Billionbrains Garage Venture recorded higher profit in the September 2025 quarter
Its earnings improved sharply compared to last year
But its operating revenue fell, reflecting challenges in its main business stream
Billionbrains Garage Venture, the recently-listed parent company of online brokerage Groww, on Friday reported that its consolidated profit attributable for the September 2025 quarter surged 12% year-on-year to ₹471.33 crore, as compared to ₹420.16 crore in the corresponding quarter last year.
However, the company’s operating revenue slipped to ₹1,018.74 crore, which marks a 9.5% decline from ₹1,125.38 crore recorded in the same period of 2024.
1 January 2026
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Its total consolidated expenses for the September quarter fell significantly to ₹432.59 crore, down by approximately 27% from ₹589.79 crore in the year-ago period. As per the results, the company's employee-related costs came in at ₹123.76 crore, while spending under other expense heads reached ₹291.01 crore.
The company released its first quarterly results after making a debut on Indian stock markets earlier this month.
During the first six months of FY26, the company generated ₹2,126.18 crore in operating revenue and earned ₹849.71 crore in net profit. For perspective, the full FY25 (ending March 2025) had delivered ₹3,901.72 crore in revenue and ₹1,824.37 crore in profit.
Groww Active Users
The brokerage's active users grew 3.2% quarter-on-quarter, led by new user acquisition and higher engagement across multiple products, the company said in an official statement.
During the same quarter, Groww stated that nearly 4.5% of the 13 incremental revenue growth was contributed by newly acquired users, with the balance coming from existing users.
Within the new-user cohort for Q2, nearly 36% began their journey with Mutual Fund SIPs, a rise of 7 percentage points compared to the same quarter last year. Meanwhile, the share of users starting with stocks dropped to 37%, which marks a 15-point decline year-on-year.
In addition, ETF-first users accounted for 6% of new customers, marking a six-fold jump from a year ago, while IPO-first users - spanning both equities and bonds - also touched 6%, twice the level seen last year.
The company noted that uptake has increased across Mutual Funds, Stocks, PL + LAS and the Margin Trading Facility, even as participation in Derivatives has dropped sharply.
Groww Share Price Performance
The stock price of Groww had taken a sharp hit over the past two sessions, losing close to 17% and wiping out more than ₹23,000 crore in market value. However, the share price has seen some recovery since then, with its market capitalisation climbing back above ₹1,03,300 crore as of 9:56 am.
The shares jumped over 7% to touch an intraday peak of ₹168.39 apiece. At this price, the stock was trading more than 50% above its NSE listing rate of ₹112 and over 68% higher than its IPO price of ₹100.
Following the earnings announcement, the stock cooled off from the day’s highs and was up around 5% at ₹163.97 by 10:43 am.
Groww had made a respectable market debut on November 12, listing at ₹114 on the BSE, a 14% premium to its issue price. The optimism continued in the initial sessions, with the stock soaring nearly 94% from its IPO level within five trading days to hit ₹193.91.
