Billionbrains Garage Ventures Limited — Q3 FY26

Grow reported a strong quarter with continued market share gains across segments. Key drivers included robust growth in commodity broking (4% of revenue, 1 lakh+ customers), MTF book expansion (adding ~600 Cr quarterly), and improved activation ratios (67-68% of active users transacting). The State Street partnership in the AMC business provides global expertise and capital for scaling, though regulatory approvals are pending. Wealth management integration (Fisdom) is early but offers cross-sell opportunities to affluent customers with near-zero acquisition cost. EBITDA margins expanded to 60%+ (ex-Fisdom) as revenue growth outpaced fixed cost increases. Risks include potential regulatory tightening on retail derivatives losses and competition in the broking space. Management remains focused on product diversification and organic growth, with no near-term dividend plans.