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Revenue
₹1,505 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Fisdom (wealth management) is expected to become profitable by FY28.
Risks flagged
- SEBI and government may curb retail F&O speculation, impacting a key revenue driver.
- Persistent FII selling and tariff uncertainty could delay market recovery and customer acquisition.
- Volatile markets in Feb and March led to negative balances in MTF and commodities, increasing cost-to-operate.
- Management declined to provide specific timelines or metrics for wealth business, citing early stage.
Key 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.
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