1. Opening Hook
SEBI is tightening the screws, traders are bleeding memes on X, and Groww just decided now is the perfect time to talk about global asset management dreams. Classic timing.
Q3 FY26 wasn’t about fireworks—it was about quiet confidence. Revenue moved up, EBITDA expanded, and management calmly reminded everyone they just got listed, so no dividends, please. Meanwhile, derivatives cleaned up post-regulation, commodities quietly sneaked into the revenue mix, and the AMC story got a foreign accent thanks to State Street.
But the real fun? Management basically told analysts: “Relax, we’re early… and we’re not done.”
Read on. The real spice is buried in AMC ambition, F&O survivor bias, and why Groww thinks CAC is a season, not a number.
2. At a Glance
- Revenue up QoQ – Growth showed up without marketing steroids.
- EBITDA margin ~63% (ex-Fisdom) – Fixed costs blinked first.
- Derivatives ADTO surged – Weak hands exited, whales stayed.
- Commodities at ~4% of revenue – Gold & silver doing side quests.
- MTF book +₹600 Cr QoQ – Leverage quietly compounding.
- Dividend? Zero – IPO money still warming up.
3. Management’s Key Commentary (Decoded)
“Asset management in India has huge potential.”
(Translation: We want AMC to be a serious pillar, not a slide in the deck 😏)
“State
Street brings global practices and credibility.”
(Translation: We bought a reputation upgrade, not just capital.)
“We don’t look at EBITDA as a target.”
(Translation: Margins are nice, growth gets the mic 🎤)
“CAC should be looked at annually.”
(Translation: Stop over-reacting to quarterly marketing mood swings.)
“Most customers on Groww are profitable.”
(Translation: Derivative losses exist—but they’re statistically shy.)
“We just listed three months ago.”
(Translation: Dividends can wait, ambition can’t.)
4. Numbers Decoded
| Metric | Q3 FY26 | What It Really Means |
|---|---|---|
| EBITDA Margin | ~63%* | Operating leverage doing the heavy lifting |
| Variable Costs | ~10% of revenue | Scalability still intact |
| MTF Contribution | ~6% of revenue | Leverage monetization gaining muscle |
| Commodity Users | ~0.26 mn | Small base, loud growth |
| Employee Count | ~1,350 | Cost discipline > empire building |
*Ex-Fisdom
One-liner: Revenue grew faster than excuses—hence the margins.
5. Analyst Questions (Translated)
- AMC roadmap?
Analyst: Is State Street the turning point?
Groww: Yes, but don’t ask for timelines yet.
