** It said derivatives activity is stabilising and suggested Q3 FY26 is a more representative comparison than Q4 FY26. Q1 FY27 also contained geopolitical volatility, limiting clean sequential interpretation.
* **Early-July F\&O softness was attributed more to volatility and geopolitical news than regulation.** Management observed volumes moving with news around the Iran conflict and said it had not seen evidence that the discussed margin changes materially affected Groww's retail business. This is management's assessment rather than a verified industry conclusion.
* **The decline in cash-equity orders was linked partly to ETF normalisation.** An analyst back-calculated a roughly 9% decline in cash orders; management agreed directionally and attributed a meaningful part of the decline to lower gold and silver ETF activity after strong volumes in Q3 and Q4 FY26.
* **Management repeatedly linked cash and derivatives activity to market conditions.** The call connected active users, order volumes and ADTO with volatility, product mix and quarter-end conditions.

### 11.5 Customer acquisition, cohort quality and float income

* **The elevated implied acquisition cost was driven by IPL advertising.** Management did not validate the analyst's exact CAC estimate, but said Q1 contained almost two months of IPL spending versus only around one week in Q4 FY26. It also stressed that IPL spending has a brand-building effect and should not be assessed solely against same-quarter NTU additions.
* **FY26 acquisition cohorts showed better initial ARPU than prior cohorts.** Management said customer quality has improved as the platform has become broader and more mature. Q1 FY27 cohorts were considered too recent for a reliable ARPU assessment, and detailed cohort revenue data was not provided.
* **Higher float income was driven mainly by yield rather than balances.** Management said average balances were not materially higher QoQ and attributed the increase largely to changes in interest yield.
* **Net customer inflows were approximately ₹23,000 Cr.** This confirms the rounded figure disclosed in the shareholders’ letter and should be read using Groww's stated net-inflow definition.

### 11.6 Wealth customers, credit, Fisdom and AMC

* **Affluent-customer retention was characterised as near-total.** Management described retention among affluent customers as “almost 100%”, citing long tenure, accumulated assets and established platform habits. This was a qualitative management characterisation rather than a formally defined KPI.
* **W is intended to become a broad suite for affluent and HNI users.** Management described it as a collection of products rather than a single feature, but said it was too early to disclose customer or AUM metrics.
* **LAS accounted for roughly one-third of on-book disbursements.** Management referred to approximately 34% on the call; the shareholders’ letter reports 35.0%. The difference appears to be verbal rounding, with the shareholders’ letter providing the more precise disclosed figure.
* **Fisdom remains in a gestation phase.** Management said it had not yet seen a significant post-acquisition improvement in Fisdom revenue. It described the combined Fisdom and Groww AMC contribution as less than or around 2%, but did not clearly define the denominator or provide a detailed bridge.
* **The State Street transaction had received CCI and SEBI approvals.** Closing remained subject to the remaining transaction conditions, consistent with the statutory-results note.

### 11.7 AI deployment and data privacy

* **Engineering productivity is a major AI use case.** Management said engineers use AI across product development to ship faster, improve quality and run more workstreams in parallel.
* **Customer support is another near-term use case.** AI can reduce wait times, resolve routine queries and give support staff more context before interacting with customers.
* **AI is expected to handle research questions that do not fit a standard user interface.** Management cited portfolio screening, ranking securities using custom factors and retrieving management or quarterly updates as examples of long-tail research tasks that products such as GR1 can address.
* **Personalisation will be constrained by privacy considerations.** Groww said it uses customer data to improve experience but intends to proceed cautiously because user trust and privacy are central to adoption.
* **No AI cost-savings figure or separate AI budget was disclosed.** Management's examples focused on faster product development, better customer service, research support and personalisation.

### 11.8 Internal analytical read-through and watch items

> The points below are internal interpretations derived solely from the four attached source documents. They are not additional sourced data, company guidance or management forecasts.

* **The operating model is designed to preserve margin while product breadth increases.** The central claim is that tech-led wealth, shared infrastructure and product pods can support expansion without proportionate headcount growth. Execution should be tested against employee-cost growth and platform Cost to Operate over the next several quarters.
* **MTF is the clearest near-term monetisation lever, but it is market-sensitive.** Penetration, ticket size and cash-equity yield are improving, yet quarter-end book values and demand remain exposed to market direction and risk controls.
* **Several strategic products remain pre-scale and unquantified.** W, MF Prime, bonds, US stocks and Fisdom may broaden revenue over time, but management did not provide user, AUM, revenue or profitability targets for them.
* **Derivatives volumes remain a volatile earnings input.** Management expects stabilisation, but the call linked short-term activity closely to volatility and geopolitical events.
* **Marketing efficiency should be judged over a full-year cycle.** IPL spending makes Q1 implied CAC unusually high and reduces the usefulness of simple quarterly acquisition-cost comparisons.
* **The call added qualitative confidence but limited hard guidance.** Management provided useful operating colour on MTF, yields, costs and cohorts, but avoided firm launch dates, wealth targets and medium-term expense guidance.

\---

## 12\. IPO Proceeds, Corporate Actions and Governance

### IPO and proceeds utilisation

* Groww completed an IPO in FY26 comprising a fresh issue of **10.60 Cr shares** and an offer for sale of **55.72 Cr shares**, each with a ₹2 face value and ₹100 issue price. The shares listed on 12 November 2025.
* Gross fresh-issue proceeds were **₹1,060.00 Cr**. Net proceeds after ₹44.02 Cr of IPO expenses were **₹1,015.98 Cr**.

|Object (₹ Cr)|Prospectus allocation|Utilised to 30 Jun 2026|Unutilised|
|-|-|-|-|
|Cloud infrastructure|152.50|139.11|13.39|
|Brand building and performance marketing|225.00|185.63|39.37|
|Capital for Groww Creditserv Technology (NBFC)|205.00|205.00|-|
|Funding Groww Invest Tech’s MTF business|167.50|167.50|-|
|Inorganic growth and general corporate purposes|265.98|165.05|100.93|
|**Total net proceeds**|**1,015.98**|**862.29**|**153.69**|

The monitoring statement reported **no deviation or variation** in the use of proceeds. Including issue-expense utilisation, total use of gross proceeds was ₹898.05 Cr as of 30 June 2026.

### Other corporate and governance items

* The Board approved reclassification of the authorised capital to **2,500 Cr equity shares of ₹2 each**, while keeping total authorised share capital at **₹5,000 Cr**, subject to shareholder approval.
* Ernst \& Young LLP was appointed Internal Auditor for FY2026-27.
* During Q1 FY27, the Groww Employee Welfare Trust transferred **1,24,42,743 equity shares** following stock-option exercises under the 2024 scheme.
* Groww paid **₹961.05 Cr** by 3 October 2025 to acquire 100% of Finwizard Technology Private Limited after required approvals.
* CCI and SEBI approvals were received for State Street Global Advisors’ proposed investment in Groww AMC; consummation remains subject to the remaining closing conditions under the transaction documents.
* The Group reports **one operating segment**: sale of financial services through a web- and app-based technology platform. It reports one geographic segment, India.
* The supplied results do not include a June 2026 balance sheet or cash-balance schedule; this datapack does not infer cash or net cash.

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## 13\. KPI and Financial Metric Definitions

### 13.1 Platform and product KPIs

|KPI|Definition|
|-|-|
|Total Transacting Users|Total Transacting Users is the sum total of unique new transacting users acquired as of the end of the reporting period on Groww platform whereby a 'New Transacting User' (“NTUs”) is a user who has (i) deposited or invested ₹1,000 or more and has undertaken a transaction on our platform, or (ii) has taken a loan on our platform for the first time.|
|Active Users|Active Users are defined as unique users that have transacted on Groww in the last three months or have 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.|
|Growth in Active Users|Refers to percentage growth of Active Users as on the last day of the current reporting period compared to the value as on the last day of the previous reporting period, an year ago.|
|Average Active Users|Refers to the Average of Active Users at the last day of the current reporting period and Active Users at the last day of the previous reporting period.|
|NSE Active Clients|NSE Active Clients are customers (on Groww) who have done at least one transaction within the last 12 months on NSE.|
|Growth in NSE Active Clients|Refers to percentage growth of NSE Active Clients as on the last day of the current reporting period compared to the value as on the last day of the previous reporting period an year ago.|
|Total Customer Assets|Total Customer Assets are defined as the sum of the (a) value of assets held by users in demat accounts at Groww, (b) value of Mutual Funds' holdings of users invested through Groww, and (c) value of customer funds held by users on Groww platform. The value of assets reported is as on the last day of the reporting period.|
|MAUs|Total Transacting users on Groww who give one or more sessions in a month (apps / Groww website). MAUs for the period is the average of MAUs across all months during the reporting period.|
|DAUs|Total Transacting users on Groww who give one or more session in a trading day (apps / Groww website). DAUs for the period is the average of DAUs across all trading days during the reporting period.|
|MF Active Users|Unique 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 through our platform greater than ₹0 as on the last day of the reporting period.|
|MF Assets held on Groww|Refers to the value of Mutual Funds' holdings as on the last day of the reporting period, of all users who have invested through Groww.|
|MF # of SIPs|Number of Systematic Investment Plan (“SIP”) orders executed through the Groww platform during the reporting period.|
|MF SIP Inflows|Defined as the total value of SIPs purchased through our platform during the reported period.|
|Broking Transacting Users|Unique users who have done at least one transaction in Stocks or Derivatives during the reporting period.|
|Broking Orders|Total number of orders executed in Stocks and Derivatives during the reporting period.|
|Stocks Active Users|Unique users who have qualified as "New Transacting User" and have either transacted in Stocks, IPO, or MTF products on our platform 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.|
|Stocks ADTO|Defined as cumulative turnover in Stocks during the period divided by the total number of trading days in the reporting period.|
|Stocks' Assets held on Groww|The value of stocks held by all users in demat accounts at Groww 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 on our platform 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) 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 on our platform 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) during the reporting period divided by the total number of trading days in the reporting period.|
|Disbursement by Partners|Total amount of loans disbursed by our partners (external) through our platform during the reporting period.|
|Disbursement by Groww CreditServ Technology|Total amount of loans disbursed by our NBFC subsidiary, i.e., Groww Creditserv Technology Private Limited ("GCS") during the reporting period.|
|MTF Active Users|Defined as unique users have an outstanding funded book as on the last day of the reporting period.|
|MTF Book|Refers to “Loan - Margin Trading Facility”, viz., MTF outstanding (funded) book as on the last day of the reporting period.|

### 13.2 Financial metrics

|Metric|Definition|
|-|-|
|Revenue from Operations|Revenue from Operations as presented in financials.|
|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|
|Total Income|Total Income, as presented in the financials.|
|Profit for the period|Profit for the period / year, as presented in the financials.|
|Profit for the period Margin|Refers to Profit for the period / year, as a percentage of Total income.|

\---

## 14\. Source and Review Notes

* **Primary statutory source:** `Q1 FY27 Financial Results.pdf` for consolidated and standalone Ind AS financials, review status, IPO utilisation, Board actions, and transaction notes.
* **Primary KPI source:** `Q1 FY27 KPI Handbook.xlsx` for quarterly KPI histories, platform economics, EBITDA bridges, and definitions.
* **Primary management source:** `Q1 FY27 Shareholders' Letter.pdf` for market shares, revenue mix, net inflows, product commentary, AI commentary, and the original investor Q\&A.
* **Primary call source:** `Q1 FY27 Earnings Call Transcript.pdf` for incremental management clarifications, approximate operating data points, product-pipeline commentary, and Q\&A context.
* **Rounding:** Effective Q1 FY27, comparative figures in the KPI Handbook were restated from INR million to INR crore. Minor variances can arise from rounding. The shareholders’ letter rounds many headline values; detailed tables use more precise source values.
* **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 financial statements.
* **Forward-looking statements:** Management commentary on growth, product strategy, AI, margins, launch timing, and market position is subject to the risks and qualifications in the shareholders’ letter and earnings-call transcript. Approximate call disclosures should be validated against subsequent filings before being used as model inputs.

\---

*Companion document structured for research and AI-agent consumption. Cross-check figures against the primary filings and company disclosures.*