Billionbrains Garage Ventures (Groww) Q4 FY26 Concall Decoded: PAT up 122%, because volatility finally found its favorite app

1. Opening Hook

Just when everyone thought retail investing had entered its “touch grass” phase after months of market corrections, Groww showed up with another quarter of hyper-growth. Apparently, geopolitical tensions, FII selling, and market panic are not problems if your users love trading derivatives during chaos.

Groww’s Q4 FY26 looked like the financial equivalent of a rain dance during a thunderstorm. Revenue exploded, margins expanded, derivatives activity surged, and management kept repeating “operating leverage” like it discovered a cheat code.

Of course, not everything was perfect. Customer assets slipped sequentially, costs rose with volatility, and some shiny new businesses are still burning cash like ambitious startup interns.

Still, the story gets more interesting later because Groww seems convinced India’s investing market can grow 3-4x from here. Ambitious? Yes. Impossible? Not really.

2. At a Glance

• Total Income up 81% YoY – Apparently panic trading is now a full-fledged business model.
• EBITDA up 142% YoY – Operating leverage arrived like the hero in the second half of a Bollywood movie.
• PAT up 122% YoY – Profit margins widened because costs forgot how to grow as fast as revenue.
• Customer Assets up 36% YoY – Even after markets threw a tantrum in Q4.
• Active Users up 20% YoY – Retail investors still cannot resist one more “buy the dip” moment.
• Equity Derivatives contribution at 55% – Because normal investing is too boring now.
• MTF market share jumped to 2.7% – Leverage remains India’s favorite dangerous hobby.

3. Management’s Key Commentary

“We will talk about EBITDA instead of Adjusted EBITDA since all merger related one-offs have crossed one year.”

(Translation: The excuses have expired, so now you get the real numbers.)

“In Q4, Revenue from operations grew 87.9% YoY and EBITDA increased 141.8% YoY.”

(Translation: Revenue went up fast, but profit went up even faster because fixed costs finally started behaving.) 😏

“As the revenue increases faster than the costs, which are largely fixed in nature, the margins will keep expanding.”

(Translation: Once you build the machine, every new user is basically free money.)

“Active Users grew 19.9% YoY and 4.7% QoQ in Q4.”

(Translation: Despite weak markets, people still opened the app just to see if their portfolios had become less painful.)

“In Equity Derivatives, average orders per user grew 43.1% YoY.”

(Translation: Users were not just trading more, they were trading like expiry day was a national festival.)

“Commodity Derivatives, MTF and LAS continued to scale, driven by higher penetration.”

(Translation: Groww is quietly building more ways for users to take risk with increasing sophistication.)

“We believe the Indian capital markets can grow 3-4x over the next decade.”

(Translation: Management is betting India’s retail investing boom is still in the opening credits.) 🚀

“Fisdom is in early stages of integration and scale. We expect it to be profitable in FY28.”

(Translation: For now, Fisdom is still eating cash while management promises brighter days later.)

4. Numbers Decoded