Billionbrains Garage Ventures Management Guidance Tracker

Management expects MTF book to continue adding ~600 Cr per quarter, with potential acceleration if a broad-based rally occurs.

Fisdom (wealth management) is expected to become profitable by FY28.

Employee costs and marketing are largely fixed; expected to grow 10-20% per year, enabling margin expansion if revenue grows faster.

If revenue grows beyond 15%, margins will expand; growth of 30% would lead to greater expansion.

Cost-to-serve (tech) and cost-to-grow (marketing) will increase at a lower rate than revenue growth.

Excluding risk-related costs, cost-to-operate will increase in Q1 due to appraisals, then remain stable in absolute terms for the rest of the year.

Integration of Fisdom is ongoing; revenue contribution will be disclosed once it becomes significant relative to overall P&L.