Competition desk · Discount brokers · Apr–Jun 2026
Billionbrains Garage Ventures (Groww), retail broker: June-quarter total income up 58.5% year on year, expenses up 13.7%
The company behind Groww, a stock broker used by ordinary traders and investors, grew its June-quarter income far faster than the other brokers while its costs barely rose, so almost all of the extra income reached profit.
From the firm's own quarterly filing; every figure covers the firm alone, in both years. The firm's filing.
Billionbrains Garage Ventures, the company behind Groww, earned Rs 1,053.69 crore of total income in the June quarter, 58.5% more than a year earlier and the fastest rise among six stock brokers, while its total expenses grew only 13.7%. The firm says the rise was led by more customers taking up newer products, chiefly buying shares with money lent by the broker and trading contracts on commodity prices, though it said this of the whole group rather than the standalone company these figures come from. What we don't know is whether that growth is still running: income was almost unchanged from the March quarter, so is the year's jump already behind the firm, or was this quarter only a pause?
Why we think so3 reasons
On what grounds?
- The first reason is that this was income growth, not cost cutting or borrowing. Total income rose by Rs 388.91 crore while total expenses rose by only Rs 37.44 crore, and finance cost, at Rs 1.05 crore, is far too small to have funded anything of this size. That is why profit before tax rose 89.6%, faster than income itself.
- The second reason builds on the first, because it says where that income came from. The firm's shareholder letter credits newer products, chiefly lending customers money to buy shares and trading contracts on commodity prices, and its finance chief adds that larger average trades and higher interest earned on customers' idle money lifted revenue. All of that was said for the whole group, and some of it against the previous quarter rather than a year earlier, so it explains the standalone jump only in part.
- The third reason sets both against the other brokers. All six brokers with comparable figures grew their income, so part of the rise was a good year for broking generally; but Groww's 58.5% sits well above the next, Share India's 27.7%, and it added the most in rupees, so most of the gap is Groww's own. Angel One's faster profit growth shows the profit side of the story was not unique to Groww.
What would prove us wrong3 trip-wires
What would we have to see to drop that read?
- First, if the next quarter's income falls back, the year's rise would look like a step that has already ended rather than growth still under way.
- Second, if the group's newer products turn out to sit mostly outside the standalone company, the firm's own explanation would not cover these figures.
- Third, if the other brokers catch up in the coming quarters, the gap would look like timing rather than Groww's own.
How Billionbrains Garage Ventures Ltd. moved against its peers
At Groww (Billionbrains Garage Ventures), total income rose 58.5%; at the typical firm it rose 17.9%
What our read rests on
How the quarter adds up
Against the same quarter a year earlier, which of Billionbrains Garage Ventures Ltd.'s own lines moved, and by how much?
| Line | Apr–Jun 2026 | Apr–Jun 2025 | Change |
|---|---|---|---|
| Total income | Rs 1,054 crore | Rs 665 crore | +Rs 389 crore (+58.5%) |
| Finance cost | Rs 1.1 crore | Rs 0.35 crore | +Rs 0.70 crore (+200.0%) |
| Total expenses | Rs 310 crore | Rs 273 crore | +Rs 37 crore (+13.7%) |
| Profit before tax | Rs 744 crore | Rs 392 crore | +Rs 351 crore (+89.6%) |
| Profit | Rs 555 crore | Rs 306 crore | +Rs 249 crore (+81.5%) |
Rs crore, the firm alone, as the firm printed them. Each change is arithmetic against a year earlier, not a cause.
What to watch3 things to watch
What happens next, and when would we know?
- The September-quarter total income, to see whether income moves again after an almost flat quarter against March.
- Whether total expenses keep growing more slowly than income, which is what turned the income rise into a larger profit rise.
- How fast Angel One and Motilal Oswal grow, since they are the larger brokers Groww is catching up with.
Who this touches
Who could benefit and who is at risk, and on what condition?
Opinion · adds no figures the Facts do not hold · every effect is potential and states its condition
| Who | Potential effect | How it reaches them | How sure |
|---|---|---|---|
| Brokers & investing apps | ▼ potential riskif Groww keeps growing income faster than the other brokers | Customers and their trading move towards the fastest-growing broker, leaving slower brokers such as 5paisa and Geojit a smaller share of the same market. | Inferred · one year-on-year quarter |
| Shareholders | ▲ potential benefitif costs keep growing more slowly than income | Each extra rupee of income that is not eaten by costs becomes profit, which is what the owners of the company's shares have a claim on. | Inferred · income was flat against the March quarter |
| Borrowers | ◆ unclearif more customers buy shares with money lent by the broker; it pulls both ways, and the size of that lending would settle it | Borrowing lets a customer buy more shares than their own cash allows, which raises both what they can gain and what they can lose when prices move. | Unresolved · the firm's account is for the whole group |
Learn: reading Billionbrains Garage Ventures Ltd.'s quarter
What Groww's company is. Billionbrains Garage Ventures is the company behind Groww, a stock broker: a firm through which ordinary people buy and sell shares and other market products. It is for anyone who trades or invests through Groww, and for the people who own the company's shares and share in its profit.
The other words behind these figures
Standalone, not group. A company can report two sets of accounts: its own (standalone) and one that adds in the companies it owns (the group, or consolidated, accounts). Every figure on this page is Billionbrains Garage Ventures' own standalone figure, and every other broker's figure it is set beside is standalone too, so the comparison is like with like. When the firm explains its results in its letter to shareholders and on its results call, it usually speaks for the whole group, which is a wider thing than these figures.
Total income. Total income is everything the company earned in the quarter before any cost: fees from customers' trades, interest and other income, added together. For the quarter to 30 June 2026 it was Rs 1,053.69 crore, against Rs 664.78 crore in the same quarter a year earlier, a rise of Rs 388.91 crore.
Year on year. Year on year means this June quarter is compared with the June quarter of the year before. Comparing the same quarter across years avoids reading an ordinary seasonal swing as news.
Total expenses. Total expenses is everything the company spent in the quarter: staff, technology, marketing and the rest, all added together. It rose from Rs 272.58 crore to Rs 310.02 crore, up 13.7%, a much slower pace than income.
Finance cost. Finance cost is the interest the company paid on money it borrowed. It is a part of total expenses, not something to add to it. It tripled, from Rs 0.35 crore to Rs 1.05 crore, but it is tiny beside income of more than a thousand crore, so borrowed money did not carry this growth.
Profit before and after tax. Profit before tax is income left after all expenses; profit for the period is what remains after tax as well. Profit before tax rose 89.6% to Rs 743.67 crore and profit for the period rose 81.5% to Rs 555.14 crore. Profit grew faster than income because costs grew so much more slowly.
How the other brokers did. Six stock brokers printed standalone total income for both June quarters. Every one of them rose and none had a quiet quarter: Groww rose most at 58.5%, Share India Securities rose 27.7% and Angel One 26.2%, while Motilal Oswal Financial Services rose 17.9%, Geojit Financial Services 16.4% and 5paisa Capital 13.6%. Groww also added the most in rupees. Motilal Oswal and Angel One remain larger, with June-quarter total income of Rs 1,810.76 crore and Rs 1,413.45 crore.
Where the profit comparison differs. On profit, Groww was not the fastest: Angel One's profit for the period rose 102.2% against Groww's 81.5%, and its profit before tax rose 99.1% against Groww's 89.6%.
Go deeper
The figures and where they came from
| Figure | Apr–Jun 2026 | Against a year earlier | Where from |
|---|---|---|---|
| Total income | Rs 1,054 crore | +58.5% | Firm's quarterly filing, the firm alone · filing |
| Finance cost | Rs 1.1 crore | +200.0% | Firm's quarterly filing, the firm alone · filing |
| Total expenses | Rs 310 crore | +13.7% | Firm's quarterly filing, the firm alone · filing |
| Profit before tax | Rs 744 crore | +89.6% | Firm's quarterly filing, the firm alone · filing |
| Profit | Rs 555 crore | +81.5% | Firm's quarterly filing, the firm alone · filing |
How unusual, and said before
Total income, one stock broker, from its own quarterly filing changed up 58.5% year on year; median 17.9% up across 5 of 9 other stock brokers; highest of 6 stock brokers holding both quarters.
Of 6 other year-on-year comparisons of Total income, one stock broker, from its own quarterly filing for firms in stock brokers with a quarter in 2026, 0 moved the same way by at least Rs 388.91 crore, and 1 by at least 58.5% of the prior-year figure.
Audit trail: why this card is held, and the store's own notes
Status: Published — gaps noted. held: 1 needs data
- Needs data (1)
- peer group incomplete: 5 of 10 stock brokers have the same figure for the same period
Computed by us, from the published figures:
- Change in Total income, one stock broker, from its own quarterly filing: Rs 388.91 crore, from the 30 Jun 2026 reading minus the 30 Jun 2025 reading of Total income, one stock broker, from its own quarterly filing
- Change in Profit for the period, one stock broker, from its own quarterly filing: Rs 249.22 crore, from the 30 Jun 2026 reading minus the 30 Jun 2025 reading of Profit for the period, one stock broker, from its own quarterly filing
Exact figures: Total income, one stock broker, from its own quarterly filing Rs 1,053.69 crore (standalone), Rs 388.91 crore (+58.5%) against 30 Jun 2025; Finance cost, one stock broker, from its own quarterly filing Rs 1.05 crore (standalone), Rs 0.70 crore (+200.0%) against 30 Jun 2025; Total expenses, one stock broker, from its own quarterly filing Rs 310.02 crore (standalone), Rs 37.44 crore (+13.7%) against 30 Jun 2025; Profit before tax, one stock broker, from its own quarterly filing Rs 743.67 crore (standalone), Rs 351.47 crore (+89.6%) against 30 Jun 2025; Profit for the period, one stock broker, from its own quarterly filing Rs 555.14 crore (standalone), Rs 249.22 crore (+81.5%) against 30 Jun 2025.
What the source itself warns about
- Total income, one stock broker, from its own quarterly filing. SEBI's register of stock brokers in the equity segment counts 4,987 as on 3 September 2026. Consolidated or standalone as the filer's own heading states it, recorded on every reading — the two are NOT interchangeable and must never be compared across firms without checking. Never sum these into a sector total.
- Finance cost, one stock broker, from its own quarterly filing. THE Ind AS "Finance costs" ROW, and only that row. It is the CHARGE for the quarter, never the "Finance cost paid" line of a cash flow statement, and never a component such as "Finance cost on lease liabilities" — both appear in this archive and both are refused by name. It is a PART of "Total expenses, one stock broker, from its own quarterly filing" and must never be added to it. Stored only where it sits between zero and the filing's own cost line. Consolidated or standalone as the filer's own heading states it, recorded on every reading; the two are NOT interchangeable. Covers a minority of the 10 tracked listed brokers. MAY BE EMPTY FOR THIS POPULATION and that is honest rather than a gap — only an Ind AS filer prints this row, so a population filing on RBI's prescribed format will hold nothing here. Never summed into a sector total.
- Total expenses, one stock broker, from its own quarterly filing. SEBI's register of stock brokers in the equity segment counts 4,987 as on 3 September 2026. THE "Total expenses" ROW OF AN Ind AS STATEMENT, which INCLUDES finance cost and impairment. It is NOT the same line as a bank's "Operating Expenses" and the two must never be compared or added: see "Operating expenses, one bank, from its own quarterly filing". Stored only where the filing's own arithmetic corroborates it — total income less total expenses within 5% of the profit before tax the filer printed — and dropped with a named reason where it does not. Basis recorded per reading. Never summed.
- Profit before tax, one stock broker, from its own quarterly filing. SEBI's register of stock brokers in the equity segment counts 4,987 as on 3 September 2026. Basis recorded per reading. Never summed into a sector total.
- Profit for the period, one stock broker, from its own quarterly filing. SEBI's register of stock brokers in the equity segment counts 4,987 as on 3 September 2026. Thinner than the two above, because the label appears twice in most statements — once as the row and once as the heading over the split between owners and minorities — and a filing with two claimants is refused rather than resolved by position. Basis recorded per reading.