Billionbrains Garage Ventures Ltd.MTF adds ₹600-700 Cr a quarter

Groww's Q2 FY27 earnings call was held on 14 October 2026 and consisted of analyst questions only, with headline results already published in the shareholders' letter.

Management said the margin trade funding book adds roughly ₹600 crore to ₹700 crore a quarter and that MTF is slightly above 5% of cash turnover. Cost to Grow fell because the IPL branding spend did not repeat, while Cost to Serve rose on AI-related cost, higher compute cost and a one-time hit of ₹10 crore to ₹13 crore from delayed files on an expiry day. The company spends ₹400 crore to ₹500 crore a year on growth, about ₹125 crore a quarter on average.

Other operating income benefited from about 30 IPOs, including SBI AMC and NSE. More than half of customers use more than two products. The CFO said SEBI's CAS change should normalize derivatives volumes and that a UPI merchant discount rate with a ₹300 cap would not be affordable. US stocks are in early testing with no full-launch date. Management did not state quarterly revenue or profit on the call.