Billionbrains Garage Ventures Ltd., the parent company of online investment platform Groww , is among several companies set to report financial results as the earnings season kicks off. The recently listed stock brokerage platform has announced its schedule to declare third-quarter earnings for the financial year 2025-26.

Q3 FY26 Results Declaration

Groww will announce its unaudited financial results for the quarter and nine months ended December 31, 2025, following the Board meeting scheduled for January 14. The result will likely be announced after trading hours are closed for the day. This announcement comes as more than 100 listed companies are expected to report their quarterly performance during the current earnings season.

Earnings Conference Call Details

The company will host an earnings conference call on Wednesday, January 14 at 4:30 PM IST to discuss its results for Q3 FY26. The call will be conducted via webinar format, during which the management will share insights on financial performance and address questions from participants.

Interested investors, analysts, and stakeholders need to complete registration for timely access to the webinar.

Trading Window Restrictions

Under the company's Code of Conduct and SEBI regulations, Groww announced that its trading window for designated persons and their immediate relatives would remain closed from January 1 until 48 hours after the unaudited results declaration.

Q2 FY26 Financial Performance

In the previous quarter ending September 2025, Groww reported mixed financial results compared to the same period in 2024:

Despite a decline in revenue from operations, the company demonstrated strong cost management with total expenses falling significantly, leading to improved profitability.

Stock Market Performance

Groww made its stock market debut on November 12, 2025, listing at ₹114 per share, representing a 14% premium over its issue price of ₹100. The stock has demonstrated strong performance since listing:

The upcoming Q3 FY26 results will provide crucial insights into the company's revenue growth, profitability, and overall financial health during the quarter, offering investors a clearer picture of the platform's business trajectory in the competitive online investment space.

Billionbrains Garage Ventures, the parent company of Groww , rallied 2% to reach its day's high of ₹166.00 on Tuesday, extending gains for a second consecutive session. The stock has gained 4.5% over this two-day period, driven by positive analyst coverage from a leading domestic brokerage.

Kotak Initiates Coverage with Buy Rating

The recent surge follows Kotak Institutional Equities initiating coverage on the stock with a Buy recommendation and a target price of ₹190.00 per share. This target represents an upside potential of 16.5% from current market levels, reflecting the brokerage's confidence in the company's growth trajectory.

Strong Growth Projections

Kotak expects the company to deliver robust financial performance over the coming years. The brokerage projects largely flat earnings for FY26E, followed by strong growth of approximately 35% in FY27E and about 25% in FY28E. This growth trajectory is expected to be driven by several key factors including sharp ramp-up in underpenetrated segments such as marginal trading facility (MTF) and commodities.

Business Model Strengths

The investment platform is expected to deliver a 20% revenue CAGR over FY2026–28E, supported by a business model designed for high profitability. EBITDA margins are projected to expand to around 65% by FY2028E from about 60% in FY2025, driven by scale benefits and declining cost intensity. Margin expansion will be further supported by new, higher-margin revenue streams such as MTF and commodities.

Marketing efficiency has shown significant improvement, with costs as a percentage of revenue falling sharply to 12% in FY2025 from 21% in FY2023. These costs are projected to ease further to around 10% by FY2028E. Strong internal cash generation is expected to comfortably fund growth in MTF and on-balance sheet lending, supporting capital efficiency.

Platform Leadership and User Metrics

Groww maintains its position as India's largest retail investment platform by NSE active users, having scaled largely through organic referrals and low customer acquisition costs. Since FY2022, the addition of new transacting users has accelerated, with active users reaching approximately 14 million. Nearly 45% of these users are under 30 years of age, indicating a substantial long-term growth runway.

Key platform metrics demonstrate strong user engagement:

• Three-year retention rate: approximately 78%
• Retail cash market share: roughly 25%
• Derivatives market share: expanded to about 15%
• Return on equity: around 25%

Risk Factors

Kotak highlighted several risk factors that could impact future performance, including sensitivity to market cycles and shifts in retail investor behavior, prolonged regulatory processes extending into other broking areas, execution challenges in scaling the wealth management business, intensifying competition within the broking space, and the risk of mature users migrating to platforms offering more advanced tools.