Earnings call · Jul–Sep 2026
Billionbrains Garage Ventures Limited
Groww reported Jul–Sep 2026 results with flat broking revenue despite lower volumes, driven by higher order values & MTF growth. Cost to Serve rose due to AI investments & a one-time ₹10-13 crore operational hit, while Cost to Grow fell after the prior quarter's IPL branding spend.
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From the company
- Shiv TallamHead of Investor Relations and Corporate
- Ishan BansalCo-Founder and CFO
- Prayesh Jain
- Lalit BhimaniGroup Head, Finance
- Lalit KeshreCo-Founder and CEO
- Lalit Bimani
Topics in this call
Opening remarks
Ishan BansalCo-Founder and CFO
Let me take this. The Cost to Grow and Cost to Serve, first of all, are very independent costs in some ways. Cost to Serve primarily has costs related to transactions and costs related to technology from our side, whereas Cost to Grow is primarily a growth-related cost, where we spend some part of that in brand building, some part of that in performance marketing as well.
What happened, what you saw in last quarter, we did a branding event in IPL, and there was a cost attributed to that IPL piece, which didn't show up in this quarter's Cost to Grow. Because of that, the Cost to Grow actually was lower. Whereas Cost to Serve, the reason it was higher was independent of actually Cost to Grow, and we have actually explained that in our shareholders' letter as well. There were multiple, two or three different reasons why it went up.
Read the whole call: 139 paragraphs, 11 analysts' questions with every answer, 7 marked passages.
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