Billionbrains Garage Ventures (Groww) Q4 FY26 Results: Net Profit Surges 122% to ₹686 Crore, Revenue Nearly Doubles — EBITDA Margin Hits Record 66.9%

Tue Apr 21 2026

Billionbrains Garage Ventures Limited — the parent company of India’s largest discount brokerage platform Groww — reported one of its strongest quarterly performances on April 20, 2026. Consolidated Q4 FY26 net profit surged 122.05% year-on-year to ₹686.35 crore from ₹309.09 crore in Q4 FY25, and rose 25% sequentially from ₹547 crore in Q3 FY26. Revenue from operations jumped 87.93% YoY to ₹1,505.37 crore. EBITDA more than doubled YoY by 141.8% to ₹939 crore, with the platform EBITDA margin reaching a record 66.93%.

For the full financial year FY26, revenue from operations grew to ₹4,644.6 crore from ₹3,901.7 crore in FY25 (+19%), while net profit rose to ₹2,083 crore from ₹1,824 crore (+14.2%). Total income for FY26 reached ₹4,815.9 crore, with profit before tax at ₹2,821 crore. The company’s user metrics remained strong — active users grew 19.86% YoY and 4.7% QoQ, despite the broader market correction driven by West Asia geopolitical tensions in early 2026. Total customer assets rose 34.7% YoY (though marginally dipping 1.1% QoQ due to mark-to-market effects from the market correction).

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Table of Contents

Billionbrains Groww Q4 FY26 Financial Results

Metric	Q3 FY26	Q4 FY25 (Base)	Q4 FY26 (Actual)
Revenue from Ops	₹1,216 Cr	₹801 Cr	₹1,505 Cr (+87.9% YoY)
Total Income	—	₹850 Cr	₹1,536 Cr (+80.7% YoY)
EBITDA	—	₹388 Cr	₹939 Cr (+141.8% YoY)
EBITDA Margin	—	~48%	66.93%
Net Profit (PAT)	₹547 Cr	₹309 Cr	₹686 Cr (+122.1% YoY)
FY26 Revenue	—	FY25: ₹3,902 Cr	₹4,645 Cr (+19% YoY)
FY26 PAT	—	FY25: ₹1,824 Cr	₹2,083 Cr (+14.2% YoY)
Active Users (YoY)	—	—	+19.86% YoY, +4.7% QoQ

Source: Billionbrains Garage Ventures consolidated Q4 FY26 results, BSE/NSE filing April 20, 2026; FreePressJournal; BusinessToday.

What Drove the 122% PAT Jump: Platform Economics at Scale

The 122% PAT growth on 88% revenue growth reflects powerful operating leverage. Groww’s business model — a direct-to-customer digital platform with low marginal cost per additional user — means that as revenue scales, profits grow disproportionately faster. EBITDA margin expansion from approximately 48% in Q4 FY25 to 66.93% in Q4 FY26 demonstrates this leverage in action. The platform invested in technology and customer acquisition upfront; now those investments are yielding revenue without proportional cost increases.

Revenue diversification is also accelerating. The share of equity derivatives in total income declined to 55% in Q4 FY26 from 57% a year ago, while Margin Trading Facility (MTF) and commodity trading contributed more. This is a positive structural shift — F&O revenue is more volatile (tied to market activity levels), while MTF and commodity are stickier. Product attach rates improved: 72% of active users are on stocks, 60% on mutual funds, and 10% on equity derivatives.

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Valuation Context: ₹1.23 Lakh Crore Market Cap

At a market cap of ₹1,23,056 crore and FY26 PAT of ₹2,083 crore, Groww trades at approximately 59x trailing earnings — a premium typical for high-growth technology platforms. BofA Securities initiated coverage with a Buy rating and ₹235 target, projecting EBITDA margins to expand to 67% by FY28 and EPS CAGR of 35% over the next two years. The key risk is market volume dependency — if equity and F&O volumes decline sustainably (as seen during prolonged market corrections), revenue will compress faster than costs.

Conclusion

Billionbrains Groww’s Q4 FY26 results represent a landmark quarter — 122% PAT growth, 88% revenue growth, and 66.9% EBITDA margin together confirm that Groww is not just India’s largest discount broker by users, but increasingly one of the most profitable fintech platforms. The FY26 full-year PAT of ₹2,083 crore on revenue of ₹4,645 crore places Groww in a select bracket of Indian fintechs with genuine scale and profitability. The key question for FY27 is whether the platform can maintain 20%+ user growth and expand into higher-ARPU financial products — wealth management, credit, and insurance — to reduce F&O revenue concentration.

For more Q4 FY26 results, visit Univest Blogs.

Frequently Asked Questions

1. What was Billionbrains Groww Q4 FY26 net profit?

₹686.35 crore — up 122.05% YoY from ₹309.09 crore in Q4 FY25, and up 25% sequentially from ₹547 crore in Q3 FY26.

2. What is Groww’s Q4 FY26 revenue?

Revenue from operations was ₹1,505.37 crore in Q4 FY26 — up 87.93% YoY from ₹801.01 crore in Q4 FY25.

3. What is Groww’s EBITDA margin?

The platform EBITDA margin was 66.93% in Q4 FY26 — a record high, up from approximately 48% in Q4 FY25. EBITDA grew 141.8% YoY to ₹939 crore.

4. What is Billionbrains Groww FY26 full-year PAT?

FY26 consolidated PAT was ₹2,083 crore — up 14.2% from ₹1,824 crore in FY25. FY26 revenue from operations was ₹4,644.6 crore (+19% YoY).

5. How many active users does Groww have?

Active users grew 19.86% YoY and 4.7% QoQ in Q4 FY26. Total customer assets rose 34.7% YoY, though declined 1.1% QoQ due to mark-to-market effects from the West Asia-driven market correction.

6. Did Groww declare a dividend?

No. Billionbrains Garage Ventures did not declare a dividend for FY26. The company has historically reinvested earnings in platform growth, user acquisition, and new product development.

7. When do TCS and Infosys announce Q4 results?

TCS declared Q4 FY26 results on April 9, 2026. Infosys declares Q4 FY26 results on April 23, 2026.

8. Is Groww a good investment?

At 59x trailing FY26 earnings, Groww is priced for high growth. The profitability track record is exceptional — 67% EBITDA margins are rare globally. Key risks: F&O volume cyclicality, SEBI regulatory changes, and intense competition from Zerodha and Angel One. Consult a SEBI-registered financial advisor before investing.

Disclaimer: Investment in the share market is subject to risk. This article is for informational and educational purposes only. All financial data sourced from publicly available NSE/BSE filings and news sources. Verify all numbers before investing. Consult a SEBI-registered advisor before making investment decisions.