BILLIONBRAINSGARAGEVENTU / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Billionbrains Garage Ventures · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-04-??Back to quarter ↗

Questions audited

Answered directly

33%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Supratim Duta · Research desk

partial

Cohort asset growth and behavior difference for newer customers vs older ones.

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

Supratim Duta · Research desk

evasive

Feedback on Grow Prime launch and scaling plans for wealth business.

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.

Supratim Duta · Research desk

declined

Affluent customer asset breakup and revenue contribution.

I think we'll probably get back to you on this. I think we don't even top of our mind.

Shank Godha · Research desk

partial

Reason for sharp jump in equity options market share and algo trading contribution.

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

Shank Godha · Research desk

evasive

Commodity market share and strategy for algo trading.

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

Shank Godha · Research desk

direct

Reason for jump in employee cost and depreciation; new normal.

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

Manish · Research desk

partial

Differentiating factors of Grow's wealth management business.

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

Manish · Research desk

partial

Cost to serve and cost to grow growth relative to revenue.

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

Vive Gautam · Research desk

evasive

Opportunity size, growth rate, and differentiators vs competition.

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

Vive Gautam · Research desk

evasive

Concern about SEBI curbing F&O speculation and mitigation steps.

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.

Deepanjan Gosh · Research desk

partial

MTF book customer profile: new to MTF or switchers?

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

Deepanjan Gosh · Research desk

partial

ARPU recovery to pre-November levels and reasons.

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.