Kotak Securities has initiated coverage on Billionbrains Garage Ventures Ltd ( Groww ) with a Buy rating and a target price of ₹190.00, implying a valuation of around 35 times March 2028 estimated earnings. The brokerage's constructive medium-term outlook centers on Groww's ability to build scale through trust and technology while expanding monetization across multiple financial products.

Investment Thesis and Competitive Advantages

Kotak believes Groww's growth engine is structurally differentiated, driven by a durable product-led flywheel that enables the platform to acquire, engage and monetize users at significantly lower costs than peers. The brokerage highlights several key competitive advantages:

• Product-first DNA and organic customer acquisition engine
• Technology focus enabling faster scaling and effective monetization
• Expanding revenue streams reducing reliance on pure turnover-linked broking income
• Scalable in-house technology enhancing speed, reliability and cost efficiency

Financial Projections and Growth Trajectory

Kotak expects a distinctive earnings pattern over the coming years, with financial year 2026 projected as a year of broadly flat earnings growth, followed by sharp acceleration thereafter. The detailed earnings outlook includes:

Revenue Diversification Strategy

The platform's revenue mix continues to broaden beyond traditional broking services. Kotak notes that Groww has consistently gained market share across products while demonstrating pricing power and improved unit economics. Key revenue streams include:

• Broking services
• Margin trading facility (MTF)
• Commodities trading
• Wealth management
• Consumer credit

Operational Efficiency Improvements

Margin improvement is expected to be driven by scale benefits, declining cost intensity and higher-margin revenue streams. Marketing efficiency has shown significant improvement:

Key Growth Drivers and Strategic Focus

The wealth management pivot is seen as a key medium-term driver, with successful execution critical to sustaining premium, platform-like valuation multiples. Kotak expects strong growth in underpenetrated products such as MTF and commodities, along with the addition of wealth revenues through both organic and inorganic initiatives.

The company's under-leveraged balance sheet and healthy return on equity of around 25% position it well for future growth. Strong internal accruals are expected to comfortably fund growth in MTF and on-balance sheet lending, keeping the business capital efficient.

Risk Factors

Kotak flags several risks to its investment thesis:

• Market cycles and changes in retail investor behavior
• Possibility of prolonged regulatory scrutiny extending to other broking areas
• Execution risks in scaling wealth management business
• Intense competition within the broking space
• Risk of mature users migrating toward more advanced trading platforms

Groww , operating under Billionbrains Garage Ventures Limited, has scheduled an earnings conference call for January 14, 2026 at 4:30 PM IST to discuss its unaudited financial results for the quarter and nine months ended December 31, 2025. The announcement was made through a regulatory filing to BSE and NSE on January 09, 2026.

Earnings Call Details

The conference call is scheduled to coincide with the company's Board meeting on January 14, 2026, where directors will consider and approve the Q3FY26 unaudited financial results. The call timing and registration requirements are outlined below:

Registration Process

Participants interested in joining the earnings call must follow a specific registration process. The company has provided clear instructions for accessing the conference call:

• Pre-registration is mandatory through the designated registration link
• Registered participants will receive an email with call details including date, time, and joining link
• The registration link must be accessed in advance of the scheduled call

Documentation and Accessibility

Groww has committed to making the earnings call accessible beyond the live session. The company will provide comprehensive documentation of the proceedings:

• Complete transcript of the earnings call will be published
• Audio recording will be made available for later reference
• Both materials will be accessible on the company's investor relations website at groww.in/investor-relations

Regulatory Compliance

The earnings call announcement was made in compliance with Regulation 30 of SEBI regulations. The company filed the intimation with both major stock exchanges where its shares are listed:

This announcement follows the company's earlier communication dated January 07, 2026, regarding the Board meeting scheduled for the same date. The earnings call represents the company's commitment to maintaining transparent communication with analysts and investors regarding its financial performance for the third quarter of fiscal year 2026.