Billionbrains Garage Ventures' operating revenue of Rs 1,500 crore in Q2 FY27 grew 47% YoY (5% beat). For H1 FY27, revenue grew 56% YoY. Operating expenses rose 29% YoY in Q2 FY27 to Rs 530 crore, which is 6% below the brokerage's estimate, with employee expenses rising 36% YoY, i.e. 11% below estimate and other expenses rising 25% YoY (in line).
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Motilal Oswal Report
Following Billionbrains Garage Ventures Ltd.'s september-ending quarter results, domestic brokerage firm Motilal Oswal has increased its earnings estimates by 4%/1% for FY27/28, considering strong performance driven by improved operational efficiency.
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The brokerage has reiterated its Buy rating with a target price of Rs 240, premised on 38 times FY28E earnings per share.
Groww Q2 Results Highlights
Billionbrains Garage Ventures Ltd.'s operating revenue of Rs 1,500 crore in Q2 FY27 grew 47% YoY (5% beat). For H1 FY27, revenue grew 56% YoY.
Operating expenses rose 29% YoY in Q2 FY27 to Rs 530 crore, which is 6% below the brokerage's estimate, with employee expenses rising 36% YoY, i.e. 11% below estimate and other expenses rising 25% YoY (in line).
Ebitda grew 60% YoY to Rs 970 crore, reflecting Ebitda margin of 64.5% (59.2% in Q2 FY26 and MOFSLe of 60.4%).
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PAT for the quarter came in at Rs 720 crore, growing 54% YoY (reflecting an 11% beat on brokerage's estimates). For H1 FY27, PAT grew 72% YoY.
The impact of SEBI's proposed optionality measures on CAS is expected to be limited, with derivatives activity likely to normalize relatively quickly following implementation, according to management.
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