Billionbrains Garage Ventures Limited

Financial Services — Capital Markets · NSE

₹200.10+₹2.12 (+1.07%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by negative free cash flow.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:02 pm

Understanding the Business

Company site ↗

The 60-second version of Billionbrains Garage Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Billionbrains Garage Ventures Limited develops a direct-to-customer digital investment platform that provides wealth creation opportunities through multiple financial products and services in India.

IndustryCapital Markets

SectorFinancial Services

Employees448

Annual revenue₹4,270 Cr

How does it make money?

Turns over ₹4,270 Cr a year. Of every ₹100 of sales, about ₹49 reaches shareholders as profit, with ₹70 left at the operating level before interest, tax and depreciation. Each of its 448 employees supports ₹9.53 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹9.53 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What is the outlook?

9 analysts covering the stock expect revenue to grow about 25.1% and earnings to grow about 29.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+25.1%

Est. earnings growth+29.6%

Analysts9

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 46.8x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 56.5x
✗ P/B of 12.82x is a steep premium to book

Quality vs. Valuation

Company Quality

90/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

43/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

46.8x

1.1Y Median

56.5x

13 monthly readings · mean 56.2x · range 47.1x–67.4x

Sector Median

58.4x

median of 3 sector peers

🟢Current valuation is approximately 17% below its 1.1y median of 56.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 20% below the peer median of 58.4x.

vs. its own history

Fair

56.5x median over 13 months · -17%

vs. sector peers

Fair

58.4x median of 3 peers · -20%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

41.2x

PEG

—

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

No clear risk case emerges from the available numbers — which is not the same as there being none.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 19.2% CAGR
Latest reported year was 65.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 68%✓ 70.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 20%✓ 21.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
4Valuation vs its own median of 56.5x✓ 46.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 1 neutral · 4 weak

Market Cap

₹1.24 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

46.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

12.82x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹4.28

Profitable

Profitable on a per-share basis

ROE

21.6%

Strong

Strong capital efficiency

ROCE

29.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

3.03x

High

High leverage

Revenue Growth (YoY)

65.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

85.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹33 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

32.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

64.4%

Good

Healthy core-business profitability

Net Margin

45.4%

Good

Strong bottom-line conversion

Current Ratio

1.64

Comfortable

Healthy short-term liquidity

52W Range Position

76%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

190.3 / 192.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

66.4

Neutral momentum

Financial Trend (2-Year)

Metric	FY25	FY26	1Y CAGR
Revenue	₹3,582 Cr	₹4,270 Cr	+19.2%
EBITDA	₹2,527 Cr	₹2,992 Cr	+18.4%
EBITDA Margin	70.6%	70.1%	—
EPS	₹3.19	₹3.4	+6.6%

🟢 Revenue has grown at 19.2% a year over 1 years.

🟢 EBITDA has grown at 18.4% a year over 1 years.

🟡 EBITDA Margin has held roughly flat at 70.1% over 1 years.

🟢 EPS has grown at 6.6% a year over 1 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹18,541 Cr

Total Liabilities

₹8,890 Cr

Total Debt

₹292 Cr

Cash & Equivalents

₹1,165 Cr

Operating Cash Flow

-₹21 Cr

Capex

-₹12 Cr

Shareholding (proxy)

Institutional Holding

40.1%

Insider Holding

49.2%

Analyst Consensus

Recommendations

9 Buy · 1 Hold · 0 Sell

Target Price (Mean)

₹235

+17.4% vs CMP

Target Range

₹190 – ₹260

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

3 positive2 mixed1 general

Billionbrains Garage Ventures Q2 results: Groww operator's profit rises 54% YoY to ₹726 crore, revenue up 47%

Upstox, 14 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Stock to buy after SEBI CAS new rule: Experts bullish on Groww brand parent Billionbrains Garage Ventures shares; target

Livemint, 16 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Billionbrains Garage Ventures Ltd (NSE:GROWW) Q2 2027 Earnings Call Highlights: MTF Scaling, AI ...

Yahoo Finance, 14 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Groww Q2 Results: Cons net profit surges 54% YoY to Rs 726 crore; revenue jumps 47%

The Economic Times, 14 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Groww share price slips 4% on huge volumes on BSE

Business Standard, 18 Aug

Billionbrains Garage Ventures Q2 Profit Jumps 54% to Rs 724 Crore

Whalesbook, 14 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingRisk

WeakValuation

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

All 4 tripwires holding · see Key things to watch ↑