Billionbrains Garage Ventures Limited — Q3 FY26
Grow reported a strong quarter with continued market share gains across segments.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
How will State Street partnership be an inflection point for AMC business and roadmap?
Asked by Supratim Duta, Jeff
Management gave generic praise but no specifics on roadmap or inflection point.
no roadmap givendeferred to futurevague on inflection point
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Question
if you could give us some color around you know how you see this partnership playing out over the next 5 years what's the road map for the AMC business... how is this state street partnership going to be an inflection point for this business
Unnamed management (likely CEO or CFO)
we see that the asset management in general in India is a huge potential... state street being one of the world's largest brings a lot of global practices... it's very early stage... the broad contours will they will get to know more in future
Partial answer
High priority
Why is wealth management revenue only 29 crores this quarter vs 40 crores run rate?
Asked by Supratim Duta, Jeff
Acknowledged consolidation but did not explain the 11 crore drop or reporting changes.
no explanation for revenue dropattributed to consolidation without numbers
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Question
why is the fifth term revenue you know if I back it out it seems like it's only 29 crores for this quarter... the run rate last year was somewhere around 40 crores per quarter. So you know has there been any change or is it being reported differently?
Unnamed management
on the wealth side... we just recently October is when we consolidated the acquisition. So there's a lot of work going on... from a P&L point of view, I think this consolidation will continue.
Partial answer
Medium priority
What cost synergies do you expect from wealth integration?
Asked by Supratim Duta, Jeff
Gave one qualitative synergy (zero CAC for existing customers) but no quantified cost savings.
no quantified synergy targetdeferred to later
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Question
what is the kind of you know synergies you know on the cost side that you expect... now that you know it's been integrated and you have seen the business for 2-3 months
Unnamed management
a lot of synergies in the wealth business... customer acquisition cost when it comes to grow customers using these services becomes almost zero for us. But having said that it will not be 100%... it will evolve over time
Answered
Medium priority
Why did net profit decrease despite revenue increase? Any dividend plan?
Asked by Madwan S
Explained YoY profit decline due to prior year reversal and clearly stated no dividend near-term.
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Question
revenue increases net profit reduces but EPS higher. Is there any plan to distribute dividend or final div?
Unnamed management
the profit on quarter to quarter actually increased on year-on-year basis there is a decrease... primarily because of one of reversal of that happened in the last year... we are not expecting to give dividend in the near future.
Partial answer
Medium priority
How many commodity users and what market share?
Asked by Mayang Kagarval, T mutual fund
Gave user count but market share was vague and notional.
no precise market sharenotional basis only
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Question
you started comating that back I think in September we and now it's 4% of the our overall topline. Can you just elaborate some how is the number of users there and how the market share we have achieved in commodities.
Unnamed management
we have already more than one lakh customers on the commodity side... market share is still we are figuring out... on a notional basis we will be still at a double digit number at least.
Evasive
Medium priority
What board seats and employee involvement will State Street get?
Asked by Mayang Kagarval, T mutual fund
Did not answer board seats or voting rights; deflected to future filings.
deferred to regulatory approvalsno specific answer
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Question
how many board seats would they get? ... The decision making, voting rights, whatever. Just some more clarity on that.
Unnamed management
some of the details we've uploaded on the this thing along with the lease. The others we'll keep on sharing because a lot of these things are also subject to the approvals from the regulators.
Answered
High priority
How will you utilize the stake sale cash from AMC?
Asked by Pra Jen
Clearly stated cash will be used to scale the AMC business.
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Question
how do you plan to utilize the the stake sale cash flow?
Unnamed management
the business right now is on a growth state and it is needing cash... the cash that we generate will be requiring to scale the business itself. So that's the primary use case.
Evasive
Medium priority
Why did stock segment realization drop to 16 rupees per order?
Asked by Hershal
Claimed yield improved but did not reconcile the analyst's specific calculation.
contradicted analyst's calculationno explanation for 16 vs 19.9 discrepancy
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Question
if I look at CQ numbers that number has taken a dip to 16 rupees per order on the stock side... what am I missing in the realization figure?
Unnamed management
our estimation is that our yield actually has improved on the stock side also in this quarter... on a blended basis I agree that 19.6 has gone to 19.9
Partial answer
Medium priority
What drove the decline in customer acquisition cost this quarter?
Asked by Nidh chen, industry
Explained quarterly decline due to branding spend timing but did not give quarterly CAC numbers.
shifted to annual viewno quarterly breakdown
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Question
last quarter there was a increase in customer acquisition cost. This quarter there is a decline. What is driving that? And how do we calculate this stack?
Unnamed management
better way to look at CAC is on an annual basis... last year we had some branding spends and this year we did not. So you will see a difference in the CAC but at an annual basis the overall spends are very consistent.
Answered
Medium priority
What is the activation ratio and employee count?
Asked by Deepanjan Goss, city
Provided activation ratio improvement and employee count reduction.
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Question
what sort of activation levels or reactivation levels are you seeing amongst those existing customers? ... if you could provide the employee data as of December end
Unnamed management
the broking transacting user number divided by active users... roughly this number was more closer to 60% earlier now it's closer to 67-68%... previous quarter we had 1450 employees. This quarter end we are 1350.
Answered
High priority
What is the variable vs fixed cost split and margin progression?
Asked by Gorov Single
Gave clear variable cost percentage and fixed cost growth guidance.
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Question
how much of a cost is variable versus fixed roughly how much should the fixed cost grow over a two-three year time frame just to try to understand the margin progression better.
Unnamed management
our variable cost is roughly like 10% is roughly the variable cost. Rest all is more on the fixed nature... both of these costs basically will grow roughly 10 to 20%.
Answered
Medium priority
Is there an EBITDA margin ceiling beyond which you'd spend more on marketing?
Asked by Abhishit Sakar, KCH
Explained that margin is an output and marketing spend is driven by LTV/CAC, not a margin target.
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Question
is there like an AITA margin beyond which you would want to be more aggressive in marketing or towards some other initiators?
Unnamed management
we don't look at aida as a metric that we want to drive. This is more of an output... if marketing is giving us enough LTV from the customer then with a reasonable CA we will probably start spending more
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Wealth management revenue was 29 crores this quarter | ₹29 cr | ₹1,216 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.