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 engageme...
bullish
medium
✓ 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.
33%Questions answered5Evaded / deflected12Questions audited
Partial answer
High priority
Cohort asset growth and behavior difference for newer customers vs older ones.
Asked by Supratim Duta
Management gave qualitative color but no quantitative cohort comparison or asset growth numbers.
no cohort-specific dataqualitative only
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Question
how has the cohort which started maybe in 24 or 23 how are those tracking given the kind of market correction that we have seen and what is the kind of behavior difference you are seeing in these cohorts
Lalit (CEO)
acquisition funnel has shifted more towards mutual funds and ETFs... their AUM gathering is probably still in line with the similar kind of a way that was happening earlier because SIP is one of the largest mode of AUM accommodation
Evasive
Medium priority
Feedback on Grow Prime launch and scaling plans for wealth business.
Asked by Supratim Duta
Management declined to provide any trends or plans, citing early stage.
deferredno specifics
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Question
wanted to understand what is your initial trend or you know learnings from that uh and how do you plan to you know scale that up over the next two years
Lalit (CEO)
I think it's a bit early. It's been two quarters now since the acquisition... I think it's very early to comment on anything right now.
Declined
Medium priority
Affluent customer asset breakup and revenue contribution.
Asked by Supratim Duta
Management refused to provide the data, saying they don't have it top of mind.
no number givendeferred
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Question
How much of assets today is from affluent clients on the platform and what is their revenue contribution?
Ishan (CFO)
I think we'll probably get back to you on this. I think we don't even top of our mind.
Partial answer
High priority
Reason for sharp jump in equity options market share and algo trading contribution.
Asked by Shank Godha
Management gave reasons but did not quantify contribution of 915 or API, and said algo is not meaningful.
no breakdown by productno algo share
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Question
what exactly in your view has led to this sharp jump in the market share of 150 basis point is it to do with your new product launches like 915 or or grow cloud and API
Ishan (CFO)
it is a continuation... large part of this is again coming on grow itself... the last quarter had a lot of volatility and we saw that our customers who used to kind of trade earlier have also started doing more
Evasive
Medium priority
Commodity market share and strategy for algo trading.
Asked by Shank Godha
Management deferred commodity market share and said no strong algo strategy.
deferred to next yearno strategy
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Question
if you can give a bit of market share also on edit terms uh retail edit terms that will be useful
Ishan (CFO)
we will start giving commodity related ADTO because we haven't just crossed even a year of our commodities launch... we don't have a very like strong strategy on focusing on algo
Answered
Medium priority
Reason for jump in employee cost and depreciation; new normal.
Asked by Shank Godha
Management directly attributed the increases to the acquisition and investments.
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Question
in the quarter we saw decent jump in the employee cost and your depreciation is it largely related to wisdom empanelment which led to the increase in the employee cut and this is the new normal going ahead.
Ishan (CFO)
on the depreciation side, there is a impact primarily coming because of the Phys acquisition... on employee costs because we are investing across multiple functions including asset management and wealth side
Partial answer
Medium priority
Differentiating factors of Grow's wealth management business.
Asked by Manish
Management gave high-level differentiators but no specific features or metrics.
no concrete examplesgeneric
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Question
what is the differentiating factors what grow will bring to the market compared to the existing models?
Lalit (CEO)
there is a significant change of the customer base from the wealth point of view... there's an experiential layer which is going to be different... we are investing in raising the bar of experience and the service
Partial answer
High priority
Cost to serve and cost to grow growth relative to revenue.
Asked by Manish
Management gave qualitative guidance and a broad spend range but no specific growth rate.
no precise ratiorange given
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Question
both cost compared to revenue growth what pace we can assume expenditure growth versus let's say 20% revenue growth
Ishan (CFO)
cost to serve... as a percentage we expect that it to be kind of slightly lower... cost to grow largely the spend has been more or less consistent on an absolute basis... 450 to 500 cr is kind of a spend
Evasive
High priority
Opportunity size, growth rate, and differentiators vs competition.
Asked by Vive Gautam
Management gave no quantitative opportunity size or growth rate, only generic statements.
no numbersgeneric
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Question
I just wanted to understand about the opportunity size and the expected growth rate you can have and more importantly about the differentiator for us versus the competition
Lalit (CEO)
we will continue compounding on our core business where there are new investors coming in... we will continue trying to gain a larger and larger market share... we continue investing in building an experience for user which converts into a higher retention
Evasive
High priority
Concern about SEBI curbing F&O speculation and mitigation steps.
Asked by Vive Gautam
Management acknowledged the concern but gave no concrete mitigation steps.
no specific mitigationgeneric
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Question
any concern on the sebi and government's liking to curb the speculation of future and option especially for the retail traders who are major class and how do we mitigate
Lalit (CEO)
we have been operating in a regulated space... we do participate with our regulators on very regular basis on all the concerns that they have... we'll try to solve it in industry level.
Partial answer
Medium priority
MTF book customer profile: new to MTF or switchers?
Asked by Deepanjan Gosh
Management gave an opinion but admitted no formal study and could not quantify.
no studyspeculative
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Question
have you done any study to understand are they new to MTF customers or these are customers who have been onboarded once you started the MTF journey or they would be like existing customers who were probably using this product through a competitor platform
Ishan (CFO)
MTF for us is not a acquisition product. It is mostly our existing customers are using MTF... it's very difficult for us to actually even figure it out that if the customer were doing MTF outside
Partial answer
Medium priority
ARPU recovery to pre-November levels and reasons.
Asked by Deepanjan Gosh
Management explained the mix but did not provide customer-level analysis or study.
no customer segmentationno study
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Question
the platform ARPU is almost back to pre-November 24 levels... is there any work that you have done to understand is it like weaker customers who got weeded out or you guys are acquiring high quality new customers
Ishan (CFO)
ARPU was actually a more complicated reason... it's a mix of the penetration of FNO going down which led to ARPU going down but at the same time with MTF coming in commodities coming in the ARPU actually went up.