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Informist, Tuesday, Jul. 14, 2026

By Adhithya Aji

MUMBAI - Billionbrains Garage Ventures Ltd. is expected to post a sequential fall in net profit and revenue for the June quarter. The volatility in equity derivatives and commodity trading segments and a high base effect are likely to weigh down earnings, according to brokerages tracking the company. However, brokerages expect the strong growth in margin trading facility to provide some relief for the Bengaluru-based online trading platform.

The parent company of the digital investment platform, Groww, is expected to post a consolidated net profit of INR 6.64 billion, down 3% sequentially but up over 75% on year, as per the average of estimates from three brokerages. The highest estimate for the bottom line is INR 6.83 billion from JM Financial Institutional Equities Ltd. and the lowest is INR 6.51 billion from Kotak Institutional Equities Ltd.

The digital broking service provider's revenue is estimated at INR 15 billion, a marginal fall sequentially but an on-year growth of nearly 66%, as per the average of estimates. The highest estimate for the top line is INR 15.25 billion from JM Financial and the lowest is INR 14.85 billion from Kotak.

Billionbrains' revenue growth is expected to moderate on quarter due to a high base effect, which will be partly offset by growth in the margin trading facility, according to Kotak. Under Groww's margin trading facility, users can just pay only a fraction of the cost upfront to buy stocks, while the remaining is covered by the company.

"MTF book is expected to continue its growth trajectory, reaching record-high levels," Motilal Oswal said. As of Jun. 30, the margin trading facility net book of the company was at INR 37.52 billion, as per Groww's website. For the March quarter, margin trading facility net book was at INR 28.14 billion.

The company is expected to report a moderate fall in sales due to low activity in futures and options and commodity trading segments despite resilient cash market volumes, according to Motilal Oswal. For the March quarter, Groww derived 55% of its revenue from the equity derivatives segment and just 4% from commodity derivatives.

The company's customer acquisition costs are likely to be higher for the reporting quarter due to higher marketing and business promotion expenses, especially due to spending on the Indian Premier League during the quarter, Motilal Oswal said. Billionbrains Garage Ventures will detail its June quarter earnings Wednesday. The contribution of wealth management operations to the overall growth will be the key factor to monitor, Motilal Oswal said.

Tuesday, shares of the company closed over 2% lower at INR 203.79 on the National Stock Exchange. The shares had listed in November at an issue price of INR 100. The shares have gained nearly 5% since the company released its March quarter earnings on Apr. 20.

For the March quarter, Billionbrains Garage Ventures had reported a consolidated net profit of INR 6.86 billion on revenues of INR 15.05 billion.

Of the two brokerage reports available on the company with Informist, one has a "buy" call on the stock at a target price of INR 235 and one has a "sell" recommendation at a target price of INR 150. The target for the "buy" call is nearly 15% higher than the current market price.

Following are the earnings estimates for the June quarter, in INR billion, for Billionbrains Garage Ventures, from three brokerages, in descending order of net profit estimates:

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Edited by Shubhayan Bhattacharya

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