Billionbrains Garage Ventures Limited, known as Groww , has scheduled a board meeting to review its third-quarter financial performance for fiscal year 2026. The meeting will take place on January 14, 2026, marking an important milestone in the company's quarterly reporting cycle.

Board Meeting Details

The company has formally notified both major stock exchanges about the upcoming board meeting through official communications dated January 7, 2026. The meeting agenda focuses on considering and approving unaudited financial results for a comprehensive reporting period.

Trading Window Restrictions

In accordance with insider trading prevention protocols, Billionbrains Garage Ventures has implemented trading restrictions for designated persons. The company previously communicated these measures through an intimation dated December 24, 2025, establishing clear guidelines for equity share transactions.

The trading window closure affects designated persons and their immediate relatives, ensuring compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This restriction period demonstrates the company's commitment to maintaining market integrity and regulatory adherence.

Regulatory Compliance and Transparency

The board meeting announcement fulfills requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 29. This regulation mandates timely disclosure of board meetings that consider financial results, ensuring market participants receive adequate notice.

Billionbrains Garage Ventures has made this information accessible through multiple channels, including official stock exchange filings and the company website at www.groww.in . The company secretary and compliance officer, Roshan Dave, signed the official communication, emphasizing proper governance protocols.

Company Information

Billionbrains Garage Ventures Limited operates from its registered office in Bangalore, Karnataka, with the corporate identification number U72900KA2018PLC109343. The company trades on both BSE (scrip code: 544603) and NSE (symbol: GROWW), providing investors with multiple trading platforms for equity transactions.

Shares of Billionbrains Garage Ventures, the parent company of Groww, rallied as much as 3.20% to their day's high of ₹160.00 after Motilal Oswal initiated coverage with a Buy rating, citing strong growth prospects in the coming quarters. With a price target of ₹185.00, the domestic brokerage implies an upside potential of 19% from the previous close of ₹155.53. The stock later traded flat at ₹156.04 during the trading session.

Dominant Market Position in India's Retail Broking Space

Groww has rapidly transformed from a zero-revenue mutual fund distributor into India's largest retail broking platform on NSE active clients basis, achieving this position within just four years. The platform has established a commanding market presence with significant competitive advantages across multiple segments.

The company continues to strengthen its position in the derivatives segment, where market share has risen to 17.30%, while maintaining its strong cash equities position at 25.80%. Notably, even after increasing the minimum brokerage to ₹5.00 from ₹2.00, active users in the cash segment have continued to trend higher across segments, indicating price inelasticity and providing Groww with a clear pricing lever.

Strategic Revenue Diversification and Growth Trajectory

Groww's revenue has tripled from FY23 to FY25 and is expected to double again over FY25-28. The company is implementing a deliberate strategic shift in its revenue composition, with brokerage revenue expected to moderate while absolute revenues continue growing through diversification initiatives.

Supported by continuous product innovation and new trading tools targeted at power traders, Groww's higher-value customer base is expanding. The diversification strategy includes scaling up MTF, commodities, LAS/LAMF and wealth management services, which are expected to contribute around 33% of revenues by FY28.

Technology-Led Operating Model and Cost Efficiency

Motilal Oswal highlighted Groww's cost-efficient, technology-led operating model as a key competitive advantage. More than 80% of customer acquisition is organic, which keeps customer acquisition costs low at $6.00-10.00 and payback periods short. With incremental revenues scaling faster than fixed costs, the brokerage expects EBITDA margins to expand from about 59% in FY25 to around 66% by FY28.

The brokerage forecasts a strong earnings compounding profile, with EBITDA and PAT expected to grow at roughly 25-30% CAGR over the next three years. Despite regulatory action in the current financial year, Motilal Oswal believes Groww remains well placed to deliver earnings growth of about 10% in FY26, followed by a sharper rebound in FY27 and FY28.

Wealth Management Expansion and Affluent Customer Growth

Groww's affluent user base has expanded at nearly twice the pace of its overall platform growth, with around 0.30 million affluent customers accounting for approximately 33% of total assets on the platform. This skew towards higher-value customers is creating meaningful opportunities for multi-product engagement and deeper wallet share.

Strengthening this strategy, Groww's acquisition of Fisdom adds strategic scale to its wealth management ambitions. The company plans to operate a technology-driven wealth platform that enables scalability while integrating comprehensive financial services offerings.

Analyst Coverage and Market Outlook

Groww currently trades at around 22x FY28E P/E, representing a meaningful discount to global peers such as Robinhood, which is valued at roughly 40x. As Groww's revenue mix progressively diversifies beyond broking, the valuation gap is expected to narrow over time.

While Motilal Oswal and Jefferies have initiated coverage with buy ratings, JM Financial has assigned a sell call, stating that the stock is expensive for what is still predominantly a broking-led business. Motilal Oswal concludes that Groww is positioned to compound earnings in India's underpenetrated capital market, supported by rising cash yields, deepening product penetration, affluent client monetisation and a tech-led, low-cost operating model.