Billionbrains Garage Ventures (‘Groww‘): Margin expansion story remains intact

研报英文原文证据摘录

Billionbrains Garage Ventures (‘Groww‘): Margin expansion story remains intact

J P M O R G A N Asia Pacific Equity Research

16 July 2026

Billionbrains Garage Ventures

('Groww') Overweight

BILO.NS, GROWW IN

Margin expansion story remains intact Price (15 Jul 26):Rs216.40

▲Price Target (Jun-27):Rs250.00

Prior (Mar-27):Rs220.00

Groww reported inline revenue but a sharp beat across Ebitda and EPS. Revenues

grew 66% YY, inline with consensus/JPMe, Ebitda was 6%/5% ahead of Head of APAC Telecoms and India

TMT Researchconsensus/JPMe, and EPS was 6%/1% ahead of consensus/JPMe. Revenue

growth was led by MTF (335% YY), Equity and Commodity Derivatives (65% Ankur Rudra, CFA AC

YY) and Stocks (39%), with MTF and Commodity Derivatives segments growing (65) 6801-3237

ankur.rudra@jpmorgan.com

the fastest. User metrics saw strong growth with 24% YY growth in Total J.P. Morgan Securities Singapore Private Limited

Transacting Users and 38% YY growth in Total Customer Assets. Ebitda margins

Bhavik Mehta, CFA

expanded 230bps QQ to 64.6% (420bps/310bps ahead of consensus/JPMe), (91-22) 6157-3871

helped by operating leverage playing out in cost to operate. We expect Ebitda bhavik.mehta@jpmchase.com

margins to expand from here on the back of some moderation in marketing spends J.P. Morgan India Private Limited, J.P. Morgan

after elevated spend in Q1 due to IPL, along with operating leverage across indirect Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

costs. Management indicated that their incremental focus will go towards building Harshit Sharma

a wealth management franchise with products like Groww Prime and W. We (91-22) 6157-5879

increase Ebitda/EPS by 2-4% over FY27-29E and roll-forward to Jun-27 to raise harshit.sharma@jpmchase.com