Equity Derivatives Market Share
10.6%
+150bps QoQ
Market share in equity derivatives increased from 9.1% to 10.6% in Q4 FY26.
BILLIONBRAINSGARAGEVENTU
Other
2026-04-??
Billionbrains Garage Ventures Ltd — Q4 FY26
Billionbrains Garage Ventures reported a strong Q4 FY26, with equity derivatives market share expanding from 9.1% to 10.6% (up 150 bps QoQ) driven by increased customer engagement (17 lakh transacting customers vs 14 lakh prior quarter) and new product laun...
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2-Min Summary
Billionbrains Garage Ventures reported a strong Q4 FY26, with equity derivatives market share expanding from 9.1% to 10.6% (up 150 bps QoQ) driven by increased customer engagement (17 lakh transacting customers vs 14 lakh prior quarter) and new product launches like commodities and MTF. The company highlighted its wealth management pivot via the Fisdom acquisition, though it remains early-stage. Management guided that cost-to-serve and cost-to-grow will grow slower than revenue, with margins expanding if revenue growth exceeds 15%. AI investments are improving internal productivity and customer experience. Key risks include regulatory tightening on F&O speculation and macroeconomic headwinds from FII outflows and tariff uncertainty.
Key Numbers
Quarterly Transacting Customers (Derivatives)
17 lakh
+21% QoQ
Number of customers transacting in derivatives rose from 14 lakh to 17 lakh sequentially.
F&O Penetration
10%
-8pp vs pre-November
F&O penetration declined from ~18% before November 2024 to ~10% currently.
Employee Headcount
1,800
flat
Total employee headcount stood at 1,800 as of Q4 FY26.
Management Guidance
Revenue growth >15% drives margin expansion
If revenue grows beyond 15%, margins will expand; growth of 30% would lead to greater expansion.
marginsCost-to-serve and cost-to-grow to grow slower than revenue
Cost-to-serve (tech) and cost-to-grow (marketing) will increase at a lower rate than revenue growth.
marginsCost-to-operate to stabilize after Q1 FY27
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.
marginsFisdom profitability by FY28
Fisdom (wealth management) is expected to become profitable by FY28.
growthKey Risks
Regulatory tightening on F&O speculation
SEBI and government may curb retail F&O speculation, impacting a key revenue driver.
high · analyst_questionMacroeconomic headwinds from FII outflows and tariffs
Persistent FII selling and tariff uncertainty could delay market recovery and customer acquisition.
medium · management_commentaryRisk-related costs from volatility
Volatile markets in Feb and March led to negative balances in MTF and commodities, increasing cost-to-operate.
medium · data_observationWealth management scaling uncertainty
Management declined to provide specific timelines or metrics for wealth business, citing early stage.
medium · analyst_questionNotable Quotes
We feel that now it's been 6 months for the acquisition and now we've got a lot of learnings and how to look at this problem of scaling.
If our revenue grows beyond let's say 15% then probably the margin will keep on expanding. If it grows 30% probably the expansion will be more.
We are investing in raising the bar of experience and the service, which is what going to be a differentiator for us.